M&R Development and Bucksbaum Retail Partners Acquire 2.3-Acre Site in Chicago’s Lakeview Neighborhood for Addison & Clark Development

  

 

Anthony Rossi Sr.

CHICAGO, IL — A joint venture of M&R Development and Bucksbaum Retail Properties LLC announced it has acquired  a 2.3-acre site at the southeast corner of Addison and Clark streets in Chicago’s Lakeview neighborhood.

This acquisition marks the next step in transforming the property into Addison & Clark, a mixed-use development directly across the street from Wrigley Field.

 Scheduled for completion in 2018, the project will include 148 luxury apartments and 150,000 square feet of retail commercial space. 

Demolition of the existing structures on the site will begin in the next 30-60 days, with construction of the new transit-oriented development slated to begin immediately after.

“A lot of great things are happening both inside and outside Wrigley Field,” said Anthony Rossi, Sr., president of Chicago-based M&R Development. “Just as the Cubs are projected to have one of their best seasons in history this year, we feel Addison & Clark will hit it out of the park, too, raising the bar for residential and retail options in the area.”

A developer and owner in high-profile developments like NEWCITY in Chicago’s Clybourn corridor and The Maxwell in the city’s South Loop, Bucksbaum Retail Properties will co-develop and head up leasing for the 150,000 square feet of commercial retail space located on the first three levels of Addison & Clark.

In addition to a multi-screen theater and full-service health and fitness club, the development will include best-in-class retail and dining options.

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

  

Sara Williams, swilliams@taylorjohnson.com, (312) 267-4510

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

www.addisonandclark.com.

Greenbrier Breaks Ground on $30 Million Assisted Living and Memory Care Community in Prospect Heights, IL

                                                                       

 

Larry Pusatari

CHICAGO, IL –  Greenbrier Senior Living, a division of Evergreen Real Estate Group that specializes in the development and management of senior living communities, announced it has started construction on Greenbrier of Prospect Heights, a 101-unit assisted living and memory care community in Prospect Heights, Ill. 

A ceremonial groundbreaking was held March 15 to kick off the $30 million project.

Located on 5 acres of land near the intersection of Elmhurst and Palatine roads, Greenbrier of Prospect Heights will include a three-story, 69-unit assisted living facility, as well as a one-story, 32-unit building for residents requiring memory care. In addition to a full activities program, the luxury community will offer numerous services and amenities tailored to seniors.

“As the baby boomer population ages, the need for assisted living and memory care facilities like Greenbrier of Prospect Heights will only continue to increase,” said Larry Pusateri, CEO of Greenbrier Senior Living.

“Our goal in developing this community is to create a comfortable home where residents can age in place, receiving the support and services they need while enjoying the social environment so many seniors desire.”

To learn more about Greenbrier of Prospect Heights, contact Steve Rappin, president of Evergreen Real Estate Group at 312.382.3222 or srappin@evergreenres.com.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, 312-267-4519

Kim Manning, kmanning@taylorjohnson.com, (312) 267-4527

 www.evergreenres.com

Renovation, Parking Attract Buyer to JLL’s $14M Fiesta District Listing in Mesa, AZ

827 West Grove Avenue,Mesa, AZ

 

Brian Ackerman

PHOENIX, AZ, March 22, 2016 – Modern amenities and ample parking have aided in the $14 million sale of 827 W. Grove Avenue, a Class A office building in Mesa, Arizona.

Leased by the Phoenix office of JLL, the deal involves a Class B-to-A renovation that removed 26,000 square feet of office space to achieve an approximate 6.63/1,000 parking ratio.

JLL Senior Vice President Brian Ackerman represented the property seller, Pathfinder TRF Twelve LLC and G2 Capital, in the transaction. The property buyer was Canadian-based Mesa Investment Corp. JLL Managing Directors Karsten Peterson, Mark Gustin and Dave Seeger served as the project’s leasing specialists.

“This was originally a Class B building, but the seller recognized the location and potential,” said Ackerman. “An ensuing renovation shaved off 26,000 square feet off of the building and fully improved what remained, making this basically a brand new asset – with the added bonus of a very high parking ratio in the heart of the Fiesta District.”

LGE Design Build handled the renovation with design services by Cawley Architects.

Totaling 69,561 square feet, the 1994-built 827 W. Grove Avenue is now a two-story, Class A office building that is 100 percent leased to National General Management Corp., who operates in the building as National General Lender Services, a leading provider of mortgage and auto lender-placed protection solutions, insurance products and risk management services.

