Structured Development Completes Sale of 224,000-Square-Foot Blackhawk on Halsted Mixed-Use Development in Lincoln Park, IL

  

Blackhawk on Halsted, 1460 North Halsted Street, Lincoln Park Neighborhood, Chicago, IL

CHICAGO, IL (May 3, 2016) – Chicago-based Structured Development today announced it has completed the sale of Blackhawk on Halsted, the firm’s 224,000-square-foot mixed-use development at 1460 N. Halsted St. in Lincoln Park, to a foreign institutional investment fund represented locally by LaSalle Investment Management.

Completed in 2009, the fully leased retail and medical office property consists of three structures: an 82,901-square-foot building that houses the British School of Chicago, whose lease runs through 2040; an adjacent mixed-use building that includes 48,016 square feet of retail and 93,287 square feet of medical office space; and a 550-vehicle parking garage with an additional 48,016 square feet of ground-level retail.

“This property is located in the epicenter of the expanding Clybourn Corridor, where our firm has completed several projects over the last 15 years, including the NEWCITY mixed-use development across the street from Blackhawk on Halsted,” said Daniel Lukas, principal and co-founder of Structured Development.

“While we highly value the Blackhawk on Halsted property, we determined it to be in our investors’ best interest to sell this asset and redeploy the equity into new development opportunities in the neighborhood.”

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

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

Abe Tekippe, atekippe@taylorjohnson.com, 312-267-4528

                        

LakePark at Tradition Wins Numerous Accolades at the 2016 Treasure Coast Parade of Homes

Steve Svopa

Port St. Lucie, FL– Minto Communities’ master-planned community, LakePark at Tradition, received six awards for its brand new models during the 2016 Treasure Coast Parade of Homes. 

Presented by the Treasure Coast Builders Association, the event is designed to promote local builders and showcase their products including model and luxury homes.

Located at Tradition in Port St. Lucie, one of the “Top 10 Best Places to Retire in the U.S.” according to Portfolio.com, LakePark captures the small-town charm while offering resort-style amenities to create a vacation-inspired lifestyle. Pricing for LakePark’s single-family and villa homes range from the $190s to mid $200s.

“It’s an honor for our new models at LakePark at Tradition to be recognized in these categories,” said Steve Svopa, vice president of Minto Communities. “Residents get to experience a one-of-a-kind community with incredible amenities right at their doorstep. Maintenance-free living at LakePark at Tradition is like being on a permanent vacation.”

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

Ashley Fierman

BoardroomPR

afierman@boardroompr.com

(954) 370-8999

NAI Realvest Negotiates Leases totaling 24,900 Square Feet of Industrial space in Goldenrod and Hanging Moss CommerCenters in Orlando, FL

Patty Nolff

ORLANDO, FL – NAI Realvest recently negotiated six lease agreements for a total of 29,968 rentable square feet of industrial space at Goldenrod and Hanging Moss CommerCenters in Orlando. 

At Goldenrod CommerCenter Michael Heidrich, principal at NAI Realvest represented Landlord Goldenrod SPE, LLC in a lease agreement for 2,000 square feet in Suite 120 at 1460 N. Goldenrod Rd. The new tenant is Orlando Tinting Service, LLC an auto window tinting firm.

 At the same time Alternate Elevator Sales & Service, LLC renewed the lease of suite 125 with 2,000 square feet in the same building; and Source of Athletics, Inc., specializing in boxing and martial arts training, renewed the lease of 6,618 square feet in Suite 200 of 1468 N. Goldenrod Rd.

At Hanging Moss CommerCenter representing Hanging Moss SPE, LLC Heidrich completed lease renewals with Tenants Apex Imaging, LLC, a radiology center, for 6,200 square feet and City Electric Supply Company for 4,200 square feet.  

In addition, Heidrich and Associate Patty Nolff negotiated a new lease with Tenant Carroll Bradford Land Management Group, Inc. who was occupying Suite 420 with 2,000 square feet at Hanging Moss CommerCenter, and signed a new lease to relocate and expand into Suites 360-370 with 3,750 square feet.   

