NEWS & NOTABLES

DETROIT—Sachse Construction, a Detroit-based construction management firm, has named Louis Goldhaber as its first ever chief of staff. “In just five short years, Louis has grown from our special projects leader into his newly created position as chief of staff,” says Todd Sachse, the company's founder and chief executive officer. “His commitment to stepping up to raise the bar for our company and clients is second to none, and we are looking forward to leveraging his creativity, project management and leadership skills to drive the company forward in 2018 and beyond.” In his new role, Goldhaber serves Sachse Construction, as well as Sachse's sister company Broder & Sachse Real Estate, as an in-house advisor to help ideate, develop, create, and execute key initiatives and projects. During his time with Sachse Construction and Broder & Sachse, he has led the construction and owner's representation of various high-profile projects, including The Scott at Brush Park and The Albert – Capitol Park.

DEALTRACKER

MILWAUKEE—Triad Real Estate Partners has just sold a 61-unit, 173-bed student housing property at The University of Wisconsin-Milwaukee in Milwaukee, WI. The Park at 1824 was developed in 2009 about five blocks from campus. It is the only purpose-built student housing asset in the market for UWM, which has a total enrollment of 26,011. The property sold for a total price of $8,272,000 which translates to $135,606 a unit and $47,815 per bed. The seller was Wangard, a Milwaukee-based real estate development firm which built and operated the property. The buyer was Eenhorn, a private real estate investment firm based in Grand Rapids, MI, which acquired the asset to expand their existing student housing portfolio in the state. The University of Wisconsin-Milwaukee is a public urban research university on the north side of Milwaukee. It is a part of the University of Wisconsin System, and is the state's second largest university.

SKOKIE, IL—Officials from Chicago-based American Landmark Properties say one year after its acquisition, Illinois Science + Technology Park is fully leased. The firm just completed two lease extensions and expansions by long-time tenants Vetter Pharma International USA and Charles River Laboratories International and a new lease with Northwestern University. The research park, a 24-acre research, lab and office campus designed to accommodate life science and technology users at various stages of the business life cycle, was 86% leased when acquired in 2017. In addition to the fully leased three laboratory and office buildings, additional space is available immediately for re-development of an existing three-story building shell at 8030 Lamon Ave. “We are now focused on phase two development opportunities,” says John Roeser, executive vice president. “We have engaged Canon Design to kick off the redevelopment of 8030 Lamon Ave. This 130,000-square-foot facility is an ideal customized redevelopment project for the right tenant.” Scott Brandwein and David Saad of CBRE represented American Landmark Properties in the leases.

CHICAGO—Starboard Properties, an out of state investor, has awarded Peak Properties, a Chicago-based management and investment company specializing in multi-family properties, the leasing and management for a 36-unit property at 6815 Sheridan Rd. in Rogers Park near the Red Line. With this new assignment, Peak has added 150 apartment units and 15 retail spaces to its growing portfolio in the last 60 days. “We closed out the year with significant amount of activity and I'm pleased to say that momentum has continued into the New Year,” says owner Mike Zucker. 6815 Sheridan was built in the 1950's and features studio and one-bedroom apartments. It is conveniently located in the Rogers Park neighborhood near the Red Line. “Multi-family investment is still on fire despite rising interest rates and rising supply,” adds Zucker. “The 'old school' walk-ups seem to be doing well while offering no concessions. Multi-family is still considered a safe harbor for many investors who are happy with a 4-5% return on capital.”

CHICAGO—Geoffrey Kasselman, the Chicago-based executive managing director of Newmark Knight Frank, recently completed several industrial transactions around the US totaling in excess of $37 million in aggregate value and involving over 615,000 square feet. Most notably, Kasselman represented Hydrofarm, a leading manufacturer of hydroponics equipment, in two transactions. In the first, he partnered with Geoff Hill, executive managing director in NKF's Detroit office, to arrange a long-term, 126,194-square-foot warehouse lease at 30104 Research Dr. in Lyon Township, MI. The landlord was represented by Jon Savoy, of Lee & Associates. In the second transaction, Kasselman and Jason Addlesperger, executive managing director of the firm's Denver office, along with executive managing directors Riki Hashimoto, Dan Grooters and David Lee, and associate directors Billy Woodward and Keith Bell, arranged the successful sale-leaseback of 4200 East 50th Ave. in Denver. A CA-based private investor group acquired the 86,788-square-foot industrial property, built in 1997 with 24' ceilings, based on the long-term leaseback to Hydrofarm, who will continue to occupy the property.

CHICAGO—Colliers International I Chicago recently represented Value Industrial Partners, LLC in the sale of a 161,591-square-foot warehouse located at 5300 Dansher in Countryside, IL to Combined Warehouse. Not only was it the largest building sold in Countryside since 2007, but it also commanded the highest sale price – $6.3 million – for an industrial building in the town in the last decade. During the marketing process, Colliers also secured a long-term, 50,000-square-foot lease with Veepak – thus the property was sold with a sizeable tenant in place. “This was a case of the right buyer at the right time,” says Colliers principal Fred Regnery. “Everything fell into place and we were able to exceed our client's expectations.” With an infill location near I-55 in the heart of the East-West Corridor, the well-maintained warehouse features 19 docks, two drive-in doors, T8 lighting and 8,200 square feet of office space. Regnery, along with principal Jack Rosenberg, represented VIP in the transaction.