Proffitt Dixon Partners Plans First Luxury Apartment Community in Greenville, SC

Wyatt Dixon

Greenville, S.C. and Charlotte, N.C. (May 20, 2015) – Proffitt Dixon Partners is preparing to build its first luxury apartment community in Greenville, S.C. 

The Charlotte-based firm plans to break ground this month on a 201-unit luxury multifamily development at 210 East Broad Street.

The five-story community will be built on 2.45 acres at the intersection of S. Church St. and East Broad Street. The location is a five-minute walk from Main Street in Greenville’s the Central Business District, which has the largest concentration of employment in the state.

“Greenville is the economic engine of South Carolina,” said Managing Principal Wyatt Dixon. “This is a great opportunity to bring the luxury apartment lifestyle to one of the country’s fastest-growing cities.”

“The area has exactly what we look for, which is a walkable area near jobs, restaurants, entertainment and greenspaces,” added Managing Principal Stuart Proffitt. “As with our other communities, we will follow green building practices, and choose energy-saving appliances and features.”

Fountains Greenville is close to Falls Park on the Reedy, Centre Stage Theater, Peace Center for the Performing Arts, the county Art Museum and private art galleries. It also has convenient access to the Swamp Rabbit Trail, a pedestrian and bike path. 

Stuart Proffitt

The community will have the type of clubhouse, courtyards, pool and fitness facility that residents of a luxurious new property would expect. A Publix grocery store is just one block away.

The developers will follow guidelines established by the National Association of Home Builder’s (NAHB) Green Building Program. The Housing Studio is the architect, and the general contractor is Creative Builders Group.

The new development indicates significant momentum for Proffitt Dixon. The firm now has 938 units under construction in the Carolinas and Tennessee. Just last month it started construction on Fountains Germantown, a 249-unit luxury apartment community in Nashville, Tenn. 

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

 Terri Thornton

Thornton Communications

p:404-932-4347 |

Terri@TerriThornton.com

www.TerriThornton.com

www.proffittdixon.com.

HFF closes $7.475 million sale of three apartment properties in New Rochelle, NY

10--14 Glencar Avenue, New Rochelle, NY

FLORHAM PARK, NJ, May 20, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the $7.475 million sale of three apartment properties totaling 65 units in New Rochelle, New York.

HFF marketed the properties on behalf of the seller, JEM Holdings.  Virginia City, LLC purchased the offering and assumed the existing mortgage.

The three apartment buildings are located at 347 Huguenot Street, 778 Main Street and 10-14 Glencar Avenue.  

All of the properties provide easy access to public transportation and major thoroughfares and are centrally located within the New Rochelle market.

The portfolio has a mix of 39 one-bedroom units, 24 two-bedroom units and 2 three-bedroom units and all three properties are 100 percent leased. 778 Main Street also includes one fully-leased ground floor retail space.

347 Hugenot Street
 New Rochelle, NY

The HFF investment sales team was led by associate director Stephen Simonelli along with senior managing director Jose Cruz, managing director Kevin O’Hearn and associate director Michael Oliver.

“The New Rochelle portfolio represented the opportunity to acquire three well-located apartment communities within one of Westchester County’s strongest submarkets. 

"The seller was able to take advantage of the significant desire for multi-housing properties in Westchester County, while the buyer will be able to add substantial value to the portfolio,” said Simonelli.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

www.jemreholdings.com.

Winter & Co. Retained for Third Time in 25 Years to Advise Owner of Apartment Building in Manhattan, NY

Six-Story, 63-Unit Apartment Building, Central Park North
facing Manhattan's Central Park, Manhattan, NY

Gregg Winter

NEW YORK, NY -- Winter & Company was retained for the third time in 25 years to advise the ownership of this three-building, six-story, 63-unit apartment building located on Central Park North facing Manhattan's Central Park in connection with obtaining permanent, non-recourse financing.

Winter & Company arranged a 3.75% 10-year fixed-rate, interest-only mortgage with a balance sheet lender for this long-time client.

