Thursday, October 31, 2019

NAI Hiffman Arranges Sale of 254,425-SF Industrial Building in Bridgeview, IL


7557-7575 South 78th Avenue, a 254,425-square-foot industrial building in Southwest suburban Bridgeview, IL

Lawrence Much
 OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced the sale of 7557-7575 S. 78th Ave., a 254,425-square-foot industrial building in Southwest suburban Bridgeview, Ill.

 NAI Hiffman Executive Vice President Lawrence Much, SIOR; Executive Vice President Steve Connolly, SIOR; and Associate Drew Bulson marketed the property on behalf of the owner, Heller Industrial Parks, and also procured the buyer, TradeLane Properties, an Oak Brook, Ill.-based private investment group.

The new owner plans to immediately begin extensive renovations to modernize the building, and has secured NAI Hiffman as its leasing agent.

Steve Connolly,
Built in 1970, the 254,425-square-foot distribution warehouse includes 37 exterior loading docks, one drive-in door, 20-foot clear ceiling heights, 113 trailer positions, 40-foot-by-40-foot column spacing, heavy power for manufacturing, Indiana Harbor Belt (IHB) rail service and ample land for outside storage.

The seller was the original owner and designed the building to be evenly divided if needed, to accommodate two tenants.

“There is enormous investor interest in buildings such as this one that can serve as last-mile hubs for e-commerce, as consumer demand for shorter delivery times, including same-day service, continues to grow,” said Much.

Drew Bulson 
 “From Bridgeview, goods can be delivered quickly to end users in downtown Chicago as well as to the millions of consumers within the greater Chicago metropolitan area. The location also appeals to manufacturers and distributors for easy access to a large skilled-labor force.”

7557-7575 S. 78th Ave. is centrally located in Southwest Cook County less than four miles from I-55 and less than three miles from I-294.

 The center is located near shops and restaurants along Harlem Avenue, six miles from Midway International Airport, 25 miles from O’Hare International Airport and 16 miles from Chicago’s Loop.


CONTACTS: 

Patty Cronin, pcronin@taylorjohnson.com, (312) 267-451
Gretchen Muller, gmuller@taylorjohnson.com, (312) 952-4802



Travelodge Florida Mall Sold for $5.5 Million in Orlando, FL

 
Travelodge Florida Mall, a 125-room hospitality property located at 1850 West Landstreet Road 


ORLANDO, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Travelodge Florida Mall, a 125-room hospitality property located in Orlando, FL, according to Scott Lunine, Regional Manager of the firm’s Miami office. The asset sold for $5,500,000.

Ahmed Kabani, an investment specialist in Marcus & Millichap’s Miami 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 secured and represented by Kabani,

Ahmed Kabani
Travelodge Florida Mall is located at 1850 W Landstreet Rd in Orlando, FL.  (Built in 1988, the 132-unit property is an interior and exterior corridor hotel located adjacent to Florida Mall.

The property sits on a total of 2.72 acres.) “This property has an opportunity to grow further under the new management. The property is in an excellent location close to Florida Mall and Orlando International Airport”, stated Kabani.






CONTACT:

Scott Lunine
Vice President
Regional Manager
Miami, FL
(786) 522-7000

Two Denver development projects receive $25 million in financing


777 and 757 Grant Street, Denver, CO

DENVER, CO  JLL announced it has secured $25 million in construction and bridge financing for 777 and 757 Grant Street in Denver, Colorado. 777 Grant Street is a vintage office building that will be renovated and repositioned while 757 Grant Street is a Class A, ground-up multifamily development.

Leon McBroom 
JLL worked on behalf of the borrower, LCP Development, to secure the three-year construction and bridge loan through a national bank. 

Located on the hard corner of 8th Avenue and Grant Street within Denver’s Capitol Hill neighborhood, 777 and 757 Grant Street possess phenomenal access throughout the Denver metro via automobile, public transit or the Cherry Creek Bike Path. 

Capitol Hill is highly amenitized with numerous bars and restaurants, entertainment destinations and retail options all within a walkable live-work-play environment that boasts one of the highest resident concentrations in Denver. 

Once renovated, 777 Grant will be a Class A asset providing the market with best-in-class office space, and modern amenities such as a “corporate living room” planned for the first floor lobby that will feature a kitchen/cafĂ© area with high-top booth seating; a large executive conference room; ground floor retail space; a new fitness center with lockers and showers; and bike and storage space. 

