Property Type

Chandler-Airport-Business-Park-Chandler-AZ

Cushman & Wakefield Arranges $64.1M in Acquisition Financing for Industrial Portfolio Near Phoenix

by Amy Works June 20, 2024

CHANDLER AND MESA, ARIZ. — Cushman & Wakefield has advised Newport Beach, Calif.-based CapRock Partners in securing $64.1 million in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in metro Phoenix. The assets include the four-building, 318,683-square-foot Chandler Airport Business Park in Chandler and the two-building, 244,286-square-foot Longbow Industrial Center in Mesa. Funds and accounts managed by BlackRock’s U.S. real estate debt team provided a $38.5 million floating-rate bridge loan for Chandler Airport Business Park in March. California Bank & Trust provided an approximately $25.6 million floating-rate bridge loan for Longbow Industrial Center in May. Situated on 20 acres, Chandler Airport Business Park features 28-foot to 30-foot clear heights and 428 auto parking stalls, while Longbow Industrial Center features 30-foot clear heights and 320 auto parking stalls on 14 acres. Both industrial parks offer ample speculative office space, ESFR sprinklers, numerous loading positions, large secured concrete truck courts, full warehouse HVAC and LED lighting. Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett …

June 20, 2024

Acquisitions Industrial Nevada Western

Colliers Brokers Sale of 93,550 SF Desert Canyon Industrial Park in Henderson, Nevada

by Amy Works June 20, 2024

HENDERSON, NEV. — Colliers has arranged the sale of Desert Canyon Industrial Park, a five-building, small-bay industrial complex in Henderson. Nicola Wealth Commercial Real Estate sold the asset to an undisclosed buyer for $16.9 million. Built in 2001, the five-building complex offers 93,550 square feet of industrial space. The property is situated on 4.7 acres at 249-257 Elliott Road. Brian Riffel and Tyler Jones at Colliers represented the seller in the deal.

June 20, 2024

Acquisitions Hospitality Idaho Western

Obie Cos. Acquires 104-Room Residence Inn Boise Downtown University

by Amy Works June 20, 2024

BOISE, IDAHO — Obie Cos. has purchased Residence Inn Boise Downtown University from an institutional seller for an undisclosed price. Brian Embree of Hunter Hotel Advisors facilitated the transaction. Built in 1986, Residence Inn Boise Downtown University features 104 guest rooms with in-room kitchenettes and complimentary breakfast, as well as a fitness center, business center and an outdoor pool. Crystal Investment Property served as the Idaho licensed broker of record for the seller and assisted the buyer during the deal.

June 20, 2024

Acquisitions Arizona Healthcare Office Western

NAI Horizon Negotiates Sale of 22,591 SF Chandler Medical Center in Arizona

by Amy Works June 20, 2024

CHANDLER, ARIZ. — NAI Horizon has arranged the sale of Chandler Medical Center, a multi-tenant medical office building at 655 S. Dobson Road in Chandler. New York City-based Chandler Medical Property Company LLC (Tolis Advisors) sold the asset to Cleveland-based Provider Real Estate Partners Fund I LP for $7.3 million, or $323.14 per square foot. Lane Neville, Cole Neville, Brandon Hall, Whitney Heritage and Matt Westra of NAI Horizon represented the seller, while the buyer was self-represented in the transaction. The 22,591-square-foot Chandler Medical Center is located adjacent to Dignity Health’s 429-bed Chandler Regional Medical Center.

June 20, 2024

Acquisitions Hospitality New York Northeast Top Stories

EOS Hospitality Acquires The William Vale Luxury Hotel in Brooklyn for $177M in Bankruptcy Sale

by Katie Sloan June 20, 2024

NEW YORK CITY — EOS Hospitality has acquired The William Vale, a luxury hotel located at 111 N. 12th St. in the Williamsburg neighborhood of Brooklyn in New York City. The property was purchased for $177 million through a bankruptcy sale. The acquisition by stalking horse bidder EOS followed a three-year ownership restructuring and litigation process, which was led by Asaf Ravid of All Year Holdings Ltd. The transaction was approved by the U.S. Bankruptcy Court for the Southern District of New York in late May and resulted in the full payment of all outstanding secured bonds. Developed in 2016 by Riverside Developers, The William Vale rises 21 stories and offers 183 rooms. The property is one of four luxury hotels in Brooklyn and features eateries by restaurateur Andrew Carmellini, 7,300 square feet of indoor and outdoor function spaces, retail and office space. Eastdil Secured and A&G Real Estate Partners arranged the sale of the property. The partnership also secured the sale of the Williamsburg Hotel, a 147-room property also located in the Williamsburg neighborhood of Brooklyn, last summer. Manhattan-based EOS Hospitality is a full-service hospitality management company with a portfolio ranging from budget-conscious to five-star luxury properties. —Katie Sloan

