Property Type

Associated Bank Provides $11.4M Acquisition Loan for Retail Property in Southeast Wisconsin

by Christina Cannon March 14, 2016

DELAFIELD, WIS. — Associated Bank has provided an $11.4 million acquisition loan for a retail property in Delafield, approximately 30 miles west of Milwaukee. Schermerhorn & Co./Heritage-Hillside LLC was the borrower. The 102,700-square-foot shopping center is located at 2720-2850 Heritage Drive and 2725 Hillside Drive. The retail center is situated on an outparcel to a Walmart. Tenants at the 90 percent occupied center include Office Max, Petco, Dollar Tree, Great Clips, Sears Appliance, Subway and Dairy Queen. Schermerhorn & Co. has managed the property for over 18 years.

March 14, 2016

Illinois Midwest Multifamily

SVN | Chicago Commercial Brokers $5.1M Sale of 32-Unit Apartment Building in Chicago

by Christina Cannon March 14, 2016

CHICAGO — SVN | Chicago Commercial has brokered the sale of a 32-unit multifamily building in the Uptown neighborhood of Chicago for $5.1 million. Kam Ying Lee sold the asset, located at 5022-30 N. Winthrop Ave., to a private partnership. The 32,000-square-foot building, constructed in 1913, features all two-bedroom units. Units include stainless steel appliances and washers and dryers. Dawn Overstreet of SVN | Chicago Commercial was the sole broker in the transaction.

March 14, 2016

Illinois Midwest Office

PREMIER Design + Build LLC Completes Phase II of Chicago Innovation Exchange Project

by Christina Cannon March 14, 2016

CHICAGO — PREMIER Design + Build LLC has completed Phase II of the Chicago Innovation Exchange. The project consisted of renovating the core and shell of the Doerr Building, which houses high-tech facilities for the Chicago Innovation Exchange, an innovation hub for the University of Chicago and other startup companies. The new space features a digital fabrication lab, co-working spaces, new offices and conference rooms. Built Form LLC and Beyer Blinder Belle provided architectural services for the project. TGRWA LLC and Advance Consulting Group International Inc. provided engineering services.

March 14, 2016

Industrial Michigan Midwest

Friedman Arranges 34,500 SF Industrial Lease in Auburn Hills, Michigan

by Christina Cannon March 14, 2016

AUBURN HILLS, MICH. — Friedman Integrated Real Estate Solutions has arranged an industrial lease in Auburn Hills, approximately 30 miles north of Detroit. Axis Technology Group, a company specializing in automotive trim and packaging, will occupy 34,500 square feet of space at 20 Corporate Drive. Charrington Estates LLC is the landlord. Bob Dabrowski of Friedman represented the tenant in the transaction.

March 14, 2016

Midwest Minnesota Retail

Cushman & Wakefield/NorthMarq Arrange 1,450 SF Retail Lease in St. Paul

by Christina Cannon March 14, 2016

ST. PAUL, MINN. — Cushman & Wakefield/NorthMarq has arranged a 1,450-square-foot retail lease in St. Paul. Ehinger Schwarz 1876, an interchangeable jewelry maker, has opened its third location in the Oxford Square shopping center on Grand Avenue last week. Minneapolis-based RMF Group is the landlord. Tom Martin and Kim Meyer of Cushman & Wakefield/NorthMarq represented the tenant in the transaction.

March 14, 2016

Industrial Texas

Align Auto Collision & Painting Leases Industrial Space in Metro Dallas

by Haisten Willis March 14, 2016

KENNEDALE, TEXAS — Align Auto Collision & Painting has leased a 9,060-square-foot industrial building located at 7204 Mansfield Highway in Kennedale. The property will serve as a temporary location for the business following the sale of its previous location, 2235 Michigan Ave. in Arlington. Align will relocate by the end of March to the temporary location. The new site is zoned for industrial use and has a large parking area to accommodate Align Auto Collision’s customers. Coldwell Banker Commercial Alliance arranged the transaction. The temporary location was the only vacancy in a four-building complex situated 3.5 miles south of I-20. Jim Eaton of RDS Real Estate in Haltom City represented the landlord, Tarrant County-based investor Ron Sturgeon, in the lease transaction. Align Auto’s owner, Anastasio Favila, is concentrating the company’s permanent site search on the mid-cities between Dallas and Fort Worth.

