San Francisco-based FPA Multifamily bought the 47-story Paragon apartment tower in the South Loop for $144 million earlier this month, the largest Chicago apartment deal in 2024 so far, reported Crain’s. The 500-unit building located at 1326 South Michigan Avenue was completed in 2019 by CIM Group and Chicago investor John Murphy. Newmark’s Chuck Johanns, …
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The state of Illinois plans to spend between $805 million and $935 million over the next three to five years to demolish and rebuild two prisons, including the historic Stateville Correctional Center. Governor JB Pritzker announced the funding that will support projects to rebuild Logan Correctional Center in downstate Lincoln and in Stateville, about 40 …
JLL recently represented law firm Weltman, Weinberg & Reis Co., in signing a a new 17,875-square-foot lease at Atrium II, located at 5475 Rings Road in the suburb of Dublin, Ohio. The new office space will house more than 80 of the firm’s employees, with an anticipated move-in before September 2024. JLL Senior Managing Director …
Interra Realty brokered the $11 million sale of Madison Terrace, a 96-unit apartment building at 3121-51 W. Madison Street in Chicago’s East Garfield Park neighborhood. At $115,000, the per-unit price was one of the highest in the last ten years in the immediate submarket. Interra Managing Partners Ted Stratman and Lucas Fryman represented both the …
Intersect Illinois is expanding its “Be in Illinois” campaign to reach Canadian markets, as part of the organization’s efforts to drive the state’s public-private business attraction and economic development. Canada was selected as the first international country to target business attraction by highlighting Illinois as a global business destination, with the right elements to help …
Essex Realty Group, Inc., a Chicago-based multifamily brokerage firm, has been exclusively engaged to market for sale 4356-58 N. Kenmore Avenue. The property, situated in the Buena Park neighborhood on Chicago’s north side, was constructed in 1901 and features 14 apartment units. Listed by Rick Ofman, Kate Varde, and Doug Imber, the property is comprised …
CBRE announced that Yohar Renaud and Kyle Herting have joined its retail practice in Seattle. Renaud and Herting both join as Vice Presidents and specialize in retail leasing across Washington, Oregon and Idaho. Renaud has worked with retailers for nearly a decade to expand across the Pacific Northwest. Prior to CBRE, he was senior vice …
Amid the ongoing housing crisis and the threat of loss of tax revenue, Seattle Mayor Bruce Harrell is pushing to make it easier for property owners to convert commercial buildings for residential use. As part of his Downtown Activation Plan, Mayor Bruce Harrell has submitted new legislation to the City Council aimed at removing regulatory …
Law firm BakerHostetler has relocated its Los Angeles office to 1900 Ave. of the Stars in Century City. Spanning nearly 40,000 square feet, the new office is situated in the Anderson Towers complex, consisting of two sister buildings on a five-acre pad. Owned by Anderson Real Estate, the campus and buildings are being redeveloped as part …
Restaurateur Tony Monaco will open his second Eighteen Main eatery, Monaco Italian Kitchen + Bar, later this year. The new location will be part of EMMES Realty Services of California LLC and Oaktree Capital Management, L.P.’s development at Centerview, an office property, and its adjacent restaurant development Eighteen Main, both located in the Irvine Concourse. Monaco …
Hanley Investment Group Real Estate Advisors arranged the sale of two brand-new construction, single-tenant properties occupied by a 7-Eleven convenience store with a gas station and the adjacent Starbucks, a drive-thru-only prototype in Merced. The two properties were purchased by two individual private buyers in separate transactions for a combined price of approximately $8.2 million. In both …
PGIM Real Estate has provided $51 million in floating rate acquisition financing on behalf of its core plus debt strategy to BKM Capital Partners for the acquisition, renovation and leasing costs of Canyon Industrial Center, a shallow-bay industrial park located in San Diego’s Kearny Mesa submarket. BKM announced the $70.2-million acquisition last month. Canyon Industrial Center, …
Urban Land Development, based in San Francisco, said Monday that Palmetto Superfoods, a fast-healthy concept bridging Brazilian açaí and California vegan-focused superfoods, has signed a lease at 531 Bryant St. in San Francisco’s South Park SoMa neighborhood. Palmetto is slated to open in the second quarter. “We partnered with ULD for the 531 Bryant retail space because this will give us …
New York City’s apartment rental market continues to surge, with both Manhattan and Brooklyn seeing record-high median rents in February, according to a report from Douglas Elliman. Manhattan’s median rent reached $4,290, up 2 percent from January and 3.3 percent year-over-year, while Brooklyn’s hit $3,499, remaining flat from the previous month but rising 3 percent …
Cushman & Wakefield, alongside The Stahl Organization, brokered six leases totaling 175,000 square feet at 277 Park Avenue in Midtown. Cushman & Wakefield’s Mark P. Boisi, Bryan Boisi and Stephen Bellwood represented The Stahl Organization in the transactions. Sumitomo Corporation of the Americas secured 50,000 square feet on the 15th floor, while Sumitomo Mitsui Banking …
In 2023, U.S. law firms leased 16.9 million square feet, marking a post-pandemic high and exceeding pre-pandemic levels, according to a report from Cushman & Wakefield. This robust leasing, amid a broader market slowdown, reflects the legal sector’s resilience and confidence in office space utilization. John McWilliams of Cushman & Wakefield attributes this trend …
DN Property Company LLC, a collaboration between the New DN Company and Twenty Lake Holdings, has sold the historic Jersey City property formerly housing the New York Daily News printing facility to Goodman Group. Goodman plans to transform the 21.7-acre site at 125 Theodore Conrad Drive into a warehouse facility. Located at 125 Theodore Conrad …
Walker & Dunlop, Inc. has arranged $109 million in construction financing for the development of 1034-1042 Atlantic Avenue, Brooklyn. This project entails a Class-A multifamily development comprising 247 units across two conjoining parcels. The Walker & Dunlop Capital Markets team, led by Keith Kurland, Aaron Appel, Jonathan Schwartz, Adam Schwartz, Jordan Casella and William Herring acted as exclusive advisors …
Benenson Capital Partners has reorganized its leadership team, promoting three professionals within its investment and asset management divisions. Salvatore Ciaravino, Zakary Katzman, and Matthew Butts have been elevated to senior roles. Ciaravino now serves as senior director of Asset Management and Finance, overseeing a national portfolio and driving value in properties across various real …
Workbar LLC, the third-largest coworking space provider in Massachusetts, is poised for further expansion following a recent fundraising round, Boston Business Journal reported. With approximately 5,000 members, Workbar plans to launch two new locations within the next 12 to 18 months, in addition to its upcoming Worcester space set to open in September. These new spaces, labeled …
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