Property Type

The Boulder Group Arranges $1.4M Sale of Auto Parts Store in Metro Houston

by Haisten Willis September 28, 2015

SPRING, TEXAS — The Boulder Group, a net lease investment brokerage firm, has completed the $1.4 million sale of a newly constructed net leased O’Reilly Auto Parts store located at 5618 Treaschwig Road in Spring. O’Reilly Auto Parts is the sole occupant of the recently constructed 6,800-square-foot building. The property is shadow anchored by a Kroger grocery anchored center that is located across the street. The O’Reilly Auto Parts is located approximately five miles north of the George Bush Intercontinental Airport. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwestern family partnership who utilized a 1031 exchange. The seller was a national real estate development company. The O’Reilly Auto Parts lease is for 20 years and features a 6 percent rent escalation in years 11 and 16.

September 28, 2015

Star Cinema Grill to Open Fifth Metro Houston Location

by Haisten Willis September 28, 2015

CYPRESS, TEXAS — Star Cinema Grill will build a 45,000-square-foot theater at Miramesa Town Center, located at the intersection of West and Fry roads in Cypress, a suburb of Houston. The Houston-based company is under construction on the new theater adjacent to Baybrook Mall, with plans to open its fourth location in Richmond near the intersection of Grand Parkway (Hwy 99) and Westpark Toll Road (FM 1093) in the spring of 2016. The dine-in theater concept provides guests with a full-service restaurant experience delivered seat side. Its menu features dishes paired with a selection of cocktails, local craft beers and wine. Kristen Barker with Wulfe & Co., a commercial retail real estate brokerage and property management firm, represented Star Cinema Grill in the lease transaction. Christie Amezquita and Jeanie Gibbs represented Read King, which will develop the Cypress location as part of the 50-acre, master-planned Miramesa Town Center.

September 28, 2015

Illinois Midwest Multifamily Uncategorized

Marcus & Millichap Brokers $14.4M Sale of 140-Unit Apartment Complex Near Chicago

by Christina Cannon September 28, 2015

WILLOWBROOK, ILL. — Marcus & Millichap has arranged the sale of the 140-unit Willowbrook Apartment Homes located at 7440 Tennessee Drive in Willowbrook, approximately 20 miles west of Chicago. The property sold for $14.4 million, or $103,400 per unit. Scott Harris and Nick Hillard of Marcus & Millichap represented the seller and procured the buyer. The property consists of 56 one-bedroom/one-bath units, 68 two-bedroom/one-bath units, and 16 three-bedroom/two-bath units. Unit amenities include tile floors, ceiling fans, cable and broadband Internet access. Community amenities feature controlled building access, on-site management, 24/7 emergency maintenance, laundry facilities and package receiving.

September 28, 2015

Illinois Industrial Midwest Uncategorized

Lee & Associates Arranges Two Industrial Leases Totaling Approximately 100,000 SF in Elgin, Illinois

by Christina Cannon September 28, 2015

ELGIN, ILL. — Lee & Associates has arranged two industrial leases totaling nearly 100,000 square feet in Elgin, approximately 40 miles west of Chicago. Stockbridge Capital Group has leased 50,056 square feet of industrial space to Convenience Concepts Inc. The property is located at Northwest Corporate Park, 2300-2380 Galvin Drive. The lease brings the 219,000-square-foot building to 100 percent occupancy. John Sharpe and Steve Bass of Lee & Associates represented the landlord. John D’Orazio of Colliers International represented the tenant. Stockbridge Capital Group has leased 49,776 square feet of industrial space to PepsiCo Global Real Estate. The property is located at Northwest Business Park VI, 2790 Spectrum Drive. John Sharpe and Steve Bass of Lee & Associates represented the landlord. Ryan Bain of CBRE represented the tenant.

