McHugh Construction and Brown & Momen Start Construction of Mixed-Use, Mixed-Income Development at Oakwood Shores in Chicago’s Bronzeville Neighborhood

Kemena Brooks

 

CHICAGO, IL (April 5, 2021) — James McHugh Construction Co. and Brown & Momen, Inc. have announced the start of construction on 508 Pershing at Oakwood Shores, a 53-unit mixed-used, mixed-income rental community in Chicago’s Bronzeville neighborhood.

 

 As part of a public-private partnership led by The Community Builders (TCB), the residential and retail building marks the latest phase of the larger Oakwood Shores revitalization plan, which encompasses more than 100 acres approximately 3.5 miles south of downtown Chicago.

 

“Oakwood Shores is an exceptional opportunity to deliver a mixed-income, mixed-use community within the historic Bronzeville neighborhood,” said Kemena Brooks, senior project manager for TCB.

 Mike Meagher

“And it certainly doesn’t get done alone. Along with our development partners, Granite Development Corp. and Ujima, we at TCB are excited to have broken ground on 508 Pershing, the next phase of Oakwood Shores, that will contribute to providing desired conveniences, a rich quality of life and inclusive sense of community that so many Chicagoans seek, regardless of income.

 

"508 Pershing is only realized through a committed multi-sector partnership and talented and diverse design and construction team.”

  

“Between Oakwood Shores and what’s under consideration for the former Michael Reese Hospital site, there’s a real energy and enthusiasm around the continued revitalization of Bronzeville, and we’re honored to be part of creating a thriving, mixed-income community for the neighborhood,” said Mike Meagher, president of McHugh Construction.

Terez Sturrup

Terez Sturrup, McHugh’s project manager and a Bronzeville resident, was also proud to note the cost savings realized for the 508 Pershing project that helped the building move through the budget process.

 

“The ability to realize cost savings without compromising the high quality of the building was extremely important for this project,” said Sturrup.

 

“Our preconstruction and project teams worked tirelessly with ownership and the project designers to find $3 million in savings by identifying alternate options across the entire project scope, including facade materials, structural framing, finishes, and alternate mechanical, electrical and plumbing systems.” 

 

Located at 508 E. Pershing Road, just east of Martin Luther King Drive, the four-story building will include 50 one-bedroom and three two-bedroom units, 7,000 square feet of amenity space, management offices and 3,500 square feet of street-level retail.

Rendering of planned 508 Pershing at Oakwood Shores
 in Chicago’s Bronzeville neighborhood.

Completion of the project, which is expected to cost $17.1 million, is scheduled for February 2022.

 

 Thirty-six of the development’s 53 units will be Low Income Housing Tax Credit (LIHTC) units for households earning up to 80% of the Area Median Income (AMI). The remaining 17 units will be market-rate. National Affordable Housing Trust (NAHT) provided funding for 508 Pershing in partnership with investor UnitedHealth Group.

 

CONTACT:

Paula Widholm, pwidholm@taylorjohnson.com

 (312) 267-4525

 Kim Manning, kmanning@taylorjohnson.com

(312) 267-4527

 www.mchughconstruction.com.

 

Lincoln Property Co. Divests Long-Held Phoenix Industrial Portfolio for $68 Million

 

Darla Longo

PHOENIX, AZ, April 5, 2021 – Leading commercial real estate firm Lincoln Property Company (LPC) has announced the $68 million sale of a five-building industrial portfolio, representing 540,039 square feet of multi-tenant, fully leased infill space in key locations across the metro Phoenix, Arizona market.

David Krumwiede

The buildings are located at 4441 W. Polk St., 120 E. Watkins St., 4720 W. Van Buren St. and 5240 and 5302 W. Buckeye Rd. (Freeport Distribution Center). The portfolio buyer is KKR.

“These were the first building acquisitions I completed when we established the LPC Desert West office in Phoenix in 2001,” said LPC Senior Executive Vice President David Krumwiede.

 “They are a perfect example of our investment model, which is to purchase and build quality assets in excellent locations, and maintain them at the highest institutional level.

"We have owned and managed these buildings for decades, and timed their sale to maximize gains for our investment clients.”

Dan Calihan

According to LPC data, year-over-year industrial absorption has nearly doubled in Phoenix, rising from 6.43 million in 2019 to 12.7 million in 2020.

