ST. LOUIS — Marcus & Millichap has negotiated the sale of a Chipotle-occupied retail property in St. Louis for $3.1 million. The 2,415-square-foot building, located at 3547 Hampton Ave., features a “Chipotlane” drive-thru. Chipotle opened for business at the location in 2020. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. The buyer was not disclosed.
WAUNAKEE, WIS. — Greywolf Partners Inc. has brokered the $2.4 million sale of a 26,000-square-foot industrial building in Waunakee, a northern suburb of Madison. The property, which is located at 904 Bethel Circle, features 3,900 square feet of office space, multiple overhead doors, three dock doors and a clear height of 21 feet. Steve Turner of Greywolf represented the undisclosed buyer. The seller was also not provided.
CARMEL, IND. — Treated Lumber Outlet LLC has signed a lease for a 13,000-square-foot industrial building in the Indianapolis suburb of Carmel. The property, located at 4511 W. 99th St., features 11,700 square feet of warehouse space and 1,300 square feet of office space. Building features include two dock doors, one drive-in door, column spacing and a clear height of 24 feet. Conrad Jacobs of Avison Young represented the landlord, Jadam Property Group. The tenant expects to take occupancy in June.
SAN ANTONIO — Colliers has brokered the sale of a 40,800-square-foot industrial building located at 8555 NE Loop 410 in San Antonio. The property was built on two acres on the city’s east side in 1986. Jason Tangen of Colliers represented the buyer, TRECAP Management, in the transaction. Zachary Taylor of Colliers, along with Charles Hargis of Endura Advisory Group, represented the seller, EJ Morales III Holdings. The facility was 30 percent leased at the time of sale.
NEW YORK CITY — MetLife Investment Management has provided a $70 million permanent loan for the refinancing of 21 West Street, a 33-story apartment tower in Manhattan’s Financial District. The pet-friendly property offers 293 units in one-, two- and three-bedroom formats and amenities such as a fitness center, rooftop deck, community lounge with a playroom and catering kitchen and a 24-hour lobby attendant. Jonathan Schwartz, Adam Schwartz, Aaron Appel, Keith Kurland, Michael Ianno and Triston Stegal of Walker & Dunlop arranged the financing on behalf of the borrower, locally based owner-operator Rose Associates. The 12-year loan was structured with a fixed rate and interest-only payments for the entire term.
BRATTLEBORO, VT. — FoxRock, a commercial investment firm based in Boston’s South Shore area, has acquired a 165,611-square-foot industrial facility located in the southern Vermont city of Brattleboro. The site at 90 Technology Drive spans 48.5 acres and is situated roughly a mile from Interstate 91. At the time of sale, the facility was fully leased to two tenants: New Chapter, a vitamin- and supplement-focused subsidiary of Proctor & Gamble; and UNFI, a wholesale grocery distributor. The seller and sales price were not disclosed.
GLOUCESTER CITY, N.J. — New Jersey-based mortgage banking and advisory firm Progress Capital has arranged a $25 million loan for the refinancing of River Pointe Apartments, a 141-unit complex in the Southern New Jersey community of Gloucester City. The borrower, Cyzner Properties, acquired the garden-style community in 2017 with plans to renovate the 11 buildings, but eventually decided on a complete demolition and rebuild. Amenities now include a fitness center, clubhouse with a business center and party room, communal garden and a dog park. Kathy Anderson of Progress Capital arranged the nonrecourse loan, which carried a 30-year amortization schedule and 24 months of interest-only payments, on behalf of Cyzner Properties. The direct lender was not disclosed.
PITTSBURGH — Terravet Real Estate Solutions, an investment firm focused on commercial properties occupied by veterinary users, has purchased two such facilities totaling 48,000 square feet in Pittsburgh. The sales price was $22.6 million. The buildings represent the real estate holdings of the Pittsburgh Veterinary Specialty & Emergency Center. Following this transaction, Terravet now owns and operates about 70,000 square feet of veterinary facilities in the Pittsburgh area and 1 million square feet nationwide.
BOURNE, MASS. — Boston-based brokerage firm Horvath & Tremblay has negotiated the $6 million sale of Bourne Bridge Crossing, a 23,968-square-foot retail strip center located south of Boston in Barnstable County. Tenants at the three-acre property include PetSmart, Starbucks and Domino’s. Bob Horvath and Todd Tremblay represented the buyer and seller, both of which requested anonymity, in the transaction.
As the pandemic recedes, unusual supply and demand trends have taken root in retail and industrial markets throughout the nation. Factors that caused upheaval even before the arrival of COVID — the changing face of retail due to e-commerce and the growing demand for industrial real estate — continue unabated two years past the pandemic lockdowns. Los Angeles County may act as a bellwether for the rest of the country in retail and industrial trends, especially in high-cost, high-density areas, where these two real estate types often compete for space. Bayard (By) Cartmell, senior director at Walker & Dunlop, Los Angeles, has extensive experience with commercial real estate in the Los Angeles area. He has seen unprecedented demand for industrial space and growing investor interest in retail cap rates in the Los Angeles area. Cartmell sat down with REBusinessOnline to talk about the outlook for industrial and retail in Los Angeles, their intersections and the sector trends he expects to see in the coming year. Los Angeles Industrial — High Demand REBusiness: What are you seeing in terms of demand for industrial space — particularly in Los Angeles? Cartmell: There is currently almost unlimited demand for industrial space, of any size, …