Property Type

Stream Realty Partners Negotiates Sale of 247,000 SF Office Building in Chicago’s West Loop

by Kristin Harlow April 17, 2024

CHICAGO — Stream Realty Partners has negotiated the sale of 400 South Jefferson, a 247,000-square-foot office building in Chicago’s West Loop. The eight-story property is located at the intersection of Jefferson and Van Buren streets. Originally constructed in 1946 for the Newman-Rudolph Lithographing Co., the building underwent extensive renovations in 2013. Amenities include a town hall space, in-building parking for 80 cars, a rooftop deck, lounge and locker rooms. Mark Bâby and Patrick Russo of Stream represented the seller, Office Properties Income Trust. Jeff Skender and Craig Cassell of Cushman & Wakefield represented the buyer, The Chicago School. The RMR Group was the property manager.

April 17, 2024

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Kristin Harlow April 17, 2024

MAPLEWOOD, MINN. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet, and amenities will include a fitness center, rooftop deck, shared garden space, clubroom, underground heated parking and storage units. The loan features a 40-year term and amortization.

April 17, 2024

Acquisitions Healthcare Midwest Minnesota Wisconsin

Transwestern Arranges Sale of Three-Property Medical Office Portfolio in Minnesota, Wisconsin

by Kristin Harlow April 17, 2024

MINNESOTA AND WISCONSIN — Transwestern Real Estate Services has arranged the sale of a three-property medical office portfolio totaling 50,853 square feet in Minnesota and Wisconsin. The sales price was undisclosed. The first building is 2380 Rosemary Way in Lino Lakes, Minn. The property totals 12,411 square feet. The second asset is 525 N. Knowles Ave. in New Richmond, Wis. The building totals 19,537 square feet. Also in the portfolio is 2950 Curve Crest Blvd. in Stillwater, Minn. The property totals 18,905 square feet. All of the buildings are fully leased. Frank Richie, Mike Salmen and Erik Coglianese of Transwestern represented the buyer, Hammes Partners. Dean Williamson and Ross Hedlund of Frauenshuh Inc. represented the seller on an internal basis.

April 17, 2024

Development Nevada Restaurant Retail Western

Partners Capital, CNR Retail Unveil Plans for 100,000 SF Office-to-Retail Conversion in Las Vegas

by Amy Works April 17, 2024

LAS VEGAS — Partners Capital and CNR Retail have released plans to convert a 100,000-square-foot office complex, located at 2500-2550 Paseo Verde Parkway in Las Vegas’ Green Valley Ranch neighborhood, into an artisanal, food-driven, open-air lifestyle retail center. Dubbed The Cliff, the $30 million adaptive reuse development will offer 25 retail spaces, ranging from 1,800 square feet to 17,000 square feet; a central bar; a 26,000-square-foot covered outdoor dining lounge with communal meeting spaces; live performance area; fire pits; kiosks; and public art installations. The development team has also received approval of a tavern gaming license that would allow slot machines and small games of chance at one or more of the center’s pubs. The joint venture acquired the property in August 2023 for $17.2 million in an off-market transaction. Built in 2000, the property was 80 percent leased to office tenants at the time of sale. Pending final approval from the city, construction is scheduled to begin in October for completion in second-quarter 2025. AO Architects is serving as architect for the project.

April 17, 2024

Building-B-Mountain-View-Salt-Lake-City-UT

Acquisitions Industrial Utah Western

Cushman & Wakefield Brokers Sale of 179,400 SF Industrial Building in Salt Lake City

by Amy Works April 17, 2024

SALT LAKE CITY — Cushman & Wakefield has arranged the sale of Mountain View Industrial Park Building B, an industrial property in Salt Lake City. Terms of the transaction were not released. Situated on 10.3 acres, the 179,400-square-foot Building B features 32-foot clear heights, 4,000 amps of power, off-dock trailer parking and abundant loading. WALT fully occupies the property. Building B is part of a larger industrial project known as Mountain View Industrial Park, which comprises three buildings totaling 1.25 million square feet. Jeff Chiate, Jeff Cole, Rick Ellison, Will Strong, Matt Leupold, Tom Freeman, Travis Healey, Jeremy Terry, Rob Rubano and Brian Share of Cushman & Wakefield’s National Industrial Advisory Group West team led the transaction.