Karsten Peterson

The building is mission critical to National General, featuring premier interiors, redundant GIG E Fiber, UPS back up and a 1,000kw generator. In addition, nearly half of the parking is covered.

The project is located on 5.09 acres between the US60 freeway, Alma School Road, Southern Avenue and South Extension Road, less than three miles from the Loop 101 freeway and within the Fiesta District – an area of Mesa undergoing a $500 million redevelopment boom.

It is also in walking distance to approximately 55 restaurants and four hotels. Other nearby amenities include Mesa Community College, Banner Desert Medical Center, Dobson Ranch Golf Course, Fiesta Mall and The Shoppes at Gilbert Commons.

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

:          

 Stacey Hershauer

 Phone:

 +1 480 600 0195

 Email:

 stacey@focusaz.com

www.jll.com

www.jll.com/phoenix

.

Marcus & Millichap Closes $7.3 Million Sale of 84-Room Bikini Beach Resort Motel in Panama City Beach, FL

Bikini Beach Resort Motel, Panama City Beach, FL

David Altman

PANAMA CITY BEACH, 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 the Bikini Beach Resort Motel, an 84-room hotel located in Panama City Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office. The asset sold for $7,300,000 equating to $86,905 per room.

“This was a unique opportunity for an investor to acquire a beachfront hotel with additional land directly across the street,” says David Altman, an associate in Marcus & Millichap’s Fort Lauderdale office. 

“The property had been owned and operated by the same family for over 30 years. The buyer saw an opportunity to add value by renovating the property and adding a third-party management company.”

Altman and David M. Greenberg, a vice president investments also in Marcus & Millichap’s Fort Lauderdale office, represented both the seller and buyer of the property.

Built in 1988, the Bikini Beach Resort Motel is an 84-room, five-story beachfront hotel with over 300 feet of direct frontage on the Gulf of Mexico. Included in the sale were three land parcels located on the north side of Front Beach Road, directly across the street from the hotel. 

Bikini Beach Resort Motel is located at 11001 Front Beach Road - approximately five miles east of Pier Park.

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

Ryan Nee

Vice President / Regional Manager

Fort Lauderdale, FL

(954) 245-3400

$48 million sale of two Pensacola, FL seniors housing communities closed by HFF

Ryan Maconachy

DALLAS, TX  -– Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of Carpenters Creek and Creekside, two seniors housing communities totaling 179 units in Pensacola, Florida. 

HFF marketed the offering exclusively on behalf of the seller, a private San Diego-based owner/operator.  Capital Senior Living purchased the assets for $48 million free and clear of existing debt.  The properties are 93.9 percent leased overall.

The HFF team representing the seller was led by senior managing directors Ryan Maconachy and Chad Lavender.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

HFF closes $20 million sale of 2601 Wilshire Boulevard in Los Angeles, CA

2601 Wilshire Boulevard, Downeown Los Angeles, CA

Blake A. Rogers

LOS ANGELES, CA -- March 21, 2016 - Holliday Fenoglio Fowler, L.P. (HFF) announced it has closed the sale of 2601 Wilshire Boulevard, a 1.21-acre site with two office buildings totaling 62,000 square feet in Los Angeles, California.

HFF marketed the property on behalf of the seller, an entity advised by Cohen Asset Management, Inc. (CAM).  Jamison Properties purchased the asset for $20 million.

Originally built in 1951 and renovated in 1999, 2601 Wilshire Boulevard consists of a one-story and connected four-story building, plus an adjacent four-story, five-level parking garage. 

The County of Los Angeles leases the property in its entirety through April 2019.  The property is well-suited for a future multi-housing development, with the ability to construct up to 248 units based on the current zoning.

 Situated along Wilshire Boulevard on the eastern border of Koreatown, the property is easily accessible to the Vermont/Wilshire and Westlake/MacArthur Metro Red Line subway stations, as well the 110 and 101 Freeways, two of California’s most heavily traveled arterial freeways.  The neighborhood has a WalkScore® of 95, making it one of the top three most walkable areas in Los Angeles. 

Andrew Harper

The HFF investment sales team representing the seller was led by directors Blake A. Rogers and Andrew Harper.

