Property Type

CBRE Brokers Sale of Paces West Office Development in Metro Atlanta

by John Nelson December 21, 2015

SMYRNA, GA. — CBRE has brokered the sale of Paces West, a Class A office development that features two office towers totaling 646,471 square feet. The development is located in Smyrna, a city in Atlanta’s Cumberland/Galleria office submarket. Investcorp and Crocker Partners teamed up to purchase the office development from a joint venture between TIER REIT and funds managed by Oaktree Capital Management LP for an undisclosed price. Formerly Home Depot’s corporate headquarters, Paces West was 90 percent leased at the time of sale to tenants such as Piedmont Healthcare, Reliance Worldwide, British Telecom and Project Time & Cost. The office campus recently underwent an $11.7 million renovation. The sales price was undisclosed.

December 21, 2015

Illinois Loans Midwest Multifamily

Pillar Originates Two Fannie Mae Loans Totaling $9.6M for Multifamily Properties in Chicago

by Christina Cannon December 21, 2015

CHICAGO — Pillar has originated two Fannie Mae loans totaling $9.6 million for two multifamily properties in Chicago. Lancelot Lie of Pillar orientated the fixed-rate loans, which both feature six-year terms. The borrowers are affiliates of BJB Partners. A $7.8 million loan was originated for a 220-unit property located at 2850 N. Sheridan Road, and a $1.8 million loan was originated for a 76-unit property located at 420 Surf St. Both properties were fully leased.

December 21, 2015

Illinois Industrial Midwest

Transwestern Brokers Sale of Two-Property Industrial Portfolio in Metro Chicago

by Christina Cannon December 21, 2015

SKOKIE AND MORTON GROVE, ILL. — Transwestern has brokered the sale of a two-building industrial portfolio in metro Chicago for an undisclosed price. The portfolio includes a 209,098-square-foot property located at 6123-6227 Monroe Court in Morton Grove and a 179,201-square-foot building located at 3500 Oakton St. in Skokie. Edler & Company Inc. sold the portfolio to an undisclosed buyer. The property in Morton Grove is comprised of five smaller units and features 28-foot clear heights. Denise Stein Chaimovitz of Transwestern represented the seller.

December 21, 2015

Indiana Industrial Midwest

JLL Named Listing Agent for Two Industrial Properties Totaling 924,530 SF in an Indianapolis Suburb

by Christina Cannon December 21, 2015

PLAINFIELD, IND. — JLL is the exclusive leasing entity for two new speculative industrial buildings in Plainfield, a southwestern suburb of Indianapolis. Airwest 12 and Airwest 14 are Class A properties that total 924,530 square feet. The two buildings are located at 2301 and 2201 Reeves Road. Airwest 12 is 448,305 square feet, and Airwest 14 is 476,225 square feet. The facilities feature 48-foot-by-50-foot bays, approximately 50 docks with room for expansion and ample delivery and employee parking. Each building is also divisible by 200,000 square feet. Jake Sturman and Chip Barnes of JLL will represent the owner, Northwestern Mutual.

December 21, 2015

Michigan Midwest Office

Colliers Completes 4,000 SF Office Lease in Historic Downtown Ann Arbor Building

by Christina Cannon December 21, 2015

ANN ARBOR, MICH. — Colliers International has completed a lease in a historic building in downtown Ann Arbor. Danlaw Inc., an engineering firm, will occupy two floors of the building, which will total 4,000 square feet. The property, owned by Dr. Reza Rahmani, is located at 213 S. Main St. and is currently undergoing renovations. Brendan Cavender and Jim Chaconas of Colliers were the sole brokers in the deal.

December 21, 2015

Midwest Office Wisconsin

Siegel-Gallagher Arranges 2,232 SF Office Lease Near Milwaukee

by Christina Cannon December 21, 2015

ELM GROVE, WIS. — Siegel-Gallagher has arranged a 2,232-square-foot office lease in Elm Grove, approximately 10 miles west of Milwaukee. STAFDA Inc. is leasing the space in The Tradesman Building from Building Trades Pension Trust. The property is located at 500 Elm Grove Road. John Dulmes and Dan Walsh of Siegel-Gallagher brokered the transaction.

