Kiser Group Brokers Sales for Two Apartment Buildings and One Mixed-Use Property in Metro Chicago, IL

1230--1244 Carol, Park Ridge, IL

CHICAGO, IL – Kiser Group, Chicago’s leading mid-market commercial real estate brokerage firm, recently brokered two apartment sales and one mixed-use property transaction – a 52-unit property in Park Ridge, a 15-unit mixed-use building in Portage Park, and a six-unit building in Rogers Park.

John Meyer

1230-1244 Carol – Park Ridge

 The 52-unit brick apartment complex located at 1230-1244 Carol in Park Ridge sold for $4.45 million. The unit mix includes one- and two two-bedroom units, each with one bath.

 “This property provides solid, stable returns and has been extremely well-maintained,” said John Meyer, managing director of Kiser Group, who represented buyer and seller in the sale. “The surrounding neighborhood is quiet and tends to attract renters that stay for a long time.” 

Brian Semel

4209 Milwaukee -- Portage Park

 This 15-unit mixed-use property at 4209 Milwaukee includes five storefronts along a bustling city street with 10 apartments located directly above the commercial spaces. Located in Chicago’s Portage Park neighborhood, it sold for $815,000. The unit mix includes five retail spaces, five one-bedroom, one-bath residential units and five studio apartments.

“This building attracts retailers that serve the needs of the neighborhood,” said Brian Semel, senior managing director of Kiser Group, who represented buyer and seller in the sale. “The high visibility along heavily trafficked Milwaukee Avenue also appeals to these retailers.”

  

Mike Anguiano

 “Residents of this building enjoy the convenient location,” added Mike Anguiano, managing director of Kiser Group, who also represented buyer and seller in the sale. “They can get on the Milwaukee Avenue bus right outside their door.”

1431 West Howard, Rogers Park

Located at 1431 W. Howard in Chicago’s Rogers Park neighborhood, this center-entrance six-flat sold for $605,000. It includes two-bedroom, one-bath apartments. The property also includes a four-car parking garage.

4209 Milwaukee, Portage Park, IL

 “This recently improved six-flat consistently maintains a high occupancy rate because of its location,” said Mike Anguiano, managing director of Kiser Group, who represented the seller in the sale. “It’s a five minute walk to the Purple Line ‘L’ stop at Howard Street, and it’s only a few blocks from Lake Michigan.”

 All the names of buyers and sellers involved in these transactions are not available at this time.

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

Mark Thomton

mthomton@taylorjohnson.com,

312-267-4523

Berger Commercial Realty Manages New Office Build for Schneider Electric USA in Fort Lauderdale, FL

  

3330 NW 53rd Street, Fort Lauderdale comparable photo
to 3350 NW 53rd Street (above), Fort Lauderdale, FL

FORT LAUDERDALE, FL --  Full service commercial real estate firm Berger Commercial Realty recently completed a construction management project for Schneider Electric USA's new office, located at 3330 NW 53rd Street in Fort Lauderdale.

Lloyd Berger

 The firm represented landlord SPG Palm Crossings LLC in leasing the 10,665-square-foot space to Schneider Electric USA for a 5-year term, then oversaw the overall space planning and engineering for the complete office build-out.

The $450,000 project was permitted and completed in 10 weeks, from overall design and permitting to final closeout.

 Berger Commercial Realty's construction and project management services include long-term planning, competitive bidding, and selection, coordination and management of design, engineering and construction professionals.

 "Our staff manages the entire process, operating as a single source of coordination and accountability.

" Our integrated expertise allows our clients to reach their specific financial and operational objectives, whether it's a tenant improvement project or extensive redevelopment," said Berger Commercial Realty President Lloyd Berger.

"Each property is different, but our goal is the same: to provide our clients with every opportunity for success throughout the management and construction process."

