Wednesday, July 12, 2017

JLL arranges $140 million refinancing for Chicago’s Gallagher Way

   
The mixed-use asset is adjacent to Wrigley Field, home of the Chicago Cubs

CHICAGO, September 17, 2019 – JLL announces that it has arranged a $140 million refinancing for Gallagher Way, a recently completed lifestyle mixed-use development. The development comprises more than 93,000 square feet of office space, 85,100 square feet of retail space along with the 173-room Hotel Zachary and an open-air entertainment plaza adjacent to Wrigley Field, which is prominently located in Chicago’s Wrigleyville neighborhood.  

JLL worked on behalf of the borrower, Hickory Street Capital, the real estate arm of the Ricketts family, to place the 30-year, fixed-rate loan with Barings, one of the world’s largest real estate investment managers on behalf of one of its managed accounts. Loan proceeds will replace the current construction financing arranged by the same Capital Markets team in 2016.

Gallagher Way includes two towers; the six-story Tower 1 houses 47,086 square feet of retail space and 93,667 square of office space anchored by the Chicago Cubs front office and the American Airlines Conference Center. It is located at the intersection of West Waveland Avenue and North Clark Street. Tower 2 is anchored by the Class A Hotel Zachary and contains 38,014 square feet of retail and entertainment space. The seven-story Tower 2 is at the intersection of West Addison Avenue and North Clark Street. The 30,000 square-foot Gallagher Way Plaza offers year-round programming for neighbors, families, Cubs’ fans and visitors. The plaza includes 8,000 square feet of green space and capacity for 1,000 seats or 3,000 standing guests for outdoor concerts, movies, and ice-skating rink and other events.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Danny Kaufman and Director Christopher Knight along with Managing Director Jeff Bucaro and Director Nicole Aguiar. 


For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

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About Hickory Street Capital
Hickory Street Capital (HSC), is a Chicago-based real estate development company owned by the Ricketts family — owners of the Chicago Cubs. In 2018, HSC completed its Wrigleyville development project — a $250 million, lifestyle mixed-use development adjacent to Wrigley Field. Visit hickorystreetcapital.com for more information.

About Barings
Barings is a $325+ billion* global financial services firm dedicated to meeting the evolving investment and capital needs of its clients and customers. Through active asset management and direct origination, Barings provides innovative solutions and access to differentiated opportunities across public and private capital markets. A subsidiary of MassMutual, Barings maintains a strong global presence with business and investment professionals located across North America, Europe and Asia Pacific.

*As of June 30, 2019

About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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MCA Realty Sells Final Building in Brookhollow Freeway Showroom Center Off Costa Mesa 55 Freeway in Orange County, CA


Brookhollow Freeway Showroom Center, 154 East Warner Street, Santa Ana, CA

SANTA ANA, CA – MCA Realty, a full service real estate investment and management company, has sold the final building in the Brookhollow Freeway Showroom Center, an 87,609 square-foot multi-tenant retail/showroom project in Santa Ana, California.

The facility, which is located alongside one of Orange County’s busiest freeways, consists of four separate buildings, three of which were previously sold by MCA in late 2015.

Tyler Mattox
The sale of the fourth building, a 13,072 square-foot retail showroom currently occupied by Wine Exchange, brings the investment completely full cycle, according to MCA Realty Principal Tyler Mattox.

“We were able to create significant value by renovating this asset, and subdividing the parcel to allow us the ability to sell each building individually,” says Mattox. 

“The Orange County market is characterized by exceptional demographics, strong demand, and a limited amount of new supply, which continues to place upward pressure on rental rates and property values. We capitalized on this dynamic to achieve strong rates of return for our capital partners.

MCA Realty initially purchased the property in 2013 for $9.5 million and implemented a comprehensive capital improvement plan, including interior and exterior improvements, updates to the fa├žade, and a renovated landscaping scheme.

“We were able to significantly increase the value of the asset in performing these improvements, says Mattox. 

The building is located at 154 E. Warner in Santa Ana, California. It was sold to WTW Properties, LLC, for $3.3 million. The previous three buildings were sold for a combined total of $16.8 million.

Joe Winkelmann, Nick Velasquez, and Michael Hartel of Colliers International represented MCA Realty as the seller in the transaction. Ryan Swanson and Chris Conway of Lee & Associates represented the buyer, WTW Properties, LLC.

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

Lauren Burgos
Junior Account Executive
Brower, Miller & Cole
895 Dove Street, Third Floor
Newport Beach, CA 92660
p: (949) 955-7940

Marcus & Millichap Brokers $625,000 Sale of Palmview Court in Bradenton, FL

Michael Donaldson

BRADENTON, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palmview Court, a 8-unit apartment property located in Bradenton, Florida, according to Ari Ravi, regional manager of the firm’s Tampa office. The asset sold for $625,000.

Michael Donaldson, Nicholas Meoli and Adam Podbelski, investment specialists in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a limited liability company.  The buyer, a limited liability company, was also secured and represented by Adam Podbelski, Nicholas Meoli and Michael Donaldson. 

Palmview Court is located at 2519 9th Ave W in Bradenton, Florida. 

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

Ari Ravi
Regional Manager, Tampa

(813) 387-4700