Property Type

Bridge Industrial Acquires Land for 186,880 SF Project in Melrose Park, Illinois

by Kristin Harlow August 17, 2022

MELROSE PARK, ILL. — Bridge Industrial has acquired 12 acres in Melrose Park with plans to build Bridge Point Melrose Park II, a 186,880-square-foot development. Bridge acquired the site, formerly a truck parking lot, from a joint venture between Missner Group and Timber Hill. Completion is slated for the third quarter of 2023. The project will feature a clear height of 36 feet, 30 exterior docks, two drive-in doors, 221 car parking spaces, 30 trailer parking spaces, a 129-foot truck court and office space. Matthew Stauber, Thomas Rodeno and Patrick Turner of Colliers represented the seller. Bridge’s neighboring project, Bridge Point Melrose Park, is a 1.6 million-square-foot facility currently under development that is 86 percent pre-leased to CEVA Logistics and Expeditors International.

August 17, 2022

Affordable Housing Development Illinois Midwest Multifamily

McShane to Build 47-Unit Affordable Housing Adaptive Reuse Project in Aurora, Illinois

by Kristin Harlow August 17, 2022

AURORA, ILL. — McShane Construction Co. will build Fox Valley Apartments, a 47-unit affordable housing adaptive reuse project in Aurora. McShane will redevelop two historic schools and construct one new building. Housing For All LLC, Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services make up the development team. The 25,000-square-foot Mary A. Todd School will be transformed into 11 apartment units and a health clinic for low-income families. The building was originally constructed in the early 1900s and most recently used for West Aurora School District’s early childhood programs until 2019. The 39,000-square-foot Lincoln Elementary School will be transformed into 14 apartment units. Originally constructed in the late 1800s, the school has sat vacant since 2007. The ground-up building will rise two stories with 22 units. At least 30 percent of the units will be reserved for renters who earn up to 30 percent of the area median income. Amenities will include a common laundry room, community room, computer lab and tenant storage. Completion is slated for October 2023.

August 17, 2022

Acquisitions Kansas Midwest Retail

Marcus & Millichap Negotiates $4.5M Sale of Retail Building in Lawrence, Kansas

by Kristin Harlow August 17, 2022

LAWRENCE, KAN. — Marcus & Millichap has negotiated the $4.5 million sale of Lawrence 27, a 12,945-square-foot retail building in Lawrence. The property was built in 2014 and expanded in 2017. Lawrence 27 was fully occupied at the time of sale by Buffalo Wild Wings, Tropical Smoothie Café, Vapor World, Sports Clips and SunTan City. Zachary Turner, Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the buyer, a Kansas-based partnership. A Kansas City-based development firm was the seller.

August 17, 2022

Acquisitions Illinois Midwest Office

CBRE Arranges Sale of 58,803 SF Office Building in Chicago’s Fulton Market

by Kristin Harlow August 17, 2022

CHICAGO — CBRE has arranged the sale of a 58,803-square-foot office building in Chicago’s Fulton Market for an undisclosed price. The loft-style property, located at 217 N. Jefferson St., was built in 1937 and renovated in 2017. The building rises six stories and includes 40 surface parking spaces. Keely Polcynski and Blake Johnson of CBRE represented the seller, Metonic. A private buyer purchased the asset.

August 17, 2022

Acquisitions Arizona Office Western

CapRidge Partners Sells Scottsdale Forum Office Building in Arizona for $53.6M

by Amy Works August 17, 2022

SCOTTSDALE, ARIZ. — CapRidge Partners has completed the sale of Scottsdale Forum, a Class A office property located at 6263 N. Scottsdale Road in Scottsdale. Federal Realty Investment Trust acquired the asset for $53.6 million. Situated on 7.1 acres, Scottsdale Forum features 214,000 square feet of recently renovated office space. On-site amenities include an outdoor courtyard and gaming area, on-site deli, collaboration areas, tenant lounges, conference room and underground parking. Ben Geelan and Will Mast of JLL Capital Markets represented the seller in the transaction.

