M&R Development and Bucksbaum Retail Properties Break Ground on Addison & Clark Mixed-Use Development Across From Wrigley Field in Chicago, IL

  

From left:  Tom Moran, senior partner, M&R Development; Mike Quigley, U.S. Congressman, 5^th District; Tony Rossi Sr., president, M&R Development; Rahm Emanuel, Mayor of Chicago; John Bucksbaum, CEO, Bucksbaum Retail Properties; Jason Olt, president, Bucksbaum Retail Properties; Tom Tunney, 44^th Ward alderman.

CHICAGO, IL — A joint venture of Chicago-based M&R Development and Bucksbaum Retail Properties LLC announced it has broken ground on Addison & Clark, a mixed-use development on a 2.3-acre site at the southeast corner of Addison and Clark streets in Chicago’s Lakeview neighborhood.

 Located directly across the street from Wrigley Field, the transit-oriented development will include 148 luxury apartments and 150,000 square feet of retail space.

Rendering of Planned Addison & Clark Project,
 Lakeview Neighorhood, Chicago, IL

City and state officials, including Mayor Rahm Emanuel, and Lakeview neighborhood leaders were on hand for the groundbreaking event, where Addison & Clark’s first retail tenant, a 10-screen luxury CMX movie theater, was revealed.

“This development will create hundreds of jobs and generate an economic impact that will touch not just Lakeview – but create economic opportunities in neighborhoods throughout the city,” Mayor Emanuel said. “Breaking ground on Addison & Clark means breaking ground on a stronger future for the city of Chicago.”

“As the Cubs continue on their unprecedented winning trajectory, the excitement about the changing face of the area surrounding Wrigley Field is also reaching a fever pitch,” said Anthony Rossi Sr., president of Chicago-based M&R Development. “With so many construction projects underway near Addison & Clark, the neighborhood is headed for a retail and residential renaissance that will add a new level of sophistication to the area while also growing the city’s commercial tax base.”

A developer and owner of some of Chicago’s most noteworthy mixed-use developments like NEWCITY in the Clybourn Corridor and The Maxwell in the South Loop, Bucksbaum Retail Properties will co-develop and oversee leasing for the 150,000 square feet of commercial retail space located on the first three levels of Addison & Clark. In addition to a full-service health and fitness club, the development will include best-in-class retail, dining and entertainment options.

Anthony Rossi Sr.

Cinemex (operating as CMX), the seventh-largest cinema chain worldwide with 297 theaters and 2,593 screens, will anchor the retail portion of the development. This 10-screen, luxury dine-in movie theater will be the company’s first in the city of Chicago.

In addition to a high-end cinema experience with plush, reclining seats, the theater will offer a chef-driven menu via a partnership with Lettuce Entertain You Enterprises, as well as an expansive selection of customized cocktails. CMX will occupy 30,959 square feet of retail space on the third level, with frontage on Clark Street.

“This will be the first movie-going experience of its kind situated in the immediate vicinity of Wrigley Field,” said John Bucksbaum, CEO of Bucksbaum Retail Properties. “We are thrilled with CMX and what they will bring to the table in terms of making Addison & Clark a year-round entertainment destination for neighborhood residents.

  

Chicago-based Solomon Cordwell Buenz is the architect for the project, while Chicago-based Power Construction will serve as general contractor.

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

Sara Williams, swilliams@taylorjohnson.com, (312) 267-4510

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

www.addisonandclark.com.

Fifield Cos. Begins Pre-Leasing For Luxe on Chicago in Chicago’s West Town Neighborhood

Randy Fifield

CHICAGO, IL — Chicago-based developer Fifield Cos. has announced the start of pre-leasing at Luxe on Chicago, a 59-unit boutique luxury rental building located in the heart of Chicago’s trendy West Town neighborhood.

Luxury Living Chicago Realty is the exclusive marketing and leasing brokerage for the community and Kass Management Services is managing the property.

“Only a few blocks from popular restaurants and shops in the Ukrainian Village – which was just recently named by Redfin as the hottest neighborhood in the U.S. – Luxe on Chicago brings luxury finishes and much-needed on-site amenities to the neighborhood,” said Aaron Galvin, owner and managing broker of Luxury Living Chicago Realty.

