Friday, October 18, 2019

NAI Hiffman Arranges $17.1 Million Sale-Leaseback Transaction for Young Innovations, Inc. in Illinois and Missouri

Young Innovations, Inc. HQ building, 2260 Wendt Street, Algonquin, IL

Patrick J. Sullivan
OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced it has completed a sale-leaseback transaction on behalf of Young Innovations, Inc., a global manufacturer and distributor of consumable dental supplies and equipment. 

The assets, which sold for $17.1 million, include the company’s 95,000-square-foot headquarters building at 2260 Wendt St. in Algonquin, Illinois, as well as the firm’s three manufacturing and distribution facilities totaling 117,400 square feet in Earth City, Missouri, a suburb of St. Louis.

Young Innovations will maintain operations at all properties under a 20-year lease with the buyer, New York-based New Mountain Net Lease.

“Through sale-leaseback transactions, companies like Young Innovations are able to capitalize on strong pricing without any disruption to their business, in many cases reinvesting proceeds to support future growth,” said Pat Sullivan, executive vice president of NAI Hiffman’s Capital Markets Group. “These transactions also provide the steady, predictable returns that many investors seek.”


Ryan Chambers
The sale, brokered by Sullivan and Ryan Chambers, vice president of NAI Hiffman’s Capital Markets Group, marks the sixth single-tenant sale-leaseback transaction executed by the firm’s Capital Markets Group over the past 24 months. Together, they comprised 16 assets across seven states that, collectively, were valued at nearly $120 million.

CONTACTS:

 Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511


Evergreen Real Estate Group and Chicago Housing Authority Celebrate Completion of Oso Apartments in Chicago’s Albany Park Neighborhood



 Officials celebrate the grand opening of Oso Apartments on Oct. 10.

F
rom left: Emmanuel Kinard (IFF), 35th Ward Ald. Carlos Ramirez-Rosa, Eric Meyer (Evergreen Real Estate Group), David Block (Evergreen Real Estate Group), Andre Pintauro (Evergreen Construction Company), Dalia Aragon (North River Commission), Jaime Torres Carmona (Canopy Architecture + Design), Thomas Applegate (North River Commission), Wendell Harris (CCLF) and Jewell Walton (CHA).

CHICAGO, IL — Evergreen Real Estate Group, in partnership with the Chicago Housing Authority, has announced the completion of Oso Apartments, a 48-unit affordable rental community at 3435 W. Montrose Ave. in Chicago’s Albany Park neighborhood.

The developer was joined by 35th Ward Ald. Carlos Ramirez-Rosa and officials from the Chicago Housing Authority, Illinois Housing Development Authority and North River Commission at a ribbon-cutting event on Oct. 10.

“Oso Apartments is a welcome addition to Albany Park, providing beautiful and dignified affordable housing that was so desperately needed,” said Ald. Ramirez-Rosa.

Carlos Ramirez-Rosa 
“In 2017, the Institute for Housing Studies at DePaul University identified Albany Park as one of the communities with the highest displacement pressure in the city of Chicago, where rising rents were pushing more and more working people out.

The community came together with unanimous support for the project, and it was made possible by the developers and other partners who showed that they have a heart. The result is this wonderful housing for working families.”

Located at the southwest corner of Montrose Avenue and Bernard Street, on land that was formerly vacant, the new five-story building has 32 one-bedroom and 16 two-bedroom apartments, which are nearly fully occupied.

David Block
Of the 48 apartments, 32 are set aside for CHA residents. Fourteen units are reserved for households earning up to 60% of the area median income, while the remaining two units are reserved for households earning up to 50% of AMI.

“The completion of Oso Apartments is a significant achievement, as it shows how previously underutilized sites can be reimagined as thoughtfully designed housing that supports the economic diversity of our city,” said David Block, director of development at Evergreen Real Estate Group.

“We still have a long way to go in addressing Chicago’s affordable housing shortage, but this project and nearby developments like the Independence Apartments and Independence Branch Library represent progress in our mission of creating and preserving housing that allows neighbors to stay in their existing neighborhoods.”

            Jewell Walton
The $10 million project was funded, in part, with federal low-income housing tax credits and trust funds from the Illinois Housing Development Authority.

Other financing partners included the Chicago Housing Authority, ComEd Energy Grant, US Bank and Citi Bank.

“CHA has been committed to building strong, vibrant communities throughout this great city. This is an example of that commitment,” said Jewell Walton, deputy chief of the CHA’s Rental Assistance Demonstration (RAD) program.

“This beautiful new building was made possible through project-based vouchers that support developments through long-term affordability. It’s another tool we use to reiterate our pledge to deliver greater housing opportunity to all of Chicago’s 77 community areas.”

