Property Type

Alter Asset Management Named Property Manager for One11 West Illinois

by Jonathan Mehall July 28, 2015

CHICAGO — Alter Asset Management (AAM) has been contracted to manage One11 West Illinois, a 99 percent leased Class A mixed-use office and retail building in Chicago’s River North neighborhood. The new owner, GLL Real Estate Partners GmbH, a Munich-based real estate fund management group, selected AAM as part of its acquisition of the property. One11 West Illinois is a 227,604-square-foot 10-story building anchored by the regional headquarters of salesforce.com, the global cloud-computing firm, which leases 77 percent of the leasable space. WeWork, a New York-based company that provides shared office space, is the second largest tenant. AAM is headquartered in Lombard, Ill., and maintains fully staffed offices in Chicago, Phoenix, and Atlanta.

July 28, 2015

Loans Midwest Minnesota Multifamily

Grandbridge Closes $1.4M Refinancing Loan for Apartment Property in Minneapolis

by Jonathan Mehall July 28, 2015

MINNEAPOLIS — Grandbridge Real Estate Capital financed a $1.4 million first mortgage loan secured by a two-property multifamily portfolio. Both properties are located in the Twin Cities metro area and include two buildings totaling 32 units. Funding for the loan was provided by a life insurance company and featured a 15-year fixed rate and amortization schedule. The loan required no personal guaranty and loan proceeds were used to retire existing debt. The properties, all of which were 100 percent occupied at closing, feature a variety of unit types and amenities. Tony Carson of Grandbridge’s Minneapolis office originated the refinance transaction.

July 28, 2015

Midwest Retail Wisconsin

Marcus & Millichap Sells Net Leased Department Store in Eau Claire, Wis. For $12.45M

by Jonathan Mehall July 28, 2015

EAU CLAIRE, WIS. — Marcus & Millichap has brokered the sale of a net leased department store at 955 W. Clairemont Ave. in Eau Claire, 93 miles east of Minneapolis. The sales price was $12.45 million, which at 94,705 square feet, equates to $131 per square foot. The Shopko building was originally built in 1978 and was renovated in 1992. The store sits on approximately 9 acres of land, with a location that benefits from a rent per square foot that is well below market. Headquartered in Green Bay, Wis., Shopko Stores Operating Co. LLC is a $3 billion retailer that operates more than 330 stores in 21 states. Listing agent Glen Kunofsky of Marcus & Millichap’s Manhattan office procured the undisclosed buyer.

July 28, 2015

Illinois Industrial Midwest

Avison Young Brokers Sale of 149,000 SF Industrial Facility in Chicago

by Jonathan Mehall July 28, 2015

SOUTH HOLLAND, ILL. — Avison Young brokered the sale of a 149,000-square-foot industrial facility at 410-470 W. 169th St. in South Holland, a Chicago suburb. The multi-tenant building is partially leased to Armacell, a company that manufactures flexible insulation foams for the equipment insulation market. Keith Puritz and Brett Kroner of Avison Young’s Chicago office represented the seller, a private investor. Mike Mangan of Savills Studley represented the buyer, Rosemont, Ill.-based Venture One Real Estate LLC. Terms of the transaction were not disclosed.

July 28, 2015

Michigan Midwest Office

Grand Offices in Novi, Mich. Now 100 Percent Occupied

by Jonathan Mehall July 28, 2015

NOVI, MICH. — The two-story Grand Offices office building located at 44725 Grand River Ave., between Novi and Taft roads, filled its last three vacancies in the second quarter of 2015. Novi is located 30 miles northwest of Detroit. The most recent tenants to join the office are a regional office for O.C. Tanner and Desco Properties, a relocation of a local property management company. Tjader Gerdom and Larry Siedell of Gerdom Realty and Investment represented the landlord in these transactions. It took Grand Offices less than three years to go from 0 percent occupancy to 100 percent occupancy.

July 28, 2015

Florida Hospitality Southeast

Auction.com, HREC Arrange $87M Sale of Hotel Portfolio

by John Nelson July 28, 2015

ORLANDO, FLA. — Auction.com LLC and HREC Investment Advisors have arranged the $87 million sale of a five-property hotel portfolio in Florida, New Jersey and Illinois. The seller was Orlando, Fla.-based Alena Hospitality. The transactions included the $30.1 million sale of the 246-room DoubleTree Orlando East at 12125 High Tech Ave. in Orlando; the $27.9 million sale of a 246-room hotel at 12490 Apopka Vineland Road in Orlando; the $12.6 million sale of a 290-room hotel at 400 W. Livingston St. in downtown Orlando; the $10.5 million sale of a 148-room hotel at 50 Kenny Place in Saddle Brook, N.J.; and the $5.8 million sale of a 272-room hotel at 500 Hamilton Blvd. in Peoria, Ill.

