CARLSBAD, CALIF. — CBRE has arranged the sale of 1530 Faraday Avenue, an office building in Carlsbad, approximately 35 miles north of San Diego. Core Contracting acquired the asset from a private seller for $4.4 million. Matt Pourcho, Anthony DeLorenzo and Matt Harris of CBRE Investment Properties, alongside Nick Williams, Blake Williams and Roger Carlson of CBRE, represented the seller in the deal. Situated in Carlsbad Research Center, the single-story property features 13,093 square feet of office space. Built in 1998, the property recently underwent a renovation, including a new roof, complete interior remodel and new HVAC system. Additionally, the property has 53 parking stalls and a 555-square-foot space for a garage or storage area. The buyer will occupy the space. Chris Roth, Rusty Williams and Jake Rubendall of Lee & Associates represented the buyer in the deal.
WEST HAVEN, CONN. — Houlihan-Parnes has arranged a $2.6 million loan for the refinancing of Savin Rock Plaza, a 70,000-square-foot shopping center in West Haven, located in southern coastal Connecticut. The center was built in 1985 and is home to tenants such as Family Dollar, Peoples Bank and Dunkin’. New York Saving & Bank provided the 10-year loan to the borrower, an undisclosed investment firm based in White Plains, New York.
ELKHART, IND. — Industrial Commercial Properties (ICP) has acquired Concord Mall in Elkhart, about 15 miles east of South Bend. ICP plans to redevelop the 600,000-square-foot shopping mall and adjacent outparcels into a mixed-use business park. Concord Mall was originally built in 1972 and has been suffering vacancies in recent years. Early this year, JC Penney unveiled plans to close its store at the mall, leaving Hobby Lobby as the sole anchor tenant. Hobby Lobby will continue to operate at the location. A timeline for construction was not provided.
ARLINGTON HEIGHTS, ILL. — The development arm of Bradford Allen has submitted plans for a 300-unit apartment development in the Chicago suburb of Arlington Heights. The eight-story project will feature 25,000 square feet of ground-floor retail space. Approximately 30 of the units will be designated as affordable housing. Bradford Allen submitted plans to village officials in a joint venture with Moceri+Roszak, which is also the architect. Plans call for 17,500 square feet of indoor and outdoor amenity spaces, including an outdoor pool, sun deck, fitness area, media rooms, business center, library, work-from-home conference rooms, golf simulator, dog walk and pickleball court. There will also be indoor parking for 484 vehicles and 86 outdoor parking spaces for the retail component. The proposed project is adjacent to the former Daily Herald building, which Bradford Allen is converting into a 150,000-square-foot medical office complex known as ArlingtonMed. Together, the buildings are part of a potential 16-acre, master-planned community that includes additional apartment buildings and retail space.
NAPERVILLE, ILL. — The Picklr, a Utah-based company that intends to open roughly 500 pickleball venues across the country within the next several years, has selected Fox River Commons in Naperville as the site of its first location in the greater Chicago area. The Picklr signed a lease with owner Continental Realty Corp. (CRC) for 27,333 square feet within the 241,000-square-foot shopping center. The Picklr plans to open at Fox River Commons in 2024. Cherene Keenan represented the landlord on an internal basis, while Carter Randall of PPC Commercial represented the tenant. Located at 808 S. Route 59, Fox River Commons is home to International Fresh Market, Amish Furniture Gallery, Ball Factory, Entourage, Galleria Lighting and VAI’s Italian Inspired Kitchen + Bar.
WILMETTE, ILL. — Interra Realty has brokered the $9.2 million sale of Art House Eleven 21, an apartment building in the Chicago suburb of Wilmette. Developed in 2018, the 16-unit building at 1121 Greenleaf Ave. features six two-bedroom units, eight three-bedroom units and two retail spaces. Lucas Fryman and Craig Martin of Interra represented the buyer, Chicago-based HP Ventures Group. The duo also represented the seller, a joint venture between 4 Corners, Gabe Horstick and Josh Krueger. HP Ventures assumed the existing low-interest loan on the property, which was fully leased at the time of sale.
LA VISTA, NEB. — Marcus & Millichap has arranged the $1.9 million sale of a 3,305-square-foot restaurant property occupied by KFC in La Vista, a southwest suburb of Omaha. The net-leased building features a drive-thru and is located at 8311 Harrison St. KFC’s lease has 11 years remaining and features 10 percent rental increases every five years. Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.
In the second quarter of 2023, the Richmond office market posted more than 670,000 square feet of leasing volume, the highest total volume in more than four years. As transactions commence in future quarters, absorption will be impacted from occupancy shifts later in the year. Despite increased leasing activity, however, the market softened slightly as absorption has started to plateau. The second quarter represented the fourth consecutive quarter of negative net absorption as Richmond’s office market observed occupancy losses dipping to 21,489 square feet. Vacancy rates rose and settled at 12.6 percent, an 8-basis-point increase quarter-over-quarter. Pre-pandemic, overall asking rents saw stable upward rent growth. Since 2020, rental rates have continued to increase though at a leaner rate. Class A rents have flattened over the past 12 months, while Class B rents continued to rise. The Manchester and Scott’s Addition submarkets remain the hot spots for office development. Though there are currently no major office buildings underway at this time, most major office projects under construction in the last five years have either been build-to-suits or conversions. The only notable exception to this was The Current, a 70,000-square-foot spec office building that delivered in Manchester at the end of 2021. …
MIAMI — Monarch Alternative Capital, an investment firm with offices in New York City, London and South Florida, has purchased 801 Brickell, a 412,000-square-foot office building in Miami. The 28-story high rise is located just a block from Biscayne Bay in downtown Miami’s Brickell neighborhood, two blocks from a Metromover station. Monarch Alternative Capital will operate the transit-served property in partnership with Tourmaline Capital Partners. The seller and sales price were not disclosed. Originally constructed in 1985 within the Brickell district just south of the downtown area, the 28-story building was more than 90 percent leased at the time of sale. Tenants include U.S. Securities and Exchange Commission, Mastercard and Royal Bank of Canada. The building also houses a ground-floor restaurant, as well as a fitness center, tenant lounge, conference facilities and unobstructed views of Biscayne Bay. The previous ownership completed a capital improvement program at the property in 2022. According to the Colliers leasing webpage, BOMA awarded 801 Brickell the prestigious Office Building of the Year (TOBY) Award for excellence in environmentally sound office building management. The building boasts energy consumption 38 percent below the national median for similar buildings. Monarch cited the tenant quality and overall office trends in …
FORT OGLETHORPE, GA. — General contractor Jim Chapman Construction Group (JCCG) has started construction on The Cottages at Battlefield Crossing, a 244-unit build-to-rent (BTR) townhome project located at the intersection of Dietz Road and Battlefield Parkway in Fort Oglethorpe. Situated on 41 acres about nine miles south of Chattanooga, Tenn., the property will feature homes in five floorplans totaling 1,020 to 1,466 square feet. Amenities at the community will include a 4,000-square-foot clubhouse, swimming pool, fitness center and 24-hour emergency maintenance services. The developer and construction timeline were not disclosed.