“The potential to redevelop this asset is tremendous given the strength of the market and the lack of supply.  The Wilshire/Koreatown submarket boasts some of the highest rent growth in all of Los Angeles County, and continues to outpace the Los Angeles metro as a whole with new construction rents achieving a minimum of a 20 percent premium compared to the rest of the market,” said Rogers.

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

Kristen M. Murphy

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

Mortgage Bankers Association Releases 2015 Rankings of Commercial/Multifamily Mortgage Firms’ Origination Volumes

WASHINGTON, D.C. (March 22, 2016)- According to a set of commercial/multifamily real estate finance league tables prepared by the Mortgage Bankers Association (MBA), Wells Fargo; Eastdil Secured, JP Morgan Chase & Company; HFF, L.P.; Meridian Capital Group, LLC; Bank of America Merrill Lynch; CBRE Capital Markets, Inc.; PNC Real Estate; Key Bank; and Capital One Financial Corp. were the top commercial/multifamily mortgage originators in 2015.

The MBA report, Commercial Real Estate/Multifamily Finance Firms - Annual Origination Volumes, is the only one of its kind to present a comprehensive set of listings of 126 different commercial/multifamily mortgage originators, their 2015 volumes and the different roles they play. 

The report presents origination volumes in more than 140 categories, including by role, by investor group, by property type, by financing structure type, and by the location of the originating office.

Ten different companies were at the top of the 11 lists reporting total originations by investor groups:

·     Wells Fargo topped the list of total origination volumes 

·     Eastil Secured, Deutsche Bank Securities Inc., and JP Morgan Chase & Company were the top originators for commercial mortgage-backed securities (CMBS) 

·     JP Morgan Chase & Company, Bank of America Merrill Lynch, and PNC Real Estate were the top originators for commercial bank loans

·     MetLife, HFF, L.P., and Prudential Mortgage Capital Company were the top originators for life insurance companies

·     Wells Fargo, Walker & Dunlop, and Berkadia were the top originators for Fannie Mae

·     Berkadia, CBRE Capital Markets, Inc., and Walker & Dunlop were the top originators for Freddie Mac

·     Berkadia, Red Mortgage Capital, LLC, and Wells Fargo were the top originators for FHA/Ginnie Mae

·     TIAA, Cushman & Wakefield, and CBRE Capital Markets, Inc. were the top originators for pension funds

·     CBRE Capital Markets, HFF, L.P., and Cushman & Wakefield were the top originators for credit companies

·     Key Bank, Capital One Financial Corp., and Eastdil Secured were the top originators for REITS, Mortgage REITS, and Investment Funds

·     JLL, Meridian Capital Group, LLC, and Mesa West Capital, LLC were the top originators for specialty finance;

·     Wells Fargo, Deutsche Bank Securities Inc., and HFF, L.P. were the top originators for the “other investors” category

·      

By dollar volume, the top five originators for third parties in 2015 were Eastdil Secured; HFF, L.P.; Meridian Capital Group, LLC; CBRE Capital Markets; and Wells Fargo.

The top five lenders in 2015 were Wells Fargo, JP Morgan Chase & Company, Bank of America Merrill Lynch, Key Bank, and Capital One Financial Corp.

The report is available for purchase through MBA's Online Store.  Members of the press may request tables from the report by emailing Ali Ahmad at aahmad@mba.org

           

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

Ali Ahmad

aahmad@mba.org

(202) 557-2727

HFF hires Jeff Bucaro as director in its Chicago office

 

Jeff Bucaro

 CHICAGO, IL, March 22, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Jeff Bucaro has joined its Chicago office as a director focused on debt and equity placement for hotel transactions in the greater Chicago area. 

Mr. Bucaro has more than 25 years of financial services experience, and most recently was an executive vice president of business development at Aries Capital. 

During his career, he has held positions at the former First National Bank of Chicago and ABN-AMRO North America while evaluating more than $4 billion in financing opportunities across all property types, with more than $1 billion in closings. 

Mr. Bucaro earned his MBA from DePaul University’s Kellstadt Graduate School of Business with a concentration in commercial real estate finance and investment, and achieved a certificate in hotel real estate investments and asset management from Cornell University’s School of Hotel Administration. 

Mike Kavanau

He is a member of the Mortgage Bankers Association, International Council of Shopping Centers, the Chicago Real Estate Council and the Real Estate Investment Association. 