September 28, 2015

Midwest Minnesota Mixed-Use Uncategorized

Opus Group Begins Construction on Mixed-Use Property in St. Paul

by Christina Cannon September 28, 2015

ST. PAUL — The Opus Group has broken ground on a six-story, mixed-use luxury apartment and retail development located on West Seventh Street in St. Paul. The redevelopment replaces an 80-year-old former Seven Corners Hardware store as well as an adjacent church. Demolition work has already occurred. The property will include a combination of 191 studio, one- and two-bedroom units and three-bedroom townhouse-style residences, as well as 11,500 square feet of ground-level retail space. The residential development will include an outdoor courtyard featuring a pool, hot tub, bocce ball and grill areas, as well as a terrace-level patio and club room with river views. Opus Development Company LLC is the developer, Opus Design Build LLC is the design builder and Opus AE Group LLC is the architect and structural engineer. Elness Swenson Graham Architects Inc. is the design architect. The project is scheduled for completion in January 2017.

September 28, 2015

Midwest Minnesota Mixed-Use Uncategorized

Doran Construction Completes 319-Unit Luxury Apartment Building in Minneapolis

by Christina Cannon September 28, 2015

MINNEAPOLIS — Doran Construction has completed construction on Latitude 45, a luxury apartment building located at 301 Washington Ave. South for Alatus LLC. The building is 13 stories and contains 319 units, with 10,000 square feet of retail on the ground floor. The facility came in under budget and ahead of schedule. Alatus is a real estate developer with expertise in residential high-rise development, office redevelopment, parking management and single-family home redevelopment. The Doran Cos. offer commercial development, general contracting and management of multifamily residential and commercial properties.

September 28, 2015

Industrial Loans New Jersey Northeast

Cronheim Mortgage Arranges $35M in Financing for Industrial Property in New Jersey

by Amy Works September 28, 2015

ELIZABETH, N.J. — Cronheim Mortgage has arranged $35 million in financing for an industrial property located at 102 Bay Ave. in Elizabeth. The loan was structured with a five-year term and a 30-year amortization schedule for the borrower, Hartz Elizabeth Inc., an affiliate entity of Hartz Mountain Industries Inc. Built in 1990, the 509,093-square-foot facility features 26-foot clear heights, 61 loading docks and approximately 9,000 square feet of mezzanine office space. Andrew Stewart and Dev Morris of Cronheim secured the financing for the borrower.

September 28, 2015

Hospitality New York Northeast

Partnership to Develop Two-Building Marriott at JFK International Airport

by Amy Works September 28, 2015

NEW YORK CITY — Soundview Real Estate Partners and Chartwell Hospitality are developing a two-building Marriott hotel at New York City’s John. F. Kennedy International Airport. The partnership has tapped Gene Kaufman Architect to design the 260,000-square-foot project, which Soundview and Chartwell plan to break ground on in 2016.

September 28, 2015

Multifamily New Jersey Northeast

Cushman & Wakefield Brokers Sale of Two Multifamily Buildings in New Jersey

by Amy Works September 28, 2015

UNION CITY, N.J. — Cushman & Wakefield has brokered the sale of two multifamily buildings located at 1000 West and 522 10th streets in Union City. An undisclosed buyer acquired the properties for $2.1 million, or $176,667 per unit, in an all-cash transaction. The adjacent properties total 16,698 square feet and include 12 residential units in a mix of one-bedroom and two-bedroom apartments. Fahri Ozturk and Alexander McGee of Cushman & Wakefield represented the undisclosed seller, while Miriam Lebovitz of Dwell Realty represented the buyer in the transaction.

September 28, 2015

Massachusetts Northeast Retail

Integrated Builders Tops Off Car Dealership in Massachusetts

by Amy Works September 28, 2015

GREENFIELD, MASS. — Integrated Builders has topped off the new Greenfield Toyota and Ford joint car dealership in Greenfield. Located at 1 Main St., the 32,000-square-foot facility will replace the previous dealership located on the site. The facility will offer a combined 30,000 square feet of dealership space and a 2,000-square-foot system parts mezzanine area. The new facility is slated for completion in November 2016. Integrated Builders is providing construction management services for the project. The project team includes The Curtis Architectural Group, SVE Associates, Flood Consulting and Environmental Design Engineering Inc.

September 28, 2015

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