sales_and_leases

Crest Realties Sells Brooklyn Multifamily Building for $21.1M

by Amy Works August 27, 2015

NEW YORK CITY — An elevator-serviced multifamily building, located at 100 Luquer St. in Brooklyn’s Carroll Gardens neighborhood, sold in an all-cash transaction for $21.1 million, or $947 per square foot. Crest Realties sold the property, which was constructed in 2011, to an undisclosed buyer. The 22,280-square-foot property features more than 20 residential units with floor-to-ceiling windows, direct elevator access into units’ living spaces and private outdoor spaces. On-site amenities include on-premise parking, storage locker space, a fully equipped gym and a private and shared roof deck. Stephen Palmese, Robert Shapiro and Winfield Clifford of Cushman & Wakefield handled the transaction.

August 27, 2015

Illinois Midwest Office

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

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

Massachusetts Northeast Retail

Wayland Town Center in Massachusetts Sells for $68M

by Amy Works August 26, 2015

WAYLAND, MASS. — Zurich Asset Management has acquired Wayland Town Center, a mixed-use retail center in Wayland, from a joint venture between KGI Properties and J.P. Morgan Asset Management for $68 million. Anchored by Stop & Shop Supermarket, the 182,000-square-foot center also includes 17,000 square feet of medical office space occupied by Beth Israel DMC, Joint Ventures and a dental practice, and 12 apartment units, totaling 14,250 square feet. Additional retail tenants at the property include Boston Sports Club, Ace Hardware, Panera Bread and The Local. Bill Moylan, formerly of CBRE, negotiated the transaction.

August 26, 2015

Michigan Midwest Multifamily

Demolition Work Begins On Future Site of Starkweather Lofts in Plymouth, Mich.

by Jonathan Mehall August 25, 2015

PLYMOUTH, MICH. — Building demolition work is underway at the future site of the 128,000-square-foot Starkweather Lofts in Plymouth, a western Detroit suburb, according to Crain’s Detroit Business. The $21 million apartment property, which is slated for completion in November 2016, will be comprised of two, four-story buildings and a mix of 93 one-and two-bedroom luxury units. The units will range from 800 to 1,330 square feet and offer amenities such as wood flooring, granite countertops, stainless steel appliances, in-unit washer and dryer and outdoor patios or balconies. In addition, Starkweather Lofts will be within walking distance of downtown Plymouth. The project includes the demolition of a 20,000-square-foot building on the site. DevMar Development LLC, based in Bingham Farms, Mich., is the project developer.

August 25, 2015

Hospitality Illinois Midwest

Boulder Group Brokers $5.3M Sale of Net Leased Hospice in Naperville, Ill.

by Jonathan Mehall August 25, 2015

NAPERVILLE, ILL. — The Boulder Group has brokered the $5.3 million sale of Seasons Hospice Inpatient Center, located at 2195 West Diehl Road in Naperville. The 10,342-square-foot hospice has eight years left on its lease before it expires in January 2023. The lease features annual rental escalations and no landlord responsibilities. As a result of the aging population in the United States, the hospice industry is poised for future growth, according to the Boulder Group. By 2030, 20 percent of all Americans will be age 65 or older. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a private real estate corporation, and the buyer, a California-based 1031 exchange investor, in the transaction.

August 25, 2015

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