Property Type

Kearny Real Estate Begins Construction of $90M Industrial Project in San Diego

by Jeff Shaw April 4, 2023

SAN DIEGO — Kearny Real Estate Co. has started site work for the 26-acre final phase of the 311-acre Otay Crossings Commerce Park in the San Diego submarket of Otay Mesa. Plans for the final phase call for four industrial buildings ranging in size from 45,000 square feet to 205,500 square feet. The development site is located at the southernmost point of the industrial park at the intersection of Siempre Viva and Paseo Del La Fuente Roads, immediately adjacent to the future U.S.-Mexico Point of Entry. The buildings will provide divisible suites down to 25,000 square feet. They will feature dock-high and grade-level doors, 32- to 36-foot minimum clear heights and truck courts with depths up to 180 feet. The $90 million final phase will also include a 3.6-acre trailer lot with 47 stalls serving as an amenity feature for users seeking additional area for storge of materials and/or trailers. Delivery of the first building, totaling 45,100 square feet, is scheduled the fourth quarter of this year, with the remaining buildings to be delivered early 2024.

April 4, 2023

Acquisitions California Industrial Western

BKM Capital Partners Acquires Valley East Industrial Park in North Hollywood for $25.3M

by Jeff Shaw April 4, 2023

LOS ANGELES — BKM Capital Partners has purchased the Valley East Industrial Park in North Hollywood for $25.3 million. Situated on two acres at 7041 Vineland Ave., the 84,388-square-foot asset will be renamed Backlot NoHo as part of BKM’s repositioning plan. Valley East sits adjacent to Burbank Airport and is near the largest concentration of studio production and entertainment operations in the world. The asset was built in 1969. It consists of 36 units across two rear-loading industrial buildings, with an average suite size of 2,411 square feet. BKM is implementing a $6.3 million capital improvement plan over the first year of its three-year hold period to improve the asset’s performance, costs and efficiency, while adhering to the firm’s ESG standards, and driving new leasing and residual value. The upgrades also call for the reconfiguration and consolidation of some units, to provide larger suites that modern tenants are seeking. BKM acquired the asset through its third institutional fund, BKM Industrial Value Fund III LP. Mark Detmer at JLL arranged the transaction on behalf of both BKM and the seller, LAIS Equities.

April 4, 2023

Acquisitions California Restaurant Retail Western

CBRE Arranges $25M Sale of Foothill Village Plaza in Rancho Cucamonga, California

by Jeff Shaw April 4, 2023

RANCHO CUCAMONGA, CALIF. — CBRE has arranged the $25 million sale of Foothill Village Plaza, an 88,000-square-foot retail center located roughly 40 miles east of Los Angeles in Rancho Cucamonga. John Read of CBRE represented the seller, Raymond Arjmand of RA Centers, in the transaction. The property was fully leased at the time of sale to tenants including Chuck E. Cheese, NAPA Auto Parts, Brands for Less and Beauty Club. Tenants at the center also include 10 restaurants. A local private investor purchased the property.

April 4, 2023

Development Multifamily Northeast Pennsylvania

Gotham, Brandywine Near Completion of 326-Unit Multifamily Project in Philadelphia

by Taylor Williams April 4, 2023

PHILADELPHIA — A partnership between New York City-based developer The Gotham Organization and locally based REIT Brandywine Realty Trust is nearing completion of Avira, a 326-unit multifamily project in Philadelphia. Residences will be constructed atop the 570,000-square-foot mixed-use building at 3025 JFK Blvd. within Brandywine’s Schuylkill Yards development. Units will come in studio, one- and two-bedroom floor plans and will be housed within the top 18 floors of the building. The property already includes 29,000 square feet of indoor and outdoor amenity space, 9,000 square feet of retail space, 200,000 square feet of office and life sciences space, 120 structured parking spaces and a 7,500-square-foot park. The first residences are expected to be available for occupancy this summer.

April 4, 2023

Arizona Development Retail Western

Harkins Theatres Plans 32,000 SF Entertainment Center in Phoenix

by Jeff Shaw April 4, 2023

PHOENIX — Harkins Theatres has announced plans for Harkins BackLot, a 32,000-square-foot entertainment center at The Shops at Norterra in Phoenix. The new concept is inspired by movie studio backlots and will feature a full-service restaurant and bar; sports viewing arena; arcade; bowling with digitally animated and enhanced lanes; outdoor patio with yard games; and a private event space with party and corporate event rooms. The opening is scheduled for 2024, with more locations to follow. Eric Termansen of Western Retail Advisors represented Harkins in the leasing negotiations.

April 4, 2023

Arizona Development Healthcare Office Western

Cypress West Partners Breaks Ground on 22,000 SF Ocotillo Medical Collaborative in Queen Creek, Arizona

by Jeff Shaw April 4, 2023

QUEEN CREEK, ARIZ. — Cypress West Partners has started construction of a 22,000-square-foot, Class A medical office development near Chandler. The single-story building will be located at the intersection of Signal Butte and Ocottillo roads in Queen Creek. Construction is scheduled for completion by third-quarter 2023. The property is the only off-campus medical office building for lease in Queen Creek, according to the developer. Cypress West acquired the 2.5-acre parcel at the end of 2022. The new building, named Ocotillo Medical Collaborative, was 87 percent leased to a mix of service-oriented medical tenants prior to construction starting. Negotiations are underway for the remaining space within the building.

April 4, 2023

Loans Multifamily New Jersey Northeast

G.S. Wilcox Arranges $90M Permanent Loan for Northern New Jersey Apartments

by Taylor Williams April 4, 2023

UNION, N.J. — Locally based financial intermediary G.S. Wilcox & Co. has arranged a $90 million permanent loan for Sol at Vermella Union, a 309-unit apartment community in Northern New Jersey. The property, which is part of the larger Vermella Union mixed-use development, offers studio, one-, two- and three-bedroom units. Amenities include a pool, fitness center, children’s play area, outdoor grilling and dining stations and a rooftop terrace. Gretchen Wilcox and David Fryer of G.S. Wilcox arranged the seven-year loan through an undisclosed direct lender on behalf of the borrower, Russo Development.

April 4, 2023

Development Illinois Midwest Multifamily

Luxury Living Begins Pre-Leasing 11-Story Cadence Apartments in Chicago’s Illinois Medical District

by Kristin Harlow April 4, 2023

CHICAGO — Luxury Living has begun pre-leasing efforts for Cadence Apartments in Chicago’s Illinois Medical District. The 11-story apartment complex is located at 2050 W. Ogden St. and features 161 units. Amenities include an outdoor terrace, fitness center, coworking lounge, business center, outdoor rooftop, pool, indoor lounge and bike storage. The property is now more than 25 percent leased and expected to be fully leased by the end of the summer. Monthly rents start at $1,650 for studios. Pierkarz Associates was the architect and Brianne Bishop Design was the interior designer.

April 4, 2023

Development Industrial Midwest Missouri

Keystone Breaks Ground on $6M Flex Industrial Building in Chesterfield, Missouri

by Kristin Harlow April 4, 2023

CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on a $6 million flex industrial building within Spirit Valley Business Park in Chesterfield, a western suburb of St. Louis. The 40,000-square-foot building can accommodate one to four tenants and a range of uses such as warehouse, office, manufacturing and showroom space. Located at 675 Spirit Valley West Drive, the project will feature four separate entrances, a ramped drive-in, overhead dock doors, a 142-foot truck court and floor-to-ceiling heights ranging from 24 to 27 feet. Completion is slated for June. Spirit Valley Business Park is situated next to the Spirit of St. Louis Airport. Keystone built the infrastructure for the park in 2008 and has since constructed 10 buildings.

April 4, 2023

Development Illinois Midwest Restaurant Retail

Urban Innovations Begins Renovation of Historic Karl Vogt Building in Tinley Park, Illinois

by Kristin Harlow April 4, 2023

TINLEY PARK, ILL. — Urban Innovations has begun a renovation of the historic Karl Vogt Building at 6811 Hickory St. in the Chicago suburb of Tinley Park. The property will become the Vogt House by Banging Gavel Brews, a craft brewery. Completion is slated for June. The Vogt Building is the only building in Tinley Park listed on the National Register of Historic Places. While the structure was thought to have been built by Karl Vogt, it was actually constructed around 1865 by John Lewis or his brother Allen Cleveland Lewis, creator of the Lewis Institute, the first junior college in the United States. The project entails an interior and exterior renovation of the four-story, 7,835-square-foot building. The brewery will feature both indoor and outdoor seating, new landscaping, new infrastructure and two kitchens. To comply with the National Park Service’s landmark criteria, new front and rear porches will match historical layout and details. The original interior corridor and stairs, front and back doors, cornices and ornamental brackets will be refurbished. The architects, Katherine Pohl and Joakim Backstrom of Altus Works, have been working closely with the National Park Service and the Illinois State Historic Preservation Office.

April 4, 2023

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