Property Type

CIM Group Acquires Interest in 625 North Michigan Building in Chicago

by Christina Cannon September 16, 2015

CHICAGO — In a joint venture with Golub & Co., CIM Group has acquired a condominium ownership interest in 625 North Michigan, a high-rise building located at 625 N. Michigan Ave. in downtown Chicago. Although the purchase price was not disclosed, Crain’s Chicago Business reported in August that a venture of CIM Group paid approximately $48 million for 290,000 square feet of office space on floors five through 27 of the building. The seller was Goldman Sachs Group. The sale doesn’t include the lower four floors, which are separately owned retail space. The individual floors span 13,000 square feet and no tenant takes up more than one full floor, according to Crain’s Chicago Business. The property, which is currently 29 percent vacant, was built in 1970 and underwent a $6 million renovation in 2000. Caption (625 North Michigan Avenue): CIM Group has acquired a condominium ownership interest consisting of 290,000 square feet of office space located at 625 N Michigan Avenue.

September 16, 2015

Michigan Midwest Multifamily

Commercial Property Advisors Arranges $7.8M Sale of Apartment Complex in Michigan

by Christina Cannon September 16, 2015

NORTHVILLE, MICH. — Commercial Property Advisors (CPA) has arranged the sale of Northridge Meadow Apartments, a 112-unit multifamily community in Northville, for $7.8 million to Northridge Ventures LLC. The property, located at 19439 Northridge Drive, totals 92,120 square feet. Cary Belovicz of CPA represented the seller, Northridge Apartments.

September 16, 2015

Illinois Industrial Midwest

CBRE Brokers Sale of 3.26-Acre Industrial Site in Mount Prospect, Ill.

by Christina Cannon September 16, 2015

MOUNT PROSPECT, ILL. — CBRE has arranged the sale of 3.26 acres of industrial-zoned land in Mount Prospect, a northwest Chicago suburb, for an undisclosed price. The buyer was Whimsy Intermodal, a drayage company, and the seller was Park Place Partners LLC. The property, located at 2210 South Busse Road, will provide Whimsy Intermodal with 100 additional trailer parking spaces and is near the Elmhurst Road and I-90 interchange. Jack Brenan, Mike Sedjo and John Hamilton of CBRE represented both the buyer and seller in the transaction.

September 16, 2015

Indiana Midwest Mixed-Use Uncategorized

Bradley Co. Brokers 5,700 SF of Leases in Fort Wayne

by Christina Cannon September 16, 2015

FORT WAYNE, IND. — Bradley Co. arranged a combination of office, industrial and retail leases in August totaling approximately 5,700 square feet. Dan Dickey of Bradley Co. represented landlord J.D. Ventures in the lease of a 3,000-square-foot industrial space located at 1905 Production Road in Fort Wayne. Tyler Binkley of Bradley Co. represented the tenant, IASA Group LLC. Anna Bowman of Bradley Co. represented the tenant, Stevens International, in its lease of a 1,999-square-foot office space located at 6527 Constitution Drive in Fort Wayne. Binkley and Bowman also represented the landlord, American Way LLC, in the lease of a 686-square-foot retail space located in Colony Shoppes at 6431 Bluffton Road in Fort Wayne. Binkley also represented the tenant, Boost Mobile, in the transaction.

September 16, 2015

Industrial Texas

Cabot Properties to Develop 322,853 SF Industrial Space in Metro Dallas

by Haisten Willis September 16, 2015

GRAND PRAIRIE, TEXAS — Cabot Properties, a private equity real estate investment firm, has purchased an 18.4-acre site in Grand Prairie. Cabot, along with Stream Realty, plans to develop two Class A industrial buildings totaling 322,853 square feet designed to accommodate tenants from 30,000 to 175,000 square feet. The project is located at the intersection of Roy Orr and Trinity boulevards in Dallas’ Great Southwest industrial submarket. Stream Realty will develop and lease the new project branded Trinity Crossing. Steve Riordan of Stream’s construction division will oversee the project. The project is expected to break ground this month and will deliver in the second quarter of 2016.

September 16, 2015

Office Texas

Tryperion, Goodstone JV Acquire University Park Office Property in San Antonio

by Haisten Willis September 16, 2015

SAN ANTONIO — Tryperion Partners and Goodstone LLC have acquired Network Tech Center, an 84,505-square-foot, three-building office park located in the University Business Park of San Antonio’s Northwest office market. Located along I-10 near Loop 1604, Network Tech Center offers freeway access and close proximity to restaurant and retail amenities. CBRE’s Todd Mills represented the seller in the transaction.

September 16, 2015

Office Texas

Norman Construction to Relocate Corporate Headquarters to Grapevine

by Haisten Willis September 16, 2015

GRAPEVINE, TEXAS — Realty Capital Management has sold a pad site located off Texan Trail to Norman Construction. The construction firm will be relocating its corporate offices from Coppell to a new location just north of Dallas Road on Texan Trail in Grapevine. Norman Construction has been in business since 1997 and is a full-service commercial contracting company specializing in multifamily rehab and construction. In addition, Norman offers capital improvements, fire remediation services and deferred maintenance needs. Mark Boone of Realty Capital Management represented the landlord and tenant in the lease transaction.

September 16, 2015

Retail Texas

M&M Arranges Sale of Retail Property in Galveston

by Haisten Willis September 16, 2015

GALVESTON, TEXAS — Marcus & Millichap has arranged sale of Jamaica Village Shopping Center, a 21,065-square-foot retail property located in Galveston. Derek Hargrove and Matthew Mignerey of Marcus & Millichap’s Houston office marketed the property on behalf of the seller, a limited liability company. The team secured a Houston owner and facilitated the sale with a local bank lender. Jamaica Village Shopping Center is located at 16708 San Luis Pass Road.

September 16, 2015

Industrial Texas

Lee & Associates Negotiates 46,020 SF Industrial Lease in Metro Dallas

by Haisten Willis September 16, 2015

ARLINGTON, TEXAS — Lee & Associates has completed a lease transaction for 46,020 square feet of industrial space located at 714-720 107th St. in Arlington. Mark Graybill of Lee & Associates’ Dallas/Fort Worth office represented the landlord, Lightning Propco III LLC. Michael Chiocca of CBRE represented the tenant, Sunrise Wood Designs LLC.

September 16, 2015

Loans Retail Washington Western

Bellevue Collection Mixed-Use Property Receives $526M Loan for Expansion

by Nellie Day September 16, 2015

BELLEVUE, WASH. — The Bellevue Collection has received a $526 million construction-to-permanent loan to expand the 4-million-square-foot, mixed-use property in Bellevue. The new 1.5-million-square-foot phase will be known as the Lincoln Square Expansion. The development, which is currently underway, will include a 41-story multifamily/W Hotel tower, a 31-story trophy office tower, and a three-level retail podium, which will be anchored by a luxury theater and chef-driven restaurants. The retail podium and towers will sit above a six-level underground parking garage that is contiguous with more than 4,000 existing subterranean parking spaces. An affiliate of CPPIB Credit Investments Inc., a wholly owned subsidiary of Canada Pension Plan Investment Board (CPPIB), provided the financing. The single source of capital was attractive to the borrower because it removed syndication risk and provided a single point of contact. Dave Karson, Alex Hernandez and Chris Moyer of Cushman & Wakefield represented the borrower, Kemper Development Co.

September 16, 2015

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