Saturday, February 23, 2019

Hubbard Street Group Starts Pre-Leasing at The Field's Lofts in Chicago, IL


John McLinden
CHICAGO. IL — Chicago-based Hubbard Street Group (HSG) announced the start of pre-leasing at The Field’s Lofts, a 123-unit loft-style rental community housed in a portion of the redeveloped Marshall Field’s warehouse at 4000 WDiversey Ave., near Chicago’s Logan Square neighborhood.

 Located in the easternmost portion of the 1.5 million-square-foot building, The Field’s Lofts is scheduled to welcome first move-ins on April 1.

“We take great pride in adaptive reuse projects, so we were eager to bring life back to this beautiful building,” said John McLinden, managing partner of Hubbard Street Group.

The Field's Lofts, 4000 West Diversey Avenue
 near Logan Square neighborhood, Chicago, IL

 “Central to our redevelopment efforts is the preservation of rustic architectural details like 24-inch-round columns, 14- to 17-foot ceilings and steel-frame windows that, together, make The Field’s Lofts an authentic loft living experience.

“This building is rich in character and charm and is different from the thousands of typical white boxes in the sky that have recently been developed in new high- and mid-rises throughout Chicago,” McLinden added.

“This pocket of the Logan Square/Belmont Gardens neighborhood is full of history and culture and we are excited to be a part of it.”

Jaclyn Moser
Comprising approximately 144,000 square feet within the larger mixed-use building, The Field’s Lofts offers junior one-, one-, and two-bedroom residences ranging from approximately 542 to 1,330 square feet.

Rents start at $1,495 per month for junior one-bedrooms; $1,795 per month for one-bedrooms; and $2,395 per month for two-bedrooms.

Chris Sommers
Designed by architectural firm Hirsch MPG and design firm Harken Interiors, the common areas offer a nod to the building’s rich history through use of color – the Marshall Field’s signature shade of green is featured prominently throughout — as well as accessories such as original signage.

“Authentic loft space deserves authentic design," said Jaclyn Moser, partner of Harken Interiors. "As a Chicago-based firm, we understand the love affair this city has with the Marshall Field’s brand and wanted to pay tribute through thoughtful design."

Kage Brown
Harken Interiors partner Chris Sommers added: “As evidenced by everything from the splashes of ‘Marshall Field’s green’ on the exposed columns to the red-lettered furniture sale sign that was repurposed as artwork, the history of the building is very much a part of its resurgence as a modern residential community that embraces its roots.”

Located on the sixth floor, common areas will include a co-working space with Wi-Fi and printing station; fitness center with state-of-the-art equipment including Peloton bikes, as well as a private yoga and meditation studio; and resident lounge and cafĂ© with chef’s-grade kitchen.

Graham Palmer
“Creating a sense of community is an important theme throughout Hubbard Street Group’s residential projects and the impressive suite of amenities at The Field’s Lofts will really distinguish this building from what’s currently available in the market,” said Kage Brown, partner and chief investment officer at Hubbard Street Group.

Outdoors, an expansive rooftop deck with unobstructed views of the Chicago skyline will be equipped with a grilling station, dog run, fire pit and sun chairs. The Field’s Lofts also provides complimentary bike parking; storage lockers; and garage parking for 87 vehicles.

Aaron Galvin

“The Field’s Lofts offers modern, brand-new apartments at an attainable price point,” said Aaron Galvin, CEO of Luxury Living Chicago Realty, the exclusive marketing and leasing brokerage for the development.

“The thoughtful apartment interiors combined with the character of both the building and the location near the Logan Square neighborhood sets The Field’s Lofts apart in the Chicago rental market.”

Convenience is another selling point of The Field’s Lofts, noted Galvin. The property’s lower-level retail space is anchored by Cermak Fresh Market, while numerous shops, restaurants and parks are within walking distance.

For more information or to schedule a showing, visit www.fieldslofts.com or call (773) 451-6452.

Founded in 2016 by real estate veteran John McLindenHubbard Street Group (HSG) is a real estate investment and development company that creates modern, lifestyle-oriented residential, retail and office developments, with a focus on urban infill sites.

The partners at HSG are industry leaders in neighborhood-level development, capitalizing on hyperlocal market opportunities and working alongside community stakeholders to realize the vision for each project. McLinden is joined at HSG by partners Graham Palmer and Kage Brown.

CONTACTS:

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

Trez Forman Closes $20.8 Million Loan for Large Residential Development near Wilmington, NC


Brett Forman
Wilmington, NC and Palm Beach, FL –Trez Forman Capital Group has completed a $20.8 million loan for a significant single-family residential development on 158 acres in Surf City near Wilmington, N.C.