The 77,331-square-foot building will also provide tenants with 138 parking stalls in a below-grade parking structure and surface parking. 

757 Grant Street will be a ground-up, four-story residential building sitting atop a four-story parking structure. The studio-only, 68-unit development will cater to residents seeking smaller living quarters at a more affordable price point and will offer tenants top-of-the-line amenities, including a community room with kitchen, fitness center and rooftop deck with lounge seating, gas grills and a fire pit. 

Kristian Lichtenfels
JLL’s Capital Markets team representing the borrower was led by Senior Directors Leon McBroom and Kristian Lichtenfels.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

 The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
  
Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.

Contact: 

Kristen Murphy, JLL Director, Public Relations 
Phone: +1 617 848 1572
Email: kristen.murphy@am.jll.com 


The Altman Cos. Acquires Land, Closes Loan and Holds Groundbreaking Ceremony for its Two Newest Developments in Miramar, FL

Joel Altman

Miramar, FL – The Altman Companies, a nationally recognized developer of exceptional rental apartment communities, announced it has closed on the land and its construction loan and held a Groundbreaking Ceremony for its two newest developments in Miramar.

 Altman partnered with Rockpoint Group, a Boston-based real estate private equity firm, in the transaction. PNC Bank and Comerica Bank provided the construction loan for the development.


Development will be at the northwest corner of Red Road and Miramar Parkway in Miramar, FL

"We are thrilled to begin the construction process on Miramar,” said Joel Altman, Chairman of The Altman Companies. “We look forward to bringing an exceptional living experience to this suburban area of Broward County where we will provide residents with a standard of living, they won’t find anywhere else in the market.”

 Located at the northwest corner of Red Road and Miramar Parkway in the City of Miramar is one of the last remaining garden development sites in Broward County. 

The development consists of two distinct communities within a larger master planned development that will feature spacious floorplans with energy efficient appliances, designer kitchens, spa-inspired baths, private balconies and several with attached garages.

Media Contact:

Kip Hunter Marketing, 954-765-1329
Nicole Lewis (c: 305-803-9177), Nicole@kiphuntermarketing.com
Aimee Adler Cooke // Aimee@kiphuntermarketing.com 


NAI Realvest Closes Land Lease in Winter Haven, FL for Brevard County Trucking Firm’s Expansion


Chris Adams
WINTER HAVEN, FL – NAI Realvest recently negotiated a land lease of the 4.64-acre parcel at 2500 Dundee Rd. in Winter Haven . 

Pinto Transport, Inc. of Palm Bay leased the property to expand their operations.  They will use the new Winter Haven location for truck repair and storage.  

 Chris Adams, vice president at NAI Realvest brokered the transaction on behalf of the tenant and the local owner/landlord John P. Adams Properties, Inc.  


CONTACTS:

Chris Adams, Vice President, NAI Realvest, 
407-875-9989 cadams@realvest.com
                                                                                                                        
Patrick Mahoney, President / CEO,  NAI Realvest,
 407-875-9989 pmahoney@realvest.com

 Beth Payan, Larry Vershel Communications, 

Hold-Thyssen Closes on Two Professional Office Leases in Florida



Theresa Margaris
Tampa, FL --- Hold-Thyssen, Inc. a full-service commercial real estate firm brokered two new professional office leases on behalf of the landlords and tenants to facilitate the relocation of an established medical practice and an IT support company.   
6301 Memorial Building, Tampa, FL
Leasing Associate Theresa Margaris at Hold-Thyssen’s Clearwater office represented A Woman’s Place Medical Clinic who leased 1,750 square feet in the 6301 Memorial Building on Memorial Highway in Tampa . 
 The established medical practice is relocating to provide counsel and care in an underserved market.  
Margaris represented the landlord at Chateau Professional Park in a lease agreement with Revitup Enterprises, LLC for 1,500 square feet.  Revitup has provided design, development and support services for over a decade.  

Chateau Professional Park, Lutz, FL
The new location at 18530 N. Dale Mabry Hwy. in Lutz is larger and more centralized and will enable the locally-owned firm to better serve existing and new clientele. 
HoldThyssen, Inc. provides commercial property brokerage and leasing and management services to institutional and private investor clients nationwide.  

The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States . 

CONTACTS:

 Richard J. Fisher, Vice President/Investor Services, Hold-Thyssen, Inc. 
813-880-7100 ext303 rfisher@HoldThyssen.com

 Theresa Margaris, Leasing Associate, Hold-Thyssen, Inc. 

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