Todd Davis of Colliers International represented the tenant in the transaction.

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

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

Real Estate Capital Institute Reports Low Mortgage Rates for Investors Still on Table But Could Shoot Up Quickly as Economy Improves

Jeanne Peck

CHICAGO, IL – Real Estate Capital Institute reports the economy remains kind to real estate investment as it continues to foster low mortgage rates.  Working against

low rates is the U.S. economic outlook, which is improving as deflationary

concerns ease.  Steadily climbing oil prices combined with reduced fear of a

Chinese economic meltdown gives the Fed enough ammunition to raise rates

again.  In favor of low rates, the less-volatile conduit market appears to

maintain pricing (investment grade CMBS spreads back to mid-November) levels

but at a cost: meager volume.

The net effect?  Not much rate movement, only about a quarter percent

increased during the month.  Investors pay attention to other more pressing

issues such as:

*    "High conviction" investing:  Really focus on a very specific

investment strategy and stay liquid to cover downside risk.  Investors are

pickier and rely on more on long term vs. build-and-flip strategy; they are

prepared to own thru a downturn.

*    More fluid supply & demand dynamics:  Overbuilding, for example, is

less of an issue if projects serve highly-targeted consumer needs such as

Transit Oriented, senior living, Hispanic grocer.

*    Black Swan: increased concern about the higher frequency of events

beyond investor control (terrorism, global instability).  Cybersecurity is

notable in the list of such concerns as many fear moving too quickly into

the e-commerce "unknown."  For example, owners experiment to find the

optimum mix of online and bricks and mortar retail space to stay relevant in

addition to "experiential" shopping.

*    Lower returns:  Healthier economic system governed by stricter

regulations and less consumer debt - allowing lower/safer overall returns.

Foreign and domestic private investors flock to both debt and equity, more

flexible funds not hampered by regulations or rigid yield thresholds.

*    Affordability:  Developers can't build enough workforce and

affordable rental housing -  a key focus with agency lenders and communities

offering investors pricing discounts, tax breaks, more density bonuses. 

Jeanne Peck, director of The Real Estate Capital Institute(r), warns, "The

ride is smooth now, but keep your seatbelts fastened for some turbulence

ahead."  She adds, "Low yields are acceptable, as long as the domestic and

global economies stay in sync."

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

Jeanne Peck

 Executive Director

director@reci.com

www.reci.com

Volusia-University of Central Florida Business Incubator Displays Rapid Prototyping Unit

Rob Cassata

ORLANDO, FL -- Rob Cassata, CEO of Cogent Solar is shown designing and printing his own prototype at the Volusia-UCF Business Incubator’s Makerlab launched earlier this year offering several 3D printers and training sessions.

 Cogent Solar is a startup company that provides affordable solar panel solutions that complement the distinctive designs of today’s homes, businesses and recreational venues.

         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

Hold-Thyssen Transaction Specialist Carol Kinnard Wins ‘Office Deal of the Year 2015’ Award from Florida Gulf Coast Association of Realtors

Carol Kinnard

TAMPA, FL --- Carol Kinnard, medical office specialist in Hold-Thyssen’s Clearwater office, recently received the Pinnacle Award for “Office Deal of the Year 2015” by Florida Gulf Coast Association of Realtors (FGCAR). 

      

The Deal of the Year Award was based on a combination of factors including scope of the assignment, its strategic importance to the community, and the broker’s performance in satisfying multiple parties to the transaction. 

Kinnard’s transaction involved the tenant, subtenant, landlord and contractor; it took 48 months to complete the deal that fell through three times.  

It involved both lease negotiations and construction of a 5,000 square foot build-to-suit medical building with special features for medical services.  

The building required a fire suppression system, hallways wide enough for gurneys, outside tank storage placement, and ingress/egress for access by large delivery trucks and tanks.

The award also recognized Kinnard’s work researching five locations, determining the needs of both the tenant and subtenant (hospital and medical service provider) and buy-in with the owners to understand and agree to those needs.

        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