Aaron Galvin

 “While the majority of new-construction development in West Town has been condos and single-family homes, Luxe on Chicago will offer renters the opportunity to live in an apartment that is in line with downtown full-amenity high-rise buildings.”

Located at 1838 W. Chicago Ave., 2 miles northwest of downtown Chicago, Luxe on Chicago is just a block away from a Mariano’s grocery store and a short walk to additional restaurants and shopping in the Wicker Park/Bucktown neighborhoods.

Also in proximity of Luxe on Chicago are two convenient commuting options for residents -- a Divvy bike station and the #66 Chicago bus, which runs 24 hours a day. The new community offers a variety of floor plans, including studios, one-, two- and three-bedroom units ranging in size from 500 to 1,400 square feet. Rents range from $1,650 to $3,525.

“Creating a high-end living environment for residences goes beyond features and amenities, it’s also about providing an unprecedented level of service,” said Randy Fifield, chairwoman of Fifield Cos.

“That’s why we are proud to work with world-class experts like Luxury Living Chicago Realty and Kass Management Services, who we know will provide the highest level of service to everyone looking to live at Luxe on Chicago.”

Luxe on Chicago interior, West Town Neighborhood, Chicago

“Thoughtfully designed features like movable islands in the kitchen allow renters to configure their kitchens in a way that is suitable to their needs, whether the island is set up in a traditional layout as a food prep area or set off to the side and used as a buffet when entertaining guests,” said Galvin. 

“At the same time, the master suites with double-bowl vanities and walk-in closets add a level of functionality and convenience for couples looking to rent.”

When complete, Luxe on Chicago will be one of the first amenity-rich rental communities to be developed in the West Town neighborhood, according to Galvin. Residents will have access to a rooftop deck with grilling stations as well as dining and lounging areas. 

Additionally, to add a level of convenience for pet owners year-round, the expansive rooftop deck will also include a grassy dog run. A fitness center will provide residents with a full gym experience, while a resident lounge and business center will make working from home easy.

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

Kelly Shumaker, kshumaker@taylorjohnson.com, (312) 267-4519

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

www.fifieldco.com

http://www.kassmanagement.com/.

http://www.luxurychicagoapartments.com.

www.LuxeOnChicago.com.

Inside Look: Former Tucson, AZ Galleria Becomes 1,200-Employee Comcast Support Center

Comcast Cable Support Center, Tucson, AZ

 TUCSON, AZ – For office tenants able to think outside of the big box, Arizona’s lingering retail vacancies can equate to major opportunity. Such is the case with the recently completed renovation of the Tucson Galleria – a $16.4 million effort led by the Phoenix office of JLL that transformed a long-vacant retail mall into a cutting-edge Western region customer support center for Comcast Cable.

Derek Ruterman

“Comcast was looking for a well-located building with a great selection of nearby restaurants and amenities, and a strong public transportation network for its employees,” said Derek Ruterman, Vice President for JLL’s Project Development Services (PDS) group in Phoenix, and manager of the Comcast renovation.

“They were able to look beyond this building’s label as ‘retail’ space to see that the property checked all of their boxes as a superior location for a new regional support center.”

Located at 4690 N. Oracle Road in Tucson, the 165,000-square-foot Comcast facility was originally built in the mid 1980s, initially serving as a multi-tenant retail mall and, later, as an American Home Furnishings store. 

The furniture retailer vacated the space several years ago, leaving the space empty until Comcast selected the building for its new support center.

Through a JLL-directed redesign, this former mall now operates as a flexible and creative corporate environment that is solely occupied by Comcast. Approximately 1,200 employees work at the site, providing IT, call center and social media services.

Construction on the Comcast project began in August 2015 and completed in the the spring of 2016. The landlord is The Tanager Company, LLC. The project architect was Acquilano Leslie, Inc. The builder was Jokake Construction.

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

 Stacey Hershauer

focusAZ

Marketing & Public Relations

(480) 600-0195

www.focusaz.com

Marcus & Millichap Handles Palm Beach Eye Clinic Sale in West Palm Beach, FL

Barry M. Wolfe

WEST PALM BEACH, FL  – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Palm Beach Eye Clinic, a 3,111-square foot net-leased property located in West Palm Beach, Fla., according to Ryan Nee, regional manager of the firm’s Fort Lauderdale office.

The asset sold for $1,045,000 equating to $336 per square foot.

