Property Type

Fromm International Signs 73,000 SF Industrial Lease Renewal in Chicago Suburb

by Christina Cannon April 6, 2016

MOUNT PROSPECT, ILL. — Avison Young has completed a long-term, 73,000-square-foot lease renewal for Fromm International. The company, which markets supplies to the professional beauty industry, will occupy industrial space at 603 Demster St. in Mount Prospect, approximately 25 miles northwest of Chicago. The facility is located within the Briarwood Business Center, a two-building, 460,000-square-foot complex that is situated on 14 acres. Constructed in 2006, the buildings feature 30-foot clear heights, two drive-in doors each and 196 combined parking spaces. Brett Kroner, Keith Purtiz and Eric Fischer of Avison Young represented Fromm International in the transaction. Tom Rodeno and Matthew Stauber of Colliers International represented the landlord, Clarion Partners.

April 6, 2016

Illinois Midwest Office

MB Real Estate Arranges 11,000 SF Lease Expansion at Michigan Plaza in Chicago

by Christina Cannon April 6, 2016

CHICAGO — MB Real Estate Services Inc. has arranged an 11,000-square-foot lease expansion at 205-225 N. Michigan Ave. in Chicago for Intouch Solutions. The company, a Kansas City-based pharmaceutical marketing agency, has occupied space at Michigan Plaza since 2012. This is the third expansion for Intouch Solutions within the building. Michigan Plaza is a Class A, two-building property that totals 2 million square feet. The plaza is 88 percent occupied. Fujikawa Johnson & Associates designed the complex, which is comprised of a 44-story tower and a 25-story tower. Building amenities include a 10,000-square-foot fitness center, a 4,000-square-foot conference center and an emergency child care facility. Kathleen Bertrand and Mark Buth of MB Real Estate Services represented the ownership in the transaction. Steven Joseph of CBIZ Gibraltar Real Estate Services LLC represented Intouch Solutions.

April 6, 2016

Midwest Office Top Stories Wisconsin

Associated Bank Purchases Milwaukee Center for $60.5M

by Haisten Willis April 6, 2016

MILWAUKEE — Associated Bank (NYSE: ASB) has purchased the Milwaukee Center office building at 111 E. Kilbourn Ave. in downtown Milwaukee. The purchase price was not disclosed, but the Milwaukee Business Journal reported it was $60.5 million. Chicago-based Hub Milwaukee River Center Properties sold the 28-story downtown building to Milwaukee Center Management LLC, a Green Bay, Wis.-based affiliate of Associated. Reinhart Boerner Van Deuren represented Associated Bank in the transaction. Associated will occupy between one-fourth and one-third of the building when the lease on its current regional office expires in 2022. Around 320 Associated employees currently occupy 97,000 square feet of the Plaza East towers at 330 East Kilbourn Ave. “Our purchase of this iconic, city-center building aligns with our efforts to become the city’s hometown bank,” says Philip Flynn, president and CEO of Associated Bank, which is based in Green Bay. The Class A property was built in 1988 and is 426 feet tall, with a total size of 373,000 square feet. It was 81.7 percent leased at the time of sale. Milwaukee Center is attached to a 220-room InterContinental hotel, Milwaukee Rep Theaters and Pabst Theater. Amenities include three on-site dining options and an on-site fitness studio. Associated Bank’s stock …

April 6, 2016

The-Shops-at-Aspen-Creek-broken-arrow-oklahoma

Multifamily Texas

The Signorelli Co. to Begin Construction on The Reserve at Aspen Creek

by Haisten Willis April 5, 2016

BROKEN ARROW, OKLA. — The Signorelli Co. has begun construction of The Reserve at Aspen Creek, a 240-unit apartment complex in Broken Arrow expected to open in early 2017. The community will be the residential component of The Shops at Aspen Creek, a 400,000-square-foot shopping, dining and entertainment destination planned to include multiple restaurants and stores in addition to multifamily residences. The entertainment anchor is the 16-screen Warren Theatre, which opened in 2015. Tulsa-based Architects Collective designed the apartments. Trinity Multifamily, which acquired the 13-acre site in 2014, will manage the apartment community. The Reserve at Aspen Creek will consist of 20 buildings with amenities including a saltwater pool, gazebos and fire pits, workout facilities and a business center. The interiors will feature stainless steel appliances and granite countertops.

