Property Type

HFF Brokers Sale of Office Tower in Chicago’s West Loop for $135M

by Jonathan Mehall August 26, 2015

CHICAGO — HFF has brokered the $135 million purchase of 525 West Van Buren in Chicago by AEW Capital Management Inc. The 522,809-square-foot, 16-story, Class A office tower is situated at the southwest corner of Van Buren and Canal streets in the West Loop. 525 West Van Buren features an on-site café, 40 indoor executive parking spaces, a mezzanine floor with a Wi-Fi lounge, conference center, fitness center with lockers and showers and a 56-bike storage room. Tenants of the office tower include Akzo Nobel Chemicals LLC, Griffin American Healthcare and The Bureau of Alcohol, Tobacco, Firearms & Explosives. Jaime Fink, Jeffrey Bramson and Mark Kantz of HFF represented the seller, Northwood Investors.

August 26, 2015

Illinois Midwest Multifamily

The Habitat Co. Awarded Management of 1000 S. Clark Development in Chicago

by Jonathan Mehall August 26, 2015

CHICAGO — The Habit Company has been awarded the property management contract for 1000 South Clark, a 469-unit luxury apartment tower currently under construction in Chicago’s South Loop neighborhood. The 29-story apartment tower will offer studio, one, two, and three-bedroom residences, with individual units ranging from 505 to 2,112 square feet. Units will feature luxury finishes including high ceilings, panoramic lake and city views, custom kitchen cabinetry and Quartz countertops, stainless steel Whirlpool appliances, custom bathroom vanities with tile bath and shower surrounds, plank flooring, elegant interior lighting and full-size washers and dryers. 1000 South Clark will offer more than 43,000 square feet of amenity space including a 20,000-square-foot outdoor terrace with grilling stations, an enclosed indoor pool and rooftop running track, a 10,000-square-foot fitness center, basketball and racquetball courts, virtual golf simulator and putting area. Designed by Hartshorne & Plunkard, 1000 South Clark is a joint venture project between JDL Development LLC and New York-based iStar. The building is slated for delivery in early 2016.

August 26, 2015

Illinois Industrial Midwest

C&W Brokers 361,000 SF Industrial Lease for Swap.com in Bolingbrook, Ill.

by Jonathan Mehall August 26, 2015

BOLINGBROOK, ILL. — Cushman & Wakefield has arranged a 361,000-square-foot industrial lease for online retailer Swap.com in Bolingbrook. The property, owned by Prologis Inc., is located at 850 Veterans Parkway in Bolingbrook. The long-term lease marks the second major expansion for Swap.com since its founding in 2013. Swap.com previously occupied a smaller footprint in a separate ProLogis building. Situated on the north side of I-55 between Route 53 and Weber Road, the asset provides 30-foot clear height ceilings, ESFR sprinklers, heavy power, 37 exterior loading docks, four drive-in doors, and parking for 224 cars and 321 trailers. Swap.com offers a selection of pre-owned baby, kid’s, maternity and women’s apparel and accessories. Jason West of Cushman & Wakefield represented Swap.com. in the transaction. Jim Estus of Colliers International represented Prologis.

August 26, 2015

Illinois Industrial Midwest

Paine/Wetzel Arranges 12,031 SF Industrial Lease Renewal in Chicago

by Jonathan Mehall August 26, 2015

ITASCA, ILL. — Paine/Wetzel TCN Worldwide has arranged a 12,031-square-foot industrial lease renewal for United Global Logistics in Itasca, about 27 miles northwest of Chicago. The property is located at 1475 Thorndale Ave. The space features eight exterior docks and 25 trailer spots. Inc. Magazine named United Global Logistics as one of the top 5,000 fastest growing private companies in the country. Phil Reiff Jr. and Sr. of Paine/Wetzel represented United Global Logistics in the transaction.

August 26, 2015

Multifamily Texas

Bascom Group Acquires 436-Unit Apartment Community in Metro Dallas

by Haisten Willis August 26, 2015

GRAND PRAIRIE, TEXAS — The Bascom Group has acquired Towns of Riverside, a 436-unit apartment community located in Grand Prairie. The property offers access to all the Dallas area’s major employment corridors. Jamie Leachman of Newmark Grubb Knight Frank arranged acquisition financing on behalf of Bascom. Brian Murphy and Brian O’Boyle Jr. of ARA Newmark represented the seller in the transaction. Built in 1999, the property consists of 59 residential buildings and one standalone leasing center spread across 54 acres. The unit mix comprises 52 percent one-bedroom units, 40 percent two-bedroom units and 8 percent three-bedroom units. Roughly 39 percent of the 436 units provide direct access garages and 28 percent are townhome-style apartment homes. Amenities include a clubhouse, media lounge, fitness center, pool and spa, volleyball court, tennis court, basketball court and fishing pier overlooking the community lake.

