Friday, April 28, 2017

Fifield Realty Corp. and F & F Realty Ltd. Break Ground on 727 West Madison; At the corner of Madison and Halsted streets, 727 will be the tallest tower west of the Kennedy Expressway



Randy Fifield

 CHICAGO, IL (April 28, 2017) – Chicago-based Fifield Realty Corp. and F & F Realty Ltd. broke ground Wednesday, April 26, on 727 West Madison (also known as One South Halsted): a 44-story, 492-unit luxury rental tower with more than 10,000 square feet of retail space.

At just under 500 feet, it will be the tallest building in Chicago’s West Loop upon its completion in late 2018. 

Dr. Laura Calamos


Speaking at the groundbreaking event were David Friedman, president of F & F Realty Ltd.; Randy Fifield, chairwoman of Fifield Realty Corp.; Steve Fifield, chairman of Fifield Companies; 27th Ward Alderman Walter Burnett Jr.; Dr. Laura Calamos, president of the National Hellenic Museum located in West Loop’s Greektown; and Irene Koumi, president of the board of directors for the Chicago Greektown Educational Foundation.

Both Dr. Calamos and Ms. Koumi were presented with life-sized checks for $30,000 for each of their respective organizations as a donation from 727 West Madison.

David J. Friedman
“We’re so thrilled to have the neighborhood growing, expanding and evolving,” said Dr. Calamos. “Last year, the National Hellenic Museum served over 15,000 people through classes, tours and field trips. 

"We believe there is so much to learn from our history and our heritage. This building is a wonderful addition that allows us to bring more education to a larger community.”

Designed by Chicago-based FitzGerald Associates Architects, with Lendlease as general contractor and interior design by Evanston-based Morgante Wilson Architects, the residences at 727 West Madison will include studio, one-, two- and three-bedroom layouts ranging from 490 to 1,550 square feet.

Individual units will be appointed with plank flooring; oversized windows with views of downtown and Lake Michigan; kitchens with quartz countertops, flat-paneled cabinets, high-end stainless steel appliances and single-bowl undermount sinks, and Grohe Concetto faucets; and bathrooms with quartz countertops, frameless glass shower doors, and porcelain tile walls and flooring.

Select units will feature walk-in closets in the master bedroom and double- bowl vanities in the master bathroom.

Steve Fifield
From 727 West Madison, residents will be within walking distance of popular grocers and retailers, one-of-a-kind shops, Randolph and Fulton Street restaurants, nightlife, CTA stops and Metra stations, Divvy stations, and a large number of employers across multiple industries.
  
 “Google is here and McDonald’s is coming, Sterling Bay has a big presence, and every day you hear about more tech firms coming to the West Loop,” said Randy Fifield. “It was important to us to create a luxury building that would serve a diverse demographic of people wanting to enjoy the West Loop experience.”

Outdoor amenities at 727 West Madison will include a large sun terrace with a pool, spa, cabanas, and grilling stations with intimate seating areas with porticos for dining and lounging.

Indoor amenities will include a fitness club with a yoga, barre and Pilates studio; private massage room; resident lounge with demonstration kitchen; state-of-the-art screening room with surround sound; ‘WeWork’-style business center and conference rooms with presentation screen, work carrels, and high-speed Wi-Fi; dog spa; and bicycle “kitchen” with extensive bike storage, supplies, tools and air pumps. High-speed internet and DIRECTV will be available in all units.

 Residents will have access to a 24-hour on-site concierge and adjacent parking garage with 375 parking spaces.

Alderman Burnett acknowledged David Friedman for spearheading development of the empty site and for his collaboration with community organizations like the Greektown SSA and the West Loop Gate Association.


Walter Burnett Jr.
 He recognized the project’s financial contributions to the National Hellenic Museum and the Chicago Greektown Educational Foundation, as well as its $1 million donation for affordable housing to be built in the 27th Ward.

Friedman, who owns the 398-room Crowne Plaza Metro adjacent to the 727 West Madison site, thanked Alderman Burnett for entertaining discussions on 727 West Madison beginning in 2009. 

