Property Type

Cushman & Wakefield Negotiates Nearly 45,000 SF of Office Leases at The 15 Building in Minneapolis

by Kristin Harlow March 17, 2023

MINNEAPOLIS — Cushman & Wakefield has negotiated nearly 45,000 square feet in office leases at The 15 Building, a downtown Minneapolis office building known for its mural of Bob Dylan. R2 and Goldman Sachs Asset Management own the property, which is now 70 percent leased. The building rises 12 stories, totals 130,000 square feet and features new speculative suites. New tenants for the spec suites include Fjorge, which leased the entire fifth floor; Arux, which leased the entire 11th floor; and Inspire11, which inked a lease for the entire ninth floor. Channel Z renewed its lease for 6,000 square feet and Chobani renewed its lease for 2,500 square feet. Tom Tracy and Katie Tufford of Cushman & Wakefield have worked as the leasing agents for the property since February 2020.

March 17, 2023

Acquisitions Industrial Northeast Pennsylvania

NAI Mertz Negotiates Sale of 25,080 SF Industrial Building in Trevose, Pennsylvania

by Taylor Williams March 17, 2023

TREVOSE, PA. — NAI Mertz has negotiated the sale of a 25,080-square-foot industrial building that sits on a 1.3-acre parcel in Trevose, a northeastern suburb of Philadelphia. Fraser Optics, which manufactures binoculars and associated products, occupies the entirety of the facility at 210 Andrews Road. Jeff Licht and Jared Licht of NAI Mertz represented the seller, a limited liability company, in the transaction.

March 17, 2023

Affordable Housing Development Michigan Midwest Multifamily

Lincoln Avenue Capital to Build Two Affordable Housing Communities in Ypsilanti, Michigan

by Kristin Harlow March 17, 2023

YPSILANTI, MICH. — Lincoln Avenue Capital (LAC) is developing Huron Vista and Residences at Huron, two new affordable housing communities that will provide 156 units for families and individuals and 152 units of seniors housing in Ypsilanti. Financing came from tax-exempt bonds and 4 percent low-income housing tax credits from the Michigan State Housing Development Authority; a PILOT from the City of Ypsilanti; an equity investment from KeyBank Community Development Corp.; a construction loan from KeyBank; and a permanent loan from Freddie Mac, serviced by KeyBank. Construction is scheduled to begin this month, and completion is slated for fall 2024. Both properties will feature outdoor gathering spaces, a pool and fitness center.

March 17, 2023

Affordable Housing Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Tops Off Construction of Bellwood Senior Apartments in Suburban Chicago

by Kristin Harlow March 17, 2023

BELLWOOD, ILL. — Evergreen Real Estate Group has topped off construction of Bellwood Senior Apartments in Bellwood, a western suburb of Chicago. The 80-unit affordable seniors housing property is slated for completion in August. The $30 million project replaces a former Walgreens property. Operated by Evergreen’s in-house management team, Bellwood Senior Apartments will be reserved for residents age 62 or older with incomes at or below 60 percent of the area median income. General contractor F.H. Paschen has completed the concrete block masonry and precast plank structure. The construction crew is currently installing mechanical, electrical, plumbing and fire protection, which will be followed by drywall work, windows and façade finishes. Weese Langley Weese Architects Ltd. is the project architect. Amenities will include laundry rooms on each level, three community rooms, storage rooms and a fitness center. The Illinois Housing Development Authority served as the tax credit issuer and subordinate funds provider. The Village of Bellwood provided tax-increment financing incentives and a loan. Additionally, Bank of America is the investor and construction loan lender, Hudson Housing Capital syndicated the tax credits and Cook County provided HOME funds.

March 17, 2023

Acquisitions Iowa Midwest Multifamily Northmarq

Northmarq Brokers $11.1M Sale of Apartment Community in Pella, Iowa

by Kristin Harlow March 17, 2023

PELLA, IOWA — Northmarq has brokered the $11.1 million sale of Highpoint at Pella, a 100-unit apartment community in Pella, about 45 miles east of Des Moines. Built in 1999, the property features a fitness facility, pool and grilling areas. The community is situated near Lake Red Rock, the largest lake in Iowa. Parker Stewart, Dominic Martinez and Anthony Martinez of Northmarq represented the seller, Axiom Equities. Local investor HighPoint Apartments LLC was the buyer.

