Property Type

Equitable Funds, Berger Asset Management Complete Amenity Center, Expand Spec Suites at Suburban Chicago Office Property

by Kristin Harlow March 6, 2023

SCHAUMBURG, ILL. — The Equitable Funds and Berger Asset Management have completed a tenant amenity center and expanded the spec suite leasing program at One Story Schaumburg in the Chicago suburb of Schaumburg. The office property consists of six single-story buildings totaling 130,000 square feet at 1340 Remington Road. The spec suite program offers businesses move-in ready spaces spanning from 630 to 3,000 square feet. The new suites are under construction and will be available this spring. The amenity center features a tenant lounge, coffee bar and vending, as well as a conference center with fully equipped Wi-Fi. Recently, FCx Performance, the Certification Board for Diabetes Care and Education, Prime Line Transportation and QPS Employment Group all signed leases at the property for a total of 11,473 square feet. Steve Chrastka and Jason Wurtz of NAI Hiffman are the leasing agents.

March 6, 2023

Acquisitions Kansas Midwest Retail

Marcus & Millichap Arranges $2.3M Sale of Retail Property in Liberal, Kansas

by Kristin Harlow March 6, 2023

LIBERAL, KAN. — Marcus & Millichap has arranged the $2.3 million sale of a 4,743-square-foot retail property in Liberal, a city in Southwest Kansas. Starbucks and T-Mobile occupy the building, which was constructed in 2022 and is located at 1411 N. Kansas Ave. Alex Van Krevel, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer, a private 1031 exchange investor. James Litzler of Marcus & Millichap Capital Corp. arranged an acquisition loan, which featured a fixed interest rate of 5.84 percent and a 68 percent loan-to-value ratio.

March 6, 2023

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Brokers $1.8M Sale of Industrial Building in Lindenhurst, Illinois

by Kristin Harlow March 6, 2023

LINDENHURST, ILL. — Brown Commercial Group has brokered the $1.8 million sale of a 25,600-square-foot industrial building in Lindenhurst, a city in Northeast Illinois. The property is located at 2910 Falling Waters Blvd. Collin Tyrrell of Brown represented the seller, Falling Waters Development LLC, which sold its warehouse space and is moving its office operations to a 5,500-square-foot space at 1225 Tri State Parkway in Gurnee, Ill.

March 6, 2023

California Development Multifamily Student Housing Western

Developer Plans to Convert Park Tower Office Building to Student Housing Near California State University, Long Beach

by Amy Works March 6, 2023

LONG BEACH, CALIF. — Plans have been filed with the City of Long Beach for the conversion of Park Tower, a 119,287-square-foot office building, into a student housing community serving California State University, Long Beach. Fountain Residential Partners is leading the development and plans to break ground in late 2023. The property is set to offer 539 beds in on-campus-style residential suites with large lounge areas on each floor. Shared amenities will include study and meeting rooms on the ground floor; an Amazon Hub; fitness rooms; an indoor/outdoor dining patio; outdoor fitness turf; a wading pool and lounge area; flexible lawn space for gathering; and barbecue grills with picnic tables. The development is targeting LEED Gold certification and will include the implementation of both passive and active strategies towards sustainability. Green practices for the project are set to include the leveraging of natural light and ventilation, and the maximization of solar performance. Shuttle service to campus and the retainment of an existing Metro bus shelter have also been proposed at the site. The project is scheduled for completion in fall 2025.

March 6, 2023

Acquisitions Hospitality Nevada Western

Bajwa Properties Acquires 229-Room Hotel Portfolio in Reno, Nevada

by Amy Works March 6, 2023

RENO, NEV. — Reno-based Bajwa Properties has purchased a two-property hospitality portfolio in Reno. Terms of the transaction were not released. The 229-room portfolio includes a 94-key Staybridge Suites and a 135-key Hilton Garden Inn. Located at 10559 Professional Circle, Staybridge Suites features a 24-hour business center, onsite meeting room with flexible space, an outdoor pool and a fitness center. Hilton Garden Inn, at 9920 Double R Blvd., offers an onsite restaurant, business center, fitness center, indoor pool and event space. Bill Murney and Steve Avanzino of Cushman & Wakefield represented the undisclosed seller in the deal.

