Ventas at REITWorld; The Deal Sheet
| Ventas, a seniors housing REIT, earlier this year, it rang the NYSE closing bell after being named “Top Financial of the Decade.†And it's well positioned to continue, says CEO Debra Cafaro, here with president Raymond Lewis at REITWorld in New York this week. |
 |
| Once Ventas completes its $3.1B acquisition of Atria Senior Living Group, it will be the largest owner of private-paid seniors housing, Debra says. Thank targeted demographics with strong fundamentals. The over-85 group is growing the fastest (not vertically), and with limited housing supply and Baby Boomers creating a push to low-cost outpatient settings, Debra predicts that Ventas will benefit from healthcare reform in the long-run. The Atria purchase, coupled with its integration of Lillibridge Healthcare Services—both this year—will further allow the REIT to grow its platform, Debra says. |
Sales *** Grubb & Ellis' Institutional Capital Markets group represented The John Buck Co. in the sale of Ten Parkway North in Deerfield, a 100k SF Class A office building, to CBRE Realty Trust. The building is fully leased to Markel Midwest. Grubb & Ellis' Paul Lundstedt,Jeff Shell, and John Gavin facilitated the sale. *** HFF is marketing for sale Briarbrook and Parkway Commons Apartment Homes, multi-housing communities totaling 726 units in DuPage County. HFF's Matthew Lawton, Sean Deasy, Sean Fogarty, and Marty O'Connell will lead the investment sales team on behalf of the seller, a major pension fund advisor. Briarbrook Apartment Homes is located in Wheaton and has 342 one- and two-bedroom homes. Parkway Commons Apartment Home s is located in Carol Stream and has 384 one- and two-bedroom homes. *** Millennium Properties' Greg Block sold three properties for Cranberry Financial, successor in interest to Lehman Brothers Bank. The first was an assigned judgment of foreclosure and sale for a former Phillips 66 gas station in Mt. Zion to TR of Decatur LLC. In the second transaction, Millennium was the court-appointed commercial auctioneer in place of the Sheriff and sold a former Shell gas station located at 188 South Stringtown Road in Covington, Ind.See USA LLC was the purchaser. In the third transaction, Block sold an assigned judgment of foreclosure and sale for a former Phillips 66 gas station located at 305 S. Hamilton St. in Sullivan, Ill. The judgment was purchased by E-K Petroleum of Sullivan, Ill. *** Marcus & Millichap arranged the sale of an eight-unit multifamily apartment building at the location of 3803-05 West Ohio St. The asset sold at $530k, which represents a cap rate on current NOI of 9%. Marcus & Millichap's Kevin Rocio represented the seller. The property consists of an eight-unit condo-conversion building in the East Garfield Park neighborhood. Finance Leasing *** CB Richard Ellis' Gregg Witt represented the American Institutes for Research in its renewal and expansion for 17k SF at the Civic Opera Building, 20 North Wacker Dr. The renewal includes a 4,470 SF expansion for Learning Point Associates, a non-profit education research and consulting org that merged with AIR in August 2010. Tishman Speyer's Jon Cordell repped the owner. *** CB Richard Ellis has taken over as the exclusive property management and leasing agent for The First United Methodist Church of Chicago Aid Society's 77 West Washington. Known as the Chicago Temple Building and designed by Holabird and Roche, 77 West Washington is a 230k SF office building built in 1923. Professional office space occupies the remaining 5th through 21st floors. CBRE assumed its new role on Nov. 4th with Jerry Kamienski serving as the real estate manager for the property and Allison Olszta as the leasing agent. *** Continuum and DNJ Trucking have leased space to park containers at CY2, part of the Logistics Park Chicago in Elwood, developed by CenterPoint Properties and the BNSF. The Modal Group's Dan Smolensky repped both tenants. Construction *** Kia Motors is opening a new dealership at 7050 West Ogden Ave. in Berwyn. Kia will purchase and remodel the south side of the former Phelan Dodge dealership. The total budget is estimated at $2.4M to bring the new car dealership online. Berwyn's Ogden Avenue Tax Increment Financing district will provide gap financing while the majority of funding will come from private investment. *** Reed Construction completed the construction of 26k SF at 125 S. Wacker Dr. Reed was hired by the building's owner, Tishman Speyer to complete multiple build-outs for 8k SF for Berkadia Commercial Mortgage. They also completed 18k SF of spec office suites and renovations to the elevator lobby, corridors, and bathrooms. Reed's Bryan Kreuger oversaw the project management. Fitzgerald Earles Architects & Associates provided the architectural services. *** Development Solutions was selected to complete a 108k SF office interior renovation for Markel Midwest at 10 Parkway North in Deerfield. The property is managed by The John Buck Co. DSI's Shannon Cox is the project manager and Chris Schultz is the project superintendent. Baumann Studios is providing the architectural services. *** Morgan / Harbour Construction Co. is working on an office build-out for Ricoh Americas Corp. at 135 Arlington Heights Rd. in Buffalo Grove. Morgan / Harbour's Warren Seil is leading the project and Lorin Van Nest is the project manager. The Jenkins Group is providing the architectural services. Executive Moves *** Adam Tarantur has been promoted to VP in Podolsky Northstar CORFAC International's brokerage division. During his tenure, Adam has played a role in several projects, including investment sales, general brokerage, tenant representation, and property acquisitions and development services. He has participated in the completion of over 3M SF of investment sales of industrial, office, flex, and retail properties. *** Sameena Mustafa Basit has joined Bradford Allen as a managing director. With six years of experience, Sameena will specialize in tenant advisory services. She formerly worked in tenant rep at Pro Ten Realty and CBRE. She holds a bachelor's degree from Northwestern. *** Joe Grimes has joined Meridian Design Build as VP. Joe previously worked in the construction department at Opus North in Rosemont for almost 19 years, and has extensive experience managing design-build projects from the due diligence and proposal stage through to facility turnover. Joe graduated from Marquette University with a bachelor's degree in civil engineering. Awards BOMA of Suburban Chicago announced this years The Office Building of the Year Awards. Winners include:
|
