Developer Janko Group Announces Completion, Grand Opening of Hyatt House Chicago/Evanston; Building marks downtown Evanston’s first hotel in 15 years

  

Hyatt House Chicago/Evanston, 1515 Chicago Avenue,
Downtown Evanston, IL

 CHICAGO, IL — Real estate developer and investment firm Janko Group, LLC, has announced the completion and grand opening of the Hyatt House Chicago/Evanston, a new extended-stay hotel located at 1515 Chicago Ave. in downtown Evanston, Ill.

Developed by Deerfield, Ill.-based Janko Group and managed by Janko Hospitality, LLC, the 114-key hotel is the first new hotel in Evanston in 15 years and will provide guests the service and convenience of hotel living with the upscale/casual comforts of home. 

Janko Group closed the purchase of the centrally located infill-parcel in 2014, recognizing the potential of the under-improved site to fill demand for additional hospitality options in Evanston’s vibrant downtown district.

“Our approach to hospitality development has always been to analyze the unique aspects of the site and fill an unmet need in the market,” said Gary Janko, founder and CEO of Janko Group.

Gary Janko

“In this case, we have a terrific central downtown location that will draw on this area’s strong business base and the Northwestern University community, not to mention Evanston’s appeal as a destination for leisure travelers.

" It’s a great fit for an extended stay concept like Hyatt House, and we’re proud to introduce the brand to Evanston and celebrate the grand opening of this vibrant new hotel.” 

The eight-story Hyatt House Evanston  is located just blocks from Northwestern University and Lake Michigan.

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

Sarah Lyons, slyons@taylorjohnson.com, (312) 267-4520

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

Sedgwick Properties Breaks Ground on 69 Luxury Apartments at 301 W. North Avenue in Chicago’s Old Town Neighborhood

Marty Paris

CHICAGO (May 18, 2016) – Developer Sedgwick Properties has broken ground on a 69-unit luxury apartment building in Chicago’s Old Town neighborhood, expected to deliver in Fall 2017.  

The seven-story building, located at 301 W. North Avenue, will offer a mix of one-, two-, and three-bedroom luxury apartment rentals, with individual units ranging from 601 to 1,300 square feet.

“Located at the intersection of two great Chicago neighborhoods – Old Town and Lincoln Park – 301 W. North Avenue will offer residents the best of each neighborhood: a variety of local neighborhood dining, nightlife and recreational choices at their doorstep, in addition to easy access to the Loop and the city’s central business district via plentiful public transportation options,” said Marty Paris, president of Sedgwick Properties. “For those seeking urban, luxury rental living on the Near North Side, this development delivers it all.”

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

Lehia Franklin Acox, lfacox@taylorjohnson.com, 

(312) 267-4511

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

www.sedgwickproperties.com.

Citivest Commercial Enters Oregon Market; Acquires Grocery-Anchored Shopping Center in Medford

  

Larry Weese

MEDFORD, OR  – Citivest Commercial LLC, a California-based commercial real estate firm that specializes in value-add retail investments, has acquired the Jackson Creek Center, a grocery-anchored, 87,847 square-foot shopping center in the rapidly growing submarket of Medford, Oregon. This is the firm’s first acquisition in Oregon.

“Medford is experiencing an economic resurgence,” says Larry Weese, President of Citivest Commercial.

 “Fueled by increased confidence in the local economy, the City of Medford has invested in numerous developments and created hundreds of new jobs in the manufacturing and distribution industries. With a population of 210,000 people and counting, the Medford MSA is the fourth largest metropolitan area in Oregon, and is poised for continued economic growth.”

Anchored by Albertsons, the center features a diverse mix of 13 national and regional retailers in the food, entertainment, and professional service industries.  Seven tenants offer grocery or food-related services, while other tenants offer nail care, dental care, medical/beauty services, and on-site gaming, among others.

“The Jackson Creek Center is the only daily needs retail center in the local Medford community, providing food and service-oriented offerings that are not significantly impacted by the ever-increasing rise of e-commerce,” continues Weese. “By acquiring this internet-resistant center, we will be able to leverage the asset’s long-term stability and resiliency to drive strong yields.”

Jackson Creek Center,  2290--2380 Main Street,
Medford, OR

            Originally built in 2000, the Jackson Creek Center, which was 96.5 percent occupied at acquisition, demonstrates deep potential for value creation, according to Weese, who points to the existing vacancy and below-market rents as opportunities for a value-add strategy.

            Citivest plans to renew and reposition the property, which has not been renovated since 2000, in order to increase the center’s value and maximize rent appreciation, capitalizing on the growth of the emerging Medford region. New national tenants have expressed interest which will contribute to the further success of the center.

            “Ultimately, this acquisition meets all of our investment criteria: value-add opportunity and location in a high barrier-to-entry submarket with strong upside potential,” confirms Weese. “Further, we were able to acquire the asset well below replacement cost, at an attractive cap rate, which outpaces comparable center cap rates throughout the Pacific Northwest.”

            Weese notes that Citivest Commercial continues to target additional retail investment opportunities in the Oregon market.

            The property is located at 2290-2380 Main St. in Medford, Oregon, situated along the I-5 freeway in the southwest region of the city. The seller, JS Western, was the original developer of the center. Citivest acquired the property for $5.385 million.

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

Katie Kea / Jenn Quader

Brower, Miller & Cole

(949) 955-7940

kkea@browermillercole.com

Berkadia LLC has Three CoStar Power Brokers; Firm also named a Top Sales Company in Alabama

David Oakley

Birmingham, AL  --- Berkadia LLC, one of the nation’s largest and most active multifamily investment banking and research companies, was recently honored by CoStar Group, Inc. as one of the “Top Sales Firms” in Alabama based on total transactions closed during 2015.

Berkadia’s overall sales volumes were evaluated against other commercial real estate brokerage firms active in its region, and subsequently ranked among the top firms in the market.

David Oakley, Managing Director at Berkadia in Alabama, along with Senior Director Royce Emerson and Associate Joshua Jacobs, were named among the Top CoStar Power Brokers in the market for achieving the highest dollar volume on multi-family property sales in 2015.

Recipients of the 2015 CoStar Power Broker™ Awards are recognized as professionals who perform at the highest levels in commercial real estate brokerage.

The most significant transaction closed by the Berkadia brokers in 2015 is the “BHM 3Core Portfolio” a three-property portfolio with assets located in Homewood, Hoover and Vestavia Hills, Ala. with a total unit count of 559.

CoStar Group, Inc. (NASDAQ: CSGP) is the leading provider of commercial real estate information, analytics and online marketplaces.

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

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