Uncategorized

Reed Construction Completes Two Build-Outs at 303 E. Wacker Drive

by Danielle Everson March 16, 2015

CHICAGO — Reed Construction has completed two build-outs at 303 E. Wacker Drive for Chicago Venture Partners (CVP) and Smithfield Foods. In the first build-out, CVP, a private equity investment firm, relocated its offices from the 12th floor to the 10th floor of this property. Reed Construction completed the 12,000-square-foot renovation, which included the addition of new open office areas with exposed painted deck ceilings, large meeting rooms, a break room and lounge area. In the Smithfield Foods build-out, the food company is relocating its Chicago offices to the 28-story East Loop property from its previous location at 111 E. Wacker Drive. Reed Construction completed the 6,000-square-foot renovation, which included adding new open office areas, large meeting rooms and perimeter offices. Reed Construction’s Jack Hennessy was the project executive and Jon Zawiski was the project manager for the projects. Eastlake Studio provided architectural services. Hines represented building ownership for both projects.

March 16, 2015

Uncategorized

Phoenix Office Market on the Rebound as Vacancy Drops

by Nellie Day March 3, 2015

The Phoenix office market ended the fourth quarter of 2014 on a healthier note, registering a vacancy rate of just less than 17 percent and a positive net absorption 1.2 million square feet. The market saw four buildings totaling 354,798 square feet completed in the past quarter. This compares to an additional six buildings totaling 459,461 square feet that were completed in the third quarter of 2014; two buildings totaling 160,622 square feet completed in the second quarter; and 117,710 square feet in one building completed in the first quarter of 2014. Some of the larger leases included Wells Fargo Home Mortgage in the East Valley for 200,000 square feet; Progrexion in Deer Valley for 66,000 square feet; and Verizon Wireless near Phoenix Sky Harbor International Airport at 170,000 square feet. More than 2,898 million square feet of office space remained under construction at year-end 2014. Some of the notable deliveries to market last year included 2800 W. Geronimo Place in Chandler, as well as a 170,000-square-foot facility that was delivered in the third quarter and is fully leased by GM Information Technology Innovation Center. A 154,081-square-foot building in Tempe that was delivered in the fourth quarter is now 49 …

March 3, 2015

Karlin Real Estate Funds $96 Million in Senior Debt on Resort Properties in Arizona and Colorado

by Scott Reid February 10, 2015

LOS ANGELES — In two separate financings, Karlin Real Estate has funded $96 million in first mortgage debt to refinance resort properties in Arizona and Colorado. Los Angeles-based Karlin has provided Grand Heritage Hotel Group (GHHG) with a $46 million senior loan secured by The Historic Stanley Hotel, a 140-room resort property in Estes Park, Colorado. Built in 1909 by Freelan Oscar Stanley, co-inventor of the Stanley Steamer — a steam-driven automobile popular early in the 20th century — The Stanley is listed on the National Register of Historic Places and is a member of Historic Hotels of America. In 2010, GHHG completed a multimillion-dollar renovation and restoration program that included restoration of the concert hall and manor house referred to as The Lodge. In addition to refinancing the existing debt on the hotel, Karlin’s five-year interest-only financing features a delayed-draw component, which will be used by GHHG to fund the completion of a new 50,000-square-foot luxury lodging building adjacent to The Stanley Hotel under a new brand called Aspire Hotels and Resorts. The 50-room building will provide a luxury hospitality component to a proposed 15,000-square-foot, state-of-the-art wellness center being developed by Estes Park Medical Center and the University of …

February 10, 2015

Midwest Multifamily Uncategorized

Darland Completes Construction on Jones 13 Apartments in Omaha

by Danielle Everson January 26, 2015

OMAHA, NEB. — Darland Construction has completed the five-story Jones 13 Apartments in downtown Omaha. Darland’s second project with America First Real Estate Group, the property includes 100 units. Apartments range from studios to two-bedroom units, which are built around a central courtyard. The property features a 57-stall parking garage. Additional amenities include a fitness center with a street view; a courtyard with outdoor kitchen, fire pit, and pergola, water feature and planters. Jones 13 is the second multifamily construction project that Darland has completed for America First Real Estate Group.