Barry M. Wolfe, first vice president investments, and Alan Lipsky, associate, both in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a partnership from Palm Beach, Fla and the buyer, a limited liability company from West Palm Beach, Fla.

“Through our marketing process we generated nearly fifteen offers from local, out-of-area and international buyers,” says Wolfe.  “Ultimately the property was purchased by a local buyer.

“We are continuing to see a very strong interest in net leased properties.  This is the fourth single tenant property in Palm Beach County that our team has sold in the recent weeks.  Every asset received very strong interest and sold at an aggressive price.”

Palm Beach Eye Clinic has been in business for more than 30 years and treats thousands of patients each year.  The clinic is located in an ideal South Florida location, one-half mile from Good Samaritan Medical Center, at 130 Butler Street in West Palm Beach, Fla.

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

Ryan Nee

Vice President / Regional Manager,

 Fort Lauderdale

(954) 245-3400

Marcus & Millichap Brokers Sale of 70,800-SF IMF Business Park in Tampa, FL

Steven Dolinsky

TAMPA, FL – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of IMF Business Park, a 70,800-square foot industrial property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Steven Dolinsky, associate, and Luke Elliott, associate vice president investments, both in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer, a private investor, was secured and represented by Elliott and Dolinsky.

“The buyer’s plans to revitalize IMF Business Park marks another step toward east Tampa’s path to progress,” says Dolinsky.

IMF Business Park consists of two, multi-tenant industrial properties located at 2502 East Wilder Avenue and 5107 North 22nd Street, both in Tampa, Florida. The two industrial buildings are contiguous properties with a retention area comprising the third parcel included in the sale.

The business park is strategically located less than one mile from U.S. Highway 41 and one mile from Interstate 275, both are major highways within the populous Tampa Bay area.

“After casting a wide marketing net, the selected buyer ended up coming from out of the area, but saw the value in the Tampa Bay market,” said Elliott.

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

Richard D. Matricaria

First Vice President / Regional Manager,

 Tampa, FL

(813) 387-4700

Marcus & Millichap Arranges Sale of Dollar General Site in Chesnee, SC

Daniel Hurd

CHESNEE, SC – 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 9,014-square foot net-leased Dollar General located in Chesnee, South Carolina, according to Richard D. Matricaria, regional manager of the firm’s Tampa office.

Daniel Hurd, associate in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, a private investor.  The buyer was secured and represented by Hurd, and Raj Ravi, broker of record, assisted in closing this transaction.

The Dollar General is located at 5098 Chesnee Highway in Chesnee, South Carolina. The subject building is 9,014 square feet, constructed in 2005 and sits on approximately one acre of land. 

Dollar General currently operates in more than 43 states and focuses on the sale of items such as foods, snacks, health and beauty aids, housewares, cleaning supplies and seasonal items.

The company has been rapidly expanding and is set to open approximately 800 new locations this year.

“Throughout our strategic marketing campaign we were able to general multiple offers on this deal, which resulted in a purchase from an out-of-area buyer,” says Hurd. “The buyer, an individual investor out of Mississippi, sees this investment as a great long term, passive cash flow opportunity, and is optimistic about the tenant continuing to extend the lease moving forward.”

.

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

Richard D. Matricaria

First Vice President / Regional Manager, Tampa

(813) 387-4700

Bayer Properties Appoints Mark Curran as General Manager of Ashley Park in Newnan, GA

  

Mark Curran

 BIRMINGHAM, AL,  Aug. 5, 2016 — Bayer Properties announced today the appointment of Mark Curran as general manager of Ashley Park, a 554,364-square-foot regional open-air retail center in Newnan, Georgia.

Curran will oversee overall management of the property, including operations, marketing, leasing, specialty leasing, accounting, guest services and public safety. Bayer Properties was retained to oversee leasing and marketing at the property in January 2016, and recently took over third-party management responsibilities.

“Mark has more than 25 years of experience and industry knowledge, making him the perfect candidate to lead our efforts at Ashley Park,” said Jeffrey Bayer, president and CEO of Bayer Properties. “As the third-party manager for the property, it is our mission to set high standards of operating excellence, and I am confident Mark will help us achieve this mission.”

