Property Type

JLL Negotiates $27.3M Sale of Office Building in Middleton, Wisconsin

by Kristin Harlow January 10, 2024

MIDDLETON, WIS. — JLL Capital Markets has negotiated the $27.3 million sale of a 200,000-square-foot office building in Middleton near Madison. The fully leased property is located at 7974 UW Health Court. UW Health occupies the four-story building and utilizes it for its administrative departments, including management, information services, compliance and patient billing services. Jaime Fink of JLL represented the seller, Investors Associated LLP. Fink also procured the buyer, AJC Investment Group, a family office located in Bloomfield Hills, Mich.

January 10, 2024

Development Industrial Midwest Missouri

Brinkmann Constructors Completes 600,000 SF Industrial Build-out for Urban Outfitters in Raymore, Missouri

by Kristin Harlow January 10, 2024

RAYMORE, MO. — Brinkmann Constructors has completed the conversion of a 1 million-square-foot speculative warehouse into a 600,000-square-foot industrial facility for Urban Outfitters Inc. in Raymore, a southern suburb of Kansas City. The renovated space will accommodate dry cleaning and laundry operations as well as function as a distribution hub for Nuuly, a subscription-based clothing rental service from Urban Outfitters. Tenant improvements involved the separation of the additional 400,000 square feet to allow for future operational expansion or tenant use. The project also included the addition of a boiler room, chiller system, custom modular central plan, washers and dryers, and an automated carousel that can hold up to 2 million garments simultaneously.

January 10, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10.4M Sale of Apartment Building in Berwyn, Illinois

by Kristin Harlow January 10, 2024

BERWYN, ILL. — Interra Realty has brokered the $10.4 million sale of reVerb Century Station in the Chicago suburb of Berwyn. The 52-unit apartment building features 10,662 square feet of ground-floor commercial space. The sales price represents a record price for multifamily or mixed-use properties in Berwyn, according to CoStar. Constructed in 2010 and located at 3200 S. Oak Park Ave., the property features four ground-floor retail suites, 12 one-bedroom apartments and 40 two-bedroom units. Joe Smazal, Patrick Kennelly and Paul Waterloo of Interra represented the undisclosed seller. The team also represented the buyer, an investment group that assumed the loan from the seller. The buyer plans to renovate common areas and add a package system for residents.

January 10, 2024

Acquisitions Illinois Industrial Midwest

Brennan Acquires Seven-Building Industrial Portfolio in Wood Dale, Illinois

by Kristin Harlow January 10, 2024

WOOD DALE, ILL. — Brennan Investment Group has acquired a seven-building industrial portfolio in the Chicago suburb of Wood Dale for an undisclosed price. The portfolio totals 280,947 square feet across 12.5 contiguous acres. The assets had been institutionally owned for over 20 years and are fully leased to a variety of tenants. Brennan owns roughly 10 million square feet in Chicagoland.

January 10, 2024

California Development Industrial Loans Western

Gantry Arranges $91M Construction Loan for 386,336 SF Gillespie Field iPark Industrial Development in El Cajon, California

by Amy Works January 10, 2024

EL CAJON, CALIF. — Gantry has secured a $91 million construction loan for the development of Gillespie Field iPark, a speculative industrial building at 1756 Weld Blvd. in El Cajon, an eastern suburb of San Diego. George Mitsanas, Peter Hillakas, Drit Shoemaker and Austin Ridge of Gantry arranged the financing for the borrower, Chesnut Properties. 3650 REIT, an institutional debt fund, provided the construction loan with terms including two extension options and nonrecourse covenants. Slated for completion in second-quarter 2025, the 386,336-square-foot facility will feature 30-foot to 32-foot clear heights, ESFR sprinklers with K-25 heads, 64 loading docks, four grade-level doors and rare excess land providing 115 additional truck trailer stalls. The building is designed to achieve net zero emissions from its rooftop solar array and will offer charging stations for electric vehicle semi-trucks. Gillespie Field iPark is 44 percent pre-leased to an aerospace manufacturer and negotiations are underway for the remaining units.

