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May 19, 2016 | ISSUE 536
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Chicago Post Office Sells for $130M,Buyers Plan $500M Redevelopment
601W Cos. has plans to redevelop the Old Chicago Post Office into 2.7 millionsquare feet of office space.
CHICAGO — International Property Developers North America (IPDNA) hassold Chicago’s Old Post Office and adjacent sites to 601W Cos. for $130million. The new owners have unveiled plans for a fiveyear, $500 millionredevelopment of the sprawling building.
The conversion will turn the 2.7 millionsquarefoot building into office spaceand will add a threeacre rooftop park, outdoor cafes, event space, a fitnesscenter, basketball and paddle tennis courts and a quartermile running track.
The redevelopment, to be conducted in three phases, is slated forcompletion in 2018. HFF represented 601W Cos. in the transaction, andSavills represented IPDNA.
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Holladay Properties to Build $37MMixedUse Development in Indiana
The Promenade at Founders Square will consist of five buildings offeringrestaurant, office, retail and residental space.
PORTAGE, IND. — Holladay Properties has scheduled an Augustgroundbreaking for The Promenade at Founders Square, a $37 million mixeduse development in Portage, approximately 10 miles east of Gary. The initialfive buildings will surround Founders Square Park and offer residential spacewith groundfloor commercial properties. Other recent investments in TheCity of Portage include the new Founders Square Park, fire station, policestation and an outdoor entertainment pavilion.
Grandbridge Arranges $17.9M Loanfor 120Unit Seniors Housing Complex
Cardigan Ridge is a 120unit independent living, assisted living and memory carecommunity in the Twin Cities suburb of Little Canada.
LITTLE CANADA, MINN. — Grandbridge Real Estate Capital has closed a$17.9 million loan for the construction of Cardigan Ridge, a 120unitindependent living, assisted living and memory care community in the TwinCities suburb of Little Canada. Hearth Development is building the project,which is already under construction.
Grandbridge estimates total development costs will exceed $20 million.Dave Rasmussen, a senior vice president in Grandbridge’s Minneapolisoffice, originated the loan. A local bank is providing the capital. The nonrecourse loan features a fiveyear term, 25year amortization and an interestrate near 3.5 percent.
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Cushman & Wakefield Brokers $15M Saleof Fabyan Randall Plaza in Illinois
Trader Joe’s and Walgreens anchor Fabyan Randall Plaza in the Chicago suburb ofBatavia.
BATAVIA, ILL. — Cushman & Wakefield has arranged the $15 million saleof Fabyan Randall Plaza, a 91,415squarefoot shopping center located inthe Chicago suburb of Batavia. The center is anchored by Trader Joe’s andWalgreens, and is home to tenants including Smashburger, Sports Clips,Edward Jones and Papa John’s. Evan Halkias, Michael Marks and NickKanich of Cushman & Wakefield’s Retail Investment Advisory Grouprepresented the seller, InvenTrust Properties. The buyer was DallasbasedNetco Investments Inc.
Bernard Financial Arranges $4.2M Loanfor Two Apartment Properties in DetroitDETROIT — Bernard Financial Group has arranged a $4.2 million refinancingloan for Glen Cove and Parkside Apartments, both multifamily properties inDetroit. Parkside I LLC was the borrower. Glen Cove, built in 1970, has 54onebedroom/onebathroom units and 54 twobedroom/onebathroom units.Parkside Apartments, built in 1967, includes a total of 138 units. KevinKovachevich of Bernard Financial arranged the CMBS loan.
Senior Lifestyle Corp. Opens 100UnitAssisted Living Community in Wisconsin
The Addison of Pleasant Prairie is a 100unit assisted living and memory carecommunity in Pleasant Prairie, Wis.
PLEASANT PRAIRIE, WIS. — Senior Lifestyle Corp. has opened TheAddison of Pleasant Prairie, a 100unit assisted living and memory carecommunity in Pleasant Prairie, located on the Illinois border approximatelymidway between Chicago and Milwaukee. Construction of the 85,000squarefoot facility began in December 2014.
The community is located on a nineacre plot and features two memory carecommunities. Senior Lifestyle Corp. is a developer, owner and operator ofseniors housing communities based in Chicago. The company’s portfolioincludes 170 communities in 26 states.
Quantum Real Estate Brokers $4.1M Saleof Retail Property Near ChicagoSTREAMWOOD, ILL. — Quantum Real Estate Advisors Inc. has arrangedthe $4.1 million sale of a 17,562squarefoot, multitenant retail center inStreamwood, approximately 35 miles northwest of Chicago. Willow PondMarketplace, located at 10401060 S. Sutton Road, features tenants such asGameStop, Jimmy John’s, Sport Clips and Kiddie Academy. A local privateinvestor purchased the property from a Californiabased investor. Chad Firseland Daniel Waszak of Quantum Real Estate Advisors were the sole brokersin the transaction.
MidAmerica Arranges Sale of 18,700 SFRetail Property in Metro Chicago
Touhy Marketplace is located at the northwest corner of West Touhy and St. Louisavenues in this Chicago suburb of Skokie.
SKOKIE, ILL. — MidAmerica Real Estate Corp. has arranged the sale ofthe multitenant portion of Touhy Marketplace, an 18,700squarefoot retailproperty located in the Chicago suburb of Skokie. Ben Wineman of MidAmerica arranged the sale on behalf of the seller, a private developer.
An undisclosed private investment group acquired the property. Tenants atTouhy Marketplace, which is shadowanchored by a Walmart Supercenter,include Sleepy’s, Supercuts, TMobile, Jimmy John’s, Moe’s Southwest Grill
and M Burger. The PNC Bank, Just Tires and Jollibee locations at the centerare separately owned and were not included in the sale.
Chinese Investment Plays Increasing Rolein U.S. Real Estate, Says Research
NEW YORK — Chinese direct investment in U.S. real estate has growndramatically since 2010, according to a new report compiled by RosenConsulting Group (RCG) and New Yorkbased Asia Society, a nonprofiteducation organization. The report, titled “Breaking Ground: ChineseInvestment in U.S. Real Estate,” provides a comprehensive analysis ofChinese inbound investment in all areas of U.S. real estate.
“This wave of investment is coming from diverse sources in China,” saysArthur Margon, a partner at RCG and one of the authors of the report. “Butthat’s really a small piece of the potential investor universe.”
More than any foreign investor other than Canada, China stands out for thebreadth, depth and speed of its participation in the U.S. real estate market.Following negligible investment activity from 2005 to 2009, in 2010 Chineseacquisitions of existing U.S. commercial real estate assets surged to $585million and has increased exponentially since then.
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