Friday, October 18, 2019

NAI Hiffman Arranges $17.1 Million Sale-Leaseback Transaction for Young Innovations, Inc. in Illinois and Missouri

Young Innovations, Inc. HQ building, 2260 Wendt Street, Algonquin, IL

Patrick J. Sullivan
OAKBROOK TERRACE, IL — NAI Hiffman, the largest independent real estate services firm in the Midwest, announced it has completed a sale-leaseback transaction on behalf of Young Innovations, Inc., a global manufacturer and distributor of consumable dental supplies and equipment. 

The assets, which sold for $17.1 million, include the company’s 95,000-square-foot headquarters building at 2260 Wendt St. in Algonquin, Illinois, as well as the firm’s three manufacturing and distribution facilities totaling 117,400 square feet in Earth City, Missouri, a suburb of St. Louis.

Young Innovations will maintain operations at all properties under a 20-year lease with the buyer, New York-based New Mountain Net Lease.

“Through sale-leaseback transactions, companies like Young Innovations are able to capitalize on strong pricing without any disruption to their business, in many cases reinvesting proceeds to support future growth,” said Pat Sullivan, executive vice president of NAI Hiffman’s Capital Markets Group. “These transactions also provide the steady, predictable returns that many investors seek.”


Ryan Chambers
The sale, brokered by Sullivan and Ryan Chambers, vice president of NAI Hiffman’s Capital Markets Group, marks the sixth single-tenant sale-leaseback transaction executed by the firm’s Capital Markets Group over the past 24 months. Together, they comprised 16 assets across seven states that, collectively, were valued at nearly $120 million.

CONTACTS:

 Patty Cronin, pcronin@taylorjohnson.com, (312) 267-4513

Gretchen Muller, gmuller@taylorjohnson.com, (312) 267-4511


Evergreen Real Estate Group and Chicago Housing Authority Celebrate Completion of Oso Apartments in Chicago’s Albany Park Neighborhood



 Officials celebrate the grand opening of Oso Apartments on Oct. 10.

F
rom left: Emmanuel Kinard (IFF), 35th Ward Ald. Carlos Ramirez-Rosa, Eric Meyer (Evergreen Real Estate Group), David Block (Evergreen Real Estate Group), Andre Pintauro (Evergreen Construction Company), Dalia Aragon (North River Commission), Jaime Torres Carmona (Canopy Architecture + Design), Thomas Applegate (North River Commission), Wendell Harris (CCLF) and Jewell Walton (CHA).

CHICAGO, IL — Evergreen Real Estate Group, in partnership with the Chicago Housing Authority, has announced the completion of Oso Apartments, a 48-unit affordable rental community at 3435 W. Montrose Ave. in Chicago’s Albany Park neighborhood.

The developer was joined by 35th Ward Ald. Carlos Ramirez-Rosa and officials from the Chicago Housing Authority, Illinois Housing Development Authority and North River Commission at a ribbon-cutting event on Oct. 10.

“Oso Apartments is a welcome addition to Albany Park, providing beautiful and dignified affordable housing that was so desperately needed,” said Ald. Ramirez-Rosa.

Carlos Ramirez-Rosa 
“In 2017, the Institute for Housing Studies at DePaul University identified Albany Park as one of the communities with the highest displacement pressure in the city of Chicago, where rising rents were pushing more and more working people out.

The community came together with unanimous support for the project, and it was made possible by the developers and other partners who showed that they have a heart. The result is this wonderful housing for working families.”

Located at the southwest corner of Montrose Avenue and Bernard Street, on land that was formerly vacant, the new five-story building has 32 one-bedroom and 16 two-bedroom apartments, which are nearly fully occupied.

David Block
Of the 48 apartments, 32 are set aside for CHA residents. Fourteen units are reserved for households earning up to 60% of the area median income, while the remaining two units are reserved for households earning up to 50% of AMI.

“The completion of Oso Apartments is a significant achievement, as it shows how previously underutilized sites can be reimagined as thoughtfully designed housing that supports the economic diversity of our city,” said David Block, director of development at Evergreen Real Estate Group.

“We still have a long way to go in addressing Chicago’s affordable housing shortage, but this project and nearby developments like the Independence Apartments and Independence Branch Library represent progress in our mission of creating and preserving housing that allows neighbors to stay in their existing neighborhoods.”

            Jewell Walton
The $10 million project was funded, in part, with federal low-income housing tax credits and trust funds from the Illinois Housing Development Authority.

Other financing partners included the Chicago Housing Authority, ComEd Energy Grant, US Bank and Citi Bank.

“CHA has been committed to building strong, vibrant communities throughout this great city. This is an example of that commitment,” said Jewell Walton, deputy chief of the CHA’s Rental Assistance Demonstration (RAD) program.

“This beautiful new building was made possible through project-based vouchers that support developments through long-term affordability. It’s another tool we use to reiterate our pledge to deliver greater housing opportunity to all of Chicago’s 77 community areas.”

Andre Pintauro
IHDA Multifamily Financing Director Christine Moran added, “The Illinois Housing Development Authority was pleased to partner with Evergreen Real Estate Group and the city of Chicago to transform a vacant lot into a new, modern and affordable rental community.

This is an impactful development that will add diversity and depth to the local housing stock, helping the Albany Park area remain affordable and accessible as the neighborhood continues to grow.”

On-site amenities at Oso include a public plaza at the corner of Montrose and Bernard, as well as a smaller landscaped area for residents, located on the west side of the property.


Christine Moran
 In addition, Oso offers a large community room, which can be subdivided into two separate rooms, as well as a lobby with seating area, in-building laundry, bike and tenant storage, and 22 surface parking spaces.

Evergreen Construction Company, a division of Evergreen Real Estate Group, served as general contractor on the project, which was delivered in less than 12 months.

“As a result of our processes and vertically integrated team, we delivered Oso on time and under budget,” said Andre Pintauro, president of Evergreen Construction Company.

“Our experience as a developer informs our work as a general contractor, streamlining everything from pre-construction planning, to procurement of materials — which has become more important than ever amid rising construction costs — to execution of the vision shared by project partners and community stakeholders.”


Oso Apartments, 3435 W. Montrose Avenue, Albany Park neighborhood, Chicago, IL, located from CTA bus stops along Montrose and Kimball avenues and a half-mile south of the Kimball Brown Line station.

Designed by Chicago-based Canopy Architecture + Design, Oso Apartments features a textured concrete façade with bright yellow metal accents.

The entrance includes an art wall featuring a mural design by Chicago artist Miguel A. Del Real.

“The mural runs from inside the lobby outside to the exterior wall,” said Pintauro. “The artist has completed the interior portion of the mural – a large, bright, colorful work that depicts bees, flowers and honeycombs.

"The theme ties in with the building’s name, Oso, which means bear in Spanish, and the love bears have for honey. The yellow metal accents on the building’s exterior resemble honeycombs as well. It’s a fun way to incorporate a story and pops of color into the building design.”

Miguel A. Del Real

Residences at Oso feature plank flooring, windows with perforated sun shades, kitchens with wood cabinetry and stainless steel appliances, and baths with a beveled subway tile shower surround.

Four corner units have floor-to-ceiling windows in the main living area, while the remaining apartments have Juliet balconies.

“Oso has a hip, urban vibe, with exposed concrete flooring and walls in parts of the first-floor common spaces and in hallways on each floor, as well as exposed pipes in residences,” said Pintauro.

The Montrose Blue Line station, which provides access to downtown and O’Hare International Airport, is a 10-minute drive and accessible via the No. 78 bus.

Evergreen Real Estate Services LLC is leasing and managing Oso.


CONTACTS:

Abe Tekippe, atekippe@taylorjohnson.com, (312) 267-4528
Kathryn Kjarsgaard, kkjarsgaard@taylorjohnson.com, (312) 267-4514.

 www.osoapartments.com or phone (773) 654-3418 
www.evergreenreg.com.


Ware Malcomb Expands to New Office in Downtown San Diego, CA


Tiffany English
SAN DIEGO, CA – Ware Malcomb, an award-winning international design firm, announced they have moved into a new, larger office space located at 402 West Broadway, Suite 1560 in downtown San Diego.

The move was driven by the growth of the firm’s local employee and client base. Just nine months ago, Ware Malcomb’s other office in San Diego also expanded to a larger space located at 3911 Sorrento Valley Blvd., Suite 120.

“Our presence within the dynamic San Diego market continues to expand with our second growth-driven office move in less than a year,” said Tiffany English, Principal of Ware Malcomb’s San Diego offices.

“Between our two San Diego offices, Ware Malcomb is well positioned to provide our clients with a growing array of design services now and into the future.”
Catharine Hughes
“In designing our own Ware Malcomb offices, we utilize the same principles as in all of our client projects, including an emphasis on long term real estate value, high quality materials, and incorporating sustainable features wherever possible,” added Catharine Hughes, Director, Interior Architecture & Design for Ware Malcomb’s Downtown San Diego office.

Notable projects completed by Ware Malcomb in the downtown San Diego area include: providing architecture, interior design and branding services for the exterior, lobby and amenity renovations of 525 B Street in downtown San Diego and interior architecture and design services for a 40,000 SF new creative office space for Psyonix.


CONTACTS:


Rachel Devany
VP Public Relations
 KCOMM for Ware Malcomb

Maria Rodgers, Public Relations Manager, 949.660.9128, mrodgers@waremalcomb.com

Maureen Bissonnette, Associate Principal, Marketing, 949.660.9128, mbissonnette@waremalcomb.com

Ware Malcomb’s Design video at youtube.com/waremalcomb.



Ware Malcomb Downtown San Diego
402 West Broadway, Suite 1560
San Diego, CA 92101
p. 619.564.5138

Ware Malcomb San Diego
3911 Sorrento Valley Blvd, Suite 120
San Diego, CA 92121
p. 858.638.7277

Wednesday, October 16, 2019

International commercial real estate brand expands in Jacksonville, FL with the launch of SVN First Coast Commercial


Colin Nicholson

Jacksonville, FL – SVN First Coast Commercial Real Estate Specialists has opened in Jacksonville, providing SVN with a strong and expanding presence in the nation’s largest city by geography.