The financing pays off an existing $2.5 million land loan provided to the borrower byTrez Forman and covers land development costs for 415 single-family lots.

The transaction closed on February 15. Trez Forman President and CEO Brett Forman arranged the transaction.



Major homebuilder DR Horton has a contract to purchased 170 of the single-family lots from the borrower, who plans to secure a buyer for the remaining 245 lots.

The site is located at the intersection of Belt Road and NC Highway 50. It is conveniently positioned near a new Publix, 1.5 miles from the beach, with access provided by a new 3,600-foot bridge that opened in December 2018.

The master-planned community will be known as Waterside.

CONTACT:

Eric Kalis
Vice President, BoardroomPR
O 954-370-8999
C 305-794-5123

Bank of America Plaza | 1776 N Pine Island Road


Core5 Industrial Partners Announces Sale of 581,475 SF Desoto 55 Logistics Center Building A and Lease of 300,145 SF Building B in Greater Memphis Industrial Market


Building A, Desoto 55 Logistics Center, 1241 Commerce Drive
Horn Lake, Desoto County, TN

ATLANTA, GA – Atlanta-based Core5 Industrial Partners announced the sale of a 581,475-square-foot building located in Desoto 55 Logistic Center, a 173-acre park situated at US Highway 51 in DeSoto County along the I-55/I-69 corridor in the greater Memphis industrial market.

Lisa M. Ward
The initial cross-dock facility, located at 1241 Commerce Drive, Horn Lake, MS, and known as Building A, was sold to a Fortune 500 company to use as a key facility in their distribution network.

Elliot Embry with NAI in conjunction with NAI Global Corporate Solutions represented the undisclosed buyer.

Elliot Embry
The second existing building in the park, Building B, is a 300,145-square-foot rear-load building that has been fully leased to DSV Solutions, LLC and EPE Industries USA which will both occupy in first quarter 2019.

DSV Solutions was represented in-house and EPE Industries was represented by Jacque Beeson of CBRE.

With the initial two buildings being fully committed within three months of completion, Core5 will immediately begin design and construction on the final three buildings in DeSoto 55 Logistics Center, totaling 1.5 million square feet.

The largest building of the three, Building D will be a 860,915- square-foot cross-dock building and feature 36’ clear height, 326 auto spaces and up to 196 trailer spaces. 

Jacque Beeson
 The two additional buildings will be a 328,355 – square foot cross-dock with 36’ clear height and a 316,885 – square foot rear-load building with 32’ clear height. All three buildings are anticipated to deliver in the last quarter of 2019.

Rodney Davidson
At full build-out, DeSoto 55 Logistic Center will accommodate just under 2.5 MSF in five separate buildings.

DeSoto 55 Logistics Center provides an outstanding business environment in a park-like setting with proximity to the I-55 transportation corridor and a deep and qualified labor pool from which to draw potential workforce.

Other key attributes that have proven successful to the property are the pro-business environments of both DeSoto County and the City of Horn Lake, MS. 

“The two key factors considered by logistics operators is immediate access to transportation infrastructure and access to a qualified labor pool. DeSoto 55 Logistics Center offers unparalleled  access to both,” said Lisa Ward, Senior Vice President and Managing Director of Core5.

“The State of Mississippi, DeSoto County and the City of Horn Lake have created a pro-business environment that is both responsive and easy for prospective tenants seeking to do business in the area,” declares Rodney Davidson, Vice President Investments for Core5.

Dan Wilkinson
Colliers International’s Memphis team of Dan Wilkinson, Brad Kornegay and Allen Wilkinson will continue to handle marketing and leasing for DeSoto 55 Logistics Center on behalf of Core5.

About Core5 Industrial Partners
Core5 Industrial Partners is an industrial real estate property company with expertise in development and acquisition of Class-A industrial properties featuring the latest innovations throughout the United States.

Headquartered in Atlanta, Georgia, Core5, has development activity in Atlanta, Chicago, Cincinnati/Northern Kentucky, Dallas, Los Angeles/Inland Empire, Memphis, Pennsylvania and South Florida with expansion plans to additional key logistic hubs in the US.

Allen Wilkinson
Founded in 2015, the company has developed 10 million square feet in three years and has plans to begin development on another 10 million square feet in 2019.

Immediate access to capital, coupled with the ability to financially support deals on their balance sheet without utilizing third party resources on most transactions, Core5 executes quickly without layers of bureaucratic, time-consuming processes.

