Property Type

LBA Logistics Acquires Distribution Facility in San Diego for $46.3M in Sale-Leaseback Deal

by Amy Works November 14, 2022

SAN DIEGO — LBA Logistics has purchased 5959 Santa Fe Street, an infill and coastal distribution facility in San Diego’s submarket of Pacific Beach and Rose Canyon. An undisclosed seller sold the asset for $46.3 million in a sale-leaseback transaction. Built in 1980 on 7.1 acres, the 131,299-square-foot building has been the primary beverage distribution center for one of the world’s largest brewing companies. Matt Carlson, Hunter Rowe, Sean Williams, Roger Carlson, Barbara Perrier and Joe Cesta of CBRE represented the seller in the transaction.

November 14, 2022

Arizona Development Healthcare Mixed-Use Multifamily Office Restaurant Retail Western

Overland Group Breaks Ground on Avondale Commons Mixed-Use Project in Arizona

by Amy Works November 14, 2022

AVONDALE, ARIZ. — Overland Group as developer and Overland Construction as general contractor have broken ground on Avondale Commons, a 22.6-acre mixed-use development on the northwest corner of Avondale Boulevard and McDowell Road in Avondale. Upon full build-out, the development will offer four residential buildings, a hotel, two restaurants, four office buildings and retail space. The first portion of the four-building, 39,650-square-foot medical office complex is underway, with delivery slated for second-quarter 2024. Avondale Commons will feature modern, four-sided architectural design in a garden office setting with highly visible monument signage on McDowell Road and Avondale Boulevard. The office and retail space, including dining and boutique amenities, will be finished in 18 months and is available for pre-leasing. The residential portion is slated for completion in 30 months, with the hotel and conference facilities being completed shortly after. Philip Wurth and Brian Woods of Colliers in Arizona are the exclusive leasing agents for the office and retail portions of the project.

November 14, 2022

Development Leasing Activity Multifamily Utah Western

Safehold Arranges $26.5M Ground Lease for Multifamily Development in South Salt Lake, Utah

by Amy Works November 14, 2022

SOUTH SALT LAKE, UTAH — Safehold (NYSE: SAFE) has arranged a $26.5 million ground lease to facilitate the ground-up development of One Burton, an apartment community in South Salt Lake’s new downtown district. Abstract Development Group, an affiliate of a New York-based multifamily real estate owner, will develop the 180-unit community within a Qualified Opportunity Zone.

November 14, 2022

Acquisitions Colorado Retail Western

Dunton Commercial, Centre Point Buy Westminster Plaza Retail Center in Colorado for $20.1M

by Amy Works November 14, 2022

WESTMINSTER, COLO. — A joint venture between Dunton Commercial and Centre Point Properties has acquired Westminster Plaza, a shopping center in Westminster, from Slate Asset Management for $20.1 million. At the time of sale, the 98,975-square-foot Westminster Plaza was 95 percent occupied. Current tenants include VASA Fitness, Chipotle Mexican Grill, Buffalo Wild Wings, Dunkin’ Donuts and Rent-A-Center. Brad Lyons and Matt Henrichs of CBRE’s National Retail Partners represented the seller in the sale.

November 14, 2022

Acquisitions California Retail Western

SBH Sells 7-Eleven-Occupied Property in Fontana, California for $5.1M

by Amy Works November 14, 2022

FONTANA, CALIF. — SBH Real Estate Group, a Los Angeles-based developer, has completed the sale of a retail building located at 17064 Sierra Lakes Parkway in Fontana. An undisclosed buyer acquired the asset for $5.1 million. 7-Eleven occupies the property under a 15-year ground lease and pays $205,000 per year, with scheduled rental bumps of 10 percent every five years. Situated on two acres, the property has 16 gas pumps and a 4,000-square-foot convenience store. Jeremy McChesney of Hanley Investment represented the seller, Eric Silverman of SBH, while Tom Carosella of Carosella Properties represented the buyer in the deal.

