Property Type

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

by Kristin Harlow March 22, 2024

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.

March 22, 2024

Illinois Industrial Leasing Activity Midwest

Fastenal Co. Signs 10,020 SF Industrial Lease in Dupo, Illinois

by Kristin Harlow March 22, 2024

DUPO, ILL. — Industrial supplies company Fastenal Co. has leased a 10,020-square-foot warehouse in Dupo, just south of St. Louis. The property is located at 731 Prairie DuPont. Brokerage firm BarberMurphy represented both the tenant and the landlord, BK Property Investments LLC.

March 22, 2024

Leasing Activity Midwest Retail Wisconsin

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

by Kristin Harlow March 22, 2024

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.

March 22, 2024

Build-to-Rent California Development Mixed-Use Multifamily Retail Single-Family Rental Western

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

by Amy Works March 22, 2024

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.

March 22, 2024

Acquisitions California Retail Western

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

by Amy Works March 22, 2024

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.

March 22, 2024

Acquisitions Nevada Retail Western

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

by Amy Works March 22, 2024

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.

March 22, 2024

Acquisitions California Industrial Self-Storage Western

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

by Amy Works March 22, 2024

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.

March 22, 2024

Colorado Industrial Leasing Activity Western

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

by Amy Works March 22, 2024

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.

March 22, 2024

California Loans Office Top Stories Western

Worthe Real Estate, Stockbridge Receive $475M Refinancing for Warner Bros. Office Complex in Burbank, California

by Jeff Shaw March 22, 2024

BURBANK, CALIF. — Worthe Real Estate Group (Worthe) and Stockbridge have received a $475 million, fixed-rate, securitized mortgage to refinance debt on Second Century. The 800,000-square-foot office complex is located in the Media District neighborhood of Burbank, a suburb north of Los Angeles that serves as a television studio hub. Worthe and Stockbridge completed the development of the Frank Gehry-designed Second Century in May 2023. The complex consists of two buildings located within The Burbank Studios lot. Warner Bros. fully occupies the property. According to the city of Burbank, the first building comprises 355,000 square feet across seven stories. The second building rises nine stories and totals 445,000 square feet. The loan was securitized as a single-asset, single-borrower CMBS transaction, led by Wells Fargo and Morgan Stanley. Eastdil Secured served as exclusive advisor to Worthe and Stockbridge on the transaction. Further details on the loan were not disclosed. “This successful financing underscores our vision for Second Century and the growing demand in the entertainment industry for sustainable, state-of-the-art and vibrant office space,” says Jeff Worthe, president of Worthe. The Burbank Studios is a television production facility that also houses the iHeartRadio Theatre performance venue. The facility is situated across the street from Johnny Carson Park. Second Century …

March 22, 2024

7000-Shoreline-Ct-South-San-Francisco-CA

California Life Sciences Market Reports Western Western Market Reports

San Francisco’s Life Sciences Market Shows Positive Momentum

by Jeff Shaw March 22, 2024

— By Alex Browne, life sciences research director, Transwestern Real Estate Service — The San Francisco Bay Area life sciences market has been resilient in the face of the economic headwinds of the past 18 months. Despite the mix of issues besetting other commercial real estate asset classes, life sciences assets have fared well, with quality science continuing to thrive. Any shifts within the life sciences sector have been among the landlords and tenants, as the change in deal influence has varied over the past 12 months. Starting in 2017, the bulk of the deal leverage was on the landlord’s side. This, in turn, sparked an appetite for new development looking to meet the increased demand. It wasn’t until 2022 that the tide began to turn, with tenants gaining more leverage in negotiating renewals or electing to search for more favorable, high-quality space. Even though the market’s activity tends to be overshadowed by industry headlines, deals are being done, and space is being delivered and absorbed — albeit at a slower pace. The Bay Area continues to be the second-largest life sciences hub in the nation, with healthy industry drivers that continue to fuel innovation. The region is home to …

March 22, 2024

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