NAI Hiffman Completes Suburban Office Leases for Two Chicago-Area Nonprofits

Aubrey Van Reken-Englund

OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced it represented Our Children’s Homestead (OCH) in a 12,599-square-foot lease at 280 Shuman Blvd. in Naperville, Ill., valued at $2.5 million.

Formerly located at 387 Shuman Blvd., OCH, a 501(c)(3) nonprofit that serves youth in the foster care system, sought new customized space that will allow it to expand its services.

NAI Hiffman’s Aubrey Van Reken-Englund, vice president, and Tabitha Dozier, associate, represented OCH in the transaction, securing significant concessions from landlord Atrium Acquisition LLC, which was represented by Ryan Moen of Bradford Allen.

Tabitha Dozier

 They included a substantial rent reduction, 10 months of rent abatement and cash allowance for furniture and moving expenses. The lease starts in June 2020.

“Nonprofits must be very cost-conscious, especially with uncertainty around federal and state budgets,” said Van Reken-Englund. “But at the same time, they may need to expand in order to serve their constituents.

"Following a comprehensive search, we were able to find OCH a larger home at a reasonable cost, so it can focus on what it does best: helping children and families.”

Ryan Moen 

Built in 1979, 280 Shuman Blvd., known as The Atrium, is a two-story, 69,077-square-foot office complex. It is currently undergoing renovations to transform the space below its atrium into a light-filled shared lounge with collaborative workspaces.

 Both the Naperville and Route 59 stops of the Metra commuter train are a short drive from the building, and it is adjacent to Interstate 88.  

Van Reken-Englund and Dozier also represented School and Community Assistance for Recycling and Composting Education (SCARCE) in an 18,900-square-foot lease for flexible office/retail space at 800 S. Rohlwing Road in Addison, Ill., valued at $2.2 million.

Landlord 800 S. Rohlwing Ventures LLC was represented by Forefront Properties.

SCARCE, a 501(c)(3) nonprofit providing environmental education and recycling programs to local schools and communities, will move to the facility from a smaller location in Glen Ellyn in spring 2020.

                        280 Shuman Boulevard, Naperville, IL

 The organization needed a combination of office space, classrooms for presentations, retail space with street visibility, flex space for a scissor lift and overhead door for loading and drop-off of used books and school supply donations, among other things.

“SCARCE had a unique set of needs that offered a challenge in finding the right property,” said Van Reken-Englund. “800 S. Rohlwing was a perfect solution, providing flex office and retail with great visibility along Route 53.”

Built in 1998, 800 S. Rohlwing is part of a 42,341-square-foot corporate center near retail and restaurants at the intersection of North Avenue and Rohlwing Road, the local name for Illinois Route 53. The property also offers convenient access to I-355, located immediately to the west.

In 12 years with NAI Hiffman, Van Reken-Englund and her team have completed more than 200,000 square feet of deals for nonprofit clients, valued at over $21 million. 

  CONTACTS: 

Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511

www.hiffman.com.

DIX Developments Closes on $3.3 Million Sale of VIVE Office Building Near Downtown Orlando, FL

VIVE on Eola micro lofts / mixed-use high-rise , 205 S. Eola Drive, Thornton Park, Orlando, FL. 

James Dicks

ORLANDO, FL -- DIX Developments, LLC, developer of Downtown Orlando’s micro lofts / mixed-use high-rise VIVE on Eola, closed on the property at 205 S. Eola Drive in Thornton Park . 

 Cynthia Shelton

 Whitestone Legacy, LLC, a subsidiary of DIX Developments, LLC paid $3,325,000.00 for the half-acre site with an existing 8,100 square foot office building. 

John Kurtz and Roger Soderstrom, Jr. represented the buyer.  Seller Eola Realty Partners LLC was represented by Cynthia Shelton of Landqwest Commercial.

 During the planning stages and while government approvals are processed over the next 12 months prior to construction, DIX Developments will operate a co-work / shared office facility with 17 large furnished executive offices that will be rented on a month-to-month basis, according to James Dicks, CEO. 

John Kurtz 

Kurtz and Soderstrom will manage leasing the co-work offices.   Several short term work share spaces are still available until demo.

 Meanwhile, the 12-story VIVE on Eola featuring the city’s first micro-lofts designed for young professionals “will address the rising affordability crisis in the urban core,” Dicks said. 

He anticipates the 120 units averaging 400 square feet starting at $1,250 a month will be pre-leased.

The $32 million tower at the corner of South Eola Drive and Church Street in historic Thornton Park will have a ground level signature restaurant, coffee shop, three floors of parking and, potentially, as much as 13,500 square feet of “we work” style office space.

Roger Soderstrom, Jr. 

About DIX Developments LLC:

DIX Developments, an award-winning firm that focuses on land acquisition, real estate development and real estate investment has been developing Central Florida real estate for seven generations with creative vision, acquisition strategy, expert due diligence and superior results.

