Property Type

Associated Bank Provides Two Loans Totaling $35.2M for Projects in Indiana and Minnesota

by Christina Cannon October 21, 2015

COLUMBUS, IND. AND MAPLE GROVE, MINN. — Associated Bank has provided two loans totaling $35.2 million for projects in Indiana and Minnesota. In the first project, LandMark Group Cos. took out a construction loan for a 391,355-square-foot manufacturing and distribution facility in Columbus, Ind. The second loan for $6.9 million was awarded to an affiliate of Westminster Capital to acquire and reposition a 97,368-square-foot office building located at 6820 N. Wedgewood Road in Maple Grove, Minn. The Class A building, built in 2005, was originally developed as a build-to-suit regional operations center with a commercial cafeteria for The Hartford, a Fortune 500 company. The investment and insurance giant consolidated operations at an existing office in Bloomington, Minn., and did not extend its lease. Edward Notz, senior vice president of Associated Bank, managed the transactions.

October 21, 2015

Illinois Industrial Midwest

Principle Construction Nears Completion on 70,000 SF Shipping Campus in Grayslake, Ill.

by Christina Cannon October 21, 2015

GRAYSLAKE, ILL. — Principle Construction Corp. is nearing completion on two new industrial buildings totaling 70,000 square feet in Grayslake, approximately 50 miles north of Chicago. The facilities will serve as an administrative, maintenance and shipping campus for SAIA LTL Truck Lines and will be located at 2260 S. Midlothian Road. The buildings will be ground-up construction situated on 33 acres. The first building will be a 51,000-square-foot structure that will include 100 truck docks, 16-foot clear heights and 9,560 square feet of office space. The second building will also feature 16-foot clear heights, 19,000 square feet of shop and maintenance space, a fueling facility, six trailer service bays, six tractor service bays and two wash bays. The 33-acre site will also include an automatic snow scraper, truck scale, and parking for 94 cars, 294 trailers, 34 tractors and 30 dollies. Principle broke ground earlier this year and expects construction to be completed in November. Ken Lattanzi of Principle is the project manager. Christian Architects is the project designer. Jim Kueck of Cushman & Wakefield is representing SAIA.

October 21, 2015

Industrial Midwest Wisconsin

The Dickman Co. Brokers Sale of 20,718 SF Industrial Building in Milwaukee Suburb

by Christina Cannon October 21, 2015

WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has brokered the sale of a 20,718-square-foot industrial building in West Allis, a western Milwaukee suburb, for an undisclosed price. The property is located at 6309 W. Greenfield Ave. WFF I LLC purchased the building from Horizon Enterprises LLC. Cale Berg of The Dickman Co. represented the buyer. Nicholas Flemma of CBRE represented the seller.

October 21, 2015

Illinois Midwest Retail

Quantum Real Estate Advisors Arranges $1M Sale of 11,500 SF Retail Property in Chicago

by Christina Cannon October 21, 2015

CHICAGO — Quantum Real Estate Advisors Inc. has arranged the sale of an 11,500-square-foot retail building in Chicago. The single-tenant property, located at 4441 W. Diversey Ave., sold for $1 million. The property is 100 percent leased to Unique Thrift Store, a subsidiary of Savers Inc., and is situated on slightly less than one-half acre. The seller was a family office based in the greater Chicago area. The buyer was a Chicago-based private real estate investor. Chad Firsel of Quantum was the sole broker in the transaction.

October 21, 2015

Market Reports New York Northeast Northeast Market Reports Office

The New York City Office Market is Booming

by Jaime Lackey October 21, 2015

New York City is booming. The local economy is the strongest it has ever been, with total employment numbers reaching all-time highs totaling over 4.2 million jobs through May 2015. This has led to a strong office market performance during the first six months of 2015, as office-using employment continues to grow, up 2.5 percent over the past 12 months. Demand for space continues to keep availability below 10 percent, and at 9.6 percent, Manhattan availability is down 50 basis points from last year. Despite minimal increases in Manhattan overall asking rents, up only 2.9 percent year-over-year through June, some submarkets are exceeding previous record-high asking rents from 2008. The demand from creative and tech tenants looking for space in Midtown South over the past few years has pushed asking rents up 19.1 percent above all-time highs. Downtown overall average asking rents have reached historical highs this year as well, and at $57.78 per square foot, rents are 10.3 percent higher than the previous highs in 2008. Most of this increase can be attributed to new construction at the World Trade Center site. Despite this, Midtown overall asking rents are still 5.3 percent off historical highs from 2008. Throughout Midtown, …