Challenges and solutions:

One major challenge is that, on the one hand, the borrower wanted a $4,750,000 10-year, fixed rate, interest-only mortgage, while on the other hand, the borrower did not want a balloon loan, and also did not want a loan structured with a defeasance or yield-maintenance pre-payment penalty -- preferring instead a loan structure with a total term of 25 years which would amortize (after the initial 10-year i-o period) on a self-liquidating basis.

Winter & Company was able to find a way to accommodate this request by arranging the loan with a balance sheet lender that could offer our borrower an additional 15 years of term, on a fully self-liquidating basis, with the interest rate floating at 250 basis points above LIBOR during the last 15 years of the loan term.

Central Park in Manhattan, NY

The borrower did not want a CMBS execution (with its usual severe prepayment penalties), preferring instead to transact with a balance sheet lender.

 The solution was a highly-customized non-recourse loan structure meeting all of the borrower's exacting criteria.

Previously Winter & Company had arranged light rehab financing shortly after the original acquisition and then a decade later W&Co arranged a construction loan for a full gut-rehab of the entire property including 11 units which had been fire-damaged and off-line since the original acquisition. This resulted in bringing the unit count up from 42 to 63 apartments with considerable rent and NOI growth.

Winter & Company is a Manhattan-based, commercial mortgage advisory firm that specializes in arranging development and construction financing (as well as joint venture equity and strategic partnerships for new developments), multifamily and mixed-use property financing and arranging cooperative underlying mortgages since 1989.

Its affiliate, W Financial Fund, LP is a direct private bridge lender providing short-term, special situation financing primarily for NYC multifamily and mixed-use properties since 2003.

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

Gregg Winter - President

Winter & Company

Creative Minds | Unparalleled Service ®

149 Madison Avenue, Seventh floor

New York, NY 10016

Phone: 212 532-1122 x1

Email: gregg@winterandcompany.com

http://www.winterandcompany.com

$131 Million Medical Office Building Portfolio in Metro Chicago, IL Sold by Marcus & Millichap

  

2923 North California Avenue, Chicago, IL

CHICAGO,  IL, May 20, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of a nine-building, 401,428-square-foot medical office portfolio. The portfolio sold for $131 million.

John Smelter

            The portfolio is anchored by the Illinois Bone and Joint Institute (IBJI). All of the properties are located within the Chicago metropolitan area.

John Smelter, senior director of Marcus & Millichap’s Healthcare Real Estate Group, along with Scott Niedergang, associate vice president investments, and Gino Lollio, associate vice president investments, represented the seller, a partnership consisting of a local developer and a number of physicians affiliated with IBJI.

Smelter, Niedergang and Lollio procured the buyer, a joint ventured fund managed by MBRE Healthcare, a Chicago-based full-service real estate company that develops, acquires, leases and manages healthcare real estate across the United States.

            “The portfolio is 54-percent leased by the non-credit rated IBJI - occupying eight of the nine properties - and they are one of the largest orthopedic groups in the country,” says Smelter. 

“IBJI has a strong foothold in the Chicagoland market with 20 total locations. IBJI’s financial strength and long term leases allowed us to generate significant interest from private equity, institutions and REITs looking to acquire an extremely stable, institutional-quality investment.”

Scott Niedergang

 “The sellers did an outstanding job accumulating this portfolio over the years by acquiring, repositioning and developing these buildings for IBJI and the other tenants,” adds Niedergang. 

“The portfolio is currently 95 percent occupied on triple-net leases, majority of which call for annual rental escalations ranging from two to three percent.  Almost half of the rent roll has 10-plus years remaining. 

Additionally, many of the properties are strategically positioned in Chicago’s affluent North Shore markets like Wilmette, Glenview, Lincolnwood, Des Plaines and Morton Grove.”

“Our company's platform and specialized marketing campaign generated a tremendous amount of activity but, in the end, the portfolio was acquired by a well-qualified and experienced local healthcare investment group,” says Lollio. 

