Property Type

SLIB Negotiates Sale of 95-Unit Copper Springs Senior Living in Meridian, Idaho

by Amy Works June 24, 2024

MERIDIAN, IDAHO — Senior Living Investment Brokerage (SLIB) has arranged the sale of Copper Springs Senior Living, an assisted living and memory care community in Meridian, just west of Boise. The community consists of 95 units and 105 beds and was built in 1969 with remodeling done in 2013. The property totals 49,664 square feet on approximately five acres of land. The seller is a REIT divesting to exit operations in the state of Idaho. The buyer is an Idaho-based owner-operator expanding its footprint in the state. The price was not disclosed. Vince Viverito, Jason Punzel, Brad Goodsell and Jake Anderson of SLIB handled the transaction. “There’s been a trend over the past few years with newer investors/operators wanting to enter the seniors housing industry, but for various reasons there can be barriers to entry,” says Viverito. “We strategically focused on a confidential auction process that allowed us to reach the fully qualified investment market and seek out a buyer excited about a turnaround project like Copper Springs.”

June 24, 2024

Acquisitions Arizona Industrial Mixed-Use Office Western

Marcus & Millichap Brokers Sale of 6,039 SF Office/Industrial Property in Phoenix

by Amy Works June 24, 2024

PHOENIX — Marcus & Millichap has arranged the purchase of an office and industrial property in Phoenix. Matt Hamblin acquired the asset for $1.9 million. Doug Fielding Jr. of Marcus & Millichap procured the buyer in the deal. Located at 4535 E. Broadway Road within Cotton Business Center, the facility offers 6,039 square feet of fully air-conditioned space, 16-foot clear heights, a 14-foot drive-up roll-up door, a lobby, various office sizes, a bullpen area, a server room, a break area, two ADA restrooms and skylights for natural light. Smart Pest Solutions occupies the space in an 80 percent office and 20 percent warehouse layout.

June 24, 2024

Acquisitions Hospitality Midwest Wisconsin

Apple Hospitality REIT Acquires Embassy Suites Hotel in Madison, Wisconsin, for $79.5M

by Kristin Harlow June 24, 2024

MADISON, WIS. — Apple Hospitality REIT Inc. has acquired the 262-room Embassy Suites by Hilton Madison Downtown hotel for $79.5 million. The seller was undisclosed. The newly built property is located at 231 S. Pinckney St. near Monona Terrace Community and Convention Center as well as the Wisconsin State Capitol. Apple’s portfolio includes 224 hotels with 30,066 guest rooms throughout 37 states and Washington, D.C.

June 24, 2024

Development Healthcare Hospitality Loans Midwest Ohio

PACE Loan Group Provides $17.7M C-PACE Loan for Hyatt House Hotel Project in West Chester, Ohio

by Kristin Harlow June 24, 2024

WEST CHESTER, OHIO — PACE Loan Group has provided a $17.7 million C-PACE loan for the completion of a 136-room Hyatt House-branded hotel and attached medical rehab annex in West Chester, about 22 miles north of Cincinnati. The loan proceeds will be used to refinance existing debt and complete construction of the property, which also secured $9 million in financing from Eclipse Bank. With the total capital stack of $38.2 million, the COVID-stalled project is on track to open by the fourth quarter of this year. Through a Hyatt-approved special design, the hotel will have 23 wellness rooms, which are intended to be utilized by guests in conjunction with the onsite rehabilitation clinic, VitaLuxe. Plans call for 40 wellness rooms by 2026. Since Ohio’s C-PACE authority only authorizes C-PACE financing in a special improvement district (SID), the City of West Chester created a SID specifically for this project. The C-PACE proceeds will be used to finance energy conservation and renewable energy measures. Qualifying projects include HVAC, plumbing, lighting, electrical, building envelope and elevators. The renewable and energy conservation measures are expected to save $31,620 annually. In addition to the 10,800-square-foot wellness/medical annex, the hotel will feature an 8,000-square-foot conference center, …

June 24, 2024

Healthcare Leasing Activity Midwest Minnesota

Life Link III Signs 12,827 SF Medical Office Lease at Shoreview Business Campus in Suburban Minneapolis

by Kristin Harlow June 24, 2024

SHOREVIEW, MINN. — Life Link III has signed a 12,827-square-foot medical office lease at Shoreview Business Campus, a flex property in the northeast Minneapolis suburb of Shoreview. The nonprofit medical air transportation company has begun occupying the new space. The property is 91 percent leased with three additional medical office tenants, including Allina Medical Clinic, Allina Health Urgent Care and Courage Kenny Sports & Physical Therapy. The RMR Group is the property manager, and Diversified Healthcare Trust is the building owner. John Ryden, Jerry Driessen and Maxx Schindel of CBRE represented ownership in the lease.

