Saturday, June 15, 2019

B+E sells Chicago Tesla property for $8.75 million using its new 1031 exchange trading platform

Tesla Sales/Service Center, 
1200 Old Skokie Valley Road, 
Highland Park, IL 

CHICAGO, IL – B+E, the first brokerage and technology platform for net lease real estate, announced the sale of the Tesla Sales/Service Center property at 1200 Old Skokie Valley Road, Highland Park, IL for $8,750,000.

The buyer worked with B+E to find the off market property using 1031Trade, B+E’s new trading platform for 1031 exchange buyers.  

The net lease retail property carries a cap rate of +/-6.8% with 5+ years of remaining lease term.  The buyer, Kam Development was completing a 1031 exchange.

Spencer Henderson

"B+E’s online platform used AI to sweep the national market and find an off market net lease property that matched our buyer’s criteria," said Spencer Henderson, a B+E broker. 

“Using 1031 Trade, buyers can quickly see nearly every deal currently on and off the net lease market and immediately place offers.”


John Vita
John Steven Vita Communications

29th Street Capital Rings Up 13th Acquisition with 168-Unit Las Casitas Apartments in Avondale, AZ

Las Casitas Apartments, Avondale, AZ

 Avondale, AZ – 29th Street Capital (29SC), a privately-held real estate operator, has acquired Las Casitas Apartments, a 168-unit multifamily community located in Avondale, Arizona.

This will be the firm’s 13th acquisition, for a total of more than 2,500 units, in the Phoenix market. 29SC plans to invest over $2.1 million in capital improvements.

Dusty Eddy
 Interior upgrades include black appliances, improved lighting, USB ports, refaced cabinets, fresh paint and kitchen backsplashes. Exterior renovations will focus on enhancing the dog park, clubhouse, pool area and other amenities while also addressing deferred maintenance.

“Las Casitas offers residents easy access to downtown Phoenix and the greater West Valley via Interstate 10, while the Loop 202 expansion is expected to increase access to the East Valley,” said Dusty Eddy, 29SC’s Senior Vice President of Acquisitions in the Southwest.

“Population growth within three miles is forecast to exceed 7.7% for the next five years as employment opportunities flood the area.”

The Phoenix metro area ranks as the number one market for rental growth rates at 8% year-over-year, according to RealPage Analytics.


Terri Thornton
Partner, Thornton Communications
Phone: 404-932-4347

HFF announces acquisition financing for two Los Angeles-area apartment buildings

Patrick Burger
SAN DIEGO, CA – HFF announces financing for the acquisition of 5008 and 5060 Hazeltine Avenue Apartments, two apartment buildings totaling 36 units in the Sherman Oaks neighborhood of Los Angeles, California.

HFF worked on behalf of the borrower, a joint venture between NextGen Apartments, LLC and Hanover Financial, LLC to arrange the fixed-rate acquisition and renovation loan through a life insurance company.

5008 and 5060 Hazeltine contain two one-bedroom units and 34 two-bedroom units averaging 1,044 square feet along with a total of 36 covered parking spaces. 

The properties are located just north of Highway 101 and just east of Interstate 405 in the San Fernando Valley. 

Bharat Madan
Additionally, the properties are situated directly across from the Van Nuys/Sherman Oaks Recreation Center and within a mile of additional lifestyle amenities, including Westfield Fashion Square, Notre Dame High School, Van Nuys Middle School and Sherman Oaks Hospital.

“Our joint venture seeks value-add multi-family opportunities throughout Southern California that require significant repositioning through improved property management and capital improvement,” said Steven Ludwig, co-founder of NextGen Apartments, LLC.

Steven Ludwig
The HFF debt placement team representing the borrower was led by managing director Patrick Burger and associate Bharat Madan.

Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.

About NextGen Apartments
NextGen Apartments, LLC is a vertically integrated real estate investor and operator based in El Segundo, California, with an additional office in San Diego. 

Founded in 2002 by Steven Ludwig, Eric Freedman, James Killian and Jerry Baker, NextGen focuses on value-add investing of multi-family and commercial properties in Southern California.  Since inception, the firm has invested in approximately $1 billion of real estate projects.

About Hanover Financial

Hanover Financial, LLC is a fiduciary real estate capital manager based in Los Angeles with an additional office in the San Francisco Bay Area.  Founded in 1999, Hanover’s niche is providing equity capital to local and national developers and operators of real estate to facilitate the acquisition, repositioning and/or development of multi-family and net lease properties.  


