by Kipp Gillian | Dec 29, 2023 | A Quick Word - Kipp Gillian, Employment
2024 The year we hold our breath. The last couple of years we’ve felt like been tumbling down one stair case after another. Hoping, after reaching the bottom of each flight “this has to be the bottom” but it just keeps going and going. Sure, some...
by Kipp Gillian | Apr 17, 2024 | Office
It’s a relatively new office concept…work clubs. Switchyards is an idea that came out of the effect Covid had on office use. Switchyards operates a chain of neighborhood work clubs. The clubs are open 24 hours a day, offering unlimited coffee and tea. They...
by Kipp Gillian | Apr 17, 2024 | Hotel
A website promoting FutureVerse says visitors will be transported into immersive exhibits connected to the next generation of VR, AI, and Augmented Reality. The team behind the proposed $100 million museum has scouted sites near downtown’s mix of entertainment...
by Kipp Gillian | Apr 17, 2024 | Industrial
Elion Partners sold the Boynton Logistics Center for $36.5 million. Venture One Real Estate bought the nearly 200,000-square-foot industrial park. The “last-mile” business park is made of three buildings. The property last sold in 2020 for $25.85 million....
by Kipp Gillian | Apr 17, 2024 | Office
Black Lion purchased The Lincoln in Miami for $62.5 million and plans to invest an additional $50 million in improvements. Rebranding it ‘Rivani,’ Black Lion will offer amenities such as a concierge, spa, meditation room, fitness center, salon, cafe,...
by Kipp Gillian | Apr 16, 2024 | Affordable Housing
Mayor Brandon Johnson and World Business Chicago Vice-Chair Charles Smith announced that Philip B. Clement has been selected to serve as president and CEO of World Business Chicago (WBC). “Philip B. Clement is an exceptional leader with a remarkable track record...
by Kipp Gillian | Apr 16, 2024 | Office
Mayor Brandon Johnson and World Business Chicago Vice-Chair Charles Smith announced that Philip B. Clement has been selected to serve as president and CEO of World Business Chicago (WBC). “Philip B. Clement is an exceptional leader with a remarkable track record...
by Kipp Gillian | Apr 16, 2024 | Industrial
Cushman & Wakefield was selected by IBT Group, LLC., in partnership with Mansueto Office, Inc., to lease and manage The Terminal, a three-building, 235,000-square-foot research facility in Chicago. Cushman & Wakefield’s Karoline Eigel, Steve Milenkov and...
by Kipp Gillian | Apr 16, 2024 | Affordable Housing
Stream Realty Partners, a national commercial real estate firm, has closed the sale of the 400 South Jefferson building in Chicago’s West Loop submarket. The 247,000-square-foot, eight-story mid-rise structure, strategically located at Jefferson Street and Van Buren...
by Kipp Gillian | Apr 16, 2024 | Multifamily
Daniel Management Group (DMG), a Chicago-based real estate firm focused on multifamily investment and management, has been awarded management of Aloft at the Glen Town Center in Glenview, Illinois. “Aloft at the Glen Town Center is an ideal addition to DMG’s...
by Kipp Gillian | Apr 16, 2024 | Hotel
The producers of Bumbershoot Arts & Music Festival have unveiled plans for Cannonball Arts, a new music and arts venue in downtown Seattle. New Rising Sun partnered with the Muckleshoot Indian Tribe to transform the space at 1930 3rd Avenue, formerly a Bed Bath...
by Kipp Gillian | Apr 16, 2024 | California Real Estate
Marcus & Millichap Capital Corporation (MMCC) arranged $10,000,000 for the refinancing of the Orange Terrace Apartments, a 72-unit multifamily property located at 698 Orange Ave. in Long Beach. Zack Metzner, Daizy Gomez and Linsey Farrahi of MMCC’s...
by Kipp Gillian | Apr 16, 2024 | Multifamily
Shopoff Realty Investments said Tuesday it had pre-sold more than 70% of its luxury condominium project, Parkhouse Residences at Uptown Newport in Newport Beach. Polaris Pacific brokered the 21 individual condo sales, with prices ranging from $2.1 million to...
