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AcquisitionsIllinoisMidwestRetail

Mid-America Real Estate Brokers Sale of 115,754 SF Oak Forest Commons Shopping Center in Suburban Chicago

by Kristin Harlow

OAK FOREST, ILL. — Mid-America Real Estate Corp. has brokered the sale of Oak Forest Commons, a 115,754-square-foot shopping center in the Chicago suburb of Oak Forest. The sales price was undisclosed. The value-add property presents the opportunity for ownership to lease up grocer space formerly occupied by Food 4 Less. Rick Drogosz, Ben Wineman and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. The asset sold to First Tek. The property was managed by Pine Tree.

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AcquisitionsMidwestMissouriMultifamilySeniors Housing

Merrill Gardens Acquires 103-Unit Senior Living Community in Springfield, Missouri

by Kristin Harlow

SPRINGFIELD, MO. — Merrill Gardens has acquired Mission Ridge, a 103-unit senior living community in Springfield, a city in southwest Missouri. The property features one- and two-bedroom residences offering independent living, assisted living and memory care. The purchase price and seller were undisclosed. Merrill Gardens, a privately held company, now operates 65 communities in 17 states.

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IllinoisLeasing ActivityMidwestOffice

Five Tenants Ink Leases for ‘Ready-to-Wear’ Office Suites at Bell Works Chicagoland

by Kristin Harlow

HOFFMAN ESTATES, ILL. — Five tenants have inked leases totaling more than 13,800 square feet for “Ready-to-Wear” office suites at Bell Works Chicagoland in Hoffman Estates. PartsSource, a provider of healthcare products and solutions, leased 4,300 square feet. Jameson Sotheby’s International Realty, a real estate firm, signed a lease for 2,300 square feet. Route One Group, a consulting company specializing in the trucking industry, leased 1,200 square feet. Veregy, an energy-efficiency solutions, solar and smart building technology company, inked a lease for 1,600 square feet. Essentra Components, a manufacturer of plastic components, renewed its 4,400-square-foot lease.   Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus. The Ready-to-Wear spaces total 23,628 square feet and are immediately ready for occupancy with flexible, short-term leasing options. Tenants have access to the larger office offerings such as conference rooms and the onsite coworking facility, CoLab. Colliers represented ownership in the leases. Inspired by Somerset Development is the owner and developer of Bell Works Chicagoland.

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Leasing ActivityMidwestRetailWisconsin

Cost Cutters to Open 1,670 SF Location at Whitewater Plaza in Wisconsin

by Kristin Harlow

WHITEWATER, WIS. — Cost Cutters Hair Salon has signed a 1,670-square-foot lease to open at Whitewater Plaza shopping center in Whitewater, a city in southern Wisconsin. The property is located at 1139 W. Main St. Conor Farrell and Matthew Beadle of Founders 3 Real Estate Services represented the landlord, an entity doing business as PNL Whitewater LLC.

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Terraces-Walnut-CA
Build-to-RentCaliforniaDevelopmentMixed-UseMultifamilyRetailSingle-Family RentalWestern

Sunjoint Development Starts Construction of 49-Acre Residential, Retail Project in Walnut, California

by Amy Works

WALNUT, CALIF. — Sunjoint Development has started construction of Terraces at Walnut, a 49-acre mixed-use development located on Valley Boulevard in Walnut, approximately 25 miles east of downtown Los Angeles. Construction of the first product type, single-family homes, began in November 2023 and the first five phases are currently being made available for sale. The remaining homes will be built in phases — townhomes, three-story homes and estate lots. Full buildout is slated for year-end 2025. KTGY designed the project, which CBC Home is building. Terraces at Walnut will feature 79 townhomes, 211 detached single-family homes and 17,052 square feet of retail space. The three- and four-bedroom townhomes will range from 1,548 square feet to 1,914 square feet, while the single-family homes will offer three- or four-bedroom layouts ranging from 2,198 square feet to 3,561 square feet. The retail space will include a variety of food users, including dine-in restaurants, specialty retailers and beverage users. Terraces at Walnut will also feature 11 pocket parks and an internal trail system. Blake Kaplan, Erik Westedt and Drew Olson of JLL are overseeing leasing of the retail space.

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AcquisitionsCaliforniaRetailWestern

RealSource Brokers $14M Sale of Pilot Flying J Travel Center in Jurupa Valley, California

by Amy Works

JURUPA VALLEY, CALIF. — RealSource Group has arranged the sale of a single-tenant retail property located off State Route 60 in the Inland Empire city of Jurupa Valley. Greens Group sold the asset to an Irvine-based private investor for $14 million. Pilot Flying J Travel Center occupies the property under an absolute triple-net ground lease that relieves the buyer of any landlord responsibilities. Pilot Flying J has more than 14 years remaining on the initial lease term with four five-year renewal options and 10 percent rent increases every five years. Austin Blodgett and Jonathan Schiffer of RealSource Group represented the seller and buyer in the deal.

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AcquisitionsNevadaRetailWestern

Compass Commercial Negotiates $6.4M Purchase of Retail Building in Sparks, Nevada

by Amy Works

SPARKS, NEV. — Compass Commercial Real Estate Services has brokered the sale of a retail property located at 155 Ingenuity Ave. in the Reno suburb of Sparks. Cameron and Leona Curtiss acquired the asset for $6.4 million. Situated on 2.7 acres, the property features 16,196 square feet of retail space. Pat Kesgard and Kristie Schmitt of Compass Commercial represented the buyer in the transaction.

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6025-Park-Dr-Rocklin-CA
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Banner Real Estate Sells 993-Unit Self-Storage Facility in Rocklin, California

by Amy Works

ROCKLIN, CALIF. — An affiliate of Banner Real Estate Group has completed the disposition of a self-storage facility located at 6025 Park Drive in Rocklin, approximately 22 miles northeast of Sacramento. An institutional buyer acquired the asset for an undisclosed price. Situated on 1.7 acres, the three-story, 98,240-square-foot building features 993 self-storage units in varying sizes. Completed in 2021, the property offers climate-controlled units, electronic access control, drive-up units and a covered loading bay. Brian Somoza led the JLL Capital Markets investment sales and advisory team that represented the seller in the deal.  

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Central-Park-Logistics-Center-Denver-CO
ColoradoIndustrialLeasing ActivityWestern

Newmark Arranges 494,398 SF in Leases at Central Park Logistics Center in Denver

by Amy Works

DENVER — Newmark has arranged two new industrial leases totaling 494,398 square feet at Central Park Logistics Center, a newly constructed, two-building industrial asset in Denver. New York-based Brookfield Properties developed and owns the 695,899-square-foot complex. Discount Tire and Marcone Supply Inc. will occupy 339,000 square feet and 156,000 square feet, respectively, filling the entirely of Building 2 at 9400 E. 46th Place. Mike Wafer and Mike Wafer Jr. of Newmark represented the landlord in the transactions. Wafer also served as tenant advisor for Discount Tire, and Mike Statter of Cresa represented Marcone Group in the lease transaction.

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