WINFIELD, ILL. — SVN Chicago Commercial has brokered the $2.2 million sale of an office and retail building in Winfield, a western suburb of Chicago. The ground floor of the building is fully leased to a variety of retail and restaurant tenants. The second floor is vacant office space that was previously occupied by one tenant. SVN represented the seller. The buyer retained SVN to lease the remaining spaces with intentions of converting them into medical office suites. Buyer and seller information was not provided.
WAUKESHA, WIS. — Tap-In Golf Bar has leased 6,776 square feet of retail space at Silvernail Plaza in the Milwaukee suburb of Waukesha. The property is located at 2100 Silvernail Road. Emily Smits and Scott Satula of Mid-America Real Estate represented the landlord, Waukesha Retail LLC.
OTAY MESA, CALIF. — A joint venture between Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has broken ground on Otay Business Park, situated on a 119-acre site in San Diego’s Otay Mesa submarket. The joint venture acquired the land site in May 2022. Otay Business Park will feature 1.8 million square feet of industrial distribution and logistics space spread across multiple buildings. The first phase of the project is slated to open in late 2025. Dempsey Construction is performing the horizontal site work, which includes grading, as well as on-site and off-site utility and road infrastructure work. Ware Malcomb served as architect for the project.
PHOENIX — IDM Cos. has received $62.6 million in construction financing for Meritum Sonoran Desert, a garden-style apartment project in Phoenix. Kevin MacKenzie, Brad Miner and Elle Miraglia of JLL Capital Markets Debt Advisory secured the loan through a life company for the borrower. Slated for completion in 2025, the 13-building community will feature 348 one-, two- and three-bedroom units with an average size of 1,048 square feet. Additionally, Meritum Sonoran Desert will feature a freestanding clubhouse with a residential living room and kitchen, exercise facility, package lockers, covered patio, dog park, fire pits and two resort-style pools. Meritum Sonoran Desert will be located at the northwest corner of Sonoran Desert Drive and 29th Avenue.
VALENCIA, CALIF. — Centennial has acquired Westfield Valencia Town Center, a 1 million-square-foot shopping mall located in Valencia, approximately 35 miles northwest of Los Angeles. Moving forward, the property, which was leased to more than 140 tenants at the time of sale, will be known as Valencia Town Center. Further details were not disclosed.
SAN BERNARDINO, CALIF. — Marcus & Millichap has brokered the sale of Chestnut Apartments, a multifamily property located at 1398 N. Sierra Way in San Bernardino. A limited liability company sold the asset to an individual/personal trust for $8.2 million. Constructed in 1949, the value-add community features 68 apartments spread across 17 two-story residential buildings. The property offers 36 one-bedroom/one-bath units, 32 two-bedroom/one-bath units, an exterior fence, a courtyard and 72 carport parking spots. All apartments feature individual hot water heaters and wall air conditioning units. Douglas McCauley and David Covarrubias of Marcus & Millichap represented the seller and buyer in the transaction.
LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $2.7 million sale of a two-tenant retail building located in Lancaster, approximately 65 miles north of Los Angeles. AutoZone and Precision Eyebrow Threading occupy the 6,999-square-foot property, which is situated on a 0.6-acre plot within a Target-anchored shopping center. Kevin Fryman, Bill Asher and Jeff Lefko of Hanley represented the seller, an undisclosed private investor. The buyer was not disclosed.
ATLANTA — Core Spaces has opened Hub Atlanta, a 792-bed student housing community located near the Georgia Tech campus in Atlanta’s Midtown neighborhood. The 19-story property offers 292 units in studio through six-bedroom configurations. Amenities include a fitness center, coworking spaces, private study lounges, a rooftop pool deck with a hot tub, dog park, 6,990 square feet of ground-floor retail space and a four-story parking garage. New Here Coffee operates a coffee shop. Curioso provided interior design services alongside Core’s in-house design team. Hartshorne Plunkard Architecture served as the architect, and Juneau Construction Co. was the general contractor. Core Spaces is managing the community. Residents recently moved in for the 2023-2024 school year, and leasing is now open for next year. Core Spaces focuses on developing, buying and managing student housing and build-to-rent communities. The firm maintains offices in Austin and Chicago. — Kristin Harlow and Katie Sloan
— By Dan Minnaert, Partner and Industrial Specialist, TOK Commercial Real Estate — Industrial leasing activity has slowed year over year in Southern Idaho markets with total transactions down 9 percent. However, all markets saw transactions increase or remain flat from the first quarter to the second quarter. Net absorption has also remained positive in all markets throughout the first half of 2023. Activity is strongest in the Boise MSA with nearly 900,000 square feet of net absorption recording so far this year. Top deals for the year include Ferguson Enterprises leasing 164,600 square feet of new construction in Nampa, and Hensel Phelps Construction leasing 92,900 square feet at 535 Gowen in South Boise. Demand remains strongest for spaces in the 1,000- to 5,000-square-foot range, accounting for 51 percent of deals over the past 12 months. However, absorbed spaces above 15,000 square feet have increased 15 percent year over year. In addition, organic growth is the top driver for leasing activity considering 30 percent of deals over the past year were attributed to tenants opening additional locations or expanding. Additional new industrial tenants are expected to enter Southern Idaho, most notably in the Boise MSA as new projects such …
TAMPA, FLA. — Newbond Holdings has acquired Aloft Tampa Downtown Hotel, a 130-room hotel located on the Riverwalk in downtown Tampa. Amenities at the property include a waterfront pool and gym, corporate meeting and event space and a bar and lounge. The acquisition brings Newbond’s footprint along the riverfront, which also includes the Hotel Tampa Riverwalk, to more than 700 hotel rooms. JLL arranged acquisition financing on behalf of Newbond, which plans to implement renovations to the guest rooms, public areas and pool deck. Plasencia Group represented the undisclosed seller in the transaction. The sales price was not disclosed.