November 14, 2022

Acquisitions Mixed-Use New York Northeast

Cushman & Wakefield Brokers $17.5M Sale of Manhattan Mixed-Use Building

by Taylor Williams November 14, 2022

NEW YORK CITY — Cushman & Wakefield has brokered the $17.5 million sale of a mixed-use building located at 833 Madison Ave. on Manhattan’s Upper East Side. The five-story, 9,302-square-foot building comprises two retail spaces, one office space, two galleries and six residential units. Hunter Moss of Cushman & Wakefield represented the seller, A. L. Holdings Inc., in the transaction. Daniel Kaplan of CBRE led the team that represented the buyer, Myles Madison Inc.

November 14, 2022

Loans Multifamily New Jersey Northeast

TD Bank Provides $6.5M Loan for Refinancing of Northern New Jersey Multifamily Asset

by Taylor Williams November 14, 2022

WEST NEW YORK, N.J. — TD Bank has provided a $6.5 million loan for the refinancing of The Madison, a 26-unit multifamily property in West New York, located across the Hudson River from Manhattan. Completed in 2021, the property offers studio, one-, two- and three-bedroom units with an average size of 793 square feet. Matthew Pizzolato, Max Custer, Gerard Quinn and Salvatore Buzzerio of JLL arranged the 10-year, fixed-rate loan on behalf of the undisclosed borrower.

November 14, 2022

Development Illinois Midwest Multifamily

Wingspan Development Group Opens 284-Unit Luxury Apartment Complex in Plainfield, Illinois

by Kristin Harlow November 14, 2022

PLAINFIELD, ILL. — Wingspan Development Group has opened Sixteen30, a 284-unit luxury apartment complex in Plainfield, about 40 miles southwest of Chicago. Featuring eight garden-style buildings surrounding a 7,500-square-foot clubhouse and pool, Sixteen30 is currently 80 percent leased. The clubhouse includes a great room, coffee bar, fitness center, demonstration kitchen, pet spa and office suites. The property also includes a 24-hour package room. Outdoor amenities include a bocce ball court, two dog parks, a fire pit and grills. Units range from 600 to 1,500 square feet. Wingspan’s sister company, Nicholas & Associates, performed the construction. Lincoln Property Co. is overseeing leasing and property management. Monthly rents start at $1,600. The name Sixteen30 comes from the property’s address near the intersection of Lincoln Highway and U.S. Route 30. Lincoln was the 16th president of the United States.

November 14, 2022

Affordable Housing Development Indiana Midwest Multifamily

HVAF of Indiana, Woda Cooper Complete $12.6M Affordable Housing Community in Indianapolis

by Kristin Harlow November 14, 2022

INDIANAPOLIS — Co-developers HVAF of Indiana Inc. and Woda Cooper Cos. Inc. have completed Proctor Place, a $12.6 million affordable housing community in Indianapolis. The 61-unit property is located at 240 N. Warman Ave. and is available for residents who earn 30 to 80 percent of the area median income. The Indiana Housing & Community Development Authority provided housing tax credits for the project, and the City of Indianapolis Department of Metropolitan Development provided a Payment in Lieu of Taxes (PILOT) to support the development. Indianapolis Housing Agency provided project-based vouchers for 15 units to be set aside for homeless veterans. Other financial partners include Fallbrook Opportunity Zone Fund II LLC, Fifth Third Bank and Cedar Rapids Bank & Trust. HVAF will oversee supportive services at the property. Woda Construction Inc. was the general contractor and Woda Cooper’s management arm will oversee day-to-day operations.

November 14, 2022

Acquisitions Illinois Industrial Midwest Self-Storage

Marcus & Millichap Brokers $11.6M Sale of Self-Storage Facility in South Elgin, Illinois

by Kristin Harlow November 14, 2022

SOUTH ELGIN, ILL. — Marcus & Millichap has brokered the $11.6 million sale of an AAA Storage property in South Elgin. Constructed in 1995 and located at 300 Sundown Road, the facility consists of 388 units within eight non-climate-controlled buildings, 13,000 square feet of flex industrial space and 28 outdoor parking spaces. At the time of sale, 96 percent of the units were occupied. Sean Delaney of Marcus & Millichap represented the seller, Shanahan Enterprises LLC, and procured the buyer, Trojan Storage. The transaction also includes an adjacent two-acre parcel where the new owner plans to build a three-story, climate-controlled building.

November 14, 2022

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