March 6, 2023

Acquisitions Multifamily Washington Western

CBRE Negotiates Sale of 110-Unit Madison Park Apartments in Bothell, Washington

by Amy Works March 6, 2023

BOTHELL, WASH. — CBRE has arranged the sale of Madison Park, an apartment community located at 20520 Bothell Everett Highway in Bothell, approximately 15 miles northeast of Seattle. Terms of the transaction were not released. Built in 1990, the 95,676-square-foot Madison Park features 110 one- and two-bedroom apartments. Community amenities include a fitness center, sauna, outdoor pool, clubhouse and indoor dining room. Eli Hanacek, Kyle Yamamoto, Jon Hallgrimson and Mark Washington of CBRE’s Pacific Northwest multifamily team represented the undisclosed seller in the deal.

March 6, 2023

Acquisitions Industrial Nevada Western

MCA Realty Sells Windy Road Warehouses Industrial Park in Las Vegas for $5.9M

by Amy Works March 6, 2023

LAS VEGAS — MCA Realty has completed the sale of Windy Road Warehouses, a four-building industrial park located at 6460-6478 Windy Road in Las Vegas. A private investor acquired the park for $5.9 million, or $309 per square foot. Built in 1988, Windy Road Warehouse features 19,216 square feet of industrial space with immediate access to interstates 215 and 15. Garrett Toft, Kevin Higgins, Sean Zaher, Jake Higgins and Kelsey Higgins of CBRE represented MCA Realty, while Ed Whittemore of Larem represented the buyer in the transaction.

March 6, 2023

Acquisitions California Retail Western

SRS Brokers $5.4M Sale of Multi-Tenant Retail Property in Palmdale, California

by Amy Works March 6, 2023

PALMDALE, CALIF. — SRS Real Estate Partners has arranged the sale of a multi-tenant retail property located at 39178 10th St. West in Palmdale. A Texas-based owner and operator of retail properties sold the asset to a private investor for $5.4 million. At the time of sale, the 11,788-square-foot property was fully occupied by six tenants, including Jenny Craig and Verizon. The property is a portion of Palmdale Marketplace, a 450,000-square-foot power center anchored by Target, Lowe’s Home Improvement Warehouse and Sprouts Farmers Market. Matthew Mousavi and Patrick Luther of SRS’ national net lease group represented the seller and buyer in the transaction.

March 6, 2023

Development Industrial South Carolina Southeast Top Stories

Scout Motors Plans $2B Electric Vehicle Manufacturing Plant Near Columbia, South Carolina

by Taylor Williams March 6, 2023

BLYTHEWOOD, S.C. — Scout Motors Inc., the electric vehicle division of German automaker Volkswagen, has unveiled plans for an electric vehicle manufacturing plant on a 1,600-acre plot in Blythewood, South Carolina, a suburb of Columbia. The move represents a capital investment of approximately $2 billion and is expected to create about 4,000 jobs. Scout Motors intends to primarily use the plant for the production of trucks and sport utility vehicles (SUVs). At full capacity, the facility should be able to manufacture about 200,000 vehicles annually. Construction is scheduled to begin later this year, and Scout Motors expects the plant to be fully operational by the end of 2026. Of the total acreage of the site, which is bounded by I-77 and Blythewood Road, about 70 percent (1,100 acres) will be dedicated to the manufacturing facilities themselves. The location puts the facility within 20 miles of the state capital’s downtown area. Greg Lubar and Matt Jackson of JLL represented Scout Motors in its site selection efforts. The new trucks and SUVs will be built on a newly designed, all-electric platform. This approach will allow the company’s engineering teams to deliver vehicles with optimal ground clearance, approach angles and payload capacity, as …

March 6, 2023

Market Reports Retail Southeast Southeast Market Reports Tennessee

Nashville’s Retail Growth Underscores the City’s Boomtown Status

by John Nelson March 6, 2023

Nashville’s economy experienced some of the healthiest growth in the nation in 2022, with an annual job growth rate of 5.8 percent, exceeding the U.S. growth rate of 4.1 percent, based on data from Oxford Economics. Nashville also received high marks from the Urban Land Institute and PricewaterhouseCoopers, ranking as the No. 1 Market to Watch in their 2023 Emerging Trends in Real Estate report. The report credited Nashville’s tremendous and sustained population growth, and its economic diversity. Referred to as a “Supernova,” Nashville grew by an average of 5 percent since 2019 — four times faster than the national rate — due to rapid net in-migration. These fundamentals have helped boost the retail market in Nashville over the last several years. Post-pandemic, market-wide retail vacancy decreased to 3.3 percent at the end of 2022, which is two percentage points less than the rate at year-end 2020, but in line with the 15-year record low mark set in 2018. While Nashville’s retail sector took a hit along with others across the nation, it continues to rebound and perform due to a rise in dense communities where developers and owners are being strategic and thoughtful in retail curation. As such, the …

March 6, 2023

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