Thursday, May 19, 2016

HFF represents 601W Companies in acquisition of Chicago’s Old Post Office

Lisa Davidson
CHICAGO, IL, May 19, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced today the closing of the Old Post Office, Van Buren Street, Chicago sale, a 2.7 million-square-foot, riverfront development site on the southwest side of downtown Chicago.

New York-based investment group 601W Companies purchased the site and was represented by HFF senior managing directors Jaime Fink and Jeffrey Bramson in the transaction. 

The seller, International Property Developers North America (IPDNA), was represented by Richard Sykes of Savills UK and Lisa Davidson and Tiffany Winne of Savills Studley.

The Old Post Office property consists of the former art deco-style Post Office Building and adjacent sites, which were acquired by IPDNA in 2009.

Tiffany Winne
 Detailed planning entitlements incorporating an additional 7.5 million square feet were obtained from the City Council in 2013; designed by the eminent Chicago architects Antunovich Associates. 

Situated at 433 West Van Buren Street, the property is adjacent to the Eisenhower Expressway, within walking distance of Union Station and located above connections to the CTA Blue Line Station, Metra, Amtrak and the future high-speed rail terminal platforms.  

The riverfront location also allows for potential access to water taxi, riverboat and tour boat terminals. 

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

Kristen M. Murphy
Director, Marketing
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

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VeriGreen Development and Legacy Midwest Corp. Secure Federal Tax Credits For Redevelopment of Former Blommer Ice Cream Factory in Milwaukee, WI

Sally Peltz
David Block
CHICAGO, IL – Chicago-based VeriGreen Development, a division of Evergreen Real Estate Group, together with Milwaukee-based Legacy Midwest Renewal Corp. (LMRC), a subsidiary of Milwaukee-based Legacy Redevelopment Corp., announced the Wisconsin Housing and Economic Development Authority (WHEDA) has awarded approximately $723,000 in Federal Low Income Housing Tax Credits (LIHTC) to help finance the redevelopment of the former Blommer Ice Cream Co. factory and adjacent lots at 15th Street and North Avenue in Milwaukee.

WHEDA announced the awarded LIHTC amount at a press conference May 2.

“We are thrilled to have secured the tax credits needed to make this project economically feasible,” said David Block, director of development for VeriGreen Development. “In addition to preserving a piece of Milwaukee history, this project will help bring additional vibrancy and activity to Milwaukee’s Lindsay Heights neighborhood.”

Sally Peltz, founder and president of LMRC and Legacy Redevelopment Corp., added, “We believe the new development will partner perfectly with other projects that are helping to revitalize the Lindsay Heights neighborhood, including the Innovation and Wellness Commons project developed by Walnut Way, which is just across the street, and a major new investment by the Social Development Commission one block west along North Avenue.”

Russell W. Stamper II
Located at 1500-1504 W. North Ave., the $12.6 million project will include 64 mixed-income residential units, which will consist of spacious one-, two- and three-bedroom apartments and townhomes. 

The development will also bring additional retail life to Milwaukee’s North Avenue corridor, with 2,000 square feet of commercial space that will create opportunities for neighborhood workers and businesses.

“There are significant investments large and small happening in the 15th District,” said Alderman Russell W. Stamper II.  “Momentum is building and the time is right for the apartments at 15th Street and North Avenue.”

VeriGreen Development and LMRC collaborated with local neighborhood stakeholders including the Craftsman Restoration Guild, a project of Larry and Sharon Adams, and Walnut Way Redevelopment Corp to help secure the necessary resources to allow the project to move forward.

Construction on the development, which will create approximately 80 jobs for local residents, will begin later this year, with first move-ins scheduled for late 2017. The property will be managed by Evergreen Real Estate Group.

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

Kelly Shumaker,, 312-267-4519
Kim Manning,, (312) 267-4527

JLL Phoenix Office Promotes Five Brokers to Senior Level

From left:  Brett Abramson, Andrew Medley, Jason Moore, Charles Steele
and  Keith Lammersen

PHOENIX, AZ, May 19, 2016 - The Phoenix office of JLL has promoted five of its brokers to senior level positions. Brett Abramson, Keith Lammersen, Jason Moore and Charles Steele have been promoted from Vice President to Senior Vice President. Andrew Medley has been promoted from Vice President to Executive Vice President.

