Tuesday, November 8, 2016

Baker Development Breaks Ground for ELEVATE Lincoln Park, IL – The First Luxury Apartment Building on Lincoln Avenue

Michele Smith
CHICAGO, IL (Nov. 8, 2016) – After demolishing the old Lincoln Centre complex on Lincoln Avenue in Lincoln Park earlier this year, Baker Development Corporation announced it will now begin construction on ELEVATE Lincoln Park – a mixed-use 191-unit luxury apartment building in the heart of Lincoln Park.

A groundbreaking ceremony was held on November 1 to commemorate the significance of the project as the first luxury apartment building and Transit Oriented Development (TOD) on Lincoln Avenue, and to celebrate the positive impact it will have on the local community.

“We worked closely with Lincoln Park Alderman, Michele Smith, and the Wrightwood Neighbors Association to design a vibrant development that would transform the neighborhood,” said Dan Slack of Baker Development Corporation as he addressed the crowd at the groundbreaking.

“There hasn’t been a new apartment building constructed in Lincoln Park like ELEVATE in decades. ELEVATE will join The Lincoln Common project – at the old Children's Memorial Hospital site just a few blocks south – as a catalyst for restoring this sleepy stretch of Lincoln Avenue to its original glory,”  Slack said.

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

Kelly Shumaker at Taylor Johnson at (312) 267-4519 or kshumaker@taylorjohnson.com

Cohen Commercial Realty Brokers Jupiter, FL Medical Office Condo

Bryan Cohen
Jupiter, FL — Bryan Cohen and Allan Carlisle of Cohen Commercial Realty, Inc., announced the sale of 601 University Boulevard, Unit 201. This 1,938-square-foot medical office condo is located at 601 University Boulevard just west of Military Trail in Jupiter. Cohen Commercial represented the seller in this transaction.

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

Jamie Crocker

NAI Realvest Team Negotiates Lease Agreement with Manatee County Farm Bureau for its New Location in Ellenton, FL

Kimberly Manson

Ellenton, Fla. --- NAI Realvest recently negotiated a new, long-term sublease agreement for 1,595 rentable square feet in a retail center at 2025 60th Ave. just East of I-75 and North of US 301 in Ellenton.  

Jeff Tanner
Kim Manson, director of retail and investment sales at NAI Realvest and Jeff Tanner, senior VP of investment sales and leasing, brokered the transaction on behalf of Tampa-based Soaring Wings Ellenton, LLC, the Sublessor and Manatee County Farm Bureau Inc., Sublessee.  

Manatee County Farm Bureau Inc., based in Bradenton, will be moving its office to this new location within the next few months.

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

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

KIG Brokers $86 Million Portfolio Sale in Downtown Chicago

901 West Jackson, Chicago, IL

Susan Tjarksen
 CHICAGO, IL (Nov. 8, 2016) — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, today announced it has brokered an $86 million portfolio sale of six vintage office buildings and three land sites in downtown Chicago.

Real estate investment firm R2 Companies purchased the properties, located throughout the West Loop, Greektown, River North and Printers Row, from Chicago-based Loft Development Corp., which was represented by KIG Principal and Managing Broker Susan Tjarksen.
“For a transaction of this scale, it was crucial for KIG to find a buyer that was not only familiar with these neighborhoods, but also had the connections and experience necessary to maximize the value of the underlying real estate through adaptive reuse and multifamily developments,” said Tjarksen.

 “R2 was selected because of their successful track record of developing, renovating and repositioning commercial real estate assets, including numerous loft office buildings and land sites, throughout Chicago and the Midwest.”

Matt Garrison
 Built between 1883 and 1904, the properties are collectively 90.8 percent occupied, with an average of 3.9 years remaining on existing leases.

“These properties are located in some of Chicago’s hottest neighborhoods for office, retail and residential development, which made them especially attractive from an investment standpoint because we were able to expand our footprint in a single transaction,” said Matt Garrison, managing principal of R2. 

“With the help of KIG, we were able to see the potential in each asset and value that could be realized through additional investment.”

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

Rebecca Boykin, rboykin@taylorjohnson.com, (312) 267-4523
Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528

ATTOM Data Solutions Reports Distressed Home Sales Drop to Nine-Year-Low in Q3 2016

 IRVINE, CA — ATTOM Data Solutions, the nation’s leading source for comprehensive housing data and the new parent company of RealtyTrac  released its Q3 2016 U.S. Home Sales Report, which shows that distressed sales — including bank-owned (REO) sales, sales of homes actively in foreclosure, and short sales — accounted for 12.9 percent of all U.S. single family home and condo sales in Q3 2016, down from 15.0 percent in the previous quarter and down from 15.9 percent in Q3 2015 to the lowest share of distressed home sales since Q3 2007, when distressed sales accounted for 12.3 percent of all home sales.

“Distressed inventory for sale is virtually non-existent in many of the nation’s hottest housing markets, and when a distressed property is listed for sale in those markets it often sells quickly and at little or no discount,” said Daren Blomquist, senior vice president at ATTOM Data Solutions.

“The scarcity of discounted distressed inventory is chasing away cash buyers and other bargain hunters, but it’s certainly good news for home sellers, who nationwide realized the biggest home price gains since purchase in nine years.

“We are seeing the average seller home price gain since purchase start to wane in some of the highest-priced markets where appreciation is beginning to cool, indicating those markets are past their prime as sellers’ markets,” Blomquist continued.

“Meanwhile there are still a number of buyers’ markets across the country where a high level of lingering distress and relatively weak demand from owner-occupant buyers provides investors with plenty of bargain-buying opportunities.”

For a complete copy of the company’s news release, please contact:
Jennifer von Pohlmann
949-502-8300 ext 139

ATTOM Data Solutions Shows Post-recession resurgence in creative financing for low-value homes

IRVINE, CA -- Following the subprime lending collapse in late 2008, there was a void in financing for low-credit borrowers with little or no down payments. 

Loans backed by FHA stepped in to fill some of that void, with FHA purchase loans jumping from just 3.3 percent of all purchase loan originations in Q4 2006 to 27.2 percent in Q4 2008.

But FHA loans weren’t alone in their resurgence following the fallout of subprime lending. A lesser-known (although long-used) financing instrument called a contract for deed (see definition in full article; link below) gained traction in the years following the collapse of subprime lenders, particularly for low-value homes in Rust Belt cities like Detroit, Flint, Youngstown and Indianapolis.

New contract-for-deed data collected by ATTOM Data Solutions shows the trend as illustrated in the infographic below. Here’s a link to the infographic, and here’s a link to the full article on this topic.

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

Jennifer von Pohlmann
Sr. Public Relations Manager