MINNEAPOLIS- WestHealth, a Plymouth, MN, medical office building managed by a seven-person team from Cushman & Wakefield NorthMarq, has earned recognition as a first-place Energy category winner in the Medical Office Building category in the annual ENERGY STAR® National Building Competition: BOOTCAMP, for efforts to reduce the building's energy footprint. CWN achieved a reduction in energy consumption of 11.5% during the 90-day competition. A Harrison Street Real Estate Capital investment fund owns WestHealth. The CWN team reduced energy use by converting lighting to LED, incorporating new and existing equipment to the building automation system, and upgrading a number of mechanical systems to high efficiency models. “The biggest success for everyone involved was new interior and exterior lighting upgrades that provided a great new look with even better energy savings, says Angie Kairies, property manager.

DES PLAINES, IL- The Missner Group has just promoted Angelo Christopher and Heath Yarger to general superintendent and project manager, respectively. “Both Heath and Angelo have demonstrated superior leadership as well as the ability to exceed our clients' expectations,” says Glen Missner, president of the Des Plaines, IL-based firm. “Heath has rapidly ascended at the firm due in large part to his strong work ethic and the repeat business he has generated from his projects; while Angelo has proven himself an expert communicator and project team leader capable of excelling in this newly created management position. We are proud to have both Angelo and Heath as a part of our organization.” Christopher joined Missner in spring of 2013 as project superintendent. Yarger joined the firm in 2015 as a project engineer.

DEALTRACKER

GRAND ISLAND, NB-Marcus & Millichap has just helped complete the sale of Continental Gardens, a 150-unit apartment community in Grand Island, NB. The sales price was $10.35 million. “The property is a stabilized asset with excellent in-place returns,” says Bradley Barham, senior associate in Marcus & Millichap's St. Louis office. “The real estate was well maintained throughout the previous owner's tenure. However, the property still presents a value-add play through management execution and interior upgrades.” Barham and Max Helgeson, associate in the firm's Kansas City office, represented the seller, a large private investor, and procured the buyer, a local private investment partnership. “Although we ended up selecting a local group as the buyer, we had significant out-of-state interest in this asset and a second Grand Island apartment complex that is in the process of being sold,” adds Barham. “We were able to articulate the value and generate multiple full-price offers at a sub-6% cap rate on in-place net-operating income on primarily 1970s vintage assets.”

DEARBORN, MI- GJ Ramz Acquisition, LLC, has just purchased Garrison Place, a complex encompassing two office buildings and a parking structure on more than three acres of land in Dearborn, MI. The deal was completed on April 17, 2017, for a purchase price of $5.6 million. NAI Farbman associate broker Ali N. Haidar represented the purchaser. NAI Farbman also will manage and handle leasing of the property. Last July, GJ Ramz Acquisition, LLC purchased the adjacent Safeway Building for $2.2 million. Located near Michigan Ave., the property features 125,055 square-foot of class B office space. It encompasses three buildings: the four-floor West Building; the six-floor East Building; and a three-floor parking structure. There is parking for 579 cars. “There is tremendous value in commercial real estate in Dearborn and the new owners of this building understand it as well as anyone,” says NAI Farbman chief operating officer Michael Kalil. “The deal for this building demonstrates that the area continues to be desirable to locate a business and investment.”

BY THE NUMBERS

CHICAGO- Office-using employment rose by only 1.2% in Chicago during 2016, according to a new report from Savills Studley. But that subpar hiring was offset by the continued relocation of suburban firms into the CBD. And deal volume exceeded 10 million square feet for the second year in a row. The delivery of several new office towers has opened up many possibilities for those seeking space, and the class A availability rate jumped about 200 bps in 2016. “Tenants negotiating leases next year in Downtown's highest caliber properties should anticipate more rental rate hikes,” according to the firm. “Significant relocations to newly constructed properties will open up a few more options and curb rental rate growth slightly.”

NEWS & NOTABLES

MINNEAPOLIS- WestHealth, a Plymouth, MN, medical office building managed by a seven-person team from Cushman & Wakefield NorthMarq, has earned recognition as a first-place Energy category winner in the Medical Office Building category in the annual ENERGY STAR® National Building Competition: BOOTCAMP, for efforts to reduce the building's energy footprint. CWN achieved a reduction in energy consumption of 11.5% during the 90-day competition. A Harrison Street Real Estate Capital investment fund owns WestHealth. The CWN team reduced energy use by converting lighting to LED, incorporating new and existing equipment to the building automation system, and upgrading a number of mechanical systems to high efficiency models. “The biggest success for everyone involved was new interior and exterior lighting upgrades that provided a great new look with even better energy savings, says Angie Kairies, property manager.

DES PLAINES, IL- The Missner Group has just promoted Angelo Christopher and Heath Yarger to general superintendent and project manager, respectively. “Both Heath and Angelo have demonstrated superior leadership as well as the ability to exceed our clients' expectations,” says Glen Missner, president of the Des Plaines, IL-based firm. “Heath has rapidly ascended at the firm due in large part to his strong work ethic and the repeat business he has generated from his projects; while Angelo has proven himself an expert communicator and project team leader capable of excelling in this newly created management position. We are proud to have both Angelo and Heath as a part of our organization.” Christopher joined Missner in spring of 2013 as project superintendent. Yarger joined the firm in 2015 as a project engineer.

DEALTRACKER

GRAND ISLAND, NB-Marcus & Millichap has just helped complete the sale of Continental Gardens, a 150-unit apartment community in Grand Island, NB. The sales price was $10.35 million. “The property is a stabilized asset with excellent in-place returns,” says Bradley Barham, senior associate in Marcus & Millichap's St. Louis office. “The real estate was well maintained throughout the previous owner's tenure. However, the property still presents a value-add play through management execution and interior upgrades.” Barham and Max Helgeson, associate in the firm's Kansas City office, represented the seller, a large private investor, and procured the buyer, a local private investment partnership. “Although we ended up selecting a local group as the buyer, we had significant out-of-state interest in this asset and a second Grand Island apartment complex that is in the process of being sold,” adds Barham. “We were able to articulate the value and generate multiple full-price offers at a sub-6% cap rate on in-place net-operating income on primarily 1970s vintage assets.”

DEARBORN, MI- GJ Ramz Acquisition, LLC, has just purchased Garrison Place, a complex encompassing two office buildings and a parking structure on more than three acres of land in Dearborn, MI. The deal was completed on April 17, 2017, for a purchase price of $5.6 million. NAI Farbman associate broker Ali N. Haidar represented the purchaser. NAI Farbman also will manage and handle leasing of the property. Last July, GJ Ramz Acquisition, LLC purchased the adjacent Safeway Building for $2.2 million. Located near Michigan Ave., the property features 125,055 square-foot of class B office space. It encompasses three buildings: the four-floor West Building; the six-floor East Building; and a three-floor parking structure. There is parking for 579 cars. “There is tremendous value in commercial real estate in Dearborn and the new owners of this building understand it as well as anyone,” says NAI Farbman chief operating officer Michael Kalil. “The deal for this building demonstrates that the area continues to be desirable to locate a business and investment.”