Andre Pintauro
IHDA Multifamily Financing Director Christine Moran added, “The Illinois Housing Development Authority was pleased to partner with Evergreen Real Estate Group and the city of Chicago to transform a vacant lot into a new, modern and affordable rental community.

This is an impactful development that will add diversity and depth to the local housing stock, helping the Albany Park area remain affordable and accessible as the neighborhood continues to grow.”

On-site amenities at Oso include a public plaza at the corner of Montrose and Bernard, as well as a smaller landscaped area for residents, located on the west side of the property.


Christine Moran
 In addition, Oso offers a large community room, which can be subdivided into two separate rooms, as well as a lobby with seating area, in-building laundry, bike and tenant storage, and 22 surface parking spaces.

Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the project, which was delivered in less than 12 months.

As a result of our processes and vertically integrated team, we delivered Oso on time and under budget,” said Andre Pintauro, president of Evergreen Construction Company.

Our experience as a developer informs our work as a general contractor, streamlining everything from pre-construction planning, to procurement of materials — which has become more important than ever amid rising construction costs — to execution of the vision shared by project partners and community stakeholders.”


Oso Apartments, 3435 W. Montrose Avenue, Albany Park neighborhood, Chicago, IL, located from CTA bus stops along Montrose and Kimball avenues and a half-mile south of the Kimball Brown Line station.

Designed by Chicago-based Canopy Architecture + Design, Oso Apartments features a textured concrete fa├žade with bright yellow metal accents.

The entrance includes an art wall featuring a mural design by Chicago artist Miguel A. Del Real.

“The mural runs from inside the lobby outside to the exterior wall,” said Pintauro. “The artist has completed the interior portion of the mural – a large, bright, colorful work that depicts bees, flowers and honeycombs.

"The theme ties in with the building’s name, Oso, which means bear in Spanish, and the love bears have for honey. The yellow metal accents on the building’s exterior resemble honeycombs as well. It’s a fun way to incorporate a story and pops of color into the building design.”

Miguel A. Del Real

Residences at Oso feature plank flooring, windows with perforated sun shades, kitchens with wood cabinetry and stainless steel appliances, and baths with a beveled subway tile shower surround.

Four corner units have floor-to-ceiling windows in the main living area, while the remaining apartments have Juliet balconies.

“Oso has a hip, urban vibe, with exposed concrete flooring and walls in parts of the first-floor common spaces and in hallways on each floor, as well as exposed pipes in residences,” said Pintauro.

The Montrose Blue Line station, which provides access to downtown and O’Hare International Airport, is a 10-minute drive and accessible via the No. 78 bus.

Evergreen Real Estate Services LLC is leasing and managing Oso.


CONTACTS:

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528
Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, (312) 267-4514.

 www.osoapartments.com or phone (773) 654-3418 
www.evergreenreg.com.


Ware Malcomb Expands to New Office in Downtown San Diego, CA


Tiffany English
SAN DIEGO, CA – Ware Malcomb, an award-winning international design firm, announced they have moved into a new, larger office space located at 402 West Broadway, Suite 1560 in downtown San Diego.

The move was driven by the growth of the firm’s local employee and client base. Just nine months ago, Ware Malcomb’s other office in San Diego also expanded to a larger space located at 3911 Sorrento Valley Blvd., Suite 120.

“Our presence within the dynamic San Diego market continues to expand with our second growth-driven office move in less than a year,” said Tiffany English, Principal of Ware Malcomb’s San Diego offices.

“Between our two San Diego offices, Ware Malcomb is well positioned to provide our clients with a growing array of design services now and into the future.”
Catharine Hughes
“In designing our own Ware Malcomb offices, we utilize the same principles as in all of our client projects, including an emphasis on long term real estate value, high quality materials, and incorporating sustainable features wherever possible,” added Catharine Hughes, Director, Interior Architecture & Design for Ware Malcomb’s Downtown San Diego office.

Notable projects completed by Ware Malcomb in the downtown San Diego area include: providing architecture, interior design and branding services for the exterior, lobby and amenity renovations of 525 B Street in downtown San Diego and interior architecture and design services for a 40,000 SF new creative office space for Psyonix.


CONTACTS:


Rachel Devany
VP Public Relations
 KCOMM for Ware Malcomb

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Ware Malcomb’s Design video at youtube.com/waremalcomb.



Ware Malcomb Downtown San Diego
402 West Broadway, Suite 1560
San Diego, CA 92101
p. 619.564.5138

Ware Malcomb San Diego
3911 Sorrento Valley Blvd, Suite 120
San Diego, CA 92121
p. 858.638.7277