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

Marielle Sologuren

msologuren@piersongrant.com

(954) 776-1999, ext. 226

HC Real Estate Capital Arranges $5,250,000 in Financing for Office Building in Boca Raton, FL

Greenhouse Office Building, Boca Raton, FL

Boca Raton, FL –   Kurt Hoffmann and Chris Caveglia of HC Real Estate Capital have arranged $5,250,000 in financing for the Greenhouse Office Building located in Boca Raton, FL. 

Financing was arranged through a local lender with a 5-year term and a 25-year amortization schedule at a competitive fixed interest rate. The property is a Class “B” three -story multi-tenant office building totaling 71,820 SF of rentable area.  The refinance allowed the borrower to recapture equity as well as reduce his interest rate.

Chris Caveglia, Principal at HC Real Estate Capital states,  “18 months ago, when the borrower took over the property, it was 45% occupied at below market rents.  The buyer implemented an aggressive leasing and renovation plan and is now 99% occupied.”  

HC Real Estate Capital, LLC is a privately owned mortgage-banking firm founded by Kurt Hoffmann and Chris Caveglia. Based in Delray Beach, Florida, HC Real Estate Capital arranges permanent commercial and multifamily real estate loans. 

The company has a broad capital provider base that includes insurance companies, CMBS lenders, pension fund advisors, Agency lenders and commercial banks.

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

Chris Caveglia

HC Real Estate Capital, LLC

660 Linton Blvd. Ste 200 EX5

Delray Beach, FL 33444

Direct: 561-266-3273

Mobile: 561-376-3176

ccaveglia@hcrecapital.com

www.HCREcapital.com

HFF closes $361 million sale of 10 and 120 South Riverside Plaza in Chicago’s West Loop

10 and 120 South Riverside Plaza, West Loop, Chicago, IL 

Jaime Fink

CHICAGO, IL – HFF announced it has closed the $361 million sale of 10 and 120 South Riverside Plaza, a two-building, 21-story Class A office property totaling more than 1.4 million square feet  in Chicago’s West Loop.

                HFF marketed the property on behalf of the seller, TIER REIT, Inc.  An affiliate of Ivanhoe Cambridge advised by Callahan Capital Properties purchased the asset for $361 million.

10 and 120 South Riverside is located on the western bank of the Chicago River’s South Branch directly between Union Station and the Ogilvie Transportation Center.

 Designed by Skidmore, Owings and Merrill and completed in 1966 by Tishman Midwest, the buildings underwent renovation in 1999 and are 89 percent leased to tenants such as CDW, Zurich American Insurance Company, Arnstein & Lehr and Plante Moran.  

Jeff Bramson

The HFF team representing the seller was led by senior managing directors Jaime Fink and Jeff Bramson and managing director Mark Katz.

TIER REIT, Inc. is a Dallas, Texas-based real estate investment trust focused on providing quality, attractive, well-managed commercial office properties in dynamic markets throughout the United States, including Houston, Austin and Dallas/Ft. Worth, Texas; Chicago, Illinois; Philadelphia, Pennsylvania; Washington, D.C.; Charlotte, North Carolina and select other markets.

 For more information on TIER REIT, please visit www.tierreit.com or call 979.931.4300.

Ivanhoé Cambridge is a world-class real estate company that leverages its high-level expertise in all aspects of real estate including investment, development, asset management, leasing and operations, to deliver an optimal return for its investors. 

Mark Katz

Through its multiple subsidiaries, its assets in more than 20 countries are valued at more than Cdn$35 billion as at December 31, 2012.  Ivanhoé Cambridge is a real estate subsidiary of the Caisse de dépôt et placement du Québec, one of Canada's leading institutional fund managers.  www.ivanhoecambridge.com.

Callahan Capital Properties (“CCP”) is a real estate investment firm focused on acquiring high quality office properties throughout the United States and leveraging substantial experience and expertise in asset management to enhance value.

 In December 2012, Ivanhoe Cambridge - selected CCP to join forces in the development of its U.S. office real estate platform and the management of its expanding office portfolio in major gateway markets. 