“MBRE Healthcare is the perfect buyer for this offering, as it appreciates the considerable value in owning and managing such a significant healthcare real estate investment in its own backyard.”

Gino Lollio

         




  A few key assets within the portfolio are the 86,503-square-foot, two-story steel and brick medical facility in Morton Grove, Ill.; the 60,500-square-foot Des Plaines, Ill. building; and lastly, the 40,011-square-foot Chicago, Ill. building that has excellent visibility and signage from the Kennedy Expressway (I-90/94).

            Other tenants in the portfolio include Advocate Health Care, NorthShore University HealthSystem, Resurrection Health Care (Presence Health), Metro Infectious Disease Consultants, and Pain Specialists of Greater Chicago.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

HFF closes $160.75 million sale of medical office building in Center City, PA

833 Chestnut, Center City, Philadelphia

 PHILADELPHIA, PA, May 19, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has closed the sale of 833 Chestnut, a 12-story, 705,061-square-foot medical office building across from Thomas Jefferson University Hospital (TJUH) in Center City, Philadelphia. 

Mark Thomson

HFF marketed the property on behalf of the seller, Digital Realty Trust.  A publicly-traded healthcare REIT purchased the asset for $160.75 million. 

Originally built in 1928 as an addition to the original Gimbel Brothers retail department store complex, 833 Chestnut was substantially renovated and is currently 92 percent leased. 

The property’s major tenants include Thomas Jefferson Hospital, JUP, Thomas Jefferson University, Nemours Children’s Clinic, the U.S. Government and Ballinger Company. 

  The total GLA includes approximately 60 percent clinical use, which continues to grow year-over-year. 

The HFF investment sales team representing the seller was comprised locally of senior managing directors Mark Thomson, Andrew Scandalios and Jose Cruz, and nationally by managing directors Michael Bennett and Philip Mahler who are team leaders of the medical office building group within HFF’s national healthcare practice.

“833 Chestnut is an excellent example of the synergies that exist between HFF offices.  Our local team realized it was more than just a general office deal; we enlisted the help of our healthcare group, put the best team on the field, collaborated keeping the client’s best interests in mind, and ultimately secured significant proceeds over and above for what a general office might have traded,” said Scandalios.

Andrew Scandalios

“We marketed this asset to all of the typical office buyers in the northeast but the demand for medical office simply priced those groups out of the market,” added Thomson.

“We had significant interest from all the ‘usual suspects’ in the medical office building space, as well as private equity, pension fund advisors, and even some foreign capital.  

"The size of the property can really move the needle for some of these groups.  Pricing was aggressive, and this transaction is a testament to how accretive the current MOB market is for sellers,” added Bennett.

“TJUH and its affiliates has significantly increased its presence in 833 Chestnut over the last seven years and now is the anchor tenant in the building, leasing over 50 percent of the net rentable area. 

  This significant hospital-related tenancy created an opportunity for a medical office investor to develop a strategic relationship with TJUH which tremendously increased competition for this asset,” said Mahler.

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Marcus & Millichap Arranges Sale of Two Old Time Pottery Stores in Alabama and Tennessee

Old Time Pottery, Murfreesboro, TN

Barry M. Wolfe

FORT LAUDERDALE, FL, May 19, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today has arranged the sale of Old Time Pottery’s flagship store, corporate headquarters and main distribution center in Murfreesboro, Tenn., and the retailer’s Foley, Ala., store.

The terms of the sales were not released. The flagship store, corporate HQ and main distribution center transaction closed in February 2015 and the Foley, Ala., store changed hands this month.

Barry M. Wolfe and David M. Greenberg, vice president investments, along with Alan Lipsky and Robert S. Hunter, associates, all in Marcus & Millichap’s Fort Lauderdale office, exclusively represented the seller of the properties, a partnership from Nashville, Tenn.

Glen Kunofsky, in the firm’s Manhattan office, procured the buyer, a publicly traded real estate investment trust based in Scottsdale, Ariz. 

