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CoStar’s People of Note (Apr. 21)

It’s time to update those contact managers with CoStar’s People of Note, reporting news on significant new CRE hires and promotions. This week’s issue includes the following markets: Philadelphia, South Florida, Houston, Atlanta, Dallas / Ft. Worth, East Bay, Orange County, Northern New Jersey, Jacksonville, Detroit / Grand Rapids, Chicago, Tampa / St. Petersburg, Southern California, New York, Florida, Texas and more!
PHILADELPHIA
Keystone Properties…

Caterpillar Bucks Trend, Selects Suburbs for HQ Location Over Downtown Chicago

Heavy equipment manufacturer Caterpillar Inc. (NYSE: CAT) announced Wednesday it will relocate to Chicago’s suburbs, opting to move its global headquarters to the northern Chicago suburb of Deerfield over several downtown options after more than 90 years being based in the heart of the state in Peoria, IL.

Caterpillar CEO Jim Umpleby said that the company picked Deerfield, located about 25 miles north of downtown Chicago, primarily because of its…

Blackstone REIT Rapidly Adding to Initial Portfolio with 6 Million-SF Industrial Buy

Blackstone’s non-traded REIT, Blackstone Real Estate Income Trust, this week added another portfolio to its growing property stockpile.

The REIT’s latest acquisition is a six million-square-foot portfolio of predominantly infill industrial assets it purchased from affiliates of High Street Realty Co. $402 million.

The portfolio is 97% leased to over 90 tenants and consists of 38 industrial properties totaling 5.97 million square feet. The properties…

Ascend Real Estate Group, Intercontinental Find Niche with Completion of 202-Unit Apt. Tower in Chicago

Ascend Real Estate Group and Intercontinental Real Estate Corp. have completed construction on Niche 905, a 202-unit, 18-story apartment tower located at 905 N. Orleans St. on Chicago’s Near North Side.

The multifamily high-rise features a unit mix of convertible, one-, two- and three-bedroom layouts ranging from 576 to 1,518 square feet. Average monthly rents start at $2,000 for the convertible units and increase to $2,435 for one-bedrooms, $3665…

Updated: Mohr Partners Founder Sells Tenant Advisory Firm to Senior Managers, Investor

Dallas-based Mohr Partners, Inc. (MPI) acquired by senior management earlier this month from founder, chairman and CEO Robert “Bob” Mohr, has named the four minority shareholders that will round out the management and ownership team led by current president and majority owner Robert Shibuya.

Eric Beichler, Stephen Hemphill and Robert Pipkin, all veteran MPI managers and brokers, and investor Eric Karl, each acquired an interest in the company in…

Peak Construction Breaks Ground on 292,000-SF Spec Project in Rock Run Business Park

Peak Construction Corp. has commenced work on a new 291,728-square-foot industrial complex in Joliet, IL.

Known as Building 14, the speculative project is being developed on a 15-acre site within Rock Run Business Park, IDI Gazeley’s 250-acre master-planned business campus located in a Foreign Trade Zone at the Houbolt Rd. interchange roughly one mile east of I-55 and I-80.

The new construction will feature a 36′ clear height, 38 dock doors…

Updated: TA Realty Continues Cashing Out Real Estate Fund; Sells Multifamily Portfolio to Blackstone REIT for $430 Million

In its second large property disposition this spring, TA Realty LLC sold a six-property, 2,514-unit multifamily portfolio to Blackstone Real Estate Income Trust for $430 million.

TA Realty sold the portfolio on behalf of The Realty Associates Fund IX LP. Earlier this month, TA Realty sold a 45-property industrial and office portfolio from the fund to Brookfield-managed real estate funds for $854.5 million.

Realty Associates Fund IX was formed…