by Kipp Gillian | Apr 16, 2024 | California Real Estate
Shopoff Realty Investments said Tuesday it had pre-sold more than 70% of its luxury condominium project, Parkhouse Residences at Uptown Newport in Newport Beach. Polaris Pacific brokered the 21 individual condo sales, with prices ranging from $2.1 million to...
by Kipp Gillian | Apr 16, 2024 | California Real Estate
CBRE arranged the $7.8-million sale of Main Street Village Center, a 20,000-square-foot-retail center located at 135, 175, and 265 E. Ontario Ave. in Corona. The firm’s Alan Krueger and Vanessa Haddad represented the all-cash, non-trade buyer, Pacific Petroleum,...
by Kipp Gillian | Apr 16, 2024 | Retail
CBRE arranged the $7.8-million sale of Main Street Village Center, a 20,000-square-foot-retail center located at 135, 175, and 265 E. Ontario Ave. in Corona. The firm’s Alan Krueger and Vanessa Haddad represented the all-cash, non-trade buyer, Pacific Petroleum,...
by Kipp Gillian | Apr 16, 2024 | California Real Estate
Construction is complete on Hej!Workshop by Industrious, a flexible workspace in downtown San Francisco’s Mid-Market district. Ware Malcomb provided interior architecture and design services for the 45,000 square foot project, which occupies the top floor of...
by Kipp Gillian | Apr 16, 2024 | California Real Estate
Construction has been completed for the May Lee State Office Complex in Sacramento’s River District, where seven state agencies will start housing workers by the end of next month. At 1.25 million square feet, the complex is the largest state government office...
by Kipp Gillian | Apr 16, 2024 | Multifamily
Marcus & Millichap has arranged a sale of a portfolio comprising four buildings in New York, totaling 109,157 square feet, for $12.6 million. The portfolio includes three adjacent buildings on 140th Street between Adam Clayton Powell Blvd and Frederick...
by Kipp Gillian | Apr 16, 2024 | Industrial
NAI DiLeo-Bram & Co. (NAIDB) has facilitated two industrial lease agreements totaling 57,000 SF in Union and Somerset County, N.J. In Kenilworth, NAIDB represented the landlord in a 42,000 SF lease with Timeless Treasures Fabrics of Soho, LLC, while in Somerset,...
by Kipp Gillian | Apr 16, 2024 | Retail
Olshan Properties has announced the opening of Mattress Firm, Mission BBQ, and Club Pilates at Northway Mall in Colonie, New York. Following the redevelopment of Building E, formerly occupied by Petco, into three separate retail spaces, the mall has welcomed these new...
by Kipp Gillian | Apr 16, 2024 | Affordable Housing
Carr Properties has acquired 901 N. Pitt Street in Alexandria, VA, aiming to transform the site into a 250,000-square-foot multifamily property with 234 rental units, including affordable housing. The project will feature underground parking, outdoor areas, a...
by Kipp Gillian | Apr 16, 2024 | Multifamily
Carr Properties has acquired 901 N. Pitt Street in Alexandria, VA, aiming to transform the site into a 250,000-square-foot multifamily property with 234 rental units, including affordable housing. The project will feature underground parking, outdoor areas, a...
by Kipp Gillian | Apr 16, 2024 | Affordable Housing
MassHousing announced a $94 million financing package to preserve affordable rents and fund property improvements at the 432-unit Westminster Village Arms in Lowell, MA. Related Affordable, in collaboration with MassHousing and Rockport Mortgage Corporation,...
by Kipp Gillian | Apr 16, 2024 | Multifamily
MassHousing announced a $94 million financing package to preserve affordable rents and fund property improvements at the 432-unit Westminster Village Arms in Lowell, MA. Related Affordable, in collaboration with MassHousing and Rockport Mortgage Corporation,...