CA Lic. #01820848
HFF Managing Director
(858) 552-7690

HFF Public Relations Specialist
(713) 852-3403

HFF closes sale of UpCycle in East Austin, TX

UpCycle, an 81,660-square-foot creative office, adaptive-reuse project located on 6th Street in East Austin, TX

AUSTIN, TX – HFF announces that it has closed the sale of UpCycle, an 81,660-square-foot creative office, adaptive-reuse project located on 6th Street in East Austin.

HFF represented the seller, a joint venture between EverWest Real Estate Investors, George Oliver Companies and WHI Real Estate Partners, and procured the undisclosed buyer.  HFF had arranged original financing for the conversion on behalf of the seller in 2018.

Kelsey Roop Shebay

Completed in 2018, UpCycle is the newest Class A creative office space in the East Austin submarket.  The property is fully leased to H-E-B and features amenities, including patio space, conference space, collaborative areas, coffee bar, showers, fitness center and free on-site parking for employees.  

Positioned on 3.06 acres at 2498 E. 6th Street in East Austin, UpCycle is just 1.5 miles from Austin’s central business district and is situated in the trendy East Austin neighborhood, which is surrounded by a host of new Class A apartments and entertainment venues. 

Drew Fuller

The HFF investment advisory team representing the seller included director Drew Fuller, senior director Kelsey Roop Shebay, senior managing director Coler Yoakam and director Michael George.

Holliday GP Corp. ("HFF") is a Texas licensed real estate broker. 

About EverWest Real Estate Investors

EverWest Real Estate Investors (“EverWest”) is a Denver-based private equity real estate investment manager founded in 1997.  The firm invests in sectors and markets across the US, principally on behalf of institutional clients including corporate and public pension funds, endowments, family offices and foundations. 

Coler Yoakam

 Since its founding, EverWest has invested over $3.5 billion in more than 200 transactions, exceeding 32.1 million square feet. Currently, EverWest has $3.8 billion of gross asset value under management across 115 assets totaling over 20 million square feet.

About George Oliver Companies

George Oliver Companies (“George Oliver”) is a Phoenix-based, privately owned commercial real estate investment and operating company formed in 2017. 

 George Oliver operates as a boutique real estate manager whose obsessive attention to detail in the design and construction of their buildings delivers a best-in-class tenant experience. 

 This end-user experience is what drives their investment strategies and attracts top employers and employees to their buildings.  

Michael George

About WHI Real Estate Partners L.P.

WHI Real Estate Partners L.P. ("WHIREP") is a real estate investment firm focused on repositioning middle-market properties throughout the United States.  WHIREP seeks to generate attractive risk-adjusted returns by taking a highly-proactive approach to investment sourcing and asset management.  


HFF Director
(512) 532-1900

HFF Director, Public Relations
(617) 848-1572

HFF arranges $171 million financing for North Harbor Tower in Chicago’s Lakeshore East Neighborhood

North Harbor Tower, a 600-unit, high-rise apartment building at 175 North Harbor Drive  in Chicago’s Lakeshore East neighborhood

CHICAGO, IL –– Holliday Fenoglio Fowler, L.P. (HFF) announces that it has arranged $171.2 million in financing for North Harbor Tower, a 600-unit, high-rise apartment building at 175 North Harbor Drive in Chicago’s Lakeshore East neighborhood.

HFF worked on behalf of the borrower, Waterton, to secure the seven-year, fixed-rate loan through Freddie Mac’s Green Advantage program.  The loan will be serviced by HFF, a Freddie Mac Optigo℠ lender for Conventional Loans.

North Harbor Tower is located  immediately adjacent to a mix of residential living and  a Mariano’s Fresh Market.

Stella Pappas

Originally constructed in 1988, the 55-story tower offers 360-degree views of Lake Michigan, Navy Pier, the Museum Campus, Maggie Daley Park, the Chicago River and downtown Chicago. 

The property comprises 96 studio, 72 convertible, 234 one-bedroom, 108 two-bedroom and 90 three-bedroom units averaging 958 square feet in size. 

Gregory Napper
Community amenities include an indoor swimming pool with retractable doors; outdoor sundeck; outdoor activity area with fire pit and lounge; 24-hour fitness center; party room with billiards; 24-hour library; and easy access to local expressways and all of Chicago’s downtown and lakefront amenities.

The HFF debt placement team representing the seller was led by managing director Stephen Skok and directors Stella Pappas and Gregory Napper.

About Waterton

Waterton is a real estate investor and operator with a focus on U.S. multifamily, senior living and hospitality properties.  Founded in 1995, Waterton executes value-add strategies and manages a national portfolio ofmultifamily and hospitality properties on behalf of institutional investors, family offices and financial institutions. 