July 28, 2015

Florida Multifamily Southeast

Franklin Street Brokers $5.6M Sale of Apartment Community in Tampa

by John Nelson July 28, 2015

TAMPA, FLA. — Franklin Street Real Estate Services has brokered the $5.6 million sale of Arbor Alley Apartments, an 80-unit garden-style apartment community located in South Tampa. Constructed in 1984, the property comprises two-bedroom/one-bath units with washer and dryer hookups. Robert Goldfinger, Darron Kattan, Kevin Kelleher and Zachary Ames of Franklin Street represented both the seller, a private partnership based out of Tampa, and the buyer, South Tampa Apartments LLC, an institutional real estate firm based out of Michigan.

July 28, 2015

Florida Retail Southeast

Colliers International Brokers $2.3M Sale of Retail Strip Center in Southwest Florida

by John Nelson July 28, 2015

CAPE CORAL, FLA. — Colliers International’s Southwest Florida office has brokered the $2.3 million sale of a 19,060-square-foot strip center located at 601 Del Prado Blvd. N. in Cape Coral, roughly nine miles outside of Fort Myers. West Virginia-based D&S Inc. purchased the asset in a 1031 tax-deferred exchange. The property’s tenant roster includes Century 21, Cabinet Depot and Petrucci Pianos. William Mankin of Colliers International Southwest Florida represented the buyer in the transaction. Phil Deems of Phil Deems Real Estate represented the seller, William J. Lader.

July 28, 2015

Office Southeast Tennessee

USGBC Awards Two Office Buildings in Nashville LEED Certification

by John Nelson July 28, 2015

NASHVILLE, TENN. — Dallas-based Gaedeke Group LLC has secured LEED certifications for two of its office buildings in Nashville’s Airport North submarket. The properties include the 12-story, 282,101-square-foot Highland Ridge Tower at 535 Marriott Drive, and the eight-story, 178,639-square-foot Highland Ridge III at 545 Marriott Drive. The U.S. Green Building Council (USGBC) has awarded Highland Ridge Tower LEED Gold certification and Highland Ridge III LEED Silver certification. Both projects are nearly 100 percent occupied and carry Energy Star designations. Gaedeke’s green programs at the properties encompass electronics waste disposal, battery recycling, environmentally friendly cleaning materials, native plantings, low-flow plumbing fixtures and e-friendly office finish-outs. The green initiatives have resulted in 56 percent of Highland Ridge III’s trash being diverted from landfills and 52.5 percent of Highland Ridge Tower’s. The USBCG also recognized Gaedeke’s efforts at keeping at least 25 percent of the site as undisturbed forest.

July 28, 2015

Georgia Mixed-Use Southeast

ULI Atlanta Appoints Cooper Carry’s Kevin Cantley as New Chair

by John Nelson July 28, 2015

ATLANTA — ULI Atlanta has appointed Kevin Cantley, president and CEO of Atlanta architecture firm Cooper Carry, as the next chair of ULI Atlanta — which covers Georgia, Alabama and Eastern Tennessee. Cantley has been a member or the Urban Land Institute (ULI) since 1995. Cantley joined the national architecture firm in 1980 and has directed the design of corporate headquarters, office, residential, transit, retail, educational and mixed-use projects. Cantley has earned many awards for his designs, including the Development of Excellence from the Atlanta District Council of ULI. He is active in ULI’s Transit Oriented Development Council, Livable Communities Council and its Management Committee. “I became aware of ULI in the early 70s, while in college studying architecture. Its mission was compelling to me and aligns with my professional and personal interests,” said Cantley. “Because of its broad and diverse membership, its dedication to responsible use of land, ULI has a positive impact globally and at the community level. I’m honored to be the next chair of the Atlanta district and motivated to contribute to that positive impact.” In addition to his involvement with ULI, Cantley is a member of AIA and NAIOP, for which he chairs its Urban …

July 28, 2015

Newer Posts

Older Posts