Property Type

White Oak Realty Partners, CA Ventures Breaks Ground on Trophy Office Tower in Chicago

by Christina Cannon June 16, 2016

CHICAGO — White Oak Realty Partners LLC and CA Ventures have broken ground on a 20-story, trophy office tower in Chicago’s West Loop. The project is slated for completion by the first quarter of 2018, according to Crain’s Chicago. The building, located at 625 W. Adams St., will consist of 432,000 square feet of office space and a 400-space parking facility. Amenities at the tower will include three outdoor terraces, a fitness center, panoramic views, a conference auditorium that can accommodate up to 1,000 people and 2,500 square feet of ground-floor retail. Martin Wolf of Solomon Cordwell Buenz designed the project.

June 16, 2016

Midwest Minnesota Multifamily Seniors Housing

Nottingham Construction Breaks Ground on 118-Unit Senior Living Community Near Minneapolis

by Christina Cannon June 16, 2016

LITTLE CANADA, MINN. — Nottingham Construction has broken ground on Cardigan Ridge, a 118-unit senior living community in Little Canada, approximately 15 miles northwest of Minneapolis. The four-story facility, located at 3300 Rice St., will provide independent living, assisted living and memory care units. Construction on the 158,000-square-foot building is slated for completion by May 2017. Amenities at Cardigan Ridge will include overnight guest rooms, underground parking, a community room, private dining room, movie theater, fitness center, hair salon, spa tub room, workshop and craft room and library with computer access. Heart Development will own the property, and Ebenezer Management Services will manage the community. Kaas Wilson Architects is designing the project.

June 16, 2016

Loans Michigan Midwest Multifamily

Bernard Financial Arranges $6M Loan for 235-Unit Apartment Property in Taylor, Michigan

by Christina Cannon June 16, 2016

TAYLOR, MICH. — Bernard Financial Group has arranged a $6 million loan to refinance Taylor Park Townhomes in Taylor, approximately 20 miles southwest of Detroit. Taylor Park Townhomes boasts a total of 235 rental units and consists of 14 two-story buildings. The complex was built in 1968 and is situated on 12.9 acres. Taylor Park Apartments Limited Partnership is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial placed the financing with a CMBS lender.

June 16, 2016

Midwest Office Ohio

Grandview Yard Near Columbus Locks Down Latest Tenant

by Christina Cannon June 16, 2016

GRANDVIEW HEIGHTS, OHIO — C.H. Robinson, a global third-party logistics provider, has signed an 11,700-square-foot office lease at Grandview Yard, a 1.2 million-square-foot commercial development four miles northwest of downtown Columbus. C.H. Robinson will occupy space on the first floor of the 800 Yard Street building starting this fall. Other tenants in the building include Northwestern Mutual, Ernst & Young, Hilliard Lyons and Unum Life Insurance Co. Dina Zavislak of Mohr Partners and John Underman of Colliers International represented C.H. Robinson in the transaction. Christopher Bradley of Nationwide Realty Investors and Wayne Harer of Continental Realty represented the owner, Nationwide Realty Investors.

June 16, 2016

Industrial Midwest Wisconsin

The Dickman Company Brokers Sale of 30,100 SF Industrial Property Near Milwaukee

by Christina Cannon June 16, 2016

ST. FRANCIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 30,100-square-foot industrial building in St. Francis, approximately six miles south of Milwaukee, for an undisclosed price. Price Avenue Partners LLC purchased the building, located at 4630 S. Brust Ave., from Airport I LLC. Samuel M. Dickman Jr., Samuel D. Dickman and Cale Berg of The Dickman Company brokered the transaction.

June 16, 2016

Northeast Office Pennsylvania

City Office REIT Completes $44.9M Sale of 178,330 SF Office Property in Pennsylvania

by Amy Works June 16, 2016

ALLENTOWN, PA. — City Office REIT has completed the sale of its office property located on Corporate Parkway in Allentown. The 178,330-square-foot building sold for $44.9 million, with an expected 6.6 percent net operating income yield. Proceeds from the sale were used to repay approximately $4 million of mortgage debt. Additionally, the seller plans to acquire assets as part of a like-kind 1031 exchange. With the sale of this non-strategic asset, the City Office REIT has been able to align its portfolio entirely within its target markets.

June 16, 2016

New York Northeast Office

Ivanhoé Cambridge, Callahan Capital Acquire Remaining Interest in 1211 Avenue of the Americas in NYC

by Amy Works June 16, 2016

NEW YORK CITY — Ivanhoé Cambridge and its partner, Callahan Capital Properties, have acquired the remaining 49 percent interest in 1211 Avenue of the Americas in Midtown New York City for an undisclosed price. Built in 1973, the 44-story tower features 2 million square feet of Class A office space. Additionally, the building has direct access to the Rockefeller Center Concourse amenities and subway.

June 16, 2016

Hospitality New York Northeast

Cushman & Wakefield Brokers $13.7M Sale of Boutique Hotel in Manhattan

by Amy Works June 16, 2016

NEW YORK CITY — Cushman & Wakefield has arranged the sale of Chelsea Pines Inn, located at 317 W. 14th St. in Manhattan’s Chelsea neighborhood for $13.7 million. The five-story, 8,550-square-foot hotel features 23 rooms and an additional 8,625 buildable square feet of air rights. The hotel features movie-themed rooms, high-end luxury linens, bath amenities and WiFi. Brock Emmetsberger, Jonathan Hageman and Andy Posil of Cushman & Wakefield represented the sellers, Jay Lesiger and Tom Klebba, in the deal. The name of the buyer was not released.

June 16, 2016

Multifamily New York Northeast

Cape Advisors Launches Sales at 30 Warren Condo Development in Tribeca

by Amy Works June 16, 2016

NEW YORK CITY — Cape Advisors has launched sales at 30 Warren, a 12-story multifamily building in Tribeca. Designed by Post-Office Architectes, the 12-story development features 23 condominiums ranging from one- to three-bedroom homes, including three full-floor penthouses with direct elevator entry and library areas. Residences range from 1,000 square feet to more than 2,500 square feet, with prices ranging from $2 million to $8 million. On-site amenities include an attended lobby, fitness center, children’s playroom, bicycle storage and private storage. The project is slated for completion in the fall of 2017.

June 16, 2016

Multifamily New York Northeast

Besen & Associates Arranges $9.2M Sale of Two Residential Properties in Manhattan

by Amy Works June 16, 2016

NEW YORK CITY — Besen & Associates has arranged the sale of two contiguous three-story residential buildings located at 316 and 318 E. 81st St. on Manhattan’s Upper East Side. An undisclosed buyer acquired the assets for $9.2 million, or $750 per buildable square foot. With a total of 12,232 buildable square feet, the buyer plans to develop the properties in luxury residential housing. The asset at 316 E. 81st St. is a single-family property and the property at 318 E. 81st St. is a seven-unit multifamily building. Jess Cirolli-Quinones of Besen & Associates represented the buyer, while Rolfe Haas, also of Besen & Associates, represented the undisclosed seller.

June 16, 2016

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