October 21, 2015

Foundry Row Owings Mills Baltimore County Wegmans

Maryland Retail Southeast

Greenberg Gibbons, Vanguard Break Ground on Wegmans at Foundry Row in Baltimore County

by John Nelson October 21, 2015

OWINGS MILLS, MD. — Greenberg Gibbons and Vanguard have begun construction on a 110,000-square-foot Wegmans grocery store at Foundry Row, a $140 million mixed-use development in Baltimore County. The 50-acre project is a redevelopment of a former Solo Cup factory located on Reisterstown Road in Owings Mills. Wegmans expects to open its new store in September 2016. Other committed tenants at Foundry Row include LA Fitness, Sports Authority, DSW, Ulta Beauty, Panera Bread, Zoe’s Kitchen, Smashburger, Nally Fresh and LifeBridge Health. Foundry Row is expected to support 2,300 full- and part-time jobs in Baltimore County during the construction phase, and will permanently support nearly 3,100 jobs.

October 21, 2015

Mixed-Use Southeast Tennessee

Doster Construction Completes Mixed-Use Development in Metro Nashville

by John Nelson October 21, 2015

BRENTWOOD, TENN. — Birmingham, Ala.-based Doster Construction Co. has completed construction on Tapestry at Brentwood Town Center, a mixed-use development located in the Nashville suburb of Brentwood. The property comprises two four-story buildings spanning 393 units. In addition to the property’s retail space, the project’s amenities include two courtyards with a pool, a zen garden space with four outdoor kitchens, sports lounge, demonstration kitchen, billiard table, large clubhouse with terrace deck, conference room, leasing office area, retail space and a “fitness bridge” that features a yoga room and gym with workout equipment. The fitness bridge spans the two buildings and the paved entrance to the property that accesses the two parking decks wrapped by each building. The retail space at Tapestry is soon to be filled with a restaurant, and the areas surrounding Tapestry include Brentwood Place Shopping Center that features a Nordstrom Rack and Kroger. Northwestern Mutual Life Insurance Co. is the project’s owner, Bristol Development is the developer and Fugleberg Koch Architects is the architect.

October 21, 2015

Florida Loans Multifamily Southeast

KeyBank Arranges $44.5M Loan for Apartment Community in Orlando

by John Nelson October 21, 2015

ORLANDO, FLA. — KeyBank Real Estate Capital has secured $44.5 million in Freddie Mac financing for CitiLakes Lux Apartments, a 346-unit, mid-rise apartment community located in Orlando. Caleb Marten and Chris Black of KeyBank’s commercial mortgage group arranged the financing, which the unnamed borrower used to acquire the property during the final stages of lease up.

October 21, 2015

Multifamily South Carolina Southeast

Charleston Architect Board OKs Spandrel’s New Multifamily Development

by John Nelson October 21, 2015

CHARLESTON, S.C. — The Charleston Board of Architectural Review has approved the conceptual plan for Spandrel Development Partners’ apartment development at 511 Meeting St. in Charleston. The property will be located at the foot of the dismantled John P. Grace Memorial Bridge over Cooper River. The project will contain approximately 200 apartment units, 15 percent of which will be designated for workforce housing. The property will also have retail space and on-site parking.

October 21, 2015

Mississippi Retail Southeast

RCG Ventures Acquires Shopping Center in Tupelo for $18.1M

by John Nelson October 21, 2015

TUPELO, MISS. — RCG Ventures has purchased the 114,425-square-foot Kings Crossing, a shopping center anchored by Ross Dress for Less in Tupelo, for approximately $18.1 million. Located at 3980 N. Gloster St., the property is adjacent to the 700,000-square-foot Mall at Barnes Crossing. Kevin Reavey and Chris Decoufle of CBRE represented the unnamed seller in the transaction. Scott Tarbet represented RCG Ventures internally.

October 21, 2015

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