Property Type

Faris Lee Negotiates Acquisition of 118,485 SF Promenade Shopping Center in Modesto, California

by Amy Works August 1, 2022

MODESTO, CALIF. — Faris Lee Investments has brokered the purchase of The Promenade Shopping Center, a community retail center in Modesto. A Modesto-based private family office acquired the property from an ownership group managed by Los Altos-based West Valley Properties for $25 million. Located at 3501 McHenry Ave., the 118,485-square-foot property was fully occupied at the time of sale. Current tenants include Ross Dress for Less, Barnes & Noble, AutoZone, Skechers, Hallmark, Cold Stone Creamery and Subway. Alexander Moore, Sean Cox and Don MacLellan of Faris Lee Investments represented the buyer in the transaction.

August 1, 2022

Acquisitions Arizona Industrial Western

LBA Logistics Divests of 225,333 SF Westech Business Center Light Industrial Complex in Phoenix

by Amy Works August 1, 2022

PHOENIX — LBA Logistics has sold Westech Business Center I & II, a seven-building light industrial complex in Phoenix, to Schnitzer Properties, formerly Harsch Investment Properties, for an undisclosed price. Westech Business Center I & II features 225,333 square feet of space, which was 99 percent leased to 51 tenants at the time of sale. The asset offers functional divisibility with a variety of smaller bay sizes, freeway visibility, parking, ample loading and fully built-out offices. Will Strong, Jeff Chiate, Mike Adey, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield represented the seller in the deal.

August 1, 2022

Leasing Activity Office Texas

Law Firm Signs 77,009 SF New Office Lease at Ross Tower in Downtown Dallas

by Taylor Williams August 1, 2022

DALLAS — Law firm Munsch Hardt Kopf & Harr has signed a new 77,009-square-foot office lease at Ross Tower, a 1.1 million-square-foot building located at 500 N. Akard St. in downtown Dallas. The firm, which employs about 175 people in Dallas, will relocate from floors 36, 38 and 39, where it has leased space since 2005, to floors 40 through 42. The new lease term is 15 years, and the firm plans to take occupancy of its new space next fall. Craig Wilson, Dan Harris, Randy Cooper and Tim Terrell of Stream Realty Partners represented the tenant in the lease negotiations. HPI Real Estate Services & Investments owns Ross Tower.

August 1, 2022

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers $14.2M Sale of Royal Palms Mixed-Use Building in Glendora, California

by Amy Works August 1, 2022

GLENDORA, CALIF. — Marcus & Millichap has arranged the sale of Royal Palms Apartments & Professional Building, a mixed-use property located at 618-620 W. Route 66 in Glendora. A limited liability company sold the asset to an undisclosed buyer for $14.2 million. Totaling 43,292 square feet, Royal Palms Apartments & Professional Building features 28 commercial suites and 48 apartments with studio and one-bedroom floor plans. The building was built in 1962. Douglas McCauley and David Covarrubias of Marcus & Millichap’s Inland Empire office represented the seller in the transaction.

August 1, 2022

Leasing Activity Retail Texas

Levcor Welcomes Three New Tenants to Post Oak Plaza in Uptown Houston

by Taylor Williams August 1, 2022

HOUSTON — Locally based development and management firm Levcor has welcomed three new tenants to Post Oak Plaza in Uptown Houston. Fitness concept Body20 has opened a 1,995-square-foot studio, and Australian-inspired coffee shop Bluestone Lane has signed a lease for 1,405 square feet with plans to launch this fall. In addition, B/S/H Experience & Design Center, a luxury appliance showroom, has committed to 14,777 square feet for its first Texas location. That opening is also slated for the fall.