Waterton manages its multifamily and senior living properties through a vertically integrated operations platform.  Waterton has expertise in selecting and managing attractive risk adjusted real estate investments located in major markets around the United States. 

Stephen Skok
 Waterton is privately held and is headquartered in Chicago with regional teams throughout the United States.  As of December 31, 2018, Waterton’s portfolio included approximately $4.9 billion in real estate assets. 


HFF Managing Director
(312) 528-3650

HFF Public Relations Specialist
(713) 852-3403

Tangram Hosts Expert Panel to Address Eight Trends in Adaptive Workspaces for Growing Companies

From left: Mark Hershman, Partner, Shubin Donaldson; Sara Escobar, Director, Workplace Experience, Hulu; Tony Kantarjian, Principal, Enter Environments; Mark Chaput, Regional Sales Manager, Steelcase; Aaron Poladian, Manager of Real Estate, Planning and Construction, Riot Games

LOS ANGELES, CA – June 14, 2018 – Tangram, a curator of highly creative commercial interior environments and workspaces, recently hosted a special panel discussion on “Adaptive Workspaces for Growing Companies” at its Downtown LA facility.

 The distinguished group offered their expert perspectives on how organizations can plan for growth, for the evolving demands from employees and executives alike, and for the unknown nature of tomorrow’s work.

Joe Lozowski
Moderated by Nick Meter, Tangram Vice President of Sales and Customer Experience, the panel included Mark Chaput, Regional Sales Manager, Steelcase; Sara Escobar, Director, Workplace Experience, Hulu; Mark Hershman, Partner, Shubin Donaldson; Tony Kantarjian, Principal, Enter Environments; and Aaron Poladian, Manager of Real Estate, Planning and Construction, Riot Games.

Nick Meter
“Managing real estate and creating optimum workspaces are complex tasks for any company. And they can be especially challenging when you mix rapid growth with a priority on finding and retaining top talent, all while the very nature of how work gets done is changing every year,” noted Tangram President and CEO Joe Lozowski.

“It is our distinct pleasure to share the insights of these highly experienced and knowledgeable professionals. These are fundamental considerations that we assist our clients in addressing every day.”

Highlights of the highly informative discussion covering eight key topics related to planning and accommodating growth were:

Mark Hershman

Flexibility and Adaptability. Design for change and impermanence, including infrastructure (e.g., power, lighting, HVAC). Rapid advances in technology are freeing people from the traditional office environment. Involve employees in the planning process and recognize that no two people work in the same way.

Innovation and Collaboration. These aspects of work are now “the reality.” Agile and quick communication are essential, with videoconferencing becoming pervasive. Change management is basic to promoting next-generation workspaces and motivating people to use them.

Amenities. Companies must determine nice-to-haves vs. essentials in terms of making a real contribution to the business. Look at the surrounding geographic area to avoid duplication of existing services. Work with landlords to negotiate amenities, keeping in mind the potential expenses of rent and buildout.

Tony Kantarjian

Regional Offices. Make the local workforce feel special. Involve them, including the regional or country manager, in providing input. Incorporate elements that are authentic to the area and local culture.

Fast Growing Clients. Anticipated growth may or may not take place. Be ready for the unexpected. Involve consultants, since companies often “don’t know what they don’t know.” This practice can be especially valuable for companies that do not have a professional facilities management function.

Coworking Venues. Valuable as “escape hatch” to provide flexible capacity as needed to manage expansion and contraction of staff levels. Networking opportunities can be valuable as well as adaptability to individual working styles.

Aaron Poladian
Wellbeing/Wellness. Important for a wide range of reasons, including minimizing disruption of workflow and supporting employee performance. Three key aspects: physical (e.g., ergonomics), emotional (e.g., social interaction), cognitive. (e.g., privacy).

Open Space Plans. Overall, it is seen as a valid option and here to stay with positive impacts on interaction and collaboration, but should not be implemented simply because it’s a trend. Consider tradeoffs, nuances of the organization’s business and culture, types of staff activities and resulting workspace needs.

Tangram Interiors provides solutions that foster workplace satisfaction, collaboration and productivity while enhancing the client’s brand and culture.

Mark Chaput
In addition to its core contract furniture offering, the company operates seven additional business units for a comprehensive approach to workplace design. This range of services allows for top-to-bottom involvement that integrates each aspect of planning, design and installation.

For information on Tangram Interiors and its full capabilities, please go to

About Tangram Interiors

Tangram is a flagship dealership for Steelcase, Inc., and the leading interior solutions provider in Southern California with offices in Los Angeles, Orange, San Bernardino, Riverside, Kern and Fresno counties.


Rachel Reenders