Property Type

Green Valley Grocery Divests of Nevada Headquarters in $13.1M Sale-Leaseback

by Amy Works November 21, 2023

HENDERSON, NEV. — SRS Real Estate Partners has arranged the sale-leaseback of a single-tenant office building at 160 N. Stephanie St. in Henderson. A California-based private investor acquired the asset from Green Valley Grocery for $13.1 million. Chuck Klein of SRS Capital Markets represented the seller, while Brian Riffel of Colliers represented the buyer in the deal. Built in 2001, the 33,764-square-foot property is undergoing renovation for Green Valley Grocery’s corporate headquarters. The first Green Valley Grocery opened in 1978 and the company has grown to 80 locations to date, with projected growth to 100 locations by 2025.

November 21, 2023

Acquisitions California Multifamily Western

CBRE Brokers Sale of Two Multifamily Properties in Northern Orange County for $7.6M

by Amy Works November 21, 2023

FULLERTON AND BUENA PARK, CALIF. — CBRE has arranged the sales of two multifamily communities in northern Orange County to two separate buyers. Dan Blackwell and Amanda Fielder of CBRE represented the buyers in both transactions. In the first deal, an undisclosed Los Angeles-based buyer acquired a 16-unit multifamily property, located at 1801 and 1809 E. Wilshire Ave. in Fullerton. The $4.2 million price equates to $262,500 per unit. The Orange County-based seller was exchanging into a Delaware Statutory Trust in the off-market transaction. Constructed in 1958, the 10,032-square-foot community features two two-story buildings, garage parking, a pool and laundry facility. Recent improvements include renovations to certain units, as well as new exterior paint and landscaping. In the second transaction, an Orange County-based exchange buyer purchased an eight-unit multifamily property at 7012 and 7024 El Dorado Drive in Buena Park. An Orange County-based private investor sold the asset for $3.4 million, or $426,719 per unit. Built in 1960, the property features two fourplexes encompassing 6,874 square feet and features a mix of two-bedroom/one-bath and two-bedroom/two-bath units.

November 21, 2023

California Development Hospitality Loans Western

Gantry Arranges $8.5M Loan for Hard Rock Hotel Development in Long Beach, California

by Amy Works November 21, 2023

LONG BEACH, CALIF. — Gantry has arranged $8.7 million of early-phase financing covering the land acquisition for a Hard Rock Hotel development at 100 E. Ocean Blvd. in Long Beach. Project details were announced last week. The planned hotel will feature 427 rooms and suites, a rooftop bar, speakeasy theater and other Hard Rock-brand amenities. Construction is scheduled to commence in summer 2024 for an opening in spring 2027. Andy Bratt, Amit Tyagi, Stefan Malmlund and Sean Kuang of Gantry’s Irvine production office secured the funding on behalf of Steinhauer Properties, the sponsor-developer of the planned hotel. One of Gantry’s affiliated debt fund lenders provided the loan, which offers interest-only terms at a fixed rate with extension options.

November 21, 2023

Illinois Midwest Multifamily

Origin Investments: Annual Class-A Multifamily Rent Growth Will Return to Positive Territory by January 2025

by Kristin Harlow November 21, 2023

CHICAGO — Chicago-based Origin Investments forecasts that year-over-year national Class-A apartment rent growth will normalize by January 2025 and range from 2 to 3 percent, in keeping with historical rent growth averages. However, Origin also cautions that “unquantifiable risks” loom large over the market and could have broad implications for multifamily properties. The findings are from the company’s Multilytics Rent Growth Forecast Report. “The return to normalization has been expected because the rent growth levels of 2021 and 2022 were unsustainable. We are now paying for the distortions of the past,” says David Scherer, co-CEO of Origin. “The fact that many markets are returning to positive year-over-year growth is somewhat misleading,” says Ryan Brown, a data scientist with Origin. “While a given market may achieve 3 to 4 percent growth, you also have to consider the negative growth in 2023. As a result, the return of positive growth may only get you back to the peaks achieved in 2021 and 2022. It will take longer to move beyond that peak.” Origin also says that rent growth in 2024 faces numerous potential threats because of current economic conditions and uncertainties. For example, an increase in unemployment and lower wage growth trends, …

November 21, 2023

Development Illinois Midwest Multifamily

McShane Completes Construction of The Quin Apartments in Schaumburg, Illinois

by Kristin Harlow November 21, 2023

SCHAUMBURG, ILL. — McShane Construction Co. has completed The Quin Apartments in Schaumburg, a northwest suburb of Chicago. The Finger Cos. developed the 373-unit luxury apartment complex. The 708,000-square-foot development rises four stories and features an 802-space parking garage. Units are offered in one- and two-bedroom floor plans, with select floor plans featuring a den. Amenities include two clubrooms, a fitness center, golf simulator, guest suite, catering kitchen, business center and dog spa. Outdoors, tenants can enjoy lap and recreational pools, fire pits, grill stations, two gated dog parks and walking paths. Niles Bolton Associates provided architectural services. Monthly rents start at $2,010. Residents can now earn up to five weeks of free rent on select floor plans, according to the property’s website.