Since joining forces Ivanhoé Cambridge and CCP have acquired over 5.0 million square feet of Class A office properties in New York, Chicago and Seattle. .  www.callahancp.com.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

www.twitter.com/hff.   

HFF closes sale of and arranges financing for Class A office in Schaumburg, IL

Century Center One and Two, Schaumburg, IL

CHICAGO, IL – HFF announced it has closed the sale of and arranged financing for Two Century Centre, a 221,177-square-foot, Class A office property in Schaumburg, Illinois, a northeastern suburb of Chicago. 

Jeff Bramson

Centennial Center, a 266,884square-foot, Class A office building adjacent to Two Century Centre was also included in the financing portion of the transaction.

HFF marketed Two Century Centre on behalf of Pearlmark Real Estate Partners, LLC.  Sovereign Partners, LLC purchased the asset free and clear of existing debt. 

HFF also brokered the sale of the adjacent One Century Centre in a separate transaction. 

Jaime Fink

Additionally, HFF worked on behalf of the buyer, to secure a $27 million, floating-rate acquisition loan for both Two Century Centre and Centennial Center through RBS Citizens Bank.

The buildings are located at 1700 and 1900 Golf Road on approximately 20.6 acres adjacent to the junction of Interstates 90 and 290, approximately 25 miles northwest of Chicago’s central business district.

 Renovated in 2004, Two Century Centre is 88.6 occupied by tenants such as Colgate-Palmolive, American Auto Guardian and Benefits Express.  Centennial Center was renovated most recently in 2012 and is leased to tenants such as United Healthcare, Crawford & Co. and MetLife. 

Mark Katz

HFF’s investment sales team was led by senior managing directors Jeff Bramson and Jaime Fink and managing director Mark Katz.

                The HFF debt placement team representing the borrower was led by managing directors Matthew Schoenfeldt and Christopher Carroll and senior managing director Mike Kavanau. 

Chicago-based Pearlmark Real Estate Partners is a private equity real estate investment firm that pursues domestic, value-added strategies through a series of institutional investment vehicles. 

Matthew Schoenfeldt

Since its inception in 1996, the firm has made more than 500 office, industrial, retail, multifamily, and mezzanine loan investments nationwide, representing a gross investment of more than $12 billion. 

Pearlmark and its partners, including insurance companies, public and private pension funds, foundations and endowments, banks, corporations, and high net worth individuals and families, have committed nearly $4 billion of equity capital to the firm’s investment activities. 

Mike Kavanau

The company currently employs approximately 40 professionals and is headquartered in Chicago with offices in Denver and New York City. 

For more information, please visit www.pearlmarkrealestate.com.

Sovereign Partners, LLC is a privately-held real estate investment organization that specializes in the acquisition of quality assets throughout the United States. 

Sovereign’s real estate team draws on a deep knowledge of real estate fundamentals and capital markets to acquire properties throughout the country.

Christopher Carroll

With interests in more than six million square feet of property, Sovereign Partners has demonstrated its ability to identify and finance promising opportunities.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $46.5 million sale of Park Square in Rahway, NJ

Park Square Apartments, Rahway, NJ

Kevin O'Hearn

FLORHAM PARK, NJ - HFF announced the sale of Park Square, a 159-unit, luxury apartment community located in downtown Rahway, New Jersey.

                HFF marketed the transit-oriented property on behalf of the Landmark Companies.  Roseland Property Company, a wholly owned subsidiary of Mack-Cali Realty Corporation, purchased the asset for $46.5 million, or nearly $292,500 per unit.

Completed in two phases between 2009 and 2011, Park Square is located at the intersection of Irving and Main Streets in downtown Rahway and is two blocks from the Rahway transit station, providing access to midtown Manhattan and other suburban locations.