by Kipp Gillian | Apr 16, 2024 | Industrial
Maine businessman Peter Gerrity is pursuing the construction of a nearly 1 million square foot warehouse in Middleborough, MA., marking a shift from previous redevelopment plans for the property, Boston Business Journal reported. Initially...
by Kipp Gillian | Apr 16, 2024 | Multifamily
Civitas Capital Group and The Shelter Companies have launched the UNITi Montrose, a mix of co-living spaces, micro-units and traditional apartments. UNITi Montrose says it’s the first major multifamily property in Houston to provide an inventory of fully...
by Kipp Gillian | Apr 16, 2024 | Hotel
Jackson-Shaw and Holualoa Companies say they are starting work next month on a dual-branded hotel in North Phoenix. The AC Hotel by Marriott North Phoenix at Norterra and Element by Westin North Phoenix at Norterra will be connected under one roof. They are right next...
by Kipp Gillian | Apr 16, 2024 | Industrial
JLL Capital Markets arranged $100 million in financing for nine industrial warehouse properties, totaling 824,546 square feet, in the South Florida market. The loan is interest-only for the full seven-year term. JLL represented the borrower, Seagis Property Group LP,...
by Kipp Gillian | Apr 16, 2024 | Hotel
Red Oak Capital Holdings has provided $6.3 million to refinance Laura Street Trio, a collection of once-proud assets in the core of Downtown Jacksonville, FL. The structures, considered to be among the most significant and endangered historical buildings in the city,...
by Kipp Gillian | Apr 16, 2024 | Hotel
The Tipsy Pickle is headed to Camp North End. The 76-acre, mixed-use development will bring nearly 40,000 square feet of dining, pickleball and other hospitality amenities to its campus in the fall. As an adaptive reuse build, the space has undergone several life...
by Kipp Gillian | Apr 16, 2024 | Retail
Wegmans Food Markets, Inc. and Northwood Investors LLC plan to open a new Wegmans location on the Ballantyne campus south of Charlotte. The grocer will be situated at North Community House Road on the east side of Ballantyne. Wegmans is targeting opening by the third...
by Kipp Gillian | Apr 15, 2024 | Retail
Graycor Construction Company has completed work on Bass Pro Shops’ newest store in the greater Cincinnati area. The Bass Pro Shops Outdoor World is located at 5951 Bass Pro Drive, West Chester, Ohio, at the intersection of Interstate 75 and Allen Road.The...
by Kipp Gillian | Apr 15, 2024 | Industrial
The Missner Group, in a joint venture with Greystar-Thackeray, has acquired a 58,174-square-foot multi-tenant industrial building in Wheeling, Illinois. The property, 1-5 Messner Drive, is a warehouse facility near Interstate 294 and Willow Road. It is fully leased...
by Kipp Gillian | Apr 15, 2024 | California Real Estate
Newmark hired industry veterans Andrew Jennison as vice chairman and Daniel Pickart as senior managing director. Based in the Century City office, the team will contribute to the growth of Newmark’s Private Capital Market platform, focused on private investment...
by Kipp Gillian | Apr 15, 2024 | California Real Estate
CBRE arranged the sale of a 12-unit multifamily property, Ebtide, in Costa Mesa for $5.75 million to a private investor. The selling price represents $753 per square foot and over $479,000 per unit. EVP Dan Blackwell, first VP Mike O’Neill and associate Jack...
by Kipp Gillian | Apr 15, 2024 | California Real Estate
Sunrise Senior Living recently held the the grand opening of its newest community, Sunrise of Oceanside. Located at 4845 Mesa Dr. in Oceanside and set to provide assisted living and memory care services, Sunrise of Oceanside will accommodate more than 130 residents....
by Kipp Gillian | Apr 15, 2024 | California Real Estate
Equinix, Inc. and PGIM Real Estate formed a $600-million joint venture to develop and operate the first xScale data center in the U.S., located at Equinix’s Great Oaks data center campus in San Jose alongside four existing Equinix...