January 26, 2015

Industrial Market Reports Midwest Midwest Market Reports Missouri Uncategorized

E-Commerce, Auto Industries Drive Speculative Development in Kansas City

by Danielle Everson January 7, 2015

The Kansas City industrial market continues to be an incredibly strong performer. At the end of the third quarter of 2014, the industrial vacancy rate stood at a tight 6.1 percent. Absorption totaled more than 2.5 million square feet during the first nine months of the year, while new deliveries were slightly over 2.6 million square feet in the same period. Let’s examine some contributing factors that are encouraging new deliveries while still driving vacancy rates down and absorption up. Spec Is King The biggest story in the Kansas City industrial real estate market during the first three quarters of 2014 was the delivery of over 2.5 million square feet of Class A distribution facilities on a speculative basis. It can be argued that, in the past, many prospective tenants considered locating a distribution center in Kansas City, but they ultimately selected a different market based on a lack of available inventory and the inability of some companies to wait on the extended timetable for a build-to-suit project. Developers that took notice of this trend and reacted by delivering space to the local market are currently being rewarded for their actions. Much of the speculative development in 2014 centered around …

January 7, 2015

Uncategorized

First Phase of Steelpointe Harbor Adds Starbucks, Chipotle

by Amy Works December 1, 2014

BRIDGEPORT, CONN. — Bridgeport Landing Development LLC, a subsidiary of The RCI Group, has added Starbucks and Chipotle to the tenant roster for Steelpointe Harbor. The two retail stores will open with the first phase of the 2 million-square-foot, waterfront development in fall 2015. Situated on 82 acres, the mixed-use project will feature more than 750,000 square feet of retail, restaurant and entertainment space, with a 12-screen premium theater. Additionally, the development will feature two hotels, 1,100 residential units, 30,000 square feet of office space and a 200-slip, full-service deep-water marina. In addition to Starbucks and Chipotle, Bass Pro Shops has signed on to open its first-and-only Connecticut store at the project. The $50 million first phase of Steelpointe Harbor is slated for completion in fall 2015.

December 1, 2014

Uncategorized

BIG USA, RealtyLink Acquire Shopping Center in Greenville

by John Nelson October 29, 2014

GREENVILLE, S.C. — BIG Shopping Centers USA (BIG USA) and RealtyLink LLC have entered into a joint venture agreement to purchase Crosspointe Plaza, a 124,200-square-foot shopping center in Greenville. Beverly Hills, Calif.-based BIG USA secured an 85 percent interest in the property and RealtyLink is maintaining the balance. The shopping center is located across the street from Haywood Mall, Greenville’s only shopping mall. The shopping center is fully leased to tenants such as T.J. Maxx, DSW Shoe Warehouse, JoAnn Fabrics and Crafts, Burkes Outlet, Up 2 Us Furniture, Jason’s Deli and Chipotle Mexican Grill. The shopping center was originally constructed in 1989 and redeveloped by RealtyLink in 2013.

October 29, 2014

Uncategorized

HFF Arranges Acquisition Financing for Multifamily Properties in Metro Dallas

by Haisten Willis October 24, 2014

RICHLAND HILLS AND FORT WORTH, TEXAS — HFF has arranged $46.7 in acquisition financing for two metro Dallas apartment complexes, The Bluffs at Ironhorse and Stone Villas. The Bluffs at Ironhorse is a 490-unit complex located in North Richland Hills. Stone Villas is a 396-unit apartment complex in northwest Fort Worth. HFF worked on behalf of the borrower, Oxford Enterprises Inc., to secure financing for the properties in two separate transactions. The Bluffs at Ironhorse was financed with a $34.7 million, 10-year, fixed-rate Fannie Mae loan through M&T Realty Capital Corp. The $12 million balance sheet loan for Stone Villas was placed with M&T Bank. Adam Herrin led HFF’s debt placement team.

October 24, 2014

Civic Midwest Missouri Uncategorized

HOK Designs New $17 Million Patient Care Center at University of Missouri-St. Louis

by Danielle Everson October 15, 2014

ST. LOUIS — HOK has designed a new $17 million patient care center for The University of Missouri-St. Louis (UMSL) Colleges of Optometry and Nursing. The 48,000-square-foot facility will expand the eye-care services offered through the existing University Eye Center. The facility will also incorporate the latest technology needed to advance eye and vision research. Scheduled to open in 2016, the center will include space for campus and community partners to offer complementary healthcare services, such as dental and primary care. UMSL has the only optometry program in Missouri and one of just 21 nationwide. Funding for the new center came in part from a supplemental fee that will be assessed to optometry students. It is also funded by internal reallocations within the college and campus reserves. The improvements to the College of Optometry are the first phase of planned capital improvements for the UMSL campus.

October 15, 2014

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