Even as the fourth quarter of 2021 represented the first with positive absorption in downtown Chicago office, Cresa reported that occupiers with lease expirations in the next 18 to 24 months are entering a market that has seen “a swift shift from a landlord to a tenant market.” CBD deal velocity has slowed to one-fifth of the 10-year average. “With a large amount of sublease space coming on the market, landlords …
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SJP Properties and PGIM Real Estate unveiled a suite of purpose-built indoor and outdoor lifestyle amenities at 470 Park Ave. South, a boutique office and retail building the partnership acquired in 2018. As part of the building’s repositioning, ownership created a contemporary tenant lounge space branching off the building’s main lobby. This lounge area also provides a transition into the building’s newly completed landscaped …
Marcus & Millichap closed the sale of 3743 N. Clifton Ave., a 5,875-square-foot apartment property in the North Side’s Wrigleyville neighborhood. The asset sold for $1,600,000. Steve Rachman, an investment specialist in Marcus & Millichap’s Chicago Downtown office, marketed the property on behalf of the seller, a local limited liability company. The buyer was undisclosed. The property had benefitted from extensive renovations, …
Rudin Management Company’s long-serving COO and CTO, John Gilbert, is stepping down to focus full-time on his role as executive chair of Prescriptive Data, the proptech company he co-founded in 2015. Gilbert was Rudin’s first COO and has also served as CTO throughout his 29 years at the firm. Gilbert was instrumental in the early development of Prescriptive Data’s flagship product, Nantum OS, a smart building …
Mars Wrigley plans to wind down operations at its 94-year-old chocolate plant on Chicago’s West Side over the next two years, Crain’s Chicago Business reported. The facility in the West Side’s Galewood neighborhood employs about 280 people. The company said in a statement that it plans to partner with the surrounding community “on a future vision for the …
EP Engineering has completed the MEP design of two high-rise residential buildings which will be a part of phase two for The Peninsula, a mixed-use project rising on the site of the former Spofford Juvenile Detention Center in the Bronx. The firm provided mechanical, electrical and plumbing design for Building 2A and 2B, which will be 13 stories and 16 stories tall, respectively. …
CBRE arranged the acquisition of two industrial properties totaling 182,845 square feet near O’Hare International Airport. Entities owned by Steve Greenspon, the owner of Honey-Can-Do International LLC, acquired a 96,225-square-foot facility at 11600 King St. in Franklin Park, IL and an 86,620-square-foot building at 5303 St. Charles Rd. in Bellwood, IL. Sales prices weren’t disclosed. CBRE’s Peter Roberson …
JLL Capital Markets closed the $17.25-million sale of 555 Fifth Ave., a two-story retail building in Brooklyn’s Park Slope neighborhood. JLL represented the seller, Fifteenth and Fifth LLC. Israel-based Gazit Horizons acquired the property. The building features a total of 21,016 rentable square feet, with a portion of the 7,300-square-foot first floor currently leased to Sherwin Williams Paints and …
Rosewood Realty Group arranged the sale of a garden-style six building multifamily development in New Albany, IN for $22.2 million. The firm’s Aaron Jungreis and David Wildes represented both the undisclosed buyer from the New York tri-state area and the seller, a local developer/builder. The deal was for the Stonecrest Apartments at 4719 Grant Line Rd. In New …
Greystone arranged a $47-million lease-up bridge loan on behalf of Namdar Group for 28 Cottage, a new 166-unit class-A multifamily property in the Journal Square neighborhood of Jersey City. The new loan was originated by Cerberus RE and used to refinance the original construction loan provided by Centennial in 2019. The Greystone Capital Advisors team led by Drew …
Westmount Realty Capital is partnering with a fund managed by the Real Estate Group of Ares Management Corporation to recapitalize a 51-asset industrial portfolio totaling 6.1 million square feet located in established industrial submarkets of Chicago and Milwaukee. Westmount and Ares acquired the institutional-quality portfolio from a Partners Group- Westmount joint venture. Deal terms weren’t disclosed. The majority …
New employer demand for office space receded again in December and is now just 58% of pre-pandemic levels, VTS reported Wednesday. The decline was especially apparent in cities that are less conducive to remote working, including VTS’ hometown of New Yok City. Except for Seattle, all core markets saw new demand decline mildly in December, relative to …
A cloud-based digital banking solutions provider for U.S. banks and credit unions, Alkami Technology Inc., conducted primary research among 795 U.S. consumers in June 2021 to better understand Big Tech’s influence on the digital banking experience. As a result of those findings, Alkami recently released its new research report, Digital Banking Market Pulse. End consumers …
Weitzman’s new report for the San Antonio retail market highlights strong leasing demand that lifted occupancy during 2021. Robert King, senior vice president with Weitzman San Antonio, covers some of the report’s key findings. Connect CRE: How does occupancy look? King: After declining in 2020, occupancy reached reach 94 percent in 2021, which compares favorably …
Northland is expanding into the Waco market with the acquisition of The Legend, a 300-unit three-story garden-style apartment community. The Legend offers one-, two- and three-bedroom homes in a gated community with access to Waco’s thriving business hubs, dining options and entertainment venues. On 17 acres, The Legend is 6 miles southwest of downtown and …
Privately held real estate investment firm 29th Street Capital (29SC) recently acquired Villas at Hermann Park for an undisclosed purchase price. This marks the firm’s 15th acquisition in the Houston metro area. Built in 2000, Villas at Hermann Park is a 320-unit class-A property with an improvement plan that includes common area upgrades along with …
Quadrant Investment Properties (QIP) and FCP plan to develop a 10-story 120,286-square-foot class-A office building at 1333 Oak Lawn Ave. in the heart of Dallas’ Design District. The project will break ground in second quarter 2022 and is expected to deliver in third quarter 2023. Branded as Thirteen Thirty Three, the project will feature 10,864 …
The Leidos Partnership for Defense Health (LPDH) recently delivered the MHS GENESIS electronic health record to an additional 19,000 clinicians and providers. This is part of its largest Wave deployment to date, spanning 100 locations in Texas. “MHS GENESIS is now live and operational in the only Level 1 Trauma Center in the Defense Department,” …
A $58 million loan was recently originated to refinance Old Oakland, a collection of 10 historic creative office and retail properties in downtown Oakland. Madison Realty Capital sourced the transaction directly with the borrower. The properties span two full city blocks totaling 238,305 square feet across buildings ranging two to four stories. The properties are …
Refinancing of $265 million was recently arranged for a 387-key master-planned beach resort in Oceanside. The resort includes the 161-key Mission Pacific boutique hotel and The Seabird Resort, a 226-key full-service resort. JLL represented the borrower, S.D. Malkin Properties, to secure the floating-rate interest-only loan through ACORE Capital. The JLL team has been involved with …
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