August 26, 2015

Multifamily Texas

The Altman Cos. Breaks Ground on Apartment Complex in Austin

by Haisten Willis August 26, 2015

AUSTIN, TEXAS — The Altman Cos., a developer of luxury apartment communities, has broken ground on its first development in Austin. Located at 12700 Ridgeline Blvd., the 354-unit complex will be known as Altís Lakeline. The property will consist of 19 two- and three-story residential buildings, and the floor plans will include one-, two- and three-bedroom units. The gated community has private entries and attached garages, as well as private balconies and patios. The clubhouse includes a Starbucks, conference room, fitness center and a yoga and aerobics studio. The community is located in Austin’s Northwest submarket.

August 26, 2015

Mixed-Use Retail Texas

Weitzman Negotiates Sale of Mixed-Use Development in Metro Dallas

by Haisten Willis August 26, 2015

RICHARDSON, TEXAS — The Weitzman Group has negotiated the sale of The Shire, an 83,000-square-foot mixed-use retail and office project located at President George Bush Turnpike and Jupiter Road in Richardson. A local investment group formed by Huey Investments and Standridge Cos. was the buyer. Restaurateur Dale Wamstad was the seller. Eddie Liebman and Joey Keffler with The Weitzman Group handled negotiations. The Shire features restaurants as well as service and office users. Restaurants in the retail space include Silver Fox Steakhouse, Ye Shire Tavern, Main Street Bistro/Bakery, Thai’s Thumbz Urban Kitchen and Apollonia’s Italian Kitchen. Other tenants include Bright Horizons Child Care and Republic Title.

August 26, 2015

Retail Texas

M&M Arranges Sale of 14,425 SF Retail Property in Metro Dallas

by Haisten Willis August 26, 2015

ARLINGTON, TEXAS — Marcus & Millichap has arranged the sale of Block 300, a 14,425-square-foot retail property located in Arlington. Philip Levy of Marcus & Millichap’s Fort Worth office marketed the property on behalf of the seller, a developer. Levy also secured the buyer, a private investor. Block 300 is located at 300 E. Abram St. The subject property is a 14,425-square-foot multitenant retail center that is 100 percent occupied. Tenants include Flying Fish restaurant, CearnalCo, Mijo’s restaurant, J. McIntyre Interiors, Twisted Root Burger Co. and Hooligans Pub. The building was constructed in 1956 and sits on 0.9 acres. The subject property is located in a recently revitalized downtown area of the city. It is two blocks east of the University of Texas at Arlington and less than two miles from the Dallas Cowboys stadium, The Ballpark in Arlington and a General Motors assembly plant.

August 26, 2015

California Retail Western

Simon Property Group Expands Outlet Mall in San Francisco

by Nellie Day August 26, 2015

SAN FRANCISCO — Simon Property Group has opened the 185,000-square-foot expansion of San Francisco Premium Outlets, an upscale outlet mall in San Francisco featuring retailers such as Burberry, Coach, Kate Spade New York, MaxMara, Michael Kors and Prada. With the expansion, San Francisco Premium Outlets is now the largest outlet center in California. The expansion adds 30 new stores to the development, including CH Carolina Herrera, Catimini, ECCO, Rag & Bone New York, Scotch & Soda, Ted Baker London, Tory Burch, UGG Australia and Vince. An additional 20 stores will open in the next few weeks, according to Simon. Simon’s redevelopment and expansion projects, including the addition of new anchors, were underway at 28 properties in the U.S. as of June 30. Simon’s share of the costs of all development and redevelopment projects under construction at quarter-end was approximately $2.3 billion.

August 26, 2015

Colorado Office Western

Soma Capital, CenterSquare Buy the LAB Office Building Near Denver

by Nellie Day August 26, 2015

DENVER — A partnership between Soma Capital Partners (SCP) and CenterSquare Investment Management has purchased the LAB, a 78,639-square-foot office building in the Denver submarket of Platte Valley, for an undisclosed sum. The newly constructed building is located at 2420 17th St. WeWork Companies, an international co-working platform, has pre-leased about 65 percent of the property. It will occupy the space by year-end. CBRE serves as the leasing agent for the second floor of the office building. Urban Legend is marketing the 3,000-square-foot, ground-floor retail space to prospective food and beverage tenants. JR Bitzer of Lee & Associates Denver represented SCP in this transaction. The seller was the building’s developer, a partnership between Brue Capital and Confluent Development.

August 26, 2015

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