“We are excited to have Jeff come aboard and bring his more than 25 years of banking and commercial real estate experience in the Chicago area to our team,” said Mike Kavanau, senior managing director and co-head of HFF’s Chicago office.

 “HFF has a very vibrant hospitality practice nationally with more than $4.5 billion in 2015 volume, and has been involved in significant Chicago transactions including the JW Marriott, the Radisson Blu and the Thompson Hotel.  Jeff’s addition and focus in this space will help take HFF to the next level.”

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

Kristen M. Murphy

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

Hold-Thyssen Negotiates Three Leases at Phillips Place, one for new Orlando, FL location of Global Marketing Firm

Darby Hold

ORLANDO, FL --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated three leases 3,371 rentable square feet of professional office space at Phillips Place, 7575 Dr. Phillips Blvd. in Southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. brokered the transactions on behalf of the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc. 

Universal Network Unlimited relocated its headquarters from San Diego and leased 1,819 square feet at Phillips Place.  The new tenant is a worldwide marketing consultant specializing in the telecommunications industry for more than 20 years. 

Hold completed a lease renewal agreement with Real Estate Closing Solutions LLC, who occupies 961 square feet at Phillips Place and specializes in title insurance and escrow closing services.

First Mover Finance & Development, LLC which specializes in Real Estate Investment and Development has renewed its lease of 591 square feet in the office building.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place.

The real estate services firm provides commercial property 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.

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

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

JPX Works Announces Plans for Emerson, Buckhead’s Newest Luxury Condominium Tower in Metro Atlanta, GA

Christa Huffstickler

ATLANTA, GA – On the heels of the award-winning, mixed-use Inman Quarter development, JPX Works, LLC, an Atlanta-based real estate development firm founded by Jarel Portman and Bruce Fernald, has released plans for its highly-anticipated 2520 Peachtree condominium tower project, which has officially been named Emerson.

The visually striking, 21-story building will serve as Buckhead’s newest skyline jewel, led by JPX Works and a highly-qualified team of industry- leading partners brought together to advance the project’s architecture, interior design, landscape, and sales and marketing efforts.

Burma Weller

“Atlantans are invested in making their neighborhoods the most exciting, vibrant areas to reside and Buckhead is certainly no exception,” stated Jarel Portman, founding principal, JPX Works. 

“The intention of Emerson is to inspire residents and neighbors alike, as well as improve the quality of their lives through exceptional design.”

The tower’s profile, which will command awe-inspiring views south over the Peachtree Battle district and north toward Buckhead’s commercial center, is an homage to Frank Lloyd Wright’s famous, “Fallingwater,” with cascading levels encompassing 44 sophisticated homes, each featuring abundant exterior glass and expansive outdoor terraces.

Situated on 1.84 landscaped acres, Emerson will be an exclusive address, featuring one to three homes per floor, each serviced by a private elevator. 

The exquisite ODA-designed unit interiors and common areas set a new bar among Atlanta’s luxury condominium buildings. The ultra-luxury services and amenities at Emerson will include an elegant fully-staffed lobby, lavish resident lounge with private dining room, and sprawling sundeck and outdoor terrace. Units are priced from $1.8 million.

“Jarel and I share a foundational belief that good design is good business. Our Emerson concept exemplifies Atlanta’s love of beauty and heritage, but also displays the modern evolution of our city’s architectural trajectory,” said Bruce Fernald, co-founder of JPX Works.

Kevin McBride

JPX Works is expected to open an Emerson sales gallery at ADAC West in Peachtree Hills this May, with groundbreaking anticipated this fall. Christa Huffstickler of Atlanta Fine Homes Sotheby’s International Realty's Developer Services division will oversee sales and marketing for the project, with colleagues Burma Weller and Kevin McBride handling on-site residential sales.

Rounding out JPX’s team are Matt Vyverberg, director of design and development and Josh Herndon, director of development. Realizing the vision draws on the talent of exceptional partners comprised of: ELV Associates, Inc. (equity investor); ODA-Architecture (design architect); Rule Joy Trammell + Rubio (architect of record); Perkins + Will (landscape architect) and Mark Williams Design Associates (interiors consultant).

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

ANDI

HILL

ACCOUNT DIRECTOR

LIZ LAPIDUS PR

O | 404-688-1466

C | 404-457-7368

FOLLOW US @lizlapiduspr

FOLLOW ME @andihill51979

772 Edgewood Ave, NE

Atlanta, Georgia 30307