Property Type

MedProperties Realty Advisors Buys 51,591 SF Medical Office Building in South Salt Lake, Utah

by Jeff Shaw May 18, 2023

SOUTH SALT LAKE, UTAH — MedProperties Realty Advisors has purchased a 51,591-square-foot medical office building in South Salt Lake, just south of Salt Lake City. The property is 97 percent leased to high-quality tenants that primarily specialize in treating kidney disease. The Class A asset is known as Wasatch Renal Center. The buyer was attracted to the property due to the tenant base and physical quality of the building. The tenants are affiliated with Fresenius Medical Care, a worldwide leader in the treatment of renal disease and in kidney disease research.

May 18, 2023

Arizona Leasing Activity Office Western

Food for the Hungry Establishes 30,000 SF Headquarters at Renaissance Square in Downtown Phoenix

by Jeff Shaw May 18, 2023

PHOENIX — Food for the Hungry has leased nearly 30,000 square feet of office space at Renaissance Square in downtown Phoenix. The new lease will allow the international humanitarian organization to consolidate its three downtown Phoenix locations into a single global corporate headquarters. Food for the Hungry’s new lease will relocate about 130 corporate headquarters employees to 2 N. Central Ave., one of two Class A, high-rise office buildings at the 985,000-square-foot Renaissance Square. The remaining 99 percent of the organization’s staff works in their country of origin. Jami Savage-Gray and Ryan Bartos from the Phoenix office of JLL represented Food for the Hungry in the negotiations. Jerry Roberts and Pat Boyle of Cushman & Wakefield represented the landlord, a partnership between Oaktree and Cypress Office Properties.

May 18, 2023

California Industrial Leasing Activity Western

Vivion Leases 49,545 SF Regional Distribution Hub in Gardena, California

by Jeff Shaw May 18, 2023

GARDENA, CALIF. — Ingredients distributor Vivion has leased 49,545 square feet at 15500 S. Main Street, Building B in Gardena. Located in the South Bay region of Los Angeles County, the property will be used as Vivion’s regional distribution hub. A subsidiary of Operio Group, Vivion is an ingredients distributor that specializes in products for application in the solid dose, pharmaceutical, nutritional, food and beverage, cosmetics, personal care, agricultural and industrial markets. The company’s Gardena distribution hub will be 30,000 square feet larger than its current facility in Vernon. Vivion expects to occupy its new space in June 2023. Grant Huff of Transwestern represented Vivion in the transaction.

May 18, 2023

Acquisitions Colorado Healthcare Office Western

Marcus & Millichap Brokers $2M Sale of Downing Street Office Building in Denver

by Jeff Shaw May 18, 2023

DENVER — A local family medicine practice has acquired an 8,360-square-foot office building in Denver for $2 million. The practice plans to convert most of the building for its medical practice. The property is located at 1634 Downing St. The two-story building is only a few blocks from SCL Saint Joseph Hospital. An immigration law firm currently occupies the space. Cory Gross and Erik Enstad of Marcus & Millichap’s Denver office had the exclusive listing to market the property on behalf of the seller, a private investor.

May 18, 2023

Acquisitions Northeast Office Pennsylvania

Newmark Arranges Sale of 155,663 SF Office Building in Pittsburgh

by Taylor Williams May 18, 2023

PITTSBURGH — Newmark has arranged the sale of Foster Plaza Nine, a 155,663-square-foot office building in Pittsburgh’s Parkway West submarket. The property was built in 1990 and was 64 percent leased at the time of sale. David Dolan, Michael Margolis, Gerry McLaughlin, Jeff Schultz, Angelo Brutico and John Cook of Newmark represented the seller, Sterling Equities, in the transaction. The undisclosed buyer plans to implement a value-add program.

May 18, 2023

Acquisitions Multifamily New York Northeast

TerraCRG Arranges $8M Sale of Two Multifamily Buildings in Brooklyn

by Taylor Williams May 18, 2023

NEW YORK CITY — Locally based brokerage firm TerraCRG has arranged the $8 million sale of two multifamily buildings totaling 14 units in Brooklyn. The eight-unit building at 277 Humboldt St. is located in the Williamsburg neighborhood, and the six-unit building at 767 Hart St. is located in the Bushwick area. Matthew Cosentino, Rémi Norris and Ronny Zimin of TerraCRG brokered the deals. The sellers were not disclosed. The buyer of both properties was Partners Path.

May 18, 2023

Acquisitions Massachusetts Multifamily Northeast Seniors Housing

KIRCO Buys 91-Unit Seniors Housing Complex in Stoughton, Massachusetts

by Taylor Williams May 18, 2023

STOUGHTON, MASS. — Michigan-based development and management firm KIRCO has purchased Brookmeadow at Blue Hills, a 91-unit assisted living and memory care complex in the southern Boston suburb of Stoughton. The property was built in 2009. Cushman & Wakefield arranged both the sale of the property and subsequent acquisition financing. KIRCO plans to invest about $4 million in capital improvements to the property.

May 18, 2023

Development Illinois Midwest Multifamily Seniors Housing

Focus Completes 173-Unit Everleigh Active Adult Community in Vernon Hills, Illinois

by Kristin Harlow May 18, 2023

VERNON HILLS, ILL. — General contractor Focus has completed Everleigh, a 173-unit luxury active adult community in the Chicago suburb of Vernon Hills. Units range in size from 567 to 1,373 square feet, and there are also seven duplex cottages. Amenities include a demonstration kitchen, game room, fitness center, theater, business center and lounge. Designed by Meeks + Partners, the property rises four stories. Monthly rents start at $1,800. The developer, Greystar, launched the Everleigh by Greystar brand in 2017 with a focus on high-quality living for residents age 55 and older. Everleigh properties are now in eight states.

May 18, 2023

Development Industrial Midwest Minnesota

PCCP, Endeavor Development to Build Next Phase of Arbor Lakes Business Park in Maple Grove, Minnesota

by Kristin Harlow May 18, 2023

MAPLE GROVE, MINN. — A joint venture between PCCP and Endeavor Development has begun Phase II of Arbor Lakes Business Park in the Minneapolis suburb of Maple Grove. This second phase includes two buildings totaling 406,000 square feet. The buildings will each feature a clear height of 32 feet along with dock doors, drive-in doors, ample car parking and a shared 180-foot truck court. RJ Ryan is the general contractor. First National Bank of Omaha provided the construction loan. Phase I, which encompasses two buildings totaling 443,097 square feet, is slated for completion soon.

May 18, 2023

Development Indiana Midwest Office

Skender Expands Indiana Office, Workforce to Support Construction Projects Throughout Hoosier State

by Kristin Harlow May 18, 2023

INDIANAPOLIS — Skender has moved into a larger Indiana office, located in the Keystone area of North Indianapolis, and more than doubled its workforce in the state to support a host of new projects under construction and in the planning stages. The Chicago-based general contractor’s presence in the region began in early 2020 when Indiana University Health (IU Health) hired Skender to assist with significant expansion and upgrades to IU Health facilities in Indianapolis and around the state. Skender’s Brian Simons relocated to central Indiana to head up local operations with a focus on expanding relationships with clients, architects, brokers and trade partners. Skender now has more than 1 million square feet of construction projects across Indiana, and the firm’s Indiana office is projecting more than 400 percent annual revenue growth in 2023. Projects span the healthcare, municipal, office and industrial sectors.

May 18, 2023

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