March 17, 2023

Acquisitions Midwest Restaurant Retail Wisconsin

Marcus & Millichap Arranges $1.1M Sale-Leaseback of Jimmy John’s-Occupied Property in Wisconsin

by Kristin Harlow March 17, 2023

STURGEON BAY, WIS. — Marcus & Millichap has arranged the $1.1 million sale-leaseback of a 1,650-square-foot property occupied by Jimmy John’s in Sturgeon Bay, a city in eastern Wisconsin. The single-tenant, net-leased building is located at 845 Egg Harbor Road. The property was originally built in 1995 and reconfigured for Jimmy John’s in 2017. Damien Yoder and Madison Harman of Marcus & Millichap represented the seller, a private investor. Tom Gommels of Marcus & Millichap secured and represented the buyer, an out-of-state private investor. Todd Lindblom assisted in closing the transaction as the Wisconsin broker of record.

March 17, 2023

California Development Loans Multifamily Western

GPI Cos. Receives $84M Construction Financing for Overland and Ayres Apartment Community in West Los Angeles

by Jeff Shaw March 17, 2023

LOS ANGELES — GPI Cos. has received $84 million in financing for construction of Overland and Ayres, a 201-unit apartment community in West Los Angeles. Located 2455 Overland Ave., Overland and Ayres will be fully integrated with the newly constructed West End creative campus. It will feature 100 percent market-rate units, with amenities like a podium pool deck and outdoor fitness lawn. The community will also include about 6,200 square feet of commercial space. JLL secured the floating-rate construction loan through Citizens.

March 17, 2023

California Development Life Sciences Office Western

CBRE Negotiates $17.7M Sale of Thousand Oaks Office Property for Life Sciences Conversion

by Jeff Shaw March 17, 2023

THOUSAND OAKS, CALIF. — CBRE has arranged the sale of a 98,776-square-foot office building in Thousand Oaks for $17.7 million. The firm also arranged $42 million in financing for the acquisition and speculative conversion to a life sciences campus. Located at 120 Via Merida and built in 1998, the two-story office building sits on 6.7 acres and was previously the corporate headquarters for Wellpoint Health Networks. The property’s existing infrastructure is well suited to be redeveloped for life sciences use, according to CBRE. It features 50,000-square-foot floor plates, steel frame construction, outdoor balconies, grade-high dock door and ample power supply. Gray Matter, the life sciences initiative of Graymark Capital, has engaged architect BAM Creative to develop a phased conversion plan. Upon completion, the property will feature 60 percent lab-ready space with upgraded mechanical, electrical and plumbing, and 40 percent newly built creative office space to support the lab. The property will also undergo exterior and site improvements to the power system, loading area, indoor/outdoor amenity areas, cosmetics, roof and parking lot. CBRE’s Mike Longo, Sean Sullivan and Todd Tydlaska represented the seller, a Los Angeles-based private equity firm, in the sale. CBRE’s Greg Grant arranged financing on behalf of the …

March 17, 2023

Acquisitions Colorado Loans Office Western

Essex Arranges $17M Acquisition Loan for Office Property in Lakewood, Colorado

by Jeff Shaw March 17, 2023

LAKEWOOD, COLO. — Essex Financial Group has arranged $17 million in bridge financing for the acquisition of 143 Union, a 191,564-square-foot, 10-story office property in the Union Boulevard Corridor of Lakewood. Essex worked on behalf of the buyer, Legacy Real Estate Investments, to source the five-year, fixed-rate loan that an insurance company provided. The Class A landmark building is just over 70 percent occupied.

March 17, 2023

Acquisitions California Retail Western

NAI Brokers Sale of 20,909 SF Atlantic Center Mini Mall in Bell, California

by Jeff Shaw March 17, 2023

BELL, CALIF. — NAI Capital Commercial has arranged the purchase of Atlantic Center Mini Mall, a 20,909-square-foot retail center located in Bell, just south of Los Angeles. Steven Weiss and Sam Kangavari of NAI represented the buyer, a private investor, in the transaction. The buyer plans to redevelop the property, converting it to a single-tenant retail building. The NAI team also negotiated a new lease with a national tenant.

March 17, 2023

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