Property Type

Northmarq Arranges $46.5M Refinancing for Union Apartments in Chula Vista, California

by Amy Works October 9, 2023

CHULA VISTA, CALIF. — Northmarq, in partnership with Ballast CRE, has secured $46.5 million in financing for Union Apartments in Chula Vista, just south of San Diego. Union Apartments features 170 units, a pool, spa, clubhouse, playground, barbecue areas and a fitness center. Aaron Beck, Wyatt Campbell and Conor Freeman of Northmarq’s San Diego office, in collaboration with Mikee Anderson-Mitterling of Ballast CRE, arranged the loan for the undisclosed borrower through Northmarq’s Fannie Mae DUS platform.

October 9, 2023

Acquisitions Arizona Industrial Net Lease Western

DWG Capital Partners Buys Industrial Facility in Mesa, Arizona from AirBagIt for $10M

by Amy Works October 9, 2023

MESA, ARIZ. — DWG Capital Partners has acquired a manufacturing and distribution facility, located at 260 S. Hibbert St. in Mesa, for $10 million in a sale-leaseback transaction. AirBagIt fully occupies the 72,780-square-foot property, which is a former concrete tilt-up cold storage facility situated on 1.9 acres. The building features 17-foot clear heights, three docks, one drive-in dock and three external dock levelers. The custom engineering company will continue to occupy the property under an 18-year, triple-net lease. The company specializes in manufacturing innovative motor vehicle parts and accessories. Glen Miles of Calgary, Canada-based Miles Capital Partners represented the seller in the off-market transaction.

October 9, 2023

Acquisitions California Office Western

CBRE Negotiates $4.4M Sale of Office Property in Carlsbad, California

by Amy Works October 9, 2023

CARLSBAD, CALIF. — CBRE has arranged the sale of 1530 Faraday Avenue, an office building in Carlsbad, approximately 35 miles north of San Diego. Core Contracting acquired the asset from a private seller for $4.4 million. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE Investment Properties, alongside Nick Williams, Blake Williams and Roger Carlson of CBRE, represented the seller in the deal. Situated in Carlsbad Research Center, the single-story property features 13,093 square feet of office space. Built in 1998, the property recently underwent a renovation, including a new roof, complete interior remodel and new HVAC system. Additionally, the property has 53 parking stalls and a 555-square-foot space for a garage or storage area. The buyer will occupy the space. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates represented the buyer in the deal.

October 9, 2023

Connecticut Loans Northeast Retail

Houlihan-Parnes Arranges $2.6M Loan for Refinancing of Shopping Center in West Haven, Connecticut

by Taylor Williams October 9, 2023

WEST HAVEN, CONN. — Houlihan-Parnes has arranged a $2.6 million loan for the refinancing of Savin Rock Plaza, a 70,000-square-foot shopping center in West Haven, located in southern coastal Connecticut. The center was built in 1985 and is home to tenants such as Family Dollar, Peoples Bank and Dunkin’. New York Saving & Bank provided the 10-year loan to the borrower, an undisclosed investment firm based in White Plains, New York.

October 9, 2023

Acquisitions Development Indiana Industrial Midwest Retail

ICP Acquires Concord Mall in Elkhart, Indiana, Plans Redevelopment

by Kristin Harlow October 9, 2023

ELKHART, IND. — Industrial Commercial Properties (ICP) has acquired Concord Mall in Elkhart, about 15 miles east of South Bend. ICP plans to redevelop the 600,000-square-foot shopping mall and adjacent outparcels into a mixed-use business park. Concord Mall was originally built in 1972 and has been suffering vacancies in recent years. Early this year, JC Penney unveiled plans to close its store at the mall, leaving Hobby Lobby as the sole anchor tenant. Hobby Lobby will continue to operate at the location. A timeline for construction was not provided.

