CHICAGO — Monarch Realty Partners has brokered the sale of a 15-unit apartment building in Chicago’s far south Chicago Lawn neighborhood. Located at 2537 W. 63rd St., the property features two commercial spaces. Robert Berman of Monarch represented the long-term, local owner in the sale. The property sold to an out-of-state buyer for an undisclosed price.
SAN CARLOS, CALIF. — Menlo Equities and Beacon Capital Partners have broken ground on Portal 405, a life sciences building located at 405 Industrial Road in San Carlos. The 240,000-square-foot Portal 405 is slated for completion in late 2024. The six-story building will feature four lab and office floors above two levels of above-grade parking and two levels of subterranean parking. The building lobby will offer bike storage, restrooms with showers and lockers, and tenant amenity areas that can accommodate a fitness center and café. The building-top terrace on the sixth floor will provide an outdoor work and event space for tenants. The property is designed to accommodate multiple tenants or a single user. Mike Moran of CBRE and Clarke Funkhouser of Cushman & Wakefield are the marketing and leasing agents for the project.
PORTLAND, ORE. — Portland-based Menashe Properties has acquired the American Bank Building, an office and retail building in Portland that on the National Register of Historic Places. The property traded for $13.6 million. Located at 621 SW Morrison St., American Bank Building features 183,735 square feet of office and retail space. Current tenants include CVS/pharmacy, Wells Fargo, Morgan Stanley and Greenleaf Juice Co. The property is adjacent to Pioneer Courthouse Square. Charles Safley of CBRE’s Pacific Northwest Capital Markets represented the undisclosed seller in the deal.
SAN MARCOS, CALIF. — Stos Partners has completed the disposition of an industrial complex at 1545-1565 La Mirada Drive in San Marcos. A private investor acquired the 3.3-acre property for $12.5 million. The 61,112-square-foot building features 21 grade-level, roll-up doors; secured outdoor storage areas; multiple ingress/egress points; and minimal first-floor office space. Stos Partners implemented a value-add and capital improvement program to the asset, which it originally acquired in 2021 for $8.8 million. The renovations included a new roof, parking lot, exterior paint, drought resistant landscaping and signage. Matt Pourcho, Anthony Delorenzo and Matt Harris of CBRE, along with Chris Roth, Rusty Williams and Jake Rubendell of Lee & Associates, represented Stos Partners. Brant Aberg and Bryce Aberg of Cushman & Wakefield represented the undisclosed buyer in the transaction.
LAS VEGAS — Northcap Commercial has arranged the off-market sale of La Paloma Apartments, a multifamily building in Las Vegas. The property traded for $2 million, or $117,647 per unit. Built in 1978, La Paloma Apartments features 17 residences. The property is located at 1509 E. Harmon Ave. Jerad Roberts, Devin Lee and Robin Willett of Northcap Commercial handled the transaction. The names of the buyer and seller were not released.
HENDERSON, COLO. — Marcus & Millichap has arranged the sale of an industrial asset located at 8777 Brighton Road in Henderson. Terms of the transaction were not released. Situated on 3.5 acres, the three-building property offers a total of 52,550 square feet of industrial space with 11 units, solar panels and a standalone office facility. Alyssa Tomback and Thimy Moraitis of Marcus & Millichap’s Denver office represented the seller and buyer, both private investors, in the deal.
The Orlando office market saw improved office activity in the second quarter after a somewhat slow start to the year. Quarter-over-quarter, the average deal size rose by 11.2 percent with Downtown, South Orlando and East Orlando as the three submarkets benefitting from an increase in office leasing activity. The majority of institutional landlords in downtown Orlando are some of the early adopters of flight-to-quality phenomenon, and as a result, tenants from other submarkets have shifted their focus to the city’s Central Business District (CBD). On the other hand, South Orlando enjoys a built-in advantage of having perhaps the greatest number of restaurant options in the greater Orlando area, with easy access to both Sand Lake Road and Millenia Mall areas offering various food options. The need to be co-located with some of the military branches located in Central Florida Research Park drives many simulation and military/defense sector tenants to seek office space in East Orlando, also providing nearby access to the University of Central Florida. Aside from geographical location, more and more tenants are seeking out higher-quality office space while rightsizing their footprint. This is predominantly fueled by flex/remote office schedules combined with the need for employers to provide an …
MENLO PARK, CALIF. — Presidio Bay Ventures, a San Francisco-based developer and investment firm, has officially opened Springline, a 6.4-acre mixed-use development near downtown Menlo Park in Silicon Valley. Situated adjacent to the Cal Train Station, the development features 200,000 square feet of office space, The Residences at Springline apartment community, a central plaza, two underground parking garages and 29,000 square feet of retail space. “We have delivered a magnetic destination in the heart of Silicon Valley that attracts the Bay area’s best to live, work and play,” says K. Cyrus Sanandaji, managing principal of Presidio Bay. “Over the past three years, we have created a destination with thoughtfully designed spaces that allow for tenants, residents and the local community to interact.” The Offices at Springline spans two buildings and features coworking space in the south building, as well as a golf simulator, entertainment lounge, fitness center, locker rooms, showers, outdoor fitness spaces, bicycle parking, electric vehicle charging stations and The Glade, an onsite dog park. Office tenants also have access to the Springline App that allows remote entry, direct access to property management, amenities, bookings and other services. The Offices are fully leased to global and regional tenants, including STG, Menlo Ventures, …
SANDY SPRINGS, GA. — An affiliate of Tishman Speyer has acquired Avia at North Springs, an apartment community located in the northern Atlanta suburb of Sandy Springs. The property, which will be renamed Randolph Perimeter, totals 502 units across 22 buildings. The seller and sales price were not disclosed, but Atlanta Business Chronicle reports that Harbor Group International LLC sold the asset for $107.5 million. CBRE represented the seller in the transaction, and Jay Wagley of CBRE’s Dallas office arranged acquisition financing on behalf of the borrower. Constructed in two phases between 1989 and 1996, the community features apartments in studio, one-, two- and three-bedroom layouts. Amenities include a clubhouse, two swimming pools, tennis courts, a playground and walking trails throughout the 18.6-acre property. Tishman Speyer purchased the community through its TS Communities platform and plans to implement renovations to the units and amenities, including the addition of a fitness center, pickleball court, poolside lounges and an outdoor TV lounge with entertainment and gaming space.
MIAMI — L&L Holding Co. and Oak Row Equities, with project partner Shorenstein Properties and co-investor Claure Group, have completed the vertical construction of a 12-story office tower situated within The Wynwood Plaza, a 1 million-square-foot mixed-use campus underway in the Wynwood Arts District of Miami. Upon completion, the office development will total 266,000 square feet and will feature touchless entry and elevator systems, a dedicated parking garage, fitness club, bar lounge, conference and collaboration spaces and an expansive rooftop. Tenants will include Claure Group and law firm Weitz & Luxenberg, which will occupy 25,400 and 18,000 square feet, respectively. Located at 95 N.W. 29th St., the Wynwood Plaza is scheduled for completion in the first quarter of 2025 and will feature 509 residential units, as well as 32,000 square feet of shops, cafes and restaurants.
