Property Type

Stonebrooke Equipment Leases 99,683 SF of Industrial Space in Rosemount, Minnesota

by Kristin Harlow May 11, 2022

ROSEMOUNT, MINN. — Stonebrooke Equipment Inc. has leased 99,683 square feet of industrial space at 15100 Business Parkway in Rosemount, a southern suburb of the Twin Cities. Stonebrooke specializes in partnering with fleet managers and business owners to provide custom-built fleet solutions to improve productivity, efficiency, safety and profits. Doug Fulton, Rob Youngquist and Andi Simon of Avison Young represented the tenant in the lease. Avison Young’s project management team is working with a design and construction team to manage tenant improvements before Stonebrooke takes occupancy in August. Cushman & Wakefield represented the landlord, Business Parkway Building.

May 11, 2022

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $5.9M Sale of Retail Center Near Milwaukee

by Kristin Harlow May 11, 2022

OAK CREEK, WIS. — Stan Johnson Co. has brokered the sale of The Shoppes at Drexel in Oak Creek near Milwaukee for $5.9 million. The retail center spans 10,351 square feet and is fully leased to five tenants. Built in 2017, the property serves as an outparcel to Drexel Town Square, an 85-acre mixed-use development. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly Sandwich Shop. Ronnie Givargis of Stan Johnson represented the seller, a New York-based individual investor. A Cedar Rapids, Iowa-based investor group was the buyer. Each party executed the transaction as part of a 1031 exchange. The sales price represents a cap rate of 5.9 percent.

May 11, 2022

Development Life Sciences Massachusetts Northeast

DLJ Real Estate, Leggat McCall Complete 289,000 SF Life Sciences Project in Metro Boston

by Taylor Williams May 11, 2022

SOMERVILLE, MASS. — A development team of DLJ Real Estate Capital Partners and Leggat McCall Properties has completed 101 South Street, a 289,000-square-foot life sciences project in Somerville, located on the northern outskirts of Boston. The building is the first of four master-planned life sciences facilities within the 1.8 million-square-foot Boynton Yards development. Architecture firms Spagnolo Gisness & Associates and Hashim Sarkis Studios designed the project, and Shawmut Design & Construction served as the general contractor. Flagship Pioneering and its affiliates lease 280,000 square feet of the nine-story building.

May 11, 2022

Arizona Development Retail Western

Vestar, DMB Development to Build 500,000 SF Verrado Marketplace in Buckeye, Arizona

by Amy Works May 11, 2022

BUCKEYE, ARIZ. — Vestar, in partnership with DMB Development, has unveiled plans for Verrado Marketplace, a commercial space near Verrado, an 8,800-acre master-planned community in Buckeye. Totaling more than 500,000 square feet of space, Verrado Marketplace will feature a grocery store, apparel and home décor stores, a department store, movie theater, specialty shops, restaurants and services. Additionally, the project will feature public outdoor spaces. Verrado Marketplace will be designed to complement the small-town neighborhood charm of the Verrado community. The marketplace will be located at the northeast corner of Verrado Way and Interstate 10. Construction is slated to begin in mid-2023 following necessary approvals from the City of Buckeye.

May 11, 2022

Colorado Development Industrial Western

JAGreen, Raith Capital Partners Plan 2 MSF AEROS Logistics Center in Aurora, Colorado

by Amy Works May 11, 2022

AURORA, COLO. — JAGreen Development (JAG), in partnership with an affiliate of New York-based Raith Capital Partners, has acquired 157 acres in Aurora for the development of AEROS Logistics Center, a Class A industrial park. AEROS Logistics Center will feature 2 million square feet of logistics, distribution, manufacturing, construction and data center space. Tenants will have the option to buy or lease from the property. The park could accommodate two 1 million-square-foot, east/west-facing, cross-dock buildings, or it could be divided into smaller parcels. Aaron Valdez, Alec Rhodes and Tyler Smith of Cushman & Wakefield represented JAG in the acquisition and will handle the marketing for AEROS.

May 11, 2022

Acquisitions California Retail Western

Newmark Negotiates $42.2M Sale of Country Fair Shopping Center in Chino, California

by Amy Works May 11, 2022

CHINO, CALIF. — Newmark has arranged the sale of Country Fair Shopping Center, a multi-tenant neighborhood shopping center in Chino. Red Mountain Group acquired the property from a publicly traded REIT based in New York for $42.2 million. Pete Bethea, Rob Ippolito and Glenn Rudy of Newmark represented the seller in the deal. Located at 11901-12089 Central Ave., Country Fair Shopping Center features 168,264 square feet of retail space. At the time of sale, the center was 92 percent occupied. Current tenants include PetSmart, Rite Aid, Dollar Tree, Harbor Freight Tools, America’s Tires, Kaiser Permanente and Sherwin-Williams.

May 11, 2022

Loans Multifamily Northmarq Oregon Western

Northmarq Arranges $12.9M Refinancing for May’s Landing Apartments in Salem, Oregon

by Amy Works May 11, 2022

SALEM, ORE. — Northmarq has arranged $12.9 million in refinancing for May’s Landing Apartments, a multifamily community in Salem. Salem-based Rushing Group, the borrower, recently constructed the garden-style, 96-unit multifamily property. The permanent refinance will allow the borrower to take out its interim bridge debt, which it utilized during the property’s lease-up, and return equity for its next multifamily development. Conor Freeman of Northmarq’s San Diego office arranged the refinancing for borrower. The transaction was structured with a 10-year term and 10 years of interest-only payments.

May 11, 2022

Acquisitions Arizona Office Western

Scriba Waldron Capital Purchases Fiesta Square Office Complex in Mesa, Arizona for $7.2M

by Amy Works May 11, 2022

MESA, ARIZ. — Newport Beach, Calif.-based Scriba Waldron Capital has acquired Fiesta Square, a multi-tenant office complex in Mesa. A private individual sold the asset for $7.2 million, or $208 per square foot. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the buyer and seller in the deal. Comprising two two-story buildings, the asset totals 34,974 square feet of creative office space. At the time of sale, the property was fully leased. Built in 1985, Fiesta Square is located at 1220 S. Alma School Road.

May 11, 2022

Acquisitions Delaware Northeast Retail

IPA Negotiates Sale of 191,973 SF Shopping Center in Dover, Delaware

by Taylor Williams May 11, 2022

DOVER, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of North Dover Center, a 191,973-square-foot shopping center in Dover. The property was built in 1989 and was 97 percent leased at the time of sale. The spaces of two of the original anchor tenants, Toys ‘R’ Us and Acme, have been backfilled by Hobby Lobby and Bob’s Discount Furniture in recent years. Staples and T.J. Maxx are the center’s other anchors. Brad Nathanson, Dean Zang and David Crotts of IPA represented the undisclosed seller and procured the buyer, Milbrook Properties, in the transaction.

May 11, 2022

Acquisitions Multifamily New Jersey Northeast

Kislak Arranges $50M Multifamily Portfolio Sale in Elizabeth, New Jersey

by Taylor Williams May 11, 2022

ELIZABETH, N.J. — Locally based brokerage firm Kislak Co. Inc. has arranged the $50 million sale of a portfolio of multifamily properties totaling 326 units in the Northern New Jersey community of Elizabeth. The portfolio also included two cell towers. The unit mix comprises 26 studios, 234 one-bedroom units, 60 two-bedroom apartments and six three-bedroom residences. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

May 11, 2022

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