Curran joins Bayer Properties from Kimco Realty Corp. where he served as general manager and managed a team that oversaw the strategic direction and daily operations of a 1.2 million-square-foot portfolio, including retail, office and restaurant space. Curran has led marketing efforts at significant properties nationwide, including King of Prussia Mall in King of Prussia, Pennsylvania, and Rivercenter in San Antonio, Texas.

Jeffrey Bayer

“Bayer Properties has done a fantastic job of starting to evolve the tenant mix at Ashley Park,” Curran said. “We plan to take the property to the next level by nurturing connections within the local community and activating public spaces with events and entertainment to create an inviting environment and elevate the property to a true ‘shop, work, play’ destination.” 

An active member of the International Council of Shopping Centers (ICSC), Curran has attained Certified Marketing Director (CMD) and Certified Shopping Center Manager (CSM) credentials. He is also a six-time ICSC Maxi Award-winner.

Savannah Durban

The Wilbert Group

Tel: 404-343-0870

Email: sdurban@thewilbertgroup.com

www.bayerproperties.com.

www.ashleyparknewnan.com

$16.786 million construction loan for Class A apartment development in Vancouver, WA secured by HFF

Rendering of planned Heritage Villas Development in Vancouver, WA

Erica Christensen

PORTLAND, OR –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured $16.786 million in construction financing for the development of Heritage Villas, a 135-unit, Class A garden-style apartment project in Vancouver, Washington.

HFF worked on behalf of the borrower, a partnership with developer Gregg Mecham and other local investors, to secure the construction financing with a regional bank.  Integrity Structures LLC is the general contractor and has already started construction on the project.

Due for completion in 2017, Heritage Villas will feature upscale one-, two- and three-bedroom units averaging 945 square feet each.  

Units will offer in-unit washers and dryers, stone countertops, dishwashers, fireplaces, air conditioning, and patios or balconies.

 Common area amenities will include a clubhouse with fitness center and business office, playground, walking trails, carports, garages and storage units.  Heritage Villas will be constructed on a 7.3-acre site at 2306 NE 78th Street just east of Interstate 5 in Vancouver’s historic and revitalized Hazel Dell neighborhood.

 The property is located within 15 miles of Portland International Airport and Portland’s central business district.

The HFF debt placement team representing the borrower was led by associate director Erica Christensen.

“We are excited about bringing this institutional-grade property to the marketplace,” said Gregg Mecham.  “We greatly appreciate HFF’s help in securing competitive construction financing.”

"Construction financing is more conservative today than it has been during the past few years; however, lenders can still offer competitive terms for well-thought-out projects in strong markets, like Heritage Villas,” Christensen said.

“With limited new apartment construction in Vancouver and continued strong in-migration to the market, we expect the property to perform very well.”

 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.integritystructuresllc.com.

HFF secures $75 million refinancing for One Hundred Oaks mixed-use center in Nashville, TN

One Hundred Oaks, South Nashville, TN

John W. Rose

DALLAS, TX  – Holliday Fenoglio Fowler, L.P. (HFF) announced it has secured a $75 million refinancing for One Hundred Oaks, an 892,886-square-foot, mixed-use retail and medical office center in south Nashville, Tennessee.

HFF worked on behalf of the borrower, LaSalle Investment Management, to place the seven-year, floating-rate loan with JPMorgan Chase Bank, N.A.  Loan proceeds were used to refinance the existing debt previously arranged by HFF.           

One Hundred Oaks is a retail, entertainment and medical office center with medical office space accounting for more than 50 percent of the overall square footage.

  One hundred percent of the medical office space is leased to Vanderbilt University Medical Center, which achieved green design and construction industry benchmark certification for LEED-CI (commercial interiors).

John W. Rose

 The property was redeveloped in 2009 and 2010 as adaptive reuse and, in addition to Vanderbilt, is 99 percent occupied by Regal Cinemas, Burlington Coat Factory, Ross Dress for Less, T.J. Maxx, HH Gregg Appliances, PetSmart, Michael’s, K&G Men’s Company, Guitar Center, Ulta Beauty, Kirkland’s Home, Electronics Express, Chipotle, Regions Bank, Logan’s Roadhouse, Panera Bread and Panda Express.

Situated on 53.64 acres at 719 Thompson Lane in Nashville, One Hundred Oaks is off Interstate 65 and close to the intersection of 65 and the Four-Forty Parkway (Interstate 440).  The property is less than five miles from Vanderbilt University Medical Center’s hospitals in Nashville.