Eddie Greenhalgh, senior associate in Marcus & Millichap’s Birmingham office is the firm’s broker of record in Alabama. Anne Williams, senior associate in Marcus & Millichap’s Memphis office, is the company’s broker of record in Tennessee.

“Old Time Pottery is an outstanding retail brand and this was a unique opportunity for the buyer to acquire two solid retail locations along with the retailer’s mission-critical corporate facilities. There was significant interest in these assets, which speaks to the strength of the company and the locations,” says Wolfe.

David M. Greenberg

“This was a great opportunity for the purchaser to expand and strengthen its net-lease portfolio by acquiring the essential facilities of a strong tenant,” adds Kunofsky.

Located at 480 River Rock Blvd., the Murfreesboro, Tenn. site includes 312,096 square feet of rentable space and sits on approximately 20 acres adjacent to the interchange of Old Fort Parkway (Tennessee Highway 96) and Interstate 24, which connects Murfreesboro with Nashville.

Situated at the southeast corner of the intersection of Alabama Highway 59 and Keller Road, the Foley, Ala., location includes 10.1 acres of land with a single retail structure totaling 109,968 rentable square feet. The Foley store is located at 7976 State Highway 59.

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

Gina Relva

 Public Relations Manager

(925) 953-1716

Wyndham Hotel Group to Manage New Dolce Conference Hotel near Cincinnati, OH

 

Mark Kukulski

PARSIPPANY, N.J. (May 19, 2015) – Wyndham Hotel Group, the world’s largest hotel company, today announced it has entered into an agreement to brand and manage a new-construction hotel and conference center less than 10 miles from downtown Cincinnati, Ohio, under its Dolce Hotels and Resorts® flag.

 The 217-room hotel is being developed by RBM Development Company LLC in Madisonville, Ohio, and will be operated by Wyndham Hotel Group’s management arm. 

Scheduled to open in 2017, it will become the centerpiece of a $124 million mixed-use development project, known as Madison Center, which is home to the headquarters of Medpace, a global clinical research organization, and will also feature offices, retail space, restaurants and outdoor community spaces.

 “This is an exciting milestone in the growth and evolution of the Dolce Hotels and Resorts portfolio,” said Mark Kukulski, president of Wyndham Managed Hotels. 

“We’re committed to expanding the brand’s presence in strategic markets to provide innovative product, efficient operations and unparalleled service for groups and meetings customers. We believe that this property, with its sophistication and state-of-the-art facilities, will play an important role in the brand’s success and in the local community.”

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

Kathryn Zambito

Wyndham Hotel Group

22 Sylvan Way

Parsippany, NJ  07054

+1 (973) 753-6590

kathryn.zambito@wyn.com

Hold-Thyssen Negotiates New Five Year Lease at Phillips Place in Southwest Orlando, FL for Third Central Florida location of pain management, wellness center

Darby Hold

 

ORLANDO, Fla. --- Hold-Thyssen, a real estate services firm headquartered in Winter Park, recently negotiated a five-year lease agreement for 1,022 rentable square feet of professional office space at Phillips Place, 7575 Dr. Phillips Blvd. in southwest Orlando. 

Darby Hold, transaction specialist for Hold-Thyssen, Inc. negotiated the agreement representing the Cincinnati, Ohio-based landlord, Financial Way Realty, Inc. 

The new tenant, Florida Center for Hormones & Wellness, leased the space due to its prime location for their service of administering anti-aging and pain management treatments for several decades.  They have two other Central Florida locations.  The tenant was represented by Bob Atkins with Atkins Commercial Real Estate.

Hold-Thyssen, Inc. is the leasing and management representative for the 56,000 square foot Phillips Place Office Building, which is currently 86 percent leased

Hold-Thyssen, Inc. provides commercial property and leasing and management services to institutional and private investor clients nationwide.  The 40-year old firm’s current portfolio includes more that 100 commercial properties throughout the United States.

