CHICAGO — Sterling Bay has acquired a land site at 345 N. Aberdeen St. in Chicago’s Fulton Market. The purchase price was roughly $21 million, according to Crain’s Chicago Business. The site, which includes a 20,000-square-foot building, is kitty corner to Google’s Midwest headquarters property. Mike Senner, Vern Schultz and Peter Bourke of Colliers International represented the seller, Cougle Commission Co., which is a family-based poultry processor. The company has been headquartered in the city since 1873. In April, Cougle moved its operations to a 37,680-square-foot food processing facility at 2801 S. Ashland Ave.
AcquisitionsCaliforniaContent PartnerDevelopmentFeaturesIndustrialLee & AssociatesLoansWesternWestern Feature Archive
Growing Southern California Industrial Demand Creates Shifts in Strategy, Outlook
Industrial real estate in Southern California has become what one might conservatively call a “fast-paced atmosphere.” The presence of multiple offers, sellers pushing up values and buyers continuing to chase deals have made for constantly increasing values and activity. Christopher J. Destino, SIOR, principal at Lee & Associates, spoke to REBusinessOnline about making strategic decisions in this unusual environment. REBusiness: What is the forecast for demand in industrial properties in Southern California? Destino: The future of demand in the area is very strong, with developers seeking new sites aggressively and underwriting steady future rent growth over the next couple of years. A lot of that is driven by e-commerce, and there’s still so much room to grow in the e-commerce world. E-commerce accounted for approximately 13.6 percent of retail sales in the first quarter of 2021 (a number that is steadily increasing). There is still a lot of room for that percent to increase, and that’s what is driving most industrial demand. REBusiness: What are the types of tenants have the most demand for space right now? Destino: The big three are distribution companies, contractors and service-type industries. There is a still a small manufacturing base, but those are the …
UNIVERSITY HEIGHTS, OHIO — Cushman & Wakefield has arranged the $38.3 million sale of Cedar Center South in University Heights, about nine miles east of Cleveland. Anchored by Whole Foods Market, the 138,881-square-foot shopping center is located on Cedar Road. It is 91 percent leased to tenants such as CVS Pharmacy, Dollar Tree and Goodwill. Evan Halkias, Michael Marks, Hank Davis and Lane Breedlove of Cushman & Wakefield represented the undisclosed seller. Mike Ryan, Brian Linnihan, Richard Henry and Taylor Crowder of Cushman & Wakefield arranged a $25.7 million acquisition loan on behalf of the buyer, First National Realty Partners. Sentinel Investments provided the 10-year, fixed-rate loan.
HAMILTON, OHIO — Marcus & Millichap’s The Klink Group has brokered the $2.5 million sale of a Raising Cane’s ground lease in Hamilton, about 20 miles north of Cincinnati. The newly constructed property is located at 1479 Main St. Jordan Klink of Marcus & Millichap’s The Klink Group marketed the property on behalf of the seller, Cincinnati-based West Hamilton Investments LLC. Peak 1031 Exchange Inc., a qualified intermediary for a private investor based in California, was the buyer. Bria Yik, a real estate agent affiliated with California-based Real Estates Unlimited, represented the buyer.
SCOTTSDALE, ARIZ. — ABI Multifamily has arranged the sale of Sky Ancala Apartments, a multifamily property located at 11545 N. Frank Lloyd Wright Blvd. in Scottsdale. A California-based buyer acquired the asset from a Canada-based seller for $104 million, or $316,667 per unit. Built in 1988 on 14 acres, Sky Ancala Apartments features 330 units across 20 two-story buildings. The property offers 166 one-bed/one-bath and 164 two-bed/two-bath units, all with in-suite washers/dryers. Community amenities include a business center, coffee bar, sky lounge, picnic area with barbecues, fitness center, resort-style pool, dedicated leasing office and covered parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the deal.
UNIVERSITY PLACE, WASH. — Marcus & Millichap has arranged the sale of Garden Court West, a multifamily property located at 7654 40th St. W. in University Place. A limited liability company sold the community to a local limited liability company for $9.8 million. Constructed in 1972, Garden Court West features 64 apartments in a mix of 20 one-bedroom, 42 two-bedroom and two three-bedroom units. Community amenities include free parking, laundry facilities, a clubhouse, pool and courtyard. Timothy Ufkes of the Ufkes Group in Marcus & Millichap’s Seattle office represented the seller in the deal.
RIO RANCHO, N.M. — Hawkins Cos. has completed the disposition of Mesa Center, a retail property located in Rio Rancho. Gibson Medical Center acquired the asset for $4.7 million. At the time of sale, the 29,077-square-foot property was fully leased to 12 tenants. Perry Kesler of Real West Realty and Steve Julius, Jesse Goldsmith and Chase Dorsett of Newmark handled the transaction.
MT. JULIET, TENN. — CBRE has arranged the $64 million sale of Creekside at Providence, a 209-unit apartment community located at 1001 Providence Parkway in Mt. Juliet, about 18 miles east of Nashville. Newport Beach, Calif.-based Olen Properties Corp. purchased the property for $64 million, or $306,220 per unit. Built by Dobbins Group in 2015, Creekside at Providence features a swimming pool, pet play area with washing station, car care center, business center, gym, playground, movie theater, game room, picnic area and walking/biking trails. The community is situated adjacent to Providence Marketplace, a shopping mall housing tenants such as Best Buy, Belk, Books-A-Million, Dick’s Sporting Goods, HomeGoods, Kroger, Old Navy, PetSmart, Regal Cinemas, Taco Bell, Target and The UPS Store. Russ Oldham and Brett Kingman of CBRE’s Nashville office represented the undisclosed seller in the transaction. Olen Properties was self-represented.
NASHVILLE, TENN. — Rethink Community, a New York-based real estate development firm and investment manager of social impact projects in urban areas, purchased 21 acres on Nashville’s east side for a new development dubbed Rethink Community – Nashville. The site is two miles north of downtown Nashville and a half-mile from Oracle Corp.’s upcoming 65-acre campus. Rethink Community, a subsidiary of Rethink Capital Partners and a division of Seavest Investment Group, plans to build workforce apartments, for-sale townhomes, lofts and neighborhood retail and dining at the site, as well as a one-acre public park. Once complete, the firm plans to deliver programs and services for residents. BlackBirch Capital acted as exclusive advisor to Rethink Community on the capital raise for the project. In addition to Nashville, Rethink Community has projects in the development pipeline in Atlanta, Cleveland, Durham and Portland.
AZLE, TEXAS — Marcus & Millichap has brokered the sale of Eagle Mountain Self Storage, an 267-unit facility located in the northwestern Fort Worth suburb of Azle. The property spans 68,200 net rentable square feet. Brandon Karr and Danny Cunningham of Marcus & Millichap represented the seller, a private investor, in the transaction. The duo also procured the buyer, a limited liability company. Both parties requested anonymity.