“There’s so much activity going on in this market: The ports, the Naval Air Station, the University of North Florida – these all contribute greatly to Jacksonville’s strength,” said Kelly Bush, chief operating officer, SVN First Coast Real Estate Specialists.


“There’s also a lot of expansion taking place, with the Jaguars’ NFL team, concert venues, the St. John’s Town Center and surrounding retail. Industrial properties have more demand right now than supply.”

Kelly Bush
                           (Photo by J. Emilio Flores for The New York Times)


The group of 10 commercial real estate professionals has deep knowledge in a variety of property types and has served the Northeast Florida market for a number of years.

Kimberly Aselton
 Colin Nicholson, CCIM, is the president of SVN First Coast Real Estate Specialists. He is well-known in the market and previously led a team of advisors that managed transactions in several states.

Kathy Bissell
“We’re very excited to be part of the SVN family,” said Nicholson, who has 15 years of commercial real estate experience.
David Enicks
“The tools here are some of the industry’s very best and the collaboration at SVN is outstanding. Jacksonville is full of opportunities and we’re looking forward to pursuing them, enthusiastically.”
Chas Lawrence
Accompanying Nicholson at SVN First Coast are advisors Kimberly Aselton, Kathy Bissell, David Enicks, Chas Lawrence, Robert Lawrence, Chip Sistare, Anthony Migliore, Lou Govreau and Glenn Palmer.


Robert Lawrence
 In addition to the culture of collaboration and the resources available, Nicholson cited SVN’s sole focus on commercial real estate as a key benefit.


Chip Sistare
“Being able to hone in exclusively on commercial real estate provides us with the right focus to best serve our clients,” Nicholson said. “We’re all very excited to be part of the SVN family.”


Anthony Migliore
Jacksonville’s economy has enjoyed strength in recent years, with unemployment rates hovering around only 3 percent in mid-2019. The city’s deep-water port is one of the nation’s busiest and a source of economic vitality for the area.

 Glenn Palmer



Jerry Anderson, CCIM, executive managing director of SVN Florida, said that the move of these professionals to SVN should prove mutually beneficial.

“Having a group of successful, experienced professionals on the team will enable us to better serve Jacksonville’s commercial real estate needs,” Anderson said.

“In return, it will benefit them because of the high-level collaboration and the technology available to help them achieve optimal performance.”


Jerry Anderson
SVN First Coast Commercial Real Estate Specialists is located at 4348 Southpoint Blvd, Suite 310, Jacksonville FL.

Florida team consists of more than 100 advisors serving locations across the state.

Contacts:


Marshall Hotels & Resorts Continues Rapid Expansion of New York Metro-Area with Three Hotels Openings


79-Room La Quinta by Wyndham Manhattan Midtown

NEW YORK CITY, NY —Marshall Hotels & Resorts, a leading hotel management and services company that operates properties nationwide, today announced the openings of three New York Metro-Area hotels:

  •  68-Room Wingate by Wyndham New York Midtown South/5th Ave.; 
  • 79-Room La Quinta by Wyndham Manhattan Midtown; 
  • 140-Room Wingate by Wyndham Long Island City.  

                            Michael (Mike) Marshall
Marshall will operate the hotels on behalf of three different ownership entities.

“The addition of this trio of hotels brings our current NY Metro-Area portfolio to 11 hotels, though we have opened a total of 20 hotels in the area over the years,” said Mike Marshall, president and CEO, Marshall Hotels & Resorts. 

“Due to our growth in the area, our sales, operations and revenue management team members over these hotels all are based locally as we look forward to expanding further in New York City, as well as continuing to grow our presence nationally.”

 CONTACT:

CHRIS DALY
PRESIDENT
DALY GRAY PUBLIC RELATIONS, INC.
620 Herndon Parkway, Suite 115 | Herndon, VA 20170
Main: 703-435-6293
Mobile: 703-864-5553




Phoenix industrial construction pipeline reaches 10-year high


Riley Gilbert

PHOENIX, AZ – According to the Q3 Industrial Insight report from the Phoenix office of JLL, metro Phoenix now has more than 10 million square feet of industrial space under construction – the highest level of year-to-date construction activity since 2007.

 Despite still-rising construction costs, the JLL report cites in-migration and a growing pool of skilled labor as key factors driving the growth.

“Companies have recognized the favorable operating conditions in the Valley and they are not only driving new industrial construction but are also committing to new spec projects prior to completion of their construction,” said JLL Vice President Riley Gilbert.

 Lincoln Logistics 40 -- Denver's largest industrial deal of the year 

 “Phoenix has not traditionally been known as a pre-leasing industrial market but we are seeing that now, and fully anticipate this trend to continue as the market evolves.”
  
The largest industrial deal of the year was completed in September with Nike’s purchase of Lincoln Logistics 40, a 901,700-square-foot Class A industrial project in the Southwest Valley, for $69.8 million.

To access JLL research for Phoenix and across the U.S., please visit the company’s research page at https://www.us.jll.com/en/trends-and-insights#research.


Contact:

 Stacey Hershauer
Phone: +1 480 600 0195