The company is privately held by 170-year-old Japanese-based Kajima Corp – one of the world’s largest A credit-rated construction companies with whom C5 leadership has sustained a 30+ year working relationship.

Brad Kornegay
Named for its five core principles, the company values are centered around a highly flexible entrepreneurial spirit promising follow through on commitments with an emphasis on relationships, excellence in quality, attention to detail and quick decision making.

CONTACTS:

Rodney Davidson
Core5 Industrial Partners
404-262-5432

RITA SKAGGS
 RED DART Real Estate Consulting
404.788.3231


Hostmark Hospitality Group Names Ronald L. Vlasic Chief Operating Officer


Ronald L. Vlasic

SCHAUMBURG, IL —Officials of Hostmark Hospitality Group, an award-winning hotel management company specializing in unique lifestyle hotels and resorts as well as branded properties, announced it has named Ronald L. Vlasic as chief operating officer. 

 In his new role, Vlasic will oversee and grow the company’s third-party management portfolio of branded and independent hotels across the U.S., helping the company expand into new markets and segments.

Jerome F. Cataldo
                “With more than 25 years of hospitality experience, Ron has an unmatched track record utilizing his unique skillset and relationships to grow regional hotel companies into national powerhouses,” said Jerome F. Cataldo, president & CEO, Hostmark Hospitality Group. 

 “He was instrumental in Kimpton Hotels & Restaurants’ growth from 16 properties concentrated in the Bay Area to 63 hotels nationwide by 2018.  Ron’s expertise in high-end, boutique properties will prove particularly useful as we expand that segment of our own third-party managed hotel portfolio.” 


CONTACT:

Chris Daly
(703) 435-6293


Friday, February 22, 2019

GC Rentals Buys Three California Multi-Family Properties in Glendale, Pasadena and Burbank

Pat Meaney

PALM DESERT, CA -- GC Rentals LLC purchased three multi-family properties in Glendale, Pasadena, and Burbank.

 The properties consisted of 14 units totaling 14,388 square feet for $6,160,000. The properties were 92% leased at the time of sale. 

The three properties were apart of a 1031 exchange.

Jordan Meaney

"Our Investor had sold a larger complex in North Carolina, and was very bullish on the Southern California multi-family housing market," says Canada Pacific Realty Advisors’ Pat Meaney.

.
"He decided to invest the proceeds from his 1031 exchange back into Southern California, and specifically the Pasadena, Glendale, Burbank area, as he is a Pasadena native and very familiar with the area." 
Brendan Meaney

The firm's Brendan Meaney states, "Canada Pacific Realty Advisors is a full-service real estate brokerage and advisory firm specializing in 1031 exchanges and Investment real estate." 

“Our extensive experience lends trusted expertise and insight to opportunities, investments, and property portfolio management," adds Jordan Meaney. 

"We’re dedicated to finding the right opportunities and eager to use our expertise to your advantage.”

CONTACT:

 Jordan Meaney
Canada Pacific Realty Advisors
CP Realty Advisors, Inc.

42215 Washington St. Suite A373
Palm Desert, CA 92211
760-585-9680 (Main)
760-641-6758 (Cell)

CA License #02033601
OFFICES IN PALM DESERT AND LOS ANGELES

January’s Nine Percent Drop in Real Estate Showing Activity Marks Sixth Consecutive Month of Year-Over-Year Declines


Daniil Cherkasskiy
CHICAGO, IL  – If January is any indication, home sellers are bracing themselves for a tenuous start to 2019, as the first month of the year saw a nine percent drop across the U.S. in year-over-year residential showing activity, according to data from the ShowingTime Showing Index®.

“Showing traffic continues to subside from last year's impressive heights,” said ShowingTime Chief Analytics Officer Daniil Cherkasskiy. “In January, we did not see an influx of home shoppers to reverse year-over-year declines in showings, which suggests that we may see slower traffic this spring compared to last year.”




In a notable contrast to January 2018, when the 12-month average year-over-year increase in showing traffic nationwide was 7.7 percent, January 2019 saw the 12-month average decline to almost one percent. 

The decrease in showing activity has been felt throughout the country but most noticeably in the West Region, which experienced an 18.8 percent year-over-year drop last month. 

The Midwest Region recorded a year-over-year decline of 12.4 percent in January, with the South Region not far behind with a year-over-year drop of 11.5 percent. The Northeast Region saw a more modest drop of 2.4 percent in January.


