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MidwestRetail

JV BREAKS GROUND ON 216-UNIT APARTMENT TOWER

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CHICAGO — Ascend Real Estate Group, Team4 Development LLC and Intercontinental Real Estate Corp. have broken ground on The Madison at Racine, a nine-story, 216-unit luxury apartment midrise in downtown Chicago. The multifamily property is located at the northwest corner of Madison Street and Racine Avenue in the West Loop. The real estate firms formed a joint venture with the Intercontinental US REIF fund to develop the project. The building will include one- and two-bedroom units, 227 parking spaces and 10,000 square feet of ground-floor retail space. The first residential occupancies are scheduled for fall 2014. FitzGerald Associates Architects designed the building.

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MidwestSeniors Housing

AVIV ACQUIRES SKILLED NURSING FACILITY FOR $14.4M

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OHIO — Aviv REIT Inc. (NYSE: AVIV) has acquired a post-acute and long-term care skilled nursing facility in Ohio for $14.4 million. The property is triple-net leased to existing tenant Saber Healthcare Group. Saber is an operator of 71 skilled nursing and assisted living facilities in five states. The 10-year lease includes an initial cash yield of 10 percent and annual rent escalators. The transaction was funded with the company's revolving credit facility. Aviv has closed $29 million in investments this year.

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IndustrialMidwest

HAYNES FURNITURE SIGNS 215,400 SF LEASE

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ADDISON, ILL. — Virginia-based furniture retailer Haynes Furniture has signed a long-term lease for 215,400 square feet of industrial space at 180 N. Meadow Road in Addison. Haynes Furniture is expanding into the Chicagoland market and chose the distribution facility to service their forthcoming Lombard, Ill., retail store. The 265,058-square-foot industrial building is located in the Central DuPage submarket of suburban Chicago. The building is 81 percent occupied and was formerly occupied by The Pampered Chef. Mark Moran, Steve Connolly, and Kelly Disser with NAI Hiffman’s industrial services group represented American Realty Advisors in the transaction. Al Rodenbostel of Arcore Real Estate Group represented Haynes Furniture.

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MidwestMixed-Use

MARCUS & MILLICHAP ARRANGES SALE OF MIXED-USE BUILDING

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CHICAGO — Marcus & Millichap has arranged the sale of a 5,325-square-foot mixed-use property in Chicago for $1.2 million. Kyle Stengle of Marcus & Millichap represented the seller and the buyer, both limited liability companies, in the transaction. The asset is located at 2058 W. Roscoe St. in Chicago’s Roscoe Village neighborhood. The mixed-use building includes five apartments and one retail space.

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MultifamilyNortheast

MILL CREEK RESIDENTIAL BREAKS GROUND ON APT. COMMUNITY

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MORRISTOWN, N.J. — Dallas-based Mill Creek Residential Trust has broken ground on the 268-unit first phase of Latitude, a luxury apartment development in Morristown. The building’s cost has not been disclosed. The 258,300-square-foot first phase will include studio and one-, two- and three-bedroom apartments and a 350-space parking garage incorporated into the structure. The project’s location, at Early Street and Speedwell Avenue, is walking distance from downtown Morristown. Apartments will feature nine-foot ceilings, walk-in closets, patios/balconies (in select residences), lofts (in select residences), washers and dryers, granite countertops and energy-efficient, stainless-steel appliances. Initial occupancy for Latitude is planned for next year.

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NortheastOffice

TKJ ASSOCIATES SELLS 50,000 SF OFFICE BUILDING IN BRANFORD

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BRANFORD, CONN. — TKJ Associates has sold a 50,000-square-foot Class A office building, located at 322 E. Main St. in Branford, to 322 East Main Street LLC. The buyer is an entity owned by a Connecticut-based real estate investor and affiliate of Stamford, Conn.-based SWC Office Furniture. Steven Inglese of New Haven Group represented the seller and procured the buyer in the transaction. The three-story office building was 38 percent leased prior to the time of sale. Coinciding with the purchase of the building, the buyer entered into leases with two new tenants for the entire first floor, bringing the building’s occupancy close to 70 percent. The new owner also has renovations planned for various common areas including the lobby entrance. The New Haven Group will continue marketing the building for lease on behalf of the new owner. The purchase price was undisclosed.

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NortheastRetail

HIDROCK REALTY ACQUIRES 512 BROOME ST. IN NYC

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NEW YORK CITY — Manhattan-based commercial real estate owner Hidrock Realty has acquired 512 Broome St., a single occupancy retail building, for $2.8 million as part of a 1031 tax deferred exchange. The property, which is located off of West Broadway in New York City’s SoHo neighborhood, includes 1,100 square feet of ground-floor space and 1,000 square feet of basement space. Michael Rothstein and Eleas Mathios of Marcus & Millichap represented both Hidrock and the seller, RHS Ventures, in the transaction.

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NortheastOffice

LANDIS GROUP’S 400 ATLANTIC ST. ACHIEVES LEED SILVER

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STAMFORD, CONN. — The Landis Group’s Class A office tower, located at 400 Atlantic St. in Stamford, has achieved LEED Silver certification from the U.S. Green Building Council for Existing Buildings. In 2012, the management at 400 Atlantic assembled an in-house team to incorporate a variety of sustainable initiatives and cost-cutting strategies, including changes in electrical usage, fuel/gas consumption and hardscape management.

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OfficeTexas

COUSINS PROPERTIES BREAKS GROUND ON COLORADO TOWER

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AUSTIN, TEXAS — Atlanta-based Cousins Properties Inc. has broken ground on Colorado Tower, a 371,000-square-foot, Class A office tower in downtown Austin's Warehouse District. Dude/Paine Architects designed the 29-story building under the Austin Energy Green Building 2 star program. Colorado Tower will feature a fitness facility and conference center. Two firms, DuBois, Bryant & Campbell LLP and Scott, Douglass & McConnico LLP, have pre-leased space in the tower. Colorado Tower is expected to be substantially complete by December 2014.

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MultifamilyTexas

CBRE GLOBAL INVESTORS BUYS HOUSTON APT. COMMUNITY

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HOUSTON — CBRE Strategic Partners U.S. Value 6, a fund sponsored by CBRE Global Investors, has acquired The Connection at Buffalo Pointe, a 352-unit, Class A apartment community in Houston. The property, located at 10201 Buffalo Speedway near the Texas Medical Center, is 93 percent occupied. CBRE Global Investors will manage the property and implement an upgrade program, which will add granite countertops, new plumbing and updated light fixtures to the units. The Connection at Buffalo Pointe is the first component of a larger mixed-use development, according to Steve Gullor of CBRE Global Investors.

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