October 9, 2023

Development Illinois Midwest Multifamily

Bradford Allen Proposes 300-Unit Apartment Development in Arlington Heights, Illinois

by Kristin Harlow October 9, 2023

ARLINGTON HEIGHTS, ILL. — The development arm of Bradford Allen has submitted plans for a 300-unit apartment development in the Chicago suburb of Arlington Heights. The eight-story project will feature 25,000 square feet of ground-floor retail space. Approximately 30 of the units will be designated as affordable housing. Bradford Allen submitted plans to village officials in a joint venture with Moceri+Roszak, which is also the architect. Plans call for 17,500 square feet of indoor and outdoor amenity spaces, including an outdoor pool, sun deck, fitness area, media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and pickleball court. There will also be indoor parking for 484 vehicles and 86 outdoor parking spaces for the retail component. The proposed project is adjacent to the former Daily Herald building, which Bradford Allen is converting into a 150,000-square-foot medical office complex known as ArlingtonMed. Together, the buildings are part of a potential 16-acre, master-planned community that includes additional apartment buildings and retail space.

October 9, 2023

Illinois Leasing Activity Midwest Retail

The Picklr to Open New Pickleball Facility at Fox River Commons in Naperville, Illinois

by Kristin Harlow October 9, 2023

NAPERVILLE, ILL. — The Picklr, a Utah-based company that intends to open roughly 500 pickleball venues across the country within the next several years, has selected Fox River Commons in Naperville as the site of its first location in the greater Chicago area. The Picklr signed a lease with owner Continental Realty Corp. (CRC) for 27,333 square feet within the 241,000-square-foot shopping center. The Picklr plans to open at Fox River Commons in 2024. Cherene Keenan represented the landlord on an internal basis, while Carter Randall of PPC Commercial represented the tenant. Located at 808 S. Route 59, Fox River Commons is home to International Fresh Market, Amish Furniture Gallery, Ball Factory, Entourage, Galleria Lighting and VAI’s Italian Inspired Kitchen + Bar.

October 9, 2023

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.2M Sale of Apartment Building in Suburban Chicago

by Kristin Harlow October 9, 2023

WILMETTE, ILL. — Interra Realty has brokered the $9.2 million sale of Art House Eleven 21, an apartment building in the Chicago suburb of Wilmette. Developed in 2018, the 16-unit building at 1121 Greenleaf Ave. features six two-bedroom units, eight three-bedroom units and two retail spaces. Lucas Fryman and Craig Martin of Interra represented the buyer, Chicago-based HP Ventures Group. The duo also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger. HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale.

October 9, 2023

Acquisitions Midwest Nebraska Restaurant Retail

Marcus & Millichap Arranges $1.9M Sale of KFC-Occupied Property in La Vista, Nebraska

by Kristin Harlow October 9, 2023

LA VISTA, NEB. — Marcus & Millichap has arranged the $1.9 million sale of a 3,305-square-foot restaurant property occupied by KFC in La Vista, a southwest suburb of Omaha. The net-leased building features a drive-thru and is located at 8311 Harrison St. KFC’s lease has 11 years remaining and features 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

October 9, 2023

Market Reports Office Southeast Southeast Market Reports Virginia

Richmond’s Office Market Is Stable and Active on the Leasing Front

by John Nelson October 9, 2023

In the second quarter of 2023, the Richmond office market posted more than 670,000 square feet of leasing volume, the highest total volume in more than four years. As transactions commence in future quarters, absorption will be impacted from occupancy shifts later in the year. Despite increased leasing activity, however, the market softened slightly as absorption has started to plateau. The second quarter represented the fourth consecutive quarter of negative net absorption as Richmond’s office market observed occupancy losses dipping to 21,489 square feet. Vacancy rates rose and settled at 12.6 percent, an 8-basis-point increase quarter-over-quarter. Pre-pandemic, overall asking rents saw stable upward rent growth. Since 2020, rental rates have continued to increase though at a leaner rate. Class A rents have flattened over the past 12 months, while Class B rents continued to rise. The Manchester and Scott’s Addition submarkets remain the hot spots for office development. Though there are currently no major office buildings underway at this time, most major office projects under construction in the last five years have either been build-to-suits or conversions. The only notable exception to this was The Current, a 70,000-square-foot spec office building that delivered in Manchester at the end of 2021. …

October 9, 2023

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