by Kipp Gillian | Apr 15, 2024 | Industrial
Equinix, Inc. and PGIM Real Estate formed a $600-million joint venture to develop and operate the first xScale data center in the U.S., located at Equinix’s Great Oaks data center campus in San Jose alongside four existing Equinix...
by Kipp Gillian | Apr 15, 2024 | Industrial
Precision for Medicine, LLC, a clinical development company based in Bethesda, MD, has renewed and expanded its leases with St. John Properties, Inc. at Riverside Tech Park in Frederick, Maryland. The company, operating globally, has been leasing space from St. John...
by Kipp Gillian | Apr 15, 2024 | Industrial
Amazon has gone public with plans to start work on a 141,000 square foot concrete tilt-up in Robinson Ranch northwest of Austin. The $73 million project is along County Road 172. Amazon’s had the 193-acre parcel since 2021 and received zoning on it in the...
by Kipp Gillian | Apr 15, 2024 | Retail
ALDI, the cut-rate German supermarket chain, will open its first store in Tucson. It will be coming to Tucson Marketplace at the Bridges. ALDI purchased 2.05 acres of land at 871 E Tucson Marketplace for $2.2 million to construct a 20,870-square-foot store. The seller...
by Kipp Gillian | Apr 12, 2024 | Retail
Mid-America Real Estate Corporation’s Investment Sales Group brokered the sale of Marketplace at Six Corners, an urban shopping center anchored by Jewel-Osco, Marshalls, PetSmart, and Famous Footwear, to NewMark Merrill. Mid-America Real Estate Corporation Principal...
by Kipp Gillian | Apr 12, 2024 | Retail
Whitestone REIT acquired Scottsdale Commons in Scottsdale for $22.2 million. The 69,000 square foot center, located at 7119 E. Shea Blvd., is 96.6% occupied with 20 tenants including Rosati’s Chicago Pizza, specialty butcher Rusty Nail Meats, U.S. Egg and BevMo. The...
by Kipp Gillian | Apr 12, 2024 | Retail
Tamarac Town Square has new owners. Jamestown has expanded its grocery-anchored shopping center portfolio by purchasing the 124,000-square-foot shopping center for $22.5 million. JLL represented the seller, Regency Centers. Regency Centers paid $10.2 million for the...
by Kipp Gillian | Apr 11, 2024 | Retail
Gantry has secured a $10 million permanent loan to refinance a near-term maturity for the Nob Hill Shopping Center, an 88,500-square-foot center that is home to a Safeway grocery store and gas station. Located at 2204 W. Nob Hill Blvd in Yakima, a Central Washington...
by Kipp Gillian | Apr 11, 2024 | Retail
Western Retail Advisors completed the $11.1 million sale of 83 Marketplace. Cavan Companies developed the newly built Class A retail center that spans three buildings at the corner of 83rd Avenue and Happy Valley Road in Peoria. The buyer is a Seven Brothers...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
Detroit, Chicago and Denver have the highest risk scores among the top 25 metro areas for maturing multifamily loans, Kroll Bond Rating Agency (KBRA) said in a new report. KBRA weighed apartment supply and demand metrics from several sources to derive a risk scale...
by Kipp Gillian | Apr 11, 2024 | Distressed Assets
The team of Ramsfield Hospitality Finance and AB CarVal Investors has taken over the 248-room Kimpton Alton Hotel in San Francisco’s Fisherman’s Wharf area through a deed-in-lieu of foreclosure, reported Trepp. The team had provided $85 million of...
by Kipp Gillian | Apr 10, 2024 | Distressed Assets
Unisen Senior Living is having trouble finding tenants. Its 491-unit senior living facility has only a 21% occupancy rate. Operated by nonprofit Tampa Life Plan Village, the company owes $43 million to unsecured creditors and nearly $87 million to secured creditors....
by Kipp Gillian | Apr 5, 2024 | Distressed Assets
Commerce, CA-based 99 Cents Only Stores LLC said Thursday afternoon it would close all 371 of its stores. The company entered into an agreement with Hilco Global to liquidate all merchandise and dispose of certain fixtures, furnishings and store equipment. Sales under...