CONTACTS:

 Scott Prewitt

 Executive Vice President

 Business Development

DIX Developments, LLC,

407-542-6120 or 

scott@dixdevelopments.com

James Dicks

 CEO

 DIX Developments LLC,

 407-542-6120 

james@dixdevelopments.com 

Beth Payan

 Larry Vershel Communications, Inc.
407-644-4142 or 407-461-3781;

beth@larryvershel.com 

Nova Capital Secures Acquisition and Entitlement Financing for Prime Opportunity Zone Land Parcel on Las Vegas Strip

Rendering of 5.25-acre Las Vegas Strip parcel 
planned for 450-room hotel

LAS VEGAS, NV -- Nova Capital, a Los Angeles-based real estate capital advisory firm, has secured acquisition and entitlement financing for an unentitled 5.25-acre parcel of land situated on the Las Vegas strip on behalf of a JV partnership between Contour and Shopoff Realty Investments.

 Steven Yazdani

The land, which is ideally located in a Qualified Opportunity Zone only 1.5 miles from the new Raiders Stadium in the thriving Las Vegas Resort Corridor, is planned to serve as the new site for a ground-up 450-room luxury boutique hotel development.

“This was a rare opportunity to harness the momentum of the Vegas market by investing in a prime location that will yield tremendous future growth,” says Steven Yazdani, Managing Director and Founder of Nova Capital.

“Both Shopoff and Contour immediately recognized the value in this land, which should directly benefit from the new $1.8 billion Raiders stadium, as well as continued hospitality growth in the region.”

David Daneshforooz

The $15.575 million loan was provided by one of Canada’s largest real estate funds. Yazdani confirms that the strength of the market was a factor in securing the financing.

“Las Vegas remains one of the country’s premier tourist destinations with more than 35 million visitors in 2019 and an average room occupancy of 90 percent,” says Yazdani. “This strong demand for high-level hospitality product was an important factor for the Sponsors and for the lender.”

David Daneshforooz, CEO of Contour, notes, “Hospitality sales in Las Vegas reached a 10-year high in 2019, and all indications point to an even stronger 2020. By investing in this site now, we are paving the way for a new luxury hotel that will result in the highest and best use for this land parcel.”

William A. (Bill) Shopoff

Bill Shopoff, President and CEO of Shopoff Realty Investments adds, “The potential this site provides as a new luxury hotel on the Las Vegas Strip makes it a promising opportunity for our firm.

"With entitlement and real estate expertise, the Shopoff and Contour teams will team together and work to bring this project to fruition, with the goal of adding an exciting new destination to the Las Vegas strip.”

CONTACTS:

.  
Lisa James / Jenn Quader

Brower Group

(949) 438-6262

ljames@brower-group.com

www.novacapital.com.

Trez Capital Rebrands in Southeast U.S., Uniting All Operations Under Single Name

 Brett Forman

VANCOUVER, British Columbia and PALM BEACH, FL  -- As part of its U.S. growth strategy, Trez Capital announced the firm is uniting all U.S. and Canadian operations as Trez Capital. Florida-based Trez Forman Capital is rebranded as Trez Capital.

 Trez Forman Capital’s Brett Forman will continue to lead operations in the Eastern U.S., which has offices in Palm Beach, Fla. and Atlanta, Ga.

Since Forman and Trez Capital joined forces in 2016, they have originated more than $1.2 billion in commercial real estate financings. 

 Recent successes include a $115 million multifamily construction loan in Greenville, South Carolina, and a $45.5 million commercial redevelopment loan in Connecticut.   

 “This is a significant event for the company because operating as one under the Trez Capital brand allows the whole company to strategically focus on growth across the U.S. and Canada,” said Forman, Executive Managing Director of Trez Capital.

John Hutchinson

“We are strong, united and able to pursue more opportunities with existing partners and forge new relationships.”

 Following a record-breaking year, John Hutchinson will maintain his role leading the Central and Southwestern U.S. out of the Dallas office. 

Trez Capital has an already sizable presence across the U.S. and Canada.  Typical financings for Trez Capital range from six to 36 months in term and are between $15 million and $150 million.

With offices in Vancouver, Toronto, Dallas, Palm Beach and Atlanta, Trez Capital has over $3.8 billion in assets under management and has funded more than 1,450 mortgages totaling more than $11 billion since inception.

Dave Bloom

“All of Trez Capital will benefit from Brett Forman’s experience and track record of success as we align under a single brand,” said Dave Bloom, Chief Investment Officer.

“We now have in place the people, the brand and the resources to build on our successful track record and to substantially grow our U.S. business and continue to provide strong returns to our investors.”

CONTACT: 

Eric Kalis

Vice President, BoardroomPR

ekalis@boardroompr.com

O 954-370-8999 

C 305-794-5123