“Each of these individuals brings a unique skill set to our team,” said Senior Managing Director Dennis Desmond. “That diversity has helped build out the full-service vision of our Phoenix office. Their expertise as brokers and their ethical commitment to our clients that will keep that vision moving forward.”

Dennis Desmond
Abramson joined JLL in 2010, specializing in the representation of institutional and entrepreneurial landlords, for both existing and ground-up office developments. At JLL, he has taken an active role in the lease-up campaigns for many prominent developments including The Offices on High Street (City North), Central Arts Plaza. The Esplanade and 101 North Central. He has consistently earned recognitions as a CoStar Power Broker and JLL Top Achiever.

Lammersen and Moore partner in the tenant representation group at JLL, responsible for corporate office solutions, site selection, lease renewals and negotiations. Since joining JLL in 2004 and 2010, respectively, Lammersen and Moore have served companies ranging from Silicon Valley Bank and Wageworks to Coventry Healthcare, SAP and Isola. Both have been recognized as CoStar Power Brokers and JLL Top Achievers.

Steele is a member of JLL’s Capital Markets Group, focusing on multifamily investment sales and equity procurement through the Southwestern U.S. Since joining JLL in 2012, Steele has helped direct investment sale and equity raise efforts for projects ranging from $10 to more than $100 million in value. Across his career, he has participated in more than $1.2 billion in multifamily investment activity.

Medley joined JLL in 2008 as part of the tenant representation team. Over the past eight years he has established a strong footprint in the market, assisting tenants such as Isagenix, Orcutt Winslow, Bank of America/Merrill Lynch, IHC, 360 Cloud Solutions and Northern Trust in facility and site acquisition, strategic consulting and lease review and negotiations. He has earned JLL Top Gun status (top 10 percent of all JLL brokers) for the past two years.

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

Stacey Hershauer
Marketing & Public Relations
(480) 600-0195

American Realty Advisors Acquires Class A Multi-Family Asset in Downtown Denver, CO

Elan Union Station, Downtown Denver, CO

Scott C. Anderson
Denver, CO, May 19, 2016 – American Realty Advisors announced the acquisition of a newly-constructed, 314-unit multi-family property located in the Union Station submarket of Downtown Denver. 

The building also features approximately 58,000 square feet of ground floor retail space and a 2-story subterranean parking garage.  The property, formerly known as Elan Union Station, will be rebranded as ALARA Union Station. 

According to Scott C. Anderson, American’s Director, Investments, “Over the last several years, this submarket has become one of the most desirable urban locations within Denver due to its proximity to the Downtown employment center, as well as the developing cultural core of the city around ‘LoDo’ and Union Station.”

 He added that tenant demand for the apartments is expected to remain very strong due to the area’s accessibility, as the location is highly walkable and bike-able, and is adjacent to transit.

The seller, a joint venture that included Greystar, was represented by Jordan Robbins and Jeff Haag of Holliday, Fenoglio, and Fowler.

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

Lexi Astfalk / Jenn Quader for American Realty Advisors
Brower, Miller & Cole

Post Properties Announces First Quarter 2016 Earnings

Dave Stockert
ATLANTA, GA --(BUSINESS WIRE)-- Post Properties, Inc. (NYSE: PPS) announced today net income available to common shareholders of $19.2 million, or $0.36 per diluted share, for the first quarter of 2016, compared to $19.0 million, or $0.35 per diluted share, for the first quarter of 2015. 

Net income for the first quarter of 2015 included a gain on the sale of a retail condominium of $1.8 million, or $0.03 per diluted share.
Said Dave Stockert, Post’s CEO and President, “Results for the first quarter point to the ongoing favorable operating conditions for our business. Same-store revenue growth that was higher than at any time in the past two-plus years helped drive strong top-line and bottom-line growth.”

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

Post Properties, Inc.
Chris Papa, 404-846-5028