November 21, 2023

Acquisitions Midwest Ohio Retail

Matthews Real Estate Brokers $31.5M Sale of Pavilion Shopping Center in Beachwood, Ohio

by Kristin Harlow November 21, 2023

BEACHWOOD, OHIO — Matthews Real Estate Investment Services has brokered the $31.5 million sale of Pavilion Shopping Center in Beachwood, an eastern suburb of Cleveland. Located at 24055 Chagrin Blvd., the retail property features 207,000 square feet of leasable area and is fully occupied by 19 tenants. Anchor tenants include Giant Eagle, Ross Dress for Less, Big Lots and Michaels. The center was built in 1975 and renovated in 2013, according to LoopNet. Ben Snyder, Zachary Bates and Matthew Wallace of Matthews Real Estate represented the undisclosed seller. Marquee Capital was the buyer. The deal marked the second largest shopping center transaction in Ohio this year, according to the brokerage.

November 21, 2023

Acquisitions Illinois Industrial Midwest

Venture One Acquires 541,283 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow November 21, 2023

BUFFALO GROVE, ELGIN AND ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 541,283-square-foot industrial portfolio in suburban Chicago for an undisclosed price. The three-building portfolio is fully leased to five tenants. In Buffalo Grove, 351-355 Hastings Drive is a 68,735-square-foot building that was constructed in 1998. The property features a clear height of 24 feet, six exterior docks, six drive-in doors and 10,355 square feet of office space. In Elgin, 2770 Alft Lane is a 246,446-square-foot property that was built in 2015. The building features a clear height of 32 feet, 40 exterior docks, four drive-in doors and 7,423 square feet of office space. In Romeoville, 1881 Normantown Road totals 226,102 square feet and was built in 2017. The property features a clear height of 32 feet, 35 exterior docks, two drive-in doors, 3,179 square feet of office space and parking for 40 trailers. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

November 21, 2023

Illinois Leasing Activity Life Sciences Midwest

Four Biotech Tenants Sign Leases at Sterling Bay-Owned Property in Chicago

by Kristin Harlow November 21, 2023

CHICAGO — Four biotech tenants have signed leases at 2430 N Halsted, a recently revamped scientific research facility owned by Sterling Bay in Chicago’s Lincoln Park. • Seq Biomarque is establishing its first location in Chicago. The company is developing a cost-effective, blood-based screening and diagnostic test for Alzheimer’s disease. • CeGaT Corp. is making its debut in the United States. Parent company CeGaT GmbH is based in Germany and works in genomics and personalized medicine. • EVOQ Therapeutics, spun out of the University of Michigan’s on-campus lab spaces, is working to reform autoimmune disease treatment with novel immunotherapies. • Cyclopure specializes in water purification and water treatment technologies. The firm has relocated and expanded its headquarters from the Illinois Science + Technology Park. Dave Gloor and Daniella Hemsley negotiated the leases for Sterling Bay on an internal basis. Jonathan Metzl and Jack Deroche of Cushman & Wakefield represented Cyclopure.

November 21, 2023

Development Indiana Midwest Restaurant Retail Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Acquisitions Development Industrial North Carolina Southeast

Stonemont, Fortius Complete 702,250 SF Industrial Park in Metro Charlotte, Sell Building to Chick-fil-A Supply

by John Nelson November 20, 2023

KANNAPOLIS, N.C. — Stonemont Financial Group and Fortius Capital Partners have completed the development of Lakeshore Corporate Park, a 702,250-square-foot industrial park in the north Charlotte suburb of Kannapolis. Situated off I-85 on Stadium Drive, the property comprises three buildings featuring 32- to 36-foot clear heights, full-building circulation and 260- to 310-foot depths. Building 1 totals 128,750 square feet, and Buildings 2 and 3 comprise 294,500 and 279,000 square feet, respectively. The property also includes 515 car parking spaces and 76 trailer parking stalls. Chick-fil-A Supply, a subsidiary of Chick-fil-A Inc., has purchased Building 1, with plans to use the facility as a distribution and operations center. Construction of the development began in July 2022, and the project team included Choate Construction Co., Triad Design Group and Oak Engineering.

November 20, 2023

Newer Posts

Older Posts