He also recognized FitzGerald Associates for beautifully articulating a vision for the building during its early stages of development.

“It’s a very exciting day for us,” said Friedman. “It gives us a lot of pride to make this contribution at the gateway of the West Loop. We’re honored to co-develop this building with the Fifields, who have the ability, the finesse, and the flair to create an iconic apartment tower.”

For a complete copy of the company’s news release, please contact:

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511
Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527


NAI Realvest Negotiates Acquisition by Arthur Murray Dance Studio Franchisee of a free-standing building in Lake Mary, FL for $973,050



Mary Frances West
Lake Mary, FL – NAI Realvest recently negotiated the acquisition of a free-standing building with 4,990 square feet at 840 Currency Circle in Lake Mary.    

Mary Frances West, CCIM, Vice President at NAI Realvest represented the Buyer Mohic LLC d/b/a Arthur Murray Dance Studio who paid $973,050 for the property. 

The Seller Beaver Dam Development, LLC of Raleigh, N.C. was represented by Mark Harkins of Harkins Commercial Real Estate.  

West also represented Arthur Murray Dance Studios in leasing locations in Dr. Phillips, Waterford Lakes and Winter Park.

For a complete copy of the company’s news release, please contact:

Beth Payan, Larry Vershel Communications, 407-644-4142 lversehlco@aol.com

CBRE National Retail Partners West Completes $33.25 Million Sale of BeachWalk in Solana Beach, CA



Solana Beach, CA BeachWalk Retail Center







John Read
SOLANA BEACH, CA  – CBRE’s John Read announced that his National Retail Partners – West (NRP-West) team along with Reg Kobzi in CBRE’s San Diego office completed the sale of BeachWalk, a 54,973 square-foot coastal retail center in the city of Solana Beach, Calif.

Situated along Highway 101, the property is steps to the Pacific Ocean, walking distance to the Cedros Design District and Amtrak Train Station, and less than a mile from the world famous Del Mar Fairgrounds, site of the Del Mar Racetrack. The sale price was $33.25 million.

CBRE’s retail investment experts Read, Philip Voorhees, Jimmy Slusher, Kirk Brummer, and Kobzi, represented the seller, a partnership managed by The Muller Company, an Orange County-based real estate investment company. 

The buyer, a fund manager based in Chicago, also represented by CBRE’s NRP-West team, acquired BeachWalk as an addition to its portfolio.

Built in 1993, BeachWalk shopping center sits on 3.06-acre site at 437 S. Highway 101 in Solana Beach. According to Read, the CBRE team’s marketing system distributed more than 540 offering memoranda to investors and brokers, and through the team’s "managed bid" offer process, generated eight offers to purchase the property.

Phillip Voorhees
"True coastal retail projects like BeachWalk seldom come to market. The property’s internet-resistant ‘daily needs’ and complementary tenancy with national, regional and local operators including California Pizza Kitchen, Alfonso’s of La Jolla, Rubio’s Coastal Grill, Banfield Pet Hospital, and other established tenants, make the property an integral part of this coastal community," said Read.

"There are few alternatives in this immediate area and coastal areas in general for tenants seeking more traditional retail center space with adequate on-site parking, keeping occupancy levels high,” Read noted.

“Based on the property’s configuration, strong historical occupancy, improving tenancy and upward trending rents in this highly affluent trade area where average household income exceeds $142,000, Beachwalk is a trophy asset in a coastal location that will maintain its dominant market position for years to come."

For a complete copy of the company’s news release, please contact:






Wednesday, April 26, 2017

HFF arranges $8.5 million construction financing for medical office building in Riverside, CA


 
Rendering of Planned Medical Plaza, Riverside, CA

 
Zach Koucos
SAN DIEGO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged an $8.5 million construction-to-permanent financing for a to-be-built, 27,000-square-foot medical office building in Riverside, California.

HFF worked on behalf of the borrower, Pacific Medical Buildings (PMB), to secure the 12-year, fixed-rate loan through a correspondent life insurance company. 