April 17, 2024

Colorado Development Multifamily Seniors Housing Western

MorningStar Senior Living Opens 160-Unit Community in Centennial, Colorado

by Amy Works April 17, 2024

CENTENNIAL, COLO. — MorningStar Senior Living and Edgemark Development have opened MorningStar at Holly Park, a 160-unit seniors housing property in Centennial. Situated on three acres at 6675 S. Holly St., MorningStar at Holly Park offers 85 independent living, 50 assisted living and 25 memory care units in a four-story residential building. Community amenities include an indoor pool, fitness center, therapy center, dining venues, several private courtyards and a rooftop club room and terrace with city and mountain views. The project team includes Rosemann & Associates as architect, JHL Constructors as general contractor and Thoma-Holec Design as interior designer. MorningStar and Edgemark co-developed and co-own the community.

April 17, 2024

Acquisitions California Retail Western

Pacific Petroleum Buys Main Street Village Retail Center in Corona, California for $7.8M

by Amy Works April 17, 2024

CORONA, CALIF. — Pacific Petroleum Inc. has acquired Main Street Village, a retail center in Corona, from LJZ Corona LLC for $7.8 million. Located at 135, 175 and 265 E. Ontario Ave. in the Inland Empire, Main Street Village features 20,000 square feet of retail space. Alan Krueger and Vanessa Haddad of CBRE represented the all-cash buyer and the seller in the deal.

April 17, 2024

California Development Multifamily Retail Western

CIM Group Opens 69-Unit The Jayne Apartment Building in Los Angeles’ West Adams Neighborhood

by Amy Works April 17, 2024

LOS ANGELES — CIM Group has opened The Jayne, a six-story multifamily building at 2555 S. Mansfield Ave. in Los Angeles’ West Adams neighborhood. The Jayne offers 69 apartments, with six units designated as affordable, and 5,453 square feet of ground-floor retail space. The building features studio and one-bedroom floorplans with in-unit laundry and contemporary design elements. Community amenities include outdoor gathering spaces, including a second-floor deck with seating and a sixth-floor deck with barbecue grills, lounge chairs and high-top tables and chairs. Other amenities include a fitness center, bike racks, storage and Amazon lockers.

April 17, 2024

Development Mixed-Use Southeast Top Stories Virginia

Bruce Smith Enterprise, Cordish Cos. Propose $1.4B Mixed-Use Casino Development in Petersburg, Virginia

by Kristin Harlow April 17, 2024

PETERSBURG, VA. — Bruce Smith Enterprise and The Cordish Cos. have responded to a request for proposal issued by the City of Petersburg with plans to co-develop a $1.4 billion mixed-use project. Plans call for a gaming and entertainment district anchored by a Live!-branded casino and hotel. The project site is located at the intersection of Wagner Road and I-95 in Petersburg, about 24 miles south of Richmond. The partners intend to quickly open an initial Phase I casino within a year to begin creating jobs, vendor opportunities and economic benefits for the city. This first phase will include 1,000 slot machines, 23 table games, a 15-table poker room, casino bar and casual restaurant, and more than 1,500 free parking spots. Upon full build-out, Live! Casino & Hotel Virginia would feature more than 400,000 square feet of gaming, hotel and dining space; 35,000 square feet of meeting and convention space; a 200-room hotel; 1,600 slot machines; 46 table games; a sportsbook; 3,000-seat entertainment venue; and eight food options. The project is expected to create 7,500 new jobs, including 6,000 construction jobs and 1,500 “living-wage” jobs averaging $70,000 in annual compensation, according to the development team. In its first 10 years, …

April 17, 2024

Development Multifamily Texas

CTC Residential to Develop 384-Unit Apartment Community in Kyle, Texas

by Taylor Williams April 16, 2024

KYLE, TEXAS — Houston-based developer CTC Residential will build an apartment community in Kyle, about 20 miles south of Austin. CTC Residential acquired the 15-acre site at 5839 Kyle Parkway, which is located across the street from Seton Hospital, in October 2022 before having it rezoned to support multifamily. Preliminary plans call for 384 apartments and a 38,000-square-foot open green space that will be activated by a 7,500-square-foot food-and-beverage anchor space and other retail uses. Weitzman is handling retail leasing for the project. Information on floor plans and amenities was not disclosed.

April 16, 2024

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