The HFF team representing the owner was led by senior managing director John W. Rose and director Campbell Roche.  

 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

HFF arranges $35 million permanent financing for San Francisco Bay Area office and R&D property

Crossroads Technology Park, 3180--3280 Whipple Road, Union City, CA

Brandon Roth

SAN FRANCISCO, CA –– Holliday Fenoglio Fowler, L.P. (HFF) announced it has arranged $35 million in non-recourse permanent financing for Crossroads Technology Park, a fully-leased office and R&D property totaling 322,318 square feet in the San Francisco Bay Area community of Union City, California. 

HFF worked on behalf of Woodstock Development, Inc. and Nearon Enterprises to place the seven-year, fixed-rate loan with a domestic money center bank.

Situated on 23 acres, Crossroads Technology Park is located at 3180-3280 Whipple Road in Union City approximately 19 miles south of Oakland and 30 miles southeast of downtown San Francisco.

 The property has easy access to Highways 880, 580 and 680 in addition to the Dumbarton and San Mateo Bridges.  Built between 2000 and 2001, Crossroads Technology Park consists of approximately 80 percent office finish, 10 percent lab and 10 percent warehouse with 18’ to 24’ clear heights, dock drive loading doors and floor-to-ceiling windows. 

The HFF debt placement team representing the seller was led by managing director Peter Smyslowski and associate director Brandon Roth.

 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.woodstockdevelopment.com

www.nearon.com.

Marcus & Millichap Arranges $1.12 Million Sale of 16-Unit Carmen Apartments in Tampa, FL

Jason Hague

TAMPA, FL, Aug. 4, 2016 – 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 Carmen Apartments, a 16-unit apartment property located in Tampa, Florida, according to Richard D. Matricaria, regional manager of the firm’s Tampa office. The asset sold for $1,120,000.

Jason Hague, associate, Nicholas Meoli and Michael Donaldson, both vice president investments, all in Marcus & Millichap’s Tampa office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.  

The buyer, a limited liability company, was secured and represented by Hague, Donaldson and Meoli. 

Carmen Apartments is a 16-unit multifamily apartment community located at 4303 West North A Street in Tampa, Florida. 

The property was constructed and is situated on approximately .41 acres of land.  Made up of one building, the unit mix consists of eight, one-bedroom/one-bathroom units with 600 rentable square feet and eight, two-bedroom/one-bathroom units with 900 rentable square feet.

Nicholas Meoli

“Through our broad reaching national marketing campaign, the Meoli-Donaldson team was able to bring nine offers to the seller within 48 hours of hitting the market.

“Due to the tremendous activity that we received, we were able to guide seven of those buyers to either at or above list price, eventually going under contract with a cash buyer in a 1031 exchange,” says Hague.

 “In order to keep their offer competitive, the ultimate buyer waived all inspection and financing contingencies up front and closed 15 days from the executed contract date on an all cash basis. 

"The assignment is a true indication of how competitive the current market conditions are and how Marcus & Millichap and our team can truly perform for our clients.”

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

Richard D. Matricaria

First Vice President / Regional Manager

 Tampa

(813) 387-4700

NAI Realvest Negotiates $2 Million Sale of Freestanding Former Millworks Building on West Colonial in Winter Garden, FL

  

Matt Cichocki

ORLANDO, FL — NAI Realvest recently handled the sale of the former Walker Brothers Millworks building at 12800 W. Colonial Drive in Winter Garden.     

Matt Cichocki and Kevin O’Connor, principals at NAI Realvest represented the Seller of the building constructed in 1981, and previously operating as Walker Brothers Millworks. 

The buyer was Occasions by Shangri-La, a full service event décor company who paid $2,000,000 for the property with 14,145 useable square feet and 2.21 acres.  

There were no other brokers.

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

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

Long-Term Tenant of SouthCourt, Neurocog Trials, Inc., Expands Lease in Durham, NC

  

 

Kaler Walker

 RALEIGH, N.C. (Aug. 4, 2016) — Neurocog Trials, Inc., has signed a 2,168-square-foot lease expansion and renewal at SouthCourt, a six-story, 146,000-square-foot office building located in Durham, North Carolina. The company now occupies a total of 19,871 square feet.

