May 22, 2014 | ISSUE 338
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Lubert-Adler, Farbman Sell 23-Story Chicago Office Tower for $100M

This 535,911-square-foot building is located at 200 W. Monroe St.

 

CHICAGO -- Lubert-Adler, in a joint venture with The Farbman Group, has sold a 23-story office building in Chicago for $100 million. 

 

Beacon Investment Partners LLC partnered with Tel Aviv-based Harel Insurance Investments and Financial Services Ltd. to acquire the 535,911-square-foot building located at 200 W. Monroe St. 

 

Lubert-Adler and The Farbman Group acquired the office building in July 2012 for $75 million. The joint venture was able to increase occupancy from 80 to 91 percent. 

 

Lead tenants include Select Hotels, Equinox Fitness and Barcodes Inc. The office tower was built in 1973 and renovated in 2006. 

 

Philadelphia-based Lubert-Adler, which invests on behalf of leading national university endowments and state retirement systems, owns five other Chicago properties with The Farbman Group. 

Kwame to Supervise Taxiway Reconstruction at Airport in St. Louis

Kwame is the project manager on Lambert-St. Louis International Airport's nearly complete $70 million Airport Experience renovation project.

 

ST. LOUIS -- The city of St. Louis has contracted Kwame Building Group Inc. to provide construction supervision and materials testing services for a taxiway reconstruction project at Lambert-St. Louis International Airport.

 

Construction is set to begin in September and wrap up in 2015. The contract includes three projects: reconstruction of a taxiway, removal of a taxiway and reconstruction of an apron. Kwame currently is the project manager on Lambert's nearly complete $70 million Airport Experience renovation project. 

Q10 | Daisley Ruff Financial Arranges $13M Refinance Loan in Lincoln, Neb.

The Villas at Wilderness Ridge includes 145 units.

 

LINCOLN, NEB. -- Q10 | Daisley Ruff Financial Corp. has arranged a $13 million loan to refinance The Villas at Wilderness Ridge, a 145-unit luxury apartment project in Lincoln. Bob Chalupa of Q10 | Daisley Ruff Financial arranged the 25-year, fixed-rate, non-recourse loan with a correspondent lender.

Dougherty Originates $14M HUD Loan for Apartment Property in Minnesota

ROSEVILLE, MINN. -- Dougherty Mortgage has originated a $14 million loan for the refinancing of Hillsborough Apartments, a multifamily property in Roseville. 

 

The three-story building includes 206 market rate units. Dougherty arranged the loan on behalf of Hillsborough Manor Apartments LLP. The HUD loan includes a 35-year term and a 35-year amortization schedule.

L. Mason Capitani Brokers Sale 

of Office Complex in Farmington Hills

This two-building office complex spans 18,412 square feet.

 

FARMINGTON HILLS, MICH. -- L. Mason Capitani has brokered the sale of a two-building office complex in Farmington Hills. The Westridge Office Center spans 18,412 square feet.  

 

The office complex was 78 percent leased at the time of sale. California-based investor LSTC California LLC purchased the property. The asking price for the property was approximately $1.4 million, but the final sales price was undisclosed.

Sperry Van Ness Arranges $1.1M Sale 

of Industrial Building in Alsip, Ill.

This industrial building is located at 4101 W. 124th Place.

 

ALSIP, ILL. -- Sperry Van Ness has arranged the $1.1 million sale of a 42,500-square-foot industrial building in Alsip, a southern suburb of Chicago. The building is located at 4101 W. 124th Place. 

 

The Shred Authority, a professional paper shredding service, purchased the property, which had been vacant for three years. Beverly Hayes of Sperry Van Ness represented the buyer. Robert Barr of Strategic Advisors represented the seller, Praxair Surface Technologies Ltd. 

JLL's Brandenburg: Retail Financing Represents 1/3 of CMBS Issuances

 

JLL's Brandenburg: Retail at the center of CMBS money
 

LAS VEGAS -- Mark Brandenburg, executive vice president of JLL, discusses the role of retail's place in CMBS money. Retail makes up roughly one-third of total CMBS issuance, according to Brandenburg. 

 

Brandenburg's commentary came during the 2014 ICSC RECon show in Las Vegas, which has drew more than 33,000 retail and shopping center professionals, as well as 1,000 exhibitors.

Retail Trends 2014: Specialty Grocer 

to Sprout New Stores in Peach State 

Specialty grocer Sprouts is expanding into Georgia this year with four new stores (Los Angeles location pictured).

 

LAS VEGAS -- Sprouts Farmers Market Inc., the publicly traded Phoenix-based specialty grocer with an ambitious growth plan, is coming to the Peach State. The first of four Sprouts stores in metro Atlanta will open June 18 in Snellville, followed by more openings later this summer in Dunwoody, Norcross and John's Creek. 

 

"We're a chain of 172 units. We'll be at 191 at the end of this year, but our long-term [goal] is 1,200 units," said Ted Frumkin, the company's senior vice president of business development. "We have our work cut out for us." Frumkin's comment came Monday evening during "Retail Trends 2014," a panel discussion moderated by Bill Rose, vice president and national director of the retail group at Marcus & Millichap. 

 

Hessam Nadji, senior vice president and chief strategy officer for Marcus & Millichap, provided a largely upbeat outlook for the U.S. economy and retail real estate. The panel discussion took place at the Renaissance Hotel during RECon 2014, the International Council of Shopping Centers' annual global trade show that attracted more than 33,000 industry professionals. 

 

Sprouts (NASDAQ: SFM) provides high-quality natural and organic products at prices the everyday grocery shopper can afford, according to the company. The grocer offers fresh produce, bulk foods, vitamins and supplements, packaged groceries, meat and seafood, baked goods, dairy products, frozen foods, natural body care and household items catering to consumers' growing interest in health and wellness. 

 

Sprouts currently operates in nine states (California, Nevada, Utah, Arizona, Colorado, New Mexico, Kansas, Oklahoma and Texas.) The company opened 19 stores in 2013 and will open another 19 stores this year. Sprouts wants to grow the number of stores by 14 percent annually for the next several years, said Frumkin.  

 

Click here to read more of Matt Valley's story. 

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Danielle Everson, Associate Editor
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