December 21, 2015

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Louisville Multifamily Rents, Occupancy Maintain Forward Momentum

by John Nelson December 21, 2015

The Louisville multifamily market has consistently demonstrated strong, favorable market fundamentals, which has drawn significant interest in this growing riverfront city. Since 2010, the market has seen 19.8 percent rent growth and continually posted occupancy gains. This momentum resulted in a record amount of multifamily transactions in 2014 and continues to fuel investor demand today. This momentum in the multifamily sector is happening not only in Louisville, but across the U.S., according to CBRE Research. Overall demand for rental housing continues to be driven by demographic-led household formation and a deepening preference for rental vs. owner tenure. Supply continues to grow briskly and rent and revenue growth are accelerating. Additionally, a recent CBRE multifamily study found that the national homeownership rate is 63.4 percent — its lowest level since 1967. The report also discovered that the national rent growth has reached its strongest year-over-year gain in nine years. And we don’t expect this trend to level off anytime soon. During the first half of 2015, the Louisville market demonstrated strong fundamentals with increasing rents and occupancy. Between 2014 and 2015, the annual market-wide rent growth was 3.4 percent, bringing the average rent to $786, or $0.86 per square foot. The …

December 21, 2015

California Loans Multifamily Western

IPA Secures $107M for Two Multifamily Complexes in California

by Nellie Day December 18, 2015

LOS ANGELES — IPA Capital Markets has arranged a total of $107 million in financing for two multifamily properties in California. The properties include the Emerald Terrace Apartments in Los Angeles and Fiori Estates in the Northern California submarket of Rohnert Park. The communities received $52 million and $55 million, respectively. The Emerald financing was structured as an interest-only, floating-rate loan. The loan-to-total cost value, including rehab dollars, is 72 percent. Fiori’s financing was structured with an interest-only floater of less than 3 percent. The loan-to-value is 65 percent and the loan-to-cost is 92 percent. Jake Roberts and Anita Paryani of IPA Capital Markets arranged the financing.

December 18, 2015

Colorado Multifamily Western

A&C Properties Completes Phase I of Porteos Mixed-Use Project in Denver

by Nellie Day December 18, 2015

DENVER — A&C Properties has completed the first phase of Porteos, a 1,287-acre mixed-use project in Denver. The project is being built adjacent to Denver International Airport. Phase I ushered in the opening of the new Jackson Gap Street, which provides immediate access to the airport and throughway for residents of Aurora and Adams County. A&C Properties invested $13 million to complete Jackson Gap Street and its related infrastructure. Forum Real Estate Group also recently completed ParkDIA, a 7,500-space parking complex in the area that provides valet services, self-covered and uncovered parking, and a shuttle. Porteos is the only entitled, zoned and shovel-ready, non-residential site within a four-mile radius of the airport. JLL is leading the marketing efforts to investors, developers, and occupiers of industrial, aviation, hospitality and commercial space.

December 18, 2015

California Retail Western

HFF Arranges More Than $50M in Financing for Retail Development

by Nellie Day December 18, 2015

PLEASANTON, CALIF. — HFF has arranged equity and debt capital in excess of $50 million for Pacific Pearl Shopping Center, a shopping center under development in Pleasanton. HFF worked on behalf of the developer, BHV Centerstreet Properties, to arrange a joint venture equity partnership with a fund advised by UBS Asset Management. Additionally, the firm secured a construction loan for the partnership through Wells Fargo Bank. Situated at the intersection of Stonebrige Drive and El Charro Road, Marina Food, an Asian foods supermarket, will anchor the 112,000-square-foot retail center. The development will feature an international food court and dim/sum banquet restaurant, as well as a mix of traditional and Asian-oriented tenants. Bruce Ganong, Nicholas Bicardo, Brandon Roth and Danny Reddin of HFF secured the financing for the developer.

December 18, 2015

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