Kaler Walker and John Mikels of Lincoln Harris represented the landlord, DOF IV SouthCourt Buildings, LLC, in the transaction, and Robert Lacy of Borden Real Estate represented the tenant.

“Neurocog Trials, Inc., has been a long-term tenant at SouthCourt, and we are pleased that they continue to remain in the building as they grow,” Walker said. “The property’s prime location and fantastic amenities, including the panoramic views, fitness club and landscaped courtyard, make it a desirable property.”

SouthCourt showcases excellent views of Durham with the floor-to-ceiling glass windows and balconies connected to some offices. 

Located at the corner of Shannon Road and University Drive, the property offers easy access to Interstates 40 and 85, Duke University, Duke Medical Center, Research Triangle Park, Raleigh-Durham International Airport and the University of North Carolina at Chapel Hill.

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

Savannah Durban

The Wilbert Group

404-343-0870         

sdurban@thewilbertgroup.com

KIG Arranges $111 Million Joint Venture Partnership for 5.65-Acre Mixed-Use Development on Chicago’s Near West Side

  

Susan Tjarksen

CHICAGO, IL (Aug. 4, 2016) — KIG, Chicago’s leading commercial real estate brokerage firm specializing in institutional multifamily properties throughout the Midwest, today announced it has arranged an $111 million joint venture partnership to invest in and renovate Medical District Apartments, an existing 410-unit rental community in the heart of the Illinois Medical District on Chicago’s Near West Side, and ultimately develop a larger mixed-use project on the site.

The new venture includes the property’s owner, Guggenheim Real Estate LLC (GRE), as well as Atlantic Realty Partners and Focus Development Inc.

Located along Ashland Avenue between Polk and Taylor streets, the approximately 5.65-acre property includes two 12-story residential towers, as well as a pair of two-story garage decks under consideration for redevelopment.

In addition to repositioning the existing apartment buildings, which were built in 1972, the joint venture is proposing a multiphase development that would include a mix of residential unit types.

Medical District Apartments, Near West Side, Chicago, IL

“This site offers tremendous upside potential through a combination of value-add renovation and ground-up development,” said Susan Tjarksen, principal and managing broker at KIG.

“The joint venture between GRE, Atlantic Realty Partners and Focus Development will allow each to capitalize on continued demand for rental housing in downtown Chicago, particularly in areas like the Illinois Medical District, where high-quality jobs and public transportation are easily accessible.

“Ongoing investment on the Near West Side, including the proposed redevelopment of the Cook County Hospital, will only raise the profile of the neighborhood – and underlying real estate values – in the months and years ahead.”

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

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

Cara Mooses, cmooses@taylorjohnson.com, (312) 267-4523

www.kigcre.com.

www.goarp.com.

Charles Dunn Co. Brokers $6.7 Million Sale of 36-Unit Apartment Building in Winnetka, CA

  

 

Barry Rothstein

LOS ANGELES, CA, Aug. 4, 2016 – Charles Dunn Company, one of the largest full-service real estate firms in the western United States, has brokered the $6.7 million sale of a 36-unit apartment building in Winnetka, Calif. 

Barry Rothstein, managing director with Charles Dunn Company, represented both the seller and buyer in this off-market transaction. The property traded at $186,111 per unit and was acquired by a private, Northern California-based real estate company with an established portfolio of Southern California apartment buildings.

Rothstein ensured that the seller, a private investor from Southern California, located and entered into a 1031 exchange immediately after the close of escrow.

“This was a favorable deal for both the buyer and the seller,” said Rothstein. “The seller sold the property to free himself from several decades of apartment ownership and will be able to increase his income through the exchange. 

"Since the property is not subject to Los Angeles rent control, the buyer will be able to renovate the units as tenants move out and increase value.”

               Built in 1983, the two-story, garden-style apartment building occupies just under one acre of land and includes subterranean parking, a pool, newly installed solar energy systems, and a mix of large units with big patios and balconies.

The asset is well-located in a densely populated area comprised of multifamily, upscale housing, shopping amenities, and is convenient to Pierce College, public transit, and the 101,405, and 118 freeways.

The property’s location is further improved by its proximity to Westfield’s newly developed Village at Topanga, a 1.6 million square foot, two-story enclosed shopping center.

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

Darcie Giacchetto

949.278.6224

www.charlesdunn.com