More than 14.45 million square feet of industrial product was delivered in Phoenix in 2020, with construction activity expected to continue in order to keep pace with a growing demand.

Buildings within the LPC portfolio sale were constructed between 1980 and 1990, with 24- to 28-foot clear height, dock high and grade level doors, and generous parking ratios.

Patrick (Pat) Feeney Jr.

All are multi-tenant industrial warehouses designed for small- to mid-size users. 

The buildings are strategically located in the highly desirable Southwest and Airport submarkets, minutes from Interstates 10 and 17, State Route 60 and the Loop 202.

CBRE’s National Partners Team, led by Darla Longo, represented LPC in the portfolio sale.

The portfolio was leased by local market experts Dan Calihan, Pat Feeney and Rusty Kennedy from CBRE, and Steve Sayre from JLL.

Rusty Kennedy

Current LPC industrial developments in the Phoenix market include the Park303 industrial park, which is home to a 1.25 million-square-foot just-completed Building 1 and has the ability to accommodate almost 4 million square feet of Class A industrial space at build-out, and LPC’s recently announced Buckeye85, a 321,873-square-foot, Class A industrial project located along the I-10 Corridor and targeting mid-size users.

For more information on LPC Desert West development, investment and property management services, please contact Krumwiede or LPC Vice President John Orsak at 602.912.8888.

Steve Sayre 

About Lincoln Property Company

Lincoln Property Company (LPC) is an international full service real estate firm offering real estate investment, development, design/construction management, leasing and property management/ receivership/asset management services.

 LPC has approximately 8,000 employees with an international footprint that includes offices in 45 cities across the U.S. and six cities in Europe and South America.

Since 1965, LPC has developed more than 128 million square feet of office, industrial and retail projects known for their design, quality and superior locations.

It currently has more than 403 million square feet of commercial space under leasing and/or management.

SOLD: five-building industrial portfolio,
representing 540,039 SFof multi-tenant, 
fully leased infill space in key locations
 across the metro Phoenix, Arizona market.

Lincoln is also one of the nation’s largest apartment developers, having developed more than 209,000 multifamily units and currently managing more than 165,000 multifamily units.

CONTACT:

Stacey Hershauer

480.600.0195

stacey@focusaz.com

 www.lpc.com or

 www.lpcdesertwest.com.

 

EagleBridge Capital Arranges $14.7 Million Financing for Darien Crossing Office Complex in Darien, CT

Darien Crossing, a two building office complex in Darien CT

 

BOSTON, MA -- EagleBridge Capital, has arranged mortgage financing in the amount of $14,700,000 for Darien Crossing, a two building office complex located in Darien Connecticut.

 The mortgage financing was arranged by EagleBridge director Brian Walsh who stated that the loan was provided by a leading national financial institution.

 Darien Crossing consists of two connected Class A three-story, multi-tenant office buildings containing 77.000 SF situated on 5.2 acres with parking for 240 vehicles.

 Brian Walsh

 The buildings and grounds have been totally renovated.  Amenities include a new café with outdoor and indoor seating, a new fitness center, a shared conference facility as well as bicycle sharing, and 24/7 keycard access.

 Occupants include a mix of investment, development, wealth management, medical, architectural, and other business firms as well as co-working providers. The property was acquired in 2018 and totally upgraded over the past two year.

 The office complex is located on Post Road (Route1) just minutes from the many shops and restaurants of Downtown Darien, the Metro North train station, and within close proximity to Exit 13 of Route I-95.

 In addition, the complex is located less than 3 miles south of Exit 36 of the Merritt Parkway.

 EagleBridge Capital is a Boston-based mortgage banking firm specializing in arranging debt and equity financing as well as joint ventures for apartment, industrial, office, and r & d buildings, shopping centers, hotels, condominiums and mixed use properties as well as special purpose buildings 

 EagleBridge Capital is a member of Commercial Real Estate Capital Advisors (CRECA),  a national association of independent commercial mortgage banking firms.

 CONTACT:

 Stanley J. Sidel

Senior Advisor

EagleBridge Capital

One Boston Place,  Suite 2600

Boston, MA 02108

Tel: 617-292-7177  Ext.12

Fax: 617-292-7575

ssidel@eaglebridgecapital.com

www.eaglebridgecapital.com