Property Type

Shive-Hattery, City of Marion Plan Retail Redevelopment Project

by Kristin Harlow August 30, 2021

MARION, IOWA — Shive-Hattery is working with the City of Marion on the design of a retail strip center redevelopment across one-and-a-half acres. Cedar Falls, Iowa-based Eagle View Partners and DCI Group Inc. are the developers for the project, which will convert an aging retail center into multifamily space. The first phase of the project, Broad & Main on 7th, will include 42 apartment units atop retail and restaurant space on the ground floor. The second phase, Broad & Main on 6th, will bring an additional 42 units and parking space. A timeline for construction was not disclosed.

August 30, 2021

Leasing Activity Midwest Office Wisconsin

Eight Eleven Group Signs 7,500 SF Office Lease at HUB640 in Milwaukee

by Kristin Harlow August 30, 2021

MILWAUKEE — Eight Eleven Group has signed a 7,500-square-foot office lease at HUB640 in Milwaukee’s Westown neighborhood. This will be the second office in Milwaukee for the Indianapolis-based staffing and consulting firm. Eight Eleven employees will temporarily occupy a spec suite within HUB640 while they await the buildout of their permanent location on the third floor. Eight Eleven plans to hire five additional employees this year and seven to 10 more next year. Purchased in 2017 by North Wells Capital, HUB640 was formerly home to the corporate offices of The Bon-Ton Stores Inc. and its longtime Boston Store. Fully renovated in the years following, the 120-year-old property now features a new lobby, amenity floor, rooftop deck and fitness center. The project gets its name from the address, 640 N. 4th St. John Davis and Ned Purtell of Founders 3 Real Estate Services represented North Wells Capital in the lease with Eight Eleven.

August 30, 2021

Development Georgia Multifamily Southeast

Flournoy Breaks Ground on 298-Unit Apartment Community Adjacent to Battery Atlanta

by Julia Sanders August 30, 2021

ATLANTA — Flournoy Development Group has broken ground on a 298-unit apartment community located along Windy Ridge Parkway in Atlanta’s Cumberland-Galleria submarket. The site is adjacent to Battery Atlanta, a mