ORANGE, N.J. — Lee & Associates has arranged a $12.5 million construction loan for The Legacy, a 51-unit multifamily project that will be located in the Newark suburb of Orange. The property will offer one- and two-bedroom units and a fitness center and rooftop deck. Gary Sopko and Jerry Joseph of Lee & Associates arranged the loan on behalf of the private developer, former NFL player Kimble Wright. Construction is scheduled to begin this month and to be complete in spring 2022. Parkview Financial provided the loan.
VISTA, CALIF. — Lee & Associates – North San Diego County has brokered the sale a two-building medical office complex located at 1830-1840 West Drive in Vista. Turner Healthcare Facilities Acquisition LLC acquired the property from 1830-1840 West LLC for $3.8 million. The property offers a total of 24,147 square feet of medical office space. Jeff Abramson of Lee & Associates – North San Diego County represented the buyer, while Dave Dean of Commercial Property Advisors represented the seller in the deal.
MESQUITE, TEXAS — Lee & Associates has negotiated a 442,035-square-foot industrial lease in the eastern Dallas suburb of Mesquite for Best Choice Products, an e-commerce firm that provides home furniture and other consumer goods. The company’s new fulfillment and distribution center will be located at 5151 Samuell Blvd., which is located near Interstate 30 and includes 7,600 square feet of office space. Reed Parker of Lee & Associates represented Best Choice Products in the lease negotiations. Nick Thomas represented the landlord, Prologis, on an internal basis. Nathan Orbin, Kurt Griffin and Ann Jaggers of Cushman & Wakefield marketed the property on behalf of Prologis. Best Choice Products has already hired 30 employees as part of the effort to make the facility operational in time for the holiday shopping season. The Tustin, Calif.-based firm expects to hire another 50 workers on a temporary, seasonal basis.
FORT WORTH, TEXAS — Lee & Associates has brokered the $8.1 million sale of a 92,450-square-foot industrial building in Fort Worth that is leased to FedEx. The property was constructed on 10.4 acres in 1998 as a build-to-suit, and FedEx has occupied the entirety of the building since that time. Ryan Barr and Ryan Bennett of Lee & Associates represented the locally based seller in the transaction. Cushman & Wakefield represented the buyer, California-based MH Sherman Co., which acquired the asset via a 1031 exchange.
DALLAS — Lee & Associates has negotiated a 70,200-square-foot industrial lease at 8401 John W. Carpenter Freeway in Dallas. According to LoopNet Inc., the property was built in 1956 and totals 84,400 square feet. Stephen Williamson and Adam Graham of Lee & Associates represented the landlord, Stonelake Capital Partners, in the lease negotiations. The representative of the tenant, TDU Tires, was not disclosed.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 103,658-square-foot industrial lease at 2895 113th St. in the central metroplex city of Grand Prairie. According to LoopNet Inc., the property was built in 1988 and features 28-foot clear heights. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, The Wilkerson Group, in the lease negotiations. Krista Raymond of CBRE represented the tenant, Rent-A-Tire.
GRAND PRAIRIE, TEXAS — Lee & Associates has negotiated a 164,000-square-foot industrial lease at 927 W. Carrier Parkway in the central metroplex city of Grand Prairie. Mark Graybill and Colton Rhodes of Lee & Associates represented the landlord, LINK Industrial, in the lease negotiations. David Eseke of Cushman & Wakefield represented the tenant, Wizards of the Coast, LLC, a publisher of role-playing games that previously operated retail stores.
DEFOREST, WIS. — Lee & Associates has brokered the $1.1 million sale of a 16,000-square-foot industrial building in DeForest, just north of Madison. The property is located at 4159 Reardon Road. Blake George of Lee & Associates represented the seller, CHEEE Holdings LLC. The buyer, CAH CO DeForest LLC, will use the property as a vehicle maintenance facility for Hooper Corp.
CERRITOS, CALIF. — Lee & Associates Orange has arranged the sale of a freestanding industrial building located at 12836 Alondra Blvd. in Cerritos. The property traded for $22.6 million. The names of the seller and buyer were not released. Situated in Cerritos Industrial Park, the 109,368-square-foot facility features 10 dock-high loading positions, 24-foot clear heights, a fenced yard and major street frontage on Alondra Boulevard. Jeff Gahagan of Lee & Associates Orange represented the seller in the deal.
Healthcare has very different drivers when it comes to growth and demand. While highs and lows in the economy influence healthcare in many of the same ways other industries experience, it’s also governed by trends that are unique to how people seek — and pay for — their medical treatments. Chris Jacobson and Susan Wilson, both vice presidents and healthcare advisors for Lee & Associates Commercial Real Estate Services, took some time recently to talk to REBusinessOnline about today’s healthcare real estate trends. Taking a broad look across the sector, some healthcare systems have lost revenue due to suspending elective procedures during the early months of the COVID-19 pandemic. “It’s going to take them a while to recoup that revenue,” Wilson says. “Additionally, now that they have reopened, they are spacing people out in waiting rooms, so they’re seeing fewer patients. There are currently opportunities for subleases with some major health systems. This could be an opportunity for some of the larger, more successful health systems to take over some of that space.” Jacobson has observed that there are three types of investments occurring right now. The first of those are large healthcare systems presently focused on COVID-19-related care. The …