June 24, 2024

Development Illinois Industrial Midwest Office

Ironworkers Local 63 Opens 12,000 SF Training Center in Broadview, Illinois

by Kristin Harlow June 24, 2024

BROADVIEW, ILL. — Ironworkers Local 63 has opened its new 12,000-square-foot training center at 2525 Lexington St. in Broadview, about 12 miles west of downtown Chicago. Dubbed the “glass house” and designed by Gensler, the property is visible from I-290. Tradespeople within Ironworkers Local 63 help build the glass facades on skyscrapers in Chicagoland. Inside, the facility provides lab-like instruction spaces, a pressurized testing chamber, five-ton bridge crane and adaptable training structure. Skyline Construction was the general contractor.

June 24, 2024

Acquisitions Midwest Retail Wisconsin

Colliers Brokers $3.4M Sale of Two-Tenant Retail Property in Janesville, Wisconsin

by Kristin Harlow June 24, 2024

JANESVILLE, WIS. — Colliers has brokered the $3.4 million sale of a 5,500-square-foot retail property in the Milwaukee suburb of Janesville. Home to Starbucks and LensCrafters, the newly constructed building serves as an outlot to Uptown Janesville Mall. Adam Connor and Heather Dorfler of Colliers represented the seller, Houston-based RockStep Capital. The all-cash buyer was based in California and completed a 1031 exchange.

June 24, 2024

Development Industrial Texas Top Stories

Toyota Plans $531M Expansion at Manufacturing Facility in San Antonio

by Taylor Williams June 24, 2024

SAN ANTONIO — Toyota is planning a $531 million expansion of its manufacturing facility in San Antonio, which is informally known as Toyota Texas. The initiative is expected to create more than 400 new full-time jobs. The centerpiece of the expansion will be the development of a new 500,000-square-foot facility that will be dedicated to producing drivetrain parts such as transmission systems, driveshafts, axles and wheels. A construction timeline was not disclosed. The Japanese automaker’s San Antonio plant spans about 2,000 acres and has been in operation for nearly two decades. The facility is the exclusive home of the Tundra truck and all-hybrid Sequoia SUV, both of which are assembled on the same production line. The plant rolled out approximately 181,000 new vehicles in 2023 alone. To date, Toyota’s investment in the facility and the surrounding regional economy is approximately $4.7 billion. “Toyota Texas’ $531 million investment to expand its manufacturing facility in San Antonio and create over 400 good-paying jobs is a testament to Texas’ unmatched business-friendly environment, low taxes and skilled workforce,” says Texas Gov. Greg Abbott. — Taylor Williams

June 24, 2024

California Industrial Market Reports Western Western Market Reports

Project Development Pace Signifies a Bullish Future for Industrial in San Diego

by Jeff Shaw June 24, 2024

— By Mark Lewkowitz, Executive Vice President, Colliers — The current interest rate environment has seemingly slowed the investment sales volume down, but strength remains with user sales. Over the last two years, users were more frequently being outbid for industrial properties (partially stabilized and vacant). Now, with the investment herd very thin, it has allowed users and buyers to take a crack at the opportunities. The users face the same hurdles where the cost of capital is not cheap, but it is more palatable when their business pays the mortgage or rent. I anticipate vacancies ticking up through Q4 2024, but beginning in Q1 2025, I feel confident we will see transaction frequency rise. In turn, the vacancy rate will lead to a softening of rental rates and increased concessions, but the fundamentals are strong for the industrial market, and it will turn on a dime in Q1 2025. Majestic Sunroad continues progressing significantly with the Landmark at Otay projects, delivering roughly 845,000 square feet by Q4 2024. Their projects are significant because they are among the first with 36’ clearance heights and trailer parking, something the market has not seen. Phelan Development has also introduced some incredibly functional 32’ warehouse …

June 24, 2024

Development Florida Loans Multifamily Southeast

Meridian Capital Group Arranges $67.5M Construction Loan for Natura by Murbeck Multifamily Community in Gainesville, Florida

by Hayden Spiess June 21, 2024

GAINESVILLE, FLA. — Meridian Capital Group has arranged a $67.5 million loan for the construction of Natura by Murbeck, a multifamily community that will be situated at 6224 S.W. 20th Street in Gainesville. Murbeck Investments is the borrower and developer. Greystone provided the two-year, non-recourse loan, which will transition to a permanent loan. Upon completion, the property will feature 315 apartments in one-, two- and three-bedroom layouts. Amenities at the community will include a pool, pickleball courts, gym and garages. Monthly rental rates at the property will range from $1,780 to $2,800. A construction timeline was not disclosed.

June 21, 2024

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