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

   

NAI Realvest Negotiates Two Office Leases in the Airport and East Orlando submarkets Totaling Over 9,100 Square Feet

Mary Frances West

ORLANDO, FL – NAI Realvest recently negotiated office leases representing landlords in the Airport and East Orlando submarkets for a total of 9,144 rentable square feet.

Tom R. Kelley II, CCIM, a principal at NAI Realvest and Senior Broker Associate Mary Frances West, CCIM represented Semoran Commerce Center LLC of Timonium, Md. in a lease renewal agreement with Florida Fish and Wildlife Commission for 5,636 rentable square feet they occupy at 6870 Shadowridge Drive in southeast Orlando.

 Jerry Thornbury of Vertical Integration Inc. represented the tenant.

West negotiated renewal and expansion agreements with Zenetex based in Herndon, Va. for  their existing 2,128 rentable square feet and expansion into 1,380 rentable square feet at University Court, 3361 Rouse Rd. East Orlando.    

The landlord is RREF Interchange–FL Rouse LLC of Daytona Beach.

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

David Purisch Joins Marcus & Millichap Capital Corp. as Associate Director in Fort Lauderdale, FL Office

John Wilcox

FT. LAUDERDALE, FL  – Marcus & Millichap Capital Corp. (MMCC), a leading provider of commercial real estate financing and capital markets expertise, has hired David Purisch as associate director in the firm’s Ft. Lauderdale, F.L. office, according to John Wilcox, MMCC’s eastern division vice president.

            In his new position, Purisch will be responsible for securing commercial mortgages for an array of property types including multifamily, office, industrial, retail, manufactured housing and hospitality.

  “David’s commercial real estate financing expertise makes him a great fit for MMCC,” says Wilcox. “His industry knowledge and experience will be of great value to our clients.”

            Prior to joining MMCC, Purisch was a vice president with Silverhill Financial.   In his free time Purisch spends time with his family, enjoying the outdoors, especially snow skiing and playing basketball.

            Purisch is a graduate of the University of Florida, where he earned a bachelor’s degree in psychology and The George Washington University with a master of arts in human development.

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

Gina Relva

Public Relations Manager

Marcus & Millichap Capital Corporation

(925) 953-1716

HFF named to market for sale 19-property, two land site housing portfolio for University of Chicago

 

Brian Kelly

 CHICAGO, IL, May 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has been named to market for sale a 19-property, 676-unit portfolio plus two land sites, all owned by the University of Chicago in Chicago, Illinois.  Offers will only be accepted for the portfolio in its entirety, no individual trades will be considered.

The portfolio consists of University of Chicago graduate student housing and faculty/staff buildings that are currently more than 95 percent occupied.  The properties have a total of 883 beds and approximately 460,582 square feet.  

Units average about 681 square feet each.  The properties are located in Hyde Park and Kenwood, walking distance to campus, six miles south of Chicago’s Central Business District and close to Lake Michigan.   

The HFF investment sales team representing the University of Chicago is led by managing director Brian Kelly and associate directors Michael Higgins and Wickliffe Kirby.

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

Olivia Hennessey

Public Relations Coordinator

HFF | 9 Greenway Plaza Suite 700 | Houston, Texas 77046

tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com

ohennessey@hfflp.com

Marcus & Millichap Arranges Sale of 3,940-SF Net-Leased Property in Palm Harbor, FL

James Medefind

PALM HARBOR, FL, May 18, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Havoline Xpress Lube & Pelican Car Wash Portfolio, a 3,940-square foot net-leased property located in Palm Harbor, FL, according to Richard D. Matricaria, vice president and regional manager of the firm’s Tampa office.

The asset sold for $730,000.

James Medefind, Senior Associate, had the exclusive listing to market the property on behalf of the seller, a private investor. 

Havoline Xpress Lube & Pelican Car Wash Portfolio is located at 680 Alternate 19 in Palm Harbor, FL.  The property sits on Alternate 19 which acts as the secondary throughway for Pinellas County.

 It is ideally located one-half mile north of a Winn Dixie anchored center and 0.8 miles south of Palm Harbor University High School (PHUHS), which serves over 2,475 students. 