March 14, 2016

Hospitality Top Stories

China’s Anbang Insurance Group Buys Strategic Hotels & Resorts for $6.5B

by Nellie Day March 14, 2016

CHICAGO — Beijing-based Anbang Insurance Group Co. has agreed to purchase Strategic Hotels & Resorts, which owns 16 hotels throughout the U.S. Several news outlets, including The Wall Street Journal, report the purchase price as $6.5 billion, citing anonymous sources involved in the not-yet-announced deal. Anbang is purchasing the portfolio from Blackstone Group, which acquired Strategic Hotels about three months ago. The Chinese insurer is paying about $450 million more than Blackstone paid for the assets. Properties under the Chicago-based Strategic Hotels & Resorts flag include the JW Marriott Essex House in New York City; the Montage in Laguna Beach, Calif ; the Hotel del Coronado in San Diego; Ritz Carlton properties in Moon Bay and Laguna Niguel, Calif.; InterContinental hotels in Chicago and Miami; and Four Seasons hotels in Washington, Austin, Texas, and Silicon Valley, Calif. Anbang purchased the famed Waldorf-Astoria in New York from Hilton Worldwide Holdings for nearly $2 billion in late 2014. The acquisition was one of the highest price-per-room hotel transactions ever, according to Fortune magazine. Anbang also submitted a $12.8 billion bid to takeover Starwood Hotels & Resorts Worldwide, which could disrupt a pending deal with Marriott International. The consortium offered to pay an …

March 14, 2016

Market Reports Retail Southeast Southeast Market Reports Virginia

Hampton Roads Gains Attention From National Upscale Retailers

by John Nelson March 14, 2016

Millennials are the largest and fastest-growing retail consumer segment in the nation. In Hampton Roads, this demographic represents 30 percent of a total population in excess of 1.7 million people. This tech-savvy and largely transient group spends approximately $3.4 billion on retail and dining every year in the local economy. It is widely acknowledged that Millennials are changing the retail industry. Developers and retailers alike, faced with rapidly changing spending patterns, more than ever must focus on the shopping, living and working trends of these consumers in order to ensure that future developments meet the needs and expectations of this demographic. The well-established, nationwide trend of shoppers migrating to walkable, mixed-use environments has led to the proliferation of multi-faceted, pedestrian-friendly developments that feature specialty retail as an integral part of a live/work/play theme in a more or less urban setting. Hampton Roads is no exception to this movement. This explains the growth of lifestyle centers in Hampton Roads, as well as the successful repositioning of some traditional malls in the region. The combination of these upscale projects and the purchasing power of the large population base has finally caught the attention of many upscale national retailers that heretofore had considered …

March 14, 2016

Loans Multifamily Northeast Pennsylvania

Radnor Property Group Receives $53.4M in Equity, Construction Financing for 16-Story Apartment Property in Philadelphia

by Amy Works March 11, 2016

PHILADELPHIA — Radnor Property Group has received $53.4 million in preferred equity and construction financing for the development of 3201 Race Street, a 16-story apartment property located on Drexel University’s campus in Philadelphia’s University City neighborhood. HFF arranged $18 million in preferred equity from a commingled fund managed by American Realty Advisors and secured a $35.3 million construction loan for the newly created partnership through the Santander Commercial Real Estate office in Philadelphia. Slated for completion in 2017, the high-rise property will feature 164 one- and two-bedroom residential units, averaging 680 square feet, and 13,837 square feet of ground-floor commercial space, which will be occupied by Nobel Learning Communities, a childcare operator. Ryan Ade and Mark Thomson of HFF arranged the financing and equity for the borrower.

March 11, 2016

Multifamily New York Northeast

WinnCompanies Breaks Ground on $15.4M Multifamily Rehab Project in Jersey City

by Amy Works March 11, 2016

JERSEY CITY, N.J. — WinnCompanies has broken ground for the $15.4 million rehabilitation at Brunswick Estates in Jersey City. Slated for completion in early 2017, the top-to-bottom renovation will modernize the 131 apartments, grounds and safety systems at the project. Additionally, the renovation will address substantial deferred maintenance needs, including lingering damage from Hurricane Sandy and ADA compliance issues. The renovation work will modernize the kitchens, bathrooms and interiors of all apartments, as well the exteriors of the 14 buildings on the property. Additionally, the heating and plumbing systems will be upgraded and common areas will be created within an existing central structure and will include a management office, tenant lounge and multimedia area. The Architectural Team is serving as architect and DiMarco Constructors is the general contractor on the project. WinnResidential, the property management arm of WinnCompanies, will manage resident and maintenance services at Brunswick Estates. Public-private partners on the project include Greater Bergen Community Action, Jersey City Division of Community Development, New Jersey Economic Development Authority, New Jersey Housing and Mortgage Finance Agency, U.S. Department of Housing & Urban Development, Citi Community Capital, The Richman Group Affordable Housing Corp., New Jersey Community Capital and Boston Community Capital.

March 11, 2016

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