Due for completion in January 2019, the entire facility will be leased to RadNet Management, Inc. (NASDAQ: RDNT), and will operate as a cancer center with linear accelerator vault, imaging center and clinical programs.

The property is situated at 4536 Olivewood Avenue, adjacent to the Riverside Freeway and just south of its intersection with the Pomona Freeway in the Inland Empire.

HFF’s debt placement team representing the borrower was led by director Zach Koucos and associate Olga Walsh.  Jake Rohe, Ben Ryan, and Ben Rosenfeld led the transaction for PMB.

“We’re seeing an increasing number of capital providers taking an interest in the healthcare asset class, particularly with great sponsors such as PMB,” Koucos said.

“Radnet is a leader in value-based healthcare delivery and we are proud to be their healthcare real estate development partner helping them deliver low-cost, high-quality healthcare services to the greater Riverside community,” said Ben Rosenfeld of PMB.


Olga Walsh
Pacific Medical Buildings (PMB) is an integrated medical office building developer and a healthcare real estate partner for health systems, hospitals, medical groups, and universities.

 PMB specializes in developing, leasing, and managing medical office buildings, ambulatory care centers, clinics, academic medical facilities, and parking structures. 

For more than 40 years, PMB’s executives have led the industry in the development and management of medical care buildings, with 90 healthcare projects constructed to date throughout the Western United States.

The firm currently owns and manages 56 facilities totaling approximately more than 3.6 million square feet with more than 8,000 structured parking stalls, and has 8 projects under development totaling over 650,000 square feet.

 The San Diego-based firm also has offices in Austin, Chicago, Las Vegas, Los Angeles, Nashville, Phoenix, Portland, and Vancouver.

 For more information, please visit PMB’s website at www.pacificmedicalbuildings.com

For a complete copy of the company’s news release, please contact:

Kristen Murphy
Director, Public Relations
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
tel 617.848.1572 | cell 617.543.4873 | www.hfflp.com



U.S. Hotel Profits Grow in 2016 Despite Slowdown in Revenue

  
 
R. Mark Woodworth
  Atlanta, GA –– U.S. hoteliers enjoyed a seventh consecutive year of increasing profits in 2016 despite a slowdown in the rate of revenue growth.  

According to the recently released 2017 edition of Trends® in the Hotel Industry by CBRE Hotels’ Americas Research, total operating revenue, driven by a 0.2 percent rise in occupancy and a 2.5 percent growth in average daily rate (ADR), increased by 2.4 percent in 2016 for the average hotel in its survey sample. 

However, by limiting the growth in operating expenses to just 1.6 percent, managers at the Trends® properties were able to extract a 3.7 percent increase in gross operating profits (GOP) for the year.

“The competitive market conditions faced by U.S. hotels in 2016 have been well documented.  With the results of the 2017 Trends® report, we now have an understanding of the impact that the modest revenue gains had on the bottom-line,” said R. Mark Woodworth, senior managing director of CBRE Hotels’ Americas Research. 

“Clearly, U.S. hotel operators saw the threat of stagnant or declining occupancy and slow ADR growth and reacted by controlling expenses.  The 3.7 percent increase in profits is the lowest we have observed since the Great Recession, but was a commendable accomplishment given the upward pressures on labor and distribution costs.”
  
 For a complete copy of the company’s news release, please contact:

Chris Daly
Daly Gray Public Relations
703 435 6293



NAI Realvest Transaction Broker Completes Strategic Lot Split Sale in St. Cloud, FL for CenterState Bank

  
Veronica Malolos


KISSIMMEE, Fla. -- Veronica Malolos, a broker with NAI Realvest, recently completed a $590,000 sale of the former CenterState Bank building at 2801 13th St. in St. Cloud that enabled the bank to build a new facility for its operations before closing.

Malolos said when Buyer JSA Properties of St. Cloud, LLC (for St. Cloud  Compounding Pharmacy)  made the offer on the 2,542 square foot building, Seller CenterState then proceeded to do a lot split and began construction of its new branch bank building on the piece of the parcel at the corner of U.S. 192 and Budinger Ave. 