August 17, 2022

Acquisitions Multifamily New Mexico Seniors Housing Western

Tailwind Investment Buys 168-Unit Vista Grande Active Adult Community in Rio Rancho, New Mexico

by Amy Works August 17, 2022

RIO RANCHO, N.M. — California-based Tailwind Investment Group has acquired Vista Grande, an active adult community located at 4101 Meadowlark Lane in Rio Rancho. Aspen, Colo.-based Cooper Street Capital sold the asset for an undisclosed price. Built in 1972 on 10.9 acres, the 107,216-square-foot Vista Grande features 168 apartments in a mix of studio, one- and two-bedroom layouts ranging in size from 456 square feet to 807 square feet. At the time of sale, the community was fully leased. Cynthia Meister, Trevor Koskovich, Bill Hahn and Jesse Hudson of Northmarq’s Investment Sales team represented the seller in the deal. The transaction marks Tailwind Investment Group’s first purchase in New Mexico.

August 17, 2022

6010-N-Carefree-Circle-Colorado-Springs-CO

Acquisitions Colorado Retail Western

CBRE Arranges Sales of Two Shopping Centers in Colorado Springs for $13.8M

by Amy Works August 17, 2022

COLORADO SPRINGS, COLO. — CBRE has arranged the sales of two shopping centers in Colorado Springs for a total consideration of $13.8 million. Park Brown, Matthew Henrichs and Brad Lyons of CBRE’s National Retail Partners represented the sellers in each transaction. A Colorado-based private investor acquired the Springs Ranch Shopping Center for $8.3 million, and a San Diego-based 1031 exchange investor purchased Peterson Square for $5.5 million. Located at 6010-6080 N. Carefree Circle, Springs Ranch Shopping Center features 40,331 square feet of multi-tenant retail space. Springs Liquor Outlet anchors the fully leased property. A Denver-based private partnership sold the asset. Located at 6809 Space Village Ave., Peterson Square offers 14,182 square feet of fully occupied retail space. A Denver-based private fund sold the center.

August 17, 2022

Acquisitions California Retail Western

Hanley Investment Group Brokers $5M Sale of Two-Tenant Outparcel in Palm Desert, California

by Amy Works August 17, 2022

PALM DESERT, CALIF. — Hanley Investment Group has arranged the sale of a two-tenant outparcel property located at 72306 Highway 111 in Palm Desert. Newport Beach-based Sage Investco sold the asset to a Salt Lake City-based private investor for $5 million. Mattress Firms occupies 3,800 square feet and Club Champion occupies 3,016 square feet at the asset on a net-leased basis. The property is an outparcel to a Walmart Neighborhood Market. Eric Wohl and CJ Kiehler of Hanley Investment Group represented the buyer and seller in the deal.

August 17, 2022

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $2.1M Sale of Former Elks Lodge in Gresham, Oregon

by Amy Works August 17, 2022

GRESHAM, ORE. — Portland-based Norris & Stevens has arranged the sale of a retail property located at 16321 SE Stark St. in Gresham. Gateway Elks Lodge No. 2411, Benevolent & Protective Order of Elks of The United States of America, sold the asset to an undisclosed buyer for $2.1 million. Built in 1926 on 2.3 acres, the 14,689-square-foot building features plenty of natural light, an atrium dining area and more than 100 parking spaces. Greg Nesting and Gabe Schnitzer represented the buyer and seller in the deal.

August 17, 2022

Acquisitions Multifamily Texas

Castle Lanterra Sells Two Multifamily Properties Totaling 570 Units in Corpus Christi

by Taylor Williams August 17, 2022

CORPUS CHRISTI, TEXAS — New York City-based investment firm Castle Lanterra has sold two multifamily properties totaling 570 units in Corpus Christi. Baypoint is a 350-unit waterfront community that was originally built in 1998 and offers boat parking, a dog park, pool, sports court and a fitness center. Azure is a 220-unit garden-style community that was originally built in 1997 and offers one-, two- and three-bedroom units, as well as a similar suite of Class A amenities. Castle Lanterra acquired the assets in 2018 and 2016, respectively, and implemented value-add programs. The buyer and sales price were not disclosed.

August 17, 2022

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