April 5, 2016

Landmark-Southpark-apartments-austin-texas

Multifamily Texas

Oden Hughes Sells Two Apartment Communities in Austin to IMT Capital

by Haisten Willis April 5, 2016

AUSTIN, TEXAS — Austin-based multifamily developer Oden Hughes has sold two Class A apartment communities in Austin to IMT Capital, a private Los Angeles-based real estate investment and management firm. Oden Hughes developed, built and managed both properties, known as Landmark Southpark and Lenox Parkview, near the southwest corner of South First Street and Slaughter Lane. The 285-unit Landmark Southpark community opened in 2013. Lenox Parkview, which also has 285 units, opened last year immediately south of Landmark Southpark and north of the 344-acre Mary Moore Searight Metropolitan Park. Both properties offer one-, two- and three-bedroom apartments near I-35 and Southpark Meadows. IMT Capital maintains an office in Austin where it owns several properties including the Riata in northwest Austin near Apple Inc.’s new Americas Operations Center.

April 5, 2016

Retail Texas

Pierson Retail Advisors Arranges Retail Sale in Metro Dallas

by Haisten Willis April 5, 2016

DESOTO, TEXAS — Pierson Retail Advisors (PRA) has arranged the sale of Townsend Square, a 147,235-square-foot retail center in DeSoto. PRA represented the seller, Global Fund Investments LLC. An investor from Dallas, Ron Avneri, purchased the asset. Townsend Square is 67 percent leased to tenants such as Bealls, Fresenius Medical Care, Chase Bank, Boston Market, Leslie’s Pool Supplies, GNC and H&R Block. The entire team at Pierson Retail Advisors in Dallas handled the sale.

April 5, 2016

Loans Multifamily Texas

NXT Capital Provides $17.6M Loan for Apartment Community in Metro Dallas

by Haisten Willis April 5, 2016

BEDFORD, TEXAS — NXT Capital has provided a $17.6 million first mortgage loan to finance the acquisition of a 272-unit, Class B apartment community in Bedford. Located 10 miles northeast of the Dallas/Fort Worth International Airport, amenities at the property include two swimming pools and picnic areas. Michael Cosby in the Dallas office of HFF arranged the loan through NXT Capital.

April 5, 2016

Industrial Office Texas

Ad Agency Renews 138,000 SF Office/Warehouse Lease in Fort Worth

by Haisten Willis April 5, 2016

FORT WORTH, TEXAS — May Group International has renewed a 138,000-square-foot lease at Carter Industrial Park in Fort Worth. The advertising agency has leased two office/warehouses spanning 60,000 square feet and 78,000 square feet at 1200 Forum Way S. since 2013, when it inked a sale-leaseback with Hangover Opportunity Fund LLC. May Sound Crazy is the landlord of record. The 11.5-acre tract is situated off Everman Parkway near I-35 West. The May Group maintains a 10,000-square-foot headquarters in the smaller building. The sister structure is divvied into 500 square feet of office and 77,500 square feet of warehouse space. The complex is also used for design, shipping and warehousing functions. Theron Bryant of Coldwell Banker Commercial Alliance DFW handled negotiations for the lease transaction.

April 5, 2016

Mixed-Use Multifamily Northeast

Cignature Realty Brokers $23M Sale of Mixed-Use Building in Manhattan

by Amy Works April 5, 2016

NEW YORK CITY — Cignature Realty Associates has arranged the sale of a mixed-used building located at 1616 Amsterdam Ave. in Manhattan’s Hamilton Heights neighborhood. Sugar Hill Capital Partners sold the 58,810-square-foot to a private investor for $23 million. The seven-story building features 54 apartment units and ground-level retail space, including a grocery/deli, coffee shop, Laundromat and Mexican restaurant. Lazer Sternhell and Peter Vanderpool of Cignature Realty represented the buyer and seller in the transaction.

April 5, 2016

New York Northeast Office

Equity Office Invests $25M for Capital Improvement Program at Park Avenue Tower in NYC

by Amy Works April 5, 2016

NEW YORK CITY — Equity Office is executing a $25 million capital improvement program at Park Avenue Tower, a 300,000-square-foot office tower in Midtown. The renovations include a reinvented lobby by Gonzalez Architects; new transom windows on every floor; and The Club, a 20,000-square-foot amenity space for all tenants. The new space will include a state-of-the-art fitness center with executive locker room facility, a business and recreation lounge, conference center, a curated grab-and-go food service and innovative building technology. Additional renovations include a building within a building design concept; an outdoor plaza with bar/café designed by Moed De Armas & Shannon; 12-foot 9-inch ceiling heights; three-story office penthouse with 360-degree views; and iVisitor lobby technology, including iPad-carrying security guards to greet guests. The renovations are slated for completion by fourth quarter 2016.

April 5, 2016

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