June 20, 2024

Illinois Industrial Market Reports Midwest Midwest Market Reports

Windy City’s Industrial Sector May Face Market Headwinds in 2024

by Kristin Harlow June 20, 2024

By Chris Mergenthaler, DarwinPW Realty/CORFAC International The Windy City, as Chicago is often dubbed, has long been a vital hub of commerce and industry. Boasting 19 intermodal facilities operated by six Class I railroads, a top 15 worldwide cargo airport, and sitting at the confluence of seven interstate highways that allow goods to reach 25 to 30 percent of the U.S. population within one day’s drive, Chicago’s central location makes it a key logistics and transportation hub. The robust labor force of over 4.7 million nonfarm employees, according to a first-quarter 2024 U.S. Bureau of Labor Statistics report, coupled with Chicago’s location and infrastructure, lay the foundation for a fundamentally strong industrial market. While the long-term outlook of the Chicago industrial market remains positive, the Windy City is facing some headwinds as the market progresses through 2024. Uncertainty, whether positive or negative, has been a common theme of the Chicago industrial market since early 2023 as the market reacts to changing macroeconomic and geopolitical factors. Uncertainty in the global supply chain, trade relations with other countries, as well as one of the longest freight market recessions in recent history, have led to an increase in direct and sublet space on …

June 20, 2024

Acquisitions Industrial North Carolina Southeast

Avison Young Arranges $97M Sale of Industrial Building in Charlotte, North Carolina

by Hayden Spiess June 19, 2024

CHARLOTTE, N.C. — Avison Young has arranged the $97 million sale of an industrial building located at 1900 Continental Blvd. in Charlotte. The multi-tenant property totals 1.4 million square feet. LM Real Estate acquired the building from a joint venture between Somerset Properties and Waterfall Asset Management. Chris Skibinski, Chris Loyd and Erik Foster of Avison Young brokered the transaction. According to the firm, this marks the largest industrial sale within the Charlotte market this year.

June 19, 2024

Loans Multifamily Southeast Virginia

IDI Group Cos., PTM Partners Receive $60M Refinancing for Viridium Apartment Community in Woodbridge, Virginia

by Hayden Spiess June 19, 2024

WOODBRIDGE, VA. — The IDI Group Cos. and PTM Partners have received a $60 million senior loan for the refinancing of Viridium, an apartment community located in Woodbridge, roughly 20 miles southwest of downtown Washington, D.C. Amenities at the 318-unit community include a pool, fitness center, rooftop terrace, theater room and a shuttle service to the nearby Virginia Railway Express (VRE) station. Viridium is the second phase of IDI’s larger Rivergate development, which comprises a total 720 residential units. Daniel Shiff, Adam Bieber and Alec Jenkins of BWE arranged the financing through a life insurance company on behalf of the borrowers.

June 19, 2024

Shoppes-Montague-Corners_North-Charleston-S.C

Acquisitions Retail South Carolina Southeast

Marcus & Millichap Brokers $18.8M Sale of The Shoppes at Montague Corners in North Charleston, South Carolina

by Hayden Spiess June 19, 2024

NORTH CHARLESTON, S.C. — Marcus & Millichap has brokered the $18.8 million sale of The Shoppes at Montague Corners, a retail center located at 5060 Dorchester Road in North Charleston. Planet Fitness anchors the property, which totals 106,518 square feet. The 23-tenant center was 94.6 percent occupied at the time of sale. Other tenants at the property include Dollar General, Harbor Freight Tools and Save-A-Lot. The center has undergone renovations and tenant improvements totaling $4 million within the past two years. Allyssa Paragano and Ani Paulson of Marcus & Millichap represented the seller and procured the buyer in the transaction.

June 19, 2024

Company News Development Georgia Restaurant Retail Southeast

Jack in the Box Plans 15-Restaurant Expansion into Georgia

by Hayden Spiess June 19, 2024

SAN DIEGO — San Diego-based Jack in the Box has announced plans to open 15 restaurants in Georgia, marking the first entry into the state for the fast-casual brand. According to a press release from the company, the new sites have not yet been selected, but plans include a focus on the Macon, Augusta and Savannah markets. A franchisee will own and operate the restaurants. Jack in the Box also recently announced a commitment to 30 new locations in Florida.

June 19, 2024

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