As soon as construction was complete in early April, the bank moved to its new building and the pharmacy closed on the former bank building. 

St. Cloud Compounding Pharmacy is now in the process of moving their current operations to the new U.S. 192 location.

 For a complete copy of the company’s news release, please contact:



Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com

Michael Heidrich at NAI Realvest Negotiates Five Leases in 30 days for Industrial Space Totaling 38,235 Square Feet in Sanford, FL



Michael Heidrich
 SANFORD, FL --- Michael Heidrich, Principal at NAI Realvest negotiated five leases within 30 days (March 7 – April 7) totaling more than 38,235 rentable square feet including four new tenants at Monroe CommerCenter South and one long-term renewal at NorthStar Business Park.

Heidrich brokered all five transactions on behalf of the landlords. 

At Monroe CommerCenter South, located off Church St. and Monroe Rd. Heidrich represented Landlord Monroe South RE, LLC in new lease agreements totaling 26,235 rentable square feet for the following new tenants:

Northern Star Millwork, LLC with 13,125 square feet; IQ Power, LLC with 6,000 square feet; HK Trading USA, Inc., 3,750 square feet and TriStar Marketing & Distributing, LLC 3,360 square feet. 

At NorthStar Business Park located off Upsala Rd. and SR 46, Heidrich represented Landlord SBS Property Investments, LLC based in New Smyrna Beach, in a lease renewal for 12,000 square feet occupied by Jacksonville-based Guardian Fueling Technologies, Inc.


 For a complete copy of the company’s news release, please contact:


Larry Vershel or Beth Payan, Larry Vershel Communications 407-644-4142 lvershelco@aol.com



Cooper Carry Project Nabs Prestigious NAHB Award For Industrial Apartments With Historic Past in Old Town Alexandria, VA


Brandon Lenk
ALEXANDRIA, VA – From a cotton factory and civil war prison to bottling plant and office space, a historic building in Old Town Alexandria, Virginia has reinvented itself yet again after taking home top honors in one of the nation’s premier residential awards competitions.

Designed by internationally recognized design firm COOPER CARRY, “The Mill at 515” on Washington Street won a Platinum award in the 2016 “Best In American Living” competition.  

The project was honored in the “Best Adaptive Reuse, Multifamily” category, which recognizes buildings that revitalize existing buildings while still preserving their historic character and charm.

“From the onset it was imperative to us that the transformation of ‘The Mill’ did not degrade the rich legacy of the building and site,” said Brandon Lenk, AIA, Project Architect at COOPER CARRY.

 “CAS Riegler, our client, developed a project that met the approval of multiple historic and architectural review committees, and I think the end result is truly unique. The beauty of historic adaptive reuse projects like The Mill, is that they cannot be replicated.

“This is a one-of-a-kind structure that combines a historic past with the modern benefits and amenities one might expect in a newly constructed residential facility.”

Built in 1847 and originally known as The Mount Vernon Cotton Factory, “The Mill” was seized by Union soldiers during the Civil War and converted into a makeshift prison for enemy combatants.

Bedroom, The Mill at 515 Loft Apartment
 After lying dormant for a few decades, it later served as a bottling plant, spark plug factory, and most recently, office space. The 26,000 plus square foot structure was taken down to its brick and wood frame in 2013 to enable the restoration process.

The newly-transformed industrial lofts have 25 living units which feature contemporary touches such as exposed brick walls, interior steel stairs and railings, stainless steel appliances, high-end countertops and white cabinetry throughout.

Studio, one-bedroom and two-bedroom apartments range from 450 to nearly 2,000 square feet, while a club room on the top floor offers spectacular views of Washington D.C. and Old Town Alexandria.

CAS Riegler is the developer for the project, and Snead Construction served as general contractor. For more information on the 2016 “Best In American Living” awards, visit the NAHB website.


