CHICAGO—Savills Studley recently promoted John Goodman, Joe Learner and Robert Sevim to the role of vice chairman in its Chicago office. Company officials say the promotions bolster senior leadership in Chicago and respond to the growing need for strong tenant-focused workforce, workplace and real estate solutions within the area. Goodman joined Savills Studley in 1985 and served as a co-branch manager of the firm's Chicago office for 25 years. He also served on the firm's board of directors for 15 years. An expert on the downtown Chicago office market, Goodman has managed more than 25 million square feet of transactions valued at more than $25 billion throughout the US. Learner joined the firm in 1989 and is a member of its board of directors. To date, his team has managed more than 30 million square feet of national transactions with a total value in excess of $25 billion. Sevim joined the firm in 2005 and became the firm's youngest executive managing director in 2010. He has executed over 20 million square feet of transactions valued at more than $15 billion.

DEALTRACKER

INDIANAPOLIS—Colliers International has closed the sale of the Post Park and Shadeland Business Center Portfolio in Indianapolis, IN, comprised of 8740 Boehning Ln., 8719 – 8813 Boehning Ln., 8825 – 8909, 2150 Boehning Ln., and 3140-3192 N. Shadeland Ave. The light industrial portfolio, located in the east industrial market of Indianapolis, totals 231,803 square feet. Alex Cantu, Colliers' Indianapolis-based head of investment sales, facilitated the transaction on behalf of the seller. Congaree River LLC, a Chicago-based investment manager, purchased the asset. The portfolio hosts national credit tenants such as Honeywell, Fastenal, Pepperidge Farms, Tronitech, and Carrier Corp. “These properties fit our profile of investing in established multi-bay light industrial assets. These assets tend to provide long-term cashflow throughout the cycle,” says Francis Biedler VI of Congaree River. The portfolio represents Congaree's second acquisition in Indianapolis. The investment manager also owns assets in Memphis, Tampa, Manchester, CA, and Chicago.

GRAND RAPIDS, MI—CBRE recently completed the sale of a 177-unit single-family home portfolio across Western MI for $14.5 million. Ryan Moore and Matt Bukhshtaber from CBRE represented the seller, RDG Funds LLC, a Chicago-based private equity real estate firm. The Inner City Christian Federation, a non-profit that provides housing opportunities and services, bought the portfolio. “Single-family rental properties have historically been owned by and traded between parties in the private capital space on a small scale,” says Moore. “The emergence of institutional demand has further validated the asset class for professional investors.” RDG Funds LLC officials also say they were pleased to transfer the portfolio to an organization like the federation, which will use the homes to better the community. The portfolio consists of assets primarily in the MI cities of Grand Rapids, Wyoming, and Lansing, and totals 241,901 square feet.

INDIANAPOLIS—Representing both a private seller and a real estate investment trust, Cawley Chicago has completed the disposition of a two-building, 607,231-square-foot portfolio in Indianapolis. The total value of the transaction was approximately $16.9 million. Plymouth Industrial REIT acquired the two buildings, a 562,497-square-foot building and another building totaling 44,734 square feet within the Shadeland I-70 Business Park. The properties were sold by First Highland Management & Development Corp., Inc. The transaction was completed by David Conroy, vice president, and Timothy E. Gallagher, executive vice president, both with Cawley's industrial practices division. At the time of the acquisition, tenants leased 94% of the space, with the vast majority occupied by Pratt Visual Solutions and MicroMetl. Plymouth structured the acquisition as an UPREIT, a vehicle that allows the buyer to use shares in the REIT as a means for acquiring property. According to Conroy, First Highland elected to sell the assets this way so that it could participate in the future upside of Plymouth REIT while deferring the impact of capital gains taxes.

DAVENPORT, IA—The IA-based firm Hawkeye Hotels last week assumed ownership of the Radisson Quad City Plaza in Davenport and plans to renovate the property. The company now has fifteen hotels in the state and two in the Quad Cities. Currently the hotel offers 221 rooms, 9,200 square feet of meeting space and a climate-controlled, covered skywalk connecting it to the RiverCenter Convention Center and Adler Theater. “When we see this type of pragmatic opportunity to invest more in our home state, it's a win-win for both our company and the state of Iowa,” says John Hall, chief financial officer of Hawkeye Hotels. “Our acquisition and renovation of this hotel will breathe new life to a property that has been a staple of Davenport for the last 20 years,” adds Samir Patel, development manager for Hawkeye Hotels.

BUILDING BLOCKS

CHICAGO—First move-ins are underway at Spoke, the new 363-unit apartment building in Chicago's River West neighborhood from Morgan Bond Co., a venture of Chicago-based real estate developer Bond Cos. and La Jolla, CA-based Morgan Holdings. The transit-oriented development, located at 728 Morgan St., consists of a 15-story north tower and 12-story south tower connected by an outdoor amenity/park space. “With Spoke, we are bringing something that truly stands out among rentals in the River West neighborhood – well-appointed residences with at least a dozen community-creating amenities within the property,” says Rob Bond, president of Bond Cos. Studio, convertible, one-bedroom and two-bedroom apartments range from 417 to 1,180 square feet with rents from $1,795 to $3,830. The 18,000 square feet of amenity space includes a demonstration kitchen and party room with an outdoor terrace offering skyline views from the 15^th floor. Outdoor amenities span the fourth floor of both buildings and include a pool and hot tub.

BY THE NUMBERS

CHICAGO—CommercialCafe just released its latest study – 2018 Scheduled US Office Completions – and its analysis of the top markets for office deliveries in the final quarter of 2017, which used Yardi Matrix data, shows Chicago is among the top 10, ranking 7th for office deliveries in 2018. The city will see 2.4 million square feet of competitive office space come online next year, behind New York City, San Francisco, Washington DC, Cupertino, CA, Philadelphia and Austin. The largest blocks of office added by developers will be in John Buck Co.'s 797,000 square foot 151 N. Franklin, the 548,000 square foot McDonald's corporate headquarters, and the 438,000 square foot 625 West Adams.