Palm Harbor is located 30 minutes from Tampa, with 61,868 people living within three miles of the subject property and an average household income of $75,989. The asset is subject to a double-net lease. 

“We received 5 offers on this opportunity from both local and out of area investors.  Ultimately, the most aggressive buyer was a local investor who was executing a 1031 exchange.  Driving multiple offers was key to ensuring top of marketing pricing”, says Medefind.

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

Richard D. Matricaria

Vice President/Regional Manager,

Tampa, FL

(813) 387-4700

Griffin-American Healthcare REIT III Reports First Quarter 2015 Results

Jeff Hanson

IRVINE, CA (May 18, 2015) - Griffin-American Healthcare REIT III, Inc. today announced operating results for the company’s first quarter ended March 31, 2015.

“During the first quarter, Griffin-American Healthcare REIT III successfully completed the primary portion of its initial public offering launched in February 2014, which resulted in the investment of more than $1.84 billion of equity in our company,” said Jeff Hanson, chairman and chief executive officer.

“We are rapidly investing this capital, as evidenced by the more than $350 million in acquisitions completed during the quarter and the approximately $500 million of pending acquisitions1 we expect to complete over the course of the next several months.”

President and chief operating officer Danny Prosky added, “We are clearly focused on accretive portfolio growth and continue to add significant value to Griffin-American Healthcare REIT III as we deploy our capital. 

"At the close of the first quarter, the portfolio was 95.9 percent occupied with an average remaining lease term of more than 8 years and exceptionally low debt of less than 2 percent.”

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

Damon Elder

delder@ahinvestors.com

(949) 270-9207

Chris Phaneuf joins HFF as managing director in its Boston office

Christopher Phaneuf

                            

BOSTON, MA – May 18, 2015 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that Christopher Phaneuf has joined its Boston office as a managing director focused on institutional investment sales of office, multifamily and retail assets within the Boston market and nationally. 

Chris has more than 20 years of commercial real estate experience and joins HFF from Eastdil Secured, where he was a founder of the Boston office. 

“Chris is one of the top dealmakers in the Boston investment sales market and we are excited that he has made the choice to join our growing team, said Coleman Benedict, senior managing director and co-head of the Boston office of HFF.

  “Boston continues to be on everyone’s radar and having a transaction professional with Chris’ track record will only help us better serve our clients.”

Chris’ clients include a cross section of local, regional, national and international investors and developers including ASB Capital, Invesco, Deutsche Wealth Management, Prudential, Jamestown and Sunife.

 Chris holds a Bachelor of Arts degree from Washington & Lee University in Lexington, Virginia and is active in numerous industry and civic organizations include the Urban Land Institute, International Council of Shopping Centers and NAIOP, the commercial real estate trade organization. 

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

Kristen M. Murphy

Associate Director

HFF | One Post Office Square, Suite 3500 | Boston, MA 02109

Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com

krmurphy@hfflp.com

Related Midwest Nears Sales Closeout at South Loop Luxury by Related in Downtown Chicago, IL

Curt Bailey

CHICAGO, IL (May 18, 2015) – Related Midwest today announced the anticipated sellout of South Loop Luxury by Related, with just 15 of the collection’s original 504 condominiums remaining.

The residences, located across three South Loop towers – The Grant, Adler Place, and Harbor View – include a mix of one-, two- and three-bedroom units and are priced from $275,000 to $999,000. 

Collectively, they represent some of the last new-construction luxury condo inventory in downtown Chicago.

“We saw an opportunity to be at the forefront of the downtown condo market’s resurgence and knew we had the talent and resources in place to transform these buildings and deliver the luxury residential experience today’s buyers are looking for,” said Curt Bailey, president of Related Midwest.

“The success of the South Loop Luxury collection, in terms of both pace of sales and value created over the past two and a half years, is a testament to our team and underscores the pent-up demand for new-construction condos in the heart of the city.”

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

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

Julie Liedtke, jliedtke@taylorjohnson.com, (312) 267-4521