August 1, 2022

Kansas Loans Midwest Multifamily

Northmarq Provides $26.9M Loan for Refinancing of Apartment Complex in Topeka, Kansas

by Kristin Harlow August 1, 2022

TOPEKA, KAN. — Northmarq has provided a $26.9 million Fannie Mae loan for the refinancing of The Overlook Apartments in Topeka. Built in 2002, the 318-unit apartment complex features one-, two- and three-bedroom floor plans. Amenities include an outdoor pool, hot tub, fitness center and clubhouse. Dan Trebil of Northmarq secured the fixed-rate loan. The borrower was undisclosed.

August 1, 2022

Leasing Activity Midwest Office Ohio

AndHealth to Expand Operations in Columbus, Ohio

by Kristin Harlow August 1, 2022

COLUMBUS, OHIO — AndHealth has unveiled plans to expand its operations in downtown Columbus, bringing 65 new jobs to the area. The healthcare company is moving its office from 1201 Dublin Road to 2 Miranova Place, a 12-story tower. AndHealth says the new space will enable it to more than triple its existing employee count, and the company plans to hire additional software developers, data scientists, healthcare professionals, physicians, providers and other health experts. AndHealth operates the first-ever Virtual Center of Excellence (VCOE) for migraine reversal and will soon launch a second VCOE for autoimmune diseases, including rheumatoid arthritis, psoriasis, ulcerative colitis and Crohn’s disease. AndHealth, which provides virtual healthcare services, works with employers and benefits brokers to provide its services to employees with chronic diseases.

August 1, 2022

Affordable Housing Indiana Loans Midwest Multifamily Seniors Housing

Merchants Capital Provides $13M for Rehabilitation of Affordable Seniors Housing Property in Gary, Indiana

by Kristin Harlow August 1, 2022

GARY, IND. — Merchants Capital has provided more than $13 million in financing for the rehabilitation of the Carolyn Mosby Apartments in Gary. A joint venture between Gorman & Co. and the Gary Housing Authority (GHA) was the borrower. GHA built the property in the late 1960s as a public housing development. The eight-story building comprises 142 units that are reserved for seniors or disabled residents earning 30 to 60 percent of the area median income. The financing will preserve the affordability of the property for its residents. The project received an allocation of $13 million in tax-exempt bonds from the Indiana Housing & Community Development Authority, enabling GHA to partner with Gorman to convert the property from public housing to a long-term Section 8 Housing Assistance Payments contract. Merchants Capital facilitated the bond purchase in the form of a $13 million construction loan from Merchants Bank of Indiana. Following construction completion, the loan will convert to a $5.2 million permanent loan pursuant to a Freddie Mac tax-exempt loan forward commitment, to be serviced by Merchants Capital. The project also received equity investments totaling roughly $9.7 million in return for federal low-income housing tax credits and federal historic rehabilitation tax …

August 1, 2022

Acquisitions Illinois Midwest Office

Greenstone Partners Arranges $6.7M Sale of Office Building in Chicago’s Lincoln Park

by Kristin Harlow August 1, 2022

CHICAGO — Greenstone Partners has arranged the sale of a 24,000-square-foot office building in Chicago’s Lincoln Park neighborhood for $6.7 million. The property at 2001 N. Clybourn Ave. is 97 percent leased and anchored by AMP Americas. The building, which dates back to 1925, underwent a complete renovation in recent years. Danny Spitz and Jason St. John of Greenstone represented the seller, R2 Cos. A West Coast-based private investor was the buyer.

August 1, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 38,050 SF Industrial Building in Addison, Illinois

by Kristin Harlow August 1, 2022

ADDISON, ILL. — Venture One Real Estate has acquired a 38,050-square-foot industrial building in Addison for an undisclosed price. The property, located at 502 Vista Ave., is fully leased to one tenant. Constructed in 1967, the building features a clear height of 14 feet, three dock doors, one drive-in door, parking for 44 cars and 6,904 square feet of office space. Noel Liston of Darwin Realty represented the undisclosed seller. Justin Lerner of Transwestern represented Venture One, which utilized its acquisition fund VK Industrial VI LP, a partnership between Venture One and Kovitz Investment Group.

August 1, 2022

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