NEWS & NOTABLES

CHICAGO—Savills Studley recently promoted John Goodman, Joe Learner and Robert Sevim to the role of vice chairman in its Chicago office. Company officials say the promotions bolster senior leadership in Chicago and respond to the growing need for strong tenant-focused workforce, workplace and real estate solutions within the area. Goodman joined Savills Studley in 1985 and served as a co-branch manager of the firm's Chicago office for 25 years. He also served on the firm's board of directors for 15 years. An expert on the downtown Chicago office market, Goodman has managed more than 25 million square feet of transactions valued at more than $25 billion throughout the US. Learner joined the firm in 1989 and is a member of its board of directors. To date, his team has managed more than 30 million square feet of national transactions with a total value in excess of $25 billion. Sevim joined the firm in 2005 and became the firm's youngest executive managing director in 2010. He has executed over 20 million square feet of transactions valued at more than $15 billion.

DEALTRACKER

INDIANAPOLIS—Colliers International has closed the sale of the Post Park and Shadeland Business Center Portfolio in Indianapolis, IN, comprised of 8740 Boehning Ln., 8719 – 8813 Boehning Ln., 8825 – 8909, 2150 Boehning Ln., and 3140-3192 N. Shadeland Ave. The light industrial portfolio, located in the east industrial market of Indianapolis, totals 231,803 square feet. Alex Cantu, Colliers' Indianapolis-based head of investment sales, facilitated the transaction on behalf of the seller. Congaree River LLC, a Chicago-based investment manager, purchased the asset. The portfolio hosts national credit tenants such as Honeywell, Fastenal, Pepperidge Farms, Tronitech, and Carrier Corp. “These properties fit our profile of investing in established multi-bay light industrial assets. These assets tend to provide long-term cashflow throughout the cycle,” says Francis Biedler VI of Congaree River. The portfolio represents Congaree's second acquisition in Indianapolis. The investment manager also owns assets in Memphis, Tampa, Manchester, CA, and Chicago.

GRAND RAPIDS, MI—CBRE recently completed the sale of a 177-unit single-family home portfolio across Western MI for $14.5 million. Ryan Moore and Matt Bukhshtaber from CBRE represented the seller, RDG Funds LLC, a Chicago-based private equity real estate firm. The Inner City Christian Federation, a non-profit that provides housing opportunities and services, bought the portfolio. “Single-family rental properties have historically been owned by and traded between parties in the private capital space on a small scale,” says Moore. “The emergence of institutional demand has further validated the asset class for professional investors.” RDG Funds LLC officials also say they were pleased to transfer the portfolio to an organization like the federation, which will use the homes to better the community. The portfolio consists of assets primarily in the MI cities of Grand Rapids, Wyoming, and Lansing, and totals 241,901 square feet.

INDIANAPOLIS—Representing both a private seller and a real estate investment trust, Cawley Chicago has completed the disposition of a two-building, 607,231-square-foot portfolio in Indianapolis. The total value of the transaction was approximately $16.9 million. Plymouth Industrial REIT acquired the two buildings, a 562,497-square-foot building and another building totaling 44,734 square feet within the Shadeland I-70 Business Park. The properties were sold by First Highland Management & Development Corp., Inc. The transaction was completed by David Conroy, vice president, and Timothy E. Gallagher, executive vice president, both with Cawley's industrial practices division. At the time of the acquisition, tenants leased 94% of the space, with the vast majority occupied by Pratt Visual Solutions and MicroMetl. Plymouth structured the acquisition as an UPREIT, a vehicle that allows the buyer to use shares in the REIT as a means for acquiring property. According to Conroy, First Highland elected to sell the assets this way so that it could participate in the future upside of Plymouth REIT while deferring the impact of capital gains taxes.

DAVENPORT, IA—The IA-based firm Hawkeye Hotels last week assumed ownership of the Radisson Quad City Plaza in Davenport and plans to renovate the property. The company now has fifteen hotels in the state and two in the Quad Cities. Currently the hotel offers 221 rooms, 9,200 square feet of meeting space and a climate-controlled, covered skywalk connecting it to the RiverCenter Convention Center and Adler Theater. “When we see this type of pragmatic opportunity to invest more in our home state, it's a win-win for both our company and the state of Iowa,” says John Hall, chief financial officer of Hawkeye Hotels. “Our acquisition and renovation of this hotel will breathe new life to a property that has been a staple of Davenport for the last 20 years,” adds Samir Patel, development manager for Hawkeye Hotels.

BUILDING BLOCKS

CHICAGO—First move-ins are underway at Spoke, the new 363-unit apartment building in Chicago's River West neighborhood from Morgan Bond Co., a venture of Chicago-based real estate developer Bond Cos. and La Jolla, CA-based Morgan Holdings. The transit-oriented development, located at 728 Morgan St., consists of a 15-story north tower and 12-story south tower connected by an outdoor amenity/park space. “With Spoke, we are bringing something that truly stands out among rentals in the River West neighborhood – well-appointed residences with at least a dozen community-creating amenities within the property,” says Rob Bond, president of Bond Cos. Studio, convertible, one-bedroom and two-bedroom apartments range from 417 to 1,180 square feet with rents from $1,795 to $3,830. The 18,000 square feet of amenity space includes a demonstration kitchen and party room with an outdoor terrace offering skyline views from the 15^th floor. Outdoor amenities span the fourth floor of both buildings and include a pool and hot tub.