 For a complete copy of the company’s news release, please contact:


Liana Moran
The Wilbert Group
404.748.1367

La Jolla, CA Retail Condominium Achieves Record Price Per Square Foot


Retail Condominium, 1020 Prospect Street, San Diego, CA
                                                                                                             (Image Courtesy of CoStar)

 
David Maxwell
SAN DIEGO, CA –– Colliers International San Diego Region announces the sale of a 3,517-square foot, two-unit retail condominium located in La Jolla, CA for $4,650,000. At $1,322/square foot, this sale sets the record for shell retail space.

Bill Shrader, David Maxwell, Joe Brady and Luke Holler of Colliers International’s Urban Property Group represented the seller, Hammer Ventures on behalf of RREF II-HV PROSPECT PROPERTY OWNER, LLC. The Cove Equity Group, LLC purchased the property with no outside representation.

The condominium is located at 1020 Prospect Street on the ground floor of Muse, a new 16-unit, ultra-luxury residential building currently under redevelopment.

The current restoration and renovation of this classic icon preserves the integrity of the architects’ original modernist vision while elevating the property to a whole new level that meets the expectations of modern luxury.

“The buyer was attracted to the iconic Prospect & Girard location at Muse, which is one of the best-located retail spaces in the county,” said Bill Shrader, leader of the Urban Property Group and Senior Vice President at Colliers International San Diego Region.
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 For a complete copy of the company’s news release, please contact:


Kenny Moore  |  Associate
C 760 468 0394 

Cushman & Wakefield Negotiates $158.5M Sale of Montage at City Center in Pembroke Pines, FL




Montage at City Center, 10170 SW 7th Street, Pinebroke Pines, FL

Robert Given
PEMBROKE PINES, FL, April 26, 2017 — Cushman & Wakefield announced today that it has negotiated the sale of the Montage at City Center, a 700-unit mid-rise and townhome residential asset located at 10170 SW 7th Street in Pembroke Pines, FL.

Vice Chairman Robert Given and Executive Managing Director Zachary Sackley of Cushman & Wakefield’s South Florida Multifamily Team, along with Senior Managing Director Troy Ballard, Financial Associate Neal Victor and Financial Analyst Aaron Mandel represented AVR Realty Company in the disposition. An affiliate of Harbor Group International, LLC acquired the asset for $158.5 million.

Montage at City Center consists of 700 units in 12 mid-rise and 28 townhome buildings. The community offers a mix of one-, two- and three-bedroom units. Montage at City Center was built in two phases. Phase One (422 units) was completed in 2014. Phase Two (278 units) was completed in 2015.

Units at Montage at City Center feature formica countertops, espresso cabinetry, stainless steel appliances and hard surface flooring. Property amenities include a LEED Gold-certified clubhouse, two resort-style pools, a fitness center, business center, game room and demonstration kitchen. Private garages and storage units are available for rent.

Troy Ballard
The property is currently stabilized with 95% occupancy and an average market rent of $1.55 per square foot.

“Montage’s walkability to the future development of the Pembroke Pines City Center and recently completed amphitheater makes this a compelling investment opportunity,” said Given. “The property is located in the heart of very strong retail dynamics and tremendous employment drivers.”

Pembroke Pines City Center is a 47-acre mixed-use project that will feature a mix of retail, office and residential. Terra Group is the developer of the phased project, with Phase One consisting of 200,000 square feet of retail anchored by a 45,600-square-foot Publix.

Phase Two will add 450 apartments and 100,000 square feet of office. Additionally, the city is in the process of completing a $60 million civic and cultural center, which includes a new city hall, 3,500-seat performance space, a standalone commission chamber and a 1,000-square-foot arts center. All of this is less than a mile from Montage at City Center.

“The location and asset quality of Montage position it as a core-plus opportunity, allowing for a light value-add program enhancing the interiors and creating additional rent premiums,” said Sackley.

Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions.


Aaron Mandel
Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory.

2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action.

To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com
 or follow @CushWake on Twitter.

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 For a complete copy of the company’s news release, please contact:

David A. Meyer 
Meyer Media 
407.489.7488