Jose Cruz

 Consisting of two four-story buildings, the community is 94 percent leased and has homes averaging 1,176 square feet each.  Community amenities include two fitness centers, community room with Wi-Fi, outdoor lounge, billiards room and covered parking.  The property also has approximately 6,000 square feet of street-level retail.

The HFF investment sales team representing the seller was led by Kevin O’Hearn, Jose Cruz and Michael Oliver from HFF’s New Jersey office along with Andrew Scandalios and Jeff Julien from HFF’s New York City office.

Michael Oliver

“In Mack-Cali/Roseland’s first apartment purchase in New Jersey since their merger, they did an outstanding job of working through some items that arose during the process and solving them efficiently and effectively.

“ Their investment in Rahway is a tremendous endorsement for the town and its growing downtown Arts District, as well as a testament to the high-quality property developed by Landmark,” said O’Hearn.

Andrew Scandalios

Landmark is a diverse real estate company focused on the design, development, construction and management of real estate. 

  Based in New Jersey, Landmark has earned its reputation as one of the area’s leading residential development companies by its sustained focus on customer service and satisfaction, its commitment to superior quality construction and its dedication to planning communities that will continue to grow and thrive. 

Since 1992, Roseland Property Company and its principals have grown to become recognized as industry leaders having developed more than 40,000 high-end residential units, in addition to more than 4,000 residential sales since 2004. 

Jeff Julien

Superior quality, meticulous attention to detail and an unwavering commitment to customer service are the standards that Roseland demands for its properties.  www.roselandproperty.com.

Mack-Cali Realty Corporation (NYSE: CLI) is a fully-integrated, self-administered, self-managed real estate investment trust (REIT) providing management, leasing, development, construction and other tenant-related services for its class A real estate portfolio.

  Mack-Cali owns or has interests in 275 properties consisting of 266 office and office/flex properties totaling approximately 30.7 million square feet and nine multifamily rental properties containing more than 3,300 residential units, all located in the Northeast. 

The properties enable the company to provide a full complement of real estate opportunities to its diverse base of commercial and residential tenants.  www.mack-cali.com.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

HFF closes $9 million sale and arranges $4 million financing for Miami “fractured” condominium property

Gables Court, 6811 SW 44th Street, Miami, FL

 

Jaret Turkell

MIAMI, FL – HFF announced it has closed the sale of and arranged financing for the remaining 39 unsold units at Gables Court, a 159-unit, Class A condominium property in Miami, Florida.

                HFF marketed the units on behalf of the seller, a locally-based real estate investor.  4831 Gables, LLC, an investment entity controlled by an out-of-state investor purchased the remaining units for $9 million. 

HFF also worked on behalf of the buyer to secure a low leverage, fixed-rate, non-recourse senior mortgage loan through Stonegate Bank to acquire the property.  Cecilia Rivero, senior vice president at Stonegate Bank handled the loan.

Maurice Habif

                Completed in 2005, Gables Court features six buildings with two- and three-bedroom units averaging 1,185 square feet each.  Community amenities include a swimming pool, fitness center and clubroom with lounge and billiard table. 

The 98 percent leased property is located at 6811 SW 44th Street adjacent to Bird Ludlam Shopping Center and a short drive from Coral Gables, Dadeland Mall, Sunset Place, Merrick Park and Miracle Mile. 

The University of Miami is also located less than two miles from the property, making this a popular choice for off campus student housing.

The HFF team representing the seller was led by director Jaret Turkell along with senior real estate analysts Scott Wadler and Maurice Habif.  Jonathan Mann of Coldwell Banker also assisted the HFF team with the transaction. 

Jonathan Mann

In addition, Turkell represented the borrower in arranging acquisition financing for the transaction. 

“The property features stable in-place cash flow with strong prospects for appreciation.  This transaction was a win-win and both buyer and seller are extremely pleased with the results,” said Turkell.   

  HFF’s investment sales team closed more than $4 billion in multi-housing sales nationally through third quarter of 2013. 

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com