The 2019 USC Casden Economics Forecast predicts that the average Southern California apartment dweller will pay at least $100 more per month by 2021. While salaries increased slightly more than rents across SoCal in 2019 – indicating a slight uptick in affordability – housing costs and below-average construction of units are forcing workers to seek …
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AECOM-Canyon Partners reported it closed a fund, hitting a hard cap with more than $500 million in total commitments received. AECOM-Canyon Partners is a joint venture between AECOM Capital and Canyon Partners, LLC. The platform intends to provide JV equity across some $4 billion of assets with high quality development partners, primarily targeting “build-to-core” investments …
Another big chunk of space at 601W Companies’ redeveloped Old Post Office has reportedly been taken down. Recruitment and staffing firm TrueBlue is near a deal to relocate its Chicago offices from the North Side’s Goose Island neighborhood to 90,000 square feet at the soon-to-reopen property, Crain’s Chicago Business reported. Currently, Tacoma, WA-based TrueBlue operates …
JLL recently closed the sale of Mallard Crossing, an 80,708-square-foot, Aldi-anchored retail center in the northwestern Chicago suburb of Elk Grove Village, IL. The sales price was not disclosed. A team led by EVP Janice Sellis represented the seller, IRC Retail Centers LLC, and procured the buyer, a vehicle sponsored by AmCap Management LLC. Mallard Crossing features anchor tenants Aldi, …
Oak Brook, IL-based CenterPoint Properties acquired a 202,522-square-foot property situated on 10.05 acres at 3201 South Susan St. in Santa Ana. The transaction includes a lease-back with The Dixie Group, a carpet and flooring manufacturer. CenterPoint’s Ryan Dunlap says, “It is rare to acquire a 200,000-square-foot cross dock in the infill, let alone in Orange …
City officials, federal lawmakers and representatives from United and American Airlines broke ground Friday on the Runway 9R/27L extension at O’Hare International Airport. The $334-million project is the final component of the O’Hare Modernization Program, which was first approved by the Federal Aviation Administration in 2005, and is separate from the $8.5-billion expansion program enacted …
Merchants Hospitality obtained a new $38-million mortgage for its Z Hotel in Long Island City. The mortgage was financed by Taconic Capital Advisors. The new financing replaces the construction financing that Merchants utilized to completely renovate the 100-key hotel and retail spaces over the past 12 months. The company acquired the Z Hotel, which was developed by the late …
A top-to-bottom examination of the capital stack is on the agenda for Connect Chicago Fall 2019, scheduled for Oct. 29 at the Intercontinental Chicago Magnificent Mile. Redwood Capital Group’s Tammy Kelly will moderate the “Deal Flow Across the Capital Stack: It’s Complicated” discussion, and she’ll have some of the region’s leading capital markets experts with …
Thor Equities leased 11,382 square feet at 25 W. 39th St. to PVE LLC. The engineering consulting firm leased the historic Midtown property’s entire 12th floor. “Originally the Engineering Societies’ Building, 25 W. 39th Street provides the perfect setting for PVE to continue their legacy,” said Melissa Gliatta, COO of Thor Equities. “The building comes full circle with this exciting lease, and …
Farley White interests has broken ground on 90 Arboretum Drive, a 72,000-square-foot office building in Newington, N.H. The building was designed by SGA Architects, and is the first building in New Hampshire to be built using Mass Timber construction. Mass Timber construction refers to a load-bearing system where wood is used as the primary structure, …
Illinois Institute of Technology received a $150-million combined gift from prominent Chicago leaders to help the university drive Chicago’s continued tech rise. The largest cumulative gift in Illinois tech’s history, the donation will fund scholarships and new campus facilities. Illinois Tech Board Chairman Michael P. Galvin and his wife, Elizabeth; University Regent Craig J. Duchossois …
In less than seven months under new ownership, the 132,000-square-foot 100 Matawan Rd. in Old Bridge, NJ has seen more than half its square footage newly leased or renewed. Cushman & Wakefield’s Kevin Carton, Todd Elfand, Paul Giannone and Joe Vacca represented Signature Acquisitions in the following transactions: • Key Food committed to 38,311 square feet, represented by CBRE’s Joe …
The $2-billion AirTrain LaGuardia project got the nod from the Port Authority of New York and New Jersey’s Board of Commissioners, along with $2.5 billion of other airport infrastructure projects. The authority’s board approved the development of a rail line connecting LaGuardia Airport to a new station at Willets Point, linked to enhanced Long Island …
A new report from CBRE ranks East Cambridge as the submarket in the U.S. and Canada with the highest average rent premium at 128%, when compared to the city’s overall office market ($92.62 vs. $40.55 per sq. ft. per year). The firm’s annual Tech-30 report measures the tech industry’s impact on office rents in the …
TPG RE Finance Trust (TRTX) closed on TRTX 2019-FL3, a $1.23-billion managed Commercial Real Estate Collateralized Loan Obligation (CRE CLO) with a 24-month reinvestment period. The New York-based mortgage REIT placed $1.04 billion of investment-grade bonds with third-party institutional investors. The CRE CLO financed 22 existing TRTX first mortgage loan investments, comprising 20 pari passu participation interests …
Tennis champion Andre Agassi and Turner Impact Capital CEO Bobby Turner joined local dignitaries at the grand opening of Grand Concourse Academy’s new home in the Soundview section of the Bronx. The 50,000-square-foot campus was developed by the Turner-Agassi Charter School Facilities Fund, and represents the first permanent home for GCA, which has operated since …
San Jose-based Urban Catalyst submitted preliminary plans for Madera @ Google Village in San Jose. The multifamily apartment development involves a JV with the CEO of San Jose-based Aedis Architects, Thang Do. The project will accommodate 250 tenants, and will include 4,000 square feet of ground-floor retail space. Located in the heart of downtown San …
CBRE has promoted David Murphy to executive vice president in Orlando. Murphy has more than 30 years of commercial experience, and leads CBRE’s industrial team in Central Florida as well as being active in all transactional aspects, including capital markets, investor leasing, occupier representation and financing. Murphy has handled more than $860 million in industrial …
Choice Hotels International’s upscale Cambria franchise has expanded to Milwaukee. The 132-key Cambria Hotel Milwaukee Downtown is the first location to open in Wisconsin’s largest city and the third in the state, joining properties in Appleton and Madison. Representatives from Choice Hotels, developer Murphy Development Group, management company Concord Hospitality and local dignitaries attended the grand opening …
Connect Inland Empire coming up Tuesday, November 12th. You can get more information and register to join us on this link. By Dennis Kaiser SoCal’s thriving industrial market shows no signs of a let-up, with logistics and last mile warehouse operators continuing to have a voracious appetite for facilities. The e-commerce boom and investment activity …