      

Key Points:

  • January showing traffic was down nine percent year over year in the U.S.; the West Region saw its 11th consecutive month of declines with an 18.8 percent year-over-year drop in showing activity

  • A decline in showing traffic continued again in January for the Northeast (-2.4 percent), South (-11.5 percent) and Midwest regions (-12.4 percent), the fourth consecutive month where all regions saw a year-over-year drop


CONTACT:



NAI Realvest Signs Six New Tenants into Over 11,900 SF at South Park Business Center in Orlando, FL Within 60 Days


Tom R. Kelley II
ORLANDO, FL – NAI Realvest closed on six new leases totaling 11,908 square feet at Orlando’s South Park Business Center, the successful business park at 8600 Commodity Circle that’s already home to many notable companies.

Tom R. Kelley, IICCIM, a principal at NAI Realvest negotiated the six latest deals on behalf of Landlord Miami-based South Park, LLC. 

CryonextLLC, a healthcare practice providing non-surgical and drug free options for wellness has leased 2,499 square feet.  The tenant, with other operations in Oviedo and Lake Nona , was represented by Melanie Kalaleh of Dynamic Realty & Development.

Dreamweavers Costumes leased 2,094 square feet.  The retailer supplies costumes for adults and children through Amazon, Target and to entertainment area venues.    

Manuel Berrios
Three leases for 1,830 square feet each were signed by Kiteman Productions, LLC, famous for theme park shows, banner and kite rentals; Teilen System Walls, LLC, a Hialeah-based construction market wholesaler producing easy-to-install and removable  products; and Miami-based shipping company Rima Cargo LLC

 Tenant Rima Cargo was represented by NAI Realvest associate Manuel Berrios.

Magic Digital Studios, LLC a new tenant specializing in corporate videos, broadcast media and digital films, leased 1,825 square feet and was represented in the transaction by Ridrigo Schiavo of Premier Capital Realty.

CONTACTS:

Tom R. Kelley, II, CCIM, Principal, NAI Realvest,
 407-875-9989 Tkelley@realvest.com

Robin L. Webb, CCIM, Cha, CHB, CRB, CPM, MRICS, Managing Director, NAI Realvest 407-875-9989 Rwebb@realvest.com

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

HFF arranges $27.55 million refinancing for College Station, TX apartments


100 Park at Century Square Apartments, College Station, TX

HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces it has arranged a $27.55 million refinancing for 100 Park at Century Square, a 249-unit luxury apartment community in College Station, Texas.

Colby Mueck
HFF worked on behalf of the borrower, a joint venture between Midway and Harrison Street, to secure the loanfrom an affiliate of Granite Point Mortgage Trust Inc. (NYSE: GPMT).

100 Park at Century Square is located west of University Drive on Century Square Drive across from Texas A&M University within College Station’s 60-acre Century Square mixed-use development that features premier retail and dining, entertainment venues, 60,000 square feet of Class A office space, luxury apartment homes and two full-service hotels, The George and Cavalry Court.

  Completed in 2016, 100 Park offers a mix of studio, one- and two-bedroom units with upscale finishes, including stainless steel appliances, granite countertops, wood floors, washers and dryers, large closets and patios or balconies.

Timothy Joyce
  In addition to the property’s centralized location, 100 Park incorporates community amenities, including a swimming pool, outdoor lounge and green space, grilling area, state-of-the-art fitness center and covered parking.

The HFF debt placement team representing the borrower was led by senior managing director Colby Mueck along with managing directors Timothy Joyce and Stephen Skok and analyst Stuart Hepler.

Midway’s purpose is to create enduring investments and remarkable places that enrich people’s lives. 

 Houston-based Midway is a privately owned, fully integrated real estate investment and development firm that has provided the highest level of quality, service and value to its clients and investors for more than 50 years. 

Stephen Skok
The Midway portfolio of projects completed and/or underway consists of approximately 45 million square feet of properties in 23 states and Northern Mexico ranging from office and industrial facilities, corporate headquarters, mixed-use centers, business and industrial parks, medical facilities, manufacturing facilities, and master-planned resort and residential communities. 

 For more information on Midway, visit www.midwaycompanies.com.

Harrison Street is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. 

 The firm has created a series of differentiated investment strategies across multiple risk/return platforms. 

Stuart Hepler
Headquartered in Chicago, the firm employs a 140-person team with approximately $18 billion in assets under management.

  For more information, please visit https://www.harrisonst.com/.

CONTACTS:


COLBY MUECK
HFF Senior Managing Director
(713) 852-3500

OLIVIA HENNESSEY
HFF Public Relations Specialist
(713) 852-3403