SAN JOSE, CALIF. — Global Net Lease. has agreed to sell an office property in San Jose for $50 million. The property, originally acquired by GNL in 2014 for $52.5 million, will be converted to residential use by a local developer. Further details were not disclosed.
BURLINGAME, CALIF. — Levin Johnston has arranged the $14.5 million sale of an industrial portfolio in the Bay Area city of Burlingame. The 1.6-acre site consists of eight separate industrial suites in two adjacent buildings. The transaction comprised two adjacent properties with 31,415 square feet of leasable space. Both properties are zoned for warehouse use with flex office space. The properties include on-site external parking, 14-foot ceiling heights and multiple drive-in bays for warehouse access. They are located at 890 Mahler Road and 1550 Gilbreth Road. The Levin Johnston team of Adam Levin, Robert Johnston and Jessica Tomasetti represented both the buyer and seller of the properties.
DENVER — Ivy Realty has purchased Junction 23, a creative office property at 2323 Delgany St. in Denver’s River North (RiNo) District. The price was not disclosed. The project represents a 12-month renovation by EverWest, which converted a 1975-built industrial building into 86,127 square feet of creative workspace in 2019. Junction 23 features an open interior, indoor-outdoor concept with a 73,915-square-foot ground floor and 12,212-square-foot second floor. The project incorporates numerous flexible work areas including modern conference rooms, small-group breakout spaces and roll-up garage doors that connect to a center atrium and outdoor meeting areas. It features 16-foot windows, 25-foot exposed ceilings, more than two dozen skylights and energy-efficient LED lighting. John Jugl of Newmark represented the seller, EverWest, in the transaction.
ONTARIO, CALIF. — CRST The Transportation Solution Inc. has signed a long-term lease for a 125,480-square-foot warehouse in the Inland Empire city of Ontario. The company plans to establish a truck maintenance and logistics center in the facility, which Realterm owns. Stream Realty Partners represented the tenant in the transaction, while Colliers International represented the landlord.
ARCADIA, CALIF. — American Plus Bank has acquired two office/flex buildings in Arcadia, just northeast of Los Angeles, for $5.3 million. The buyer plans to utilize a portion of the property for one of its retail bank locations. Built in 1968, the property includes 38 parking spaces and provides high visibility and easy access. The office suites feature kitchens, private restrooms, private offices/conference rooms, server rooms, reception areas and open work areas. Andrew Berk of Avison Young represented the seller, a local family trust, while Jennie Ching of KW Commercial represented the buyer.
INDIANAPOLIS — Colliers has negotiated two new leases at 96th Street Commerce Park, a new industrial business park located on the site of the former HH Gregg headquarters in Indianapolis. Virginia Tile, a wholesale building materials supply vendor, leased 51,837 square feet to open a new showroom and finishing facility. Springfield Electric, an electrical supplies vendor, leased 28,817 square feet for its first location in the Indianapolis market. Jimmy Cohoat and Brian Zurawski of Colliers represented the landlord, Citimark.
ST. CHARLES, ILL. — Marcus & Millichap has brokered the $4.1 million sale of a 31,650-square-foot retail property in St. Charles, a far west suburb of Chicago. Located at 300 S. 2nd St., the building was formerly home to Blue Goose Market, which closed in March 2022. The buyer, a developer, plans to redevelop the asset into a national-branded grocery store. The property was originally built in 2008. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company, and the buyer.
HOWARD LAKE, MINN. — Contegrity Group Inc. has broken ground on the Howard Lake Library in central Minnesota. Designed by BKV Group, the 7,000-square-foot project marks the first net-zero library in Minnesota and the Upper Midwest, according to the architect. Completion is slated for the end of 2024. The new facility will replace the current two-story building located a few blocks away where the library has operated since 1979. As a net-zero energy building, the library will generate energy onsite using clean renewable resources in a quantity equal to or greater than the total amount of energy consumed. The many sustainable net-zero features include highly insulated foundations, walls and roofs; building and window placement for passive solar gain; and rooftop-mounted photovoltaics as the source of the property’s renewable energy. The project’s design and construction also comply with Minnesota’s statewide B3 Sustainable Building Guidelines, which establish sustainability goals for site, water, energy, indoor environmental quality, materials and construction. Minneapolis-based Precipitate provided net-zero consulting services. The new Howard Lake Library will include dedicated book collection areas for adults, teens and children, reservable study rooms, a community room available for library use and public rental, and a story time room for children’s programming. …
GRAND RAPIDS, MICH. — West Michigan Transport, a freight brokerage headquartered in Holland, Mich., is opening a new office in Grand Rapids. The 10,000-square-foot office is scheduled to open in September. West Michigan Transport says the expansion to Grand Rapids comes in response to the increasing demand for logistics solutions. The company plans to hire 100 individuals, ranging from entry-level sales and operational roles to experienced account managers. Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the tenant, while colleagues Mary Anne Wisinski-Rosely and Jason Makowski represented the undisclosed landlord.
CLAWSON, MICH. — Dominion Real Estate Advisors has arranged the sale of a 9,673-square-foot auto repair shop in Clawson, a northern suburb of Detroit. The sales price was undisclosed. The property is located at 650 N. Rochester Road. Barry Landau of Dominion represented the seller, Kimberly Tire & Wheel, and the buyer, XCEL Collision LLC.