January 10, 2024

Acquisitions Arizona Multifamily Western

IPA Negotiates Sale of 256-Unit Place at Spanish Trail Multifamily Community in Tucson, Arizona

by Amy Works January 10, 2024

TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Place at Spanish Trail, an apartment property in Tucson. Terms of the transaction were not disclosed. Clint Wadlund, Hamid Panahi, Steve Gebing and Cliff David of IPA represented the undisclosed seller and procured the undisclosed buyer in the deal. Completed in 1979, The Place at Spanish Trail features 256 one- and two-bedroom apartments with white Shaker-style cabinet fronts, new appliances, wood-plank laminate flooring and new electrical and plumbing fixtures. Community amenities include barbecue areas, a renovated clubhouse with full kitchen and coffee station, a renovated fitness area, Amazon package lockers, a new pool fence and furniture, and entry gate.

January 10, 2024

Colorado Development Hospitality Western

KT Development Buys Land Site for 122-Room WoodSpring Suites Hotel in Centennial, Colorado

by Amy Works January 10, 2024

CENTENNIAL, COLO. — KT Development has acquired a three-acre land site within Potomac Park & Industrial Complex in Centennial, just south of Denver. Paragon Financial Partners sold the plot for $1.2 million. The buyer plans to develop a WoodSpring Suites Hotel on the site. Slated for completion in late 2024, WoodSpring Suites Hotel will feature 122 guest rooms. The hotel is an extended-stay brand from Choice Hotels International Inc. Rick Egitto and Howard Schmidt of Avison Young represented the buyer, while Bo Pitto, Chris Schultz and James McGill of JLL represented the seller in the transaction.

January 10, 2024

Acquisitions Arizona Healthcare Office Western

Vanbarton Group, Tramview Capital Acquire Three-Property Medical Office Portfolio in Tucson, Arizona

by Amy Works January 10, 2024

TUCSON, ARIZ. — A joint venture between Vanbarton Group and Tramview Capital Management has purchased a three-property medical office portfolio, totaling 57,600 square feet, in Tucson. Terms of the transaction were not released. The portfolio was acquired through a sale-leaseback transaction with Banner Health, which will continue to lease and occupy each building.

January 10, 2024

Acquisitions California Multifamily Western

CBRE Brokers Sale of 19-Unit Crestview Apartments in Costa Mesa, California

by Amy Works January 10, 2024

COSTA MESA, CALIF. — CBRE has brokered the sale of Crestview Apartments, a multifamily community in the Orange County city of Costa Mesa. An Orange County-based private investor sold the asset to a local private investor for $5 million, or $264,474 per unit. Dan Blackwell and Mike O’Neill of CBRE represented the seller, while Blackwell, O’Neill and Jack O’Connor of CBRE represented the buyer in the transaction. Located at 859 W. 19th St., the two-story, 8,931-square-foot building features 19 apartments, primarily studio units with patios or balconies. The community also has an onsite laundry facility. Recent capital improvements include new exterior paint, repaved asphalt, new decks, new windows throughout and wood replacement.

January 10, 2024

Development Industrial South Carolina Southeast

Robinson Weeks Breaks Ground on 635,328 SF Industrial Building in North Charleston

by John Nelson January 10, 2024

NORTH CHARLESTON, S.C. — Atlanta-based Robinson Weeks Partners has broken ground on Charleston Global Crossing, a 635,328-square-foot industrial building located at 4601 Franchise St. in North Charleston. Situated near Dorchester Road, the site is in close proximity to I-26 and I-526, as well as within six miles of Charleston International Airport and 14 miles from the Port of Charleston. Matt Davis with Robinson Weeks is handling the leasing assignment for Charleston Global Crossing along with Hagood Morrison, Hagood Morrison II and John Beam of Bridge Commercial. Upon completion, the cross-dock building will include 2,238 square feet of modern office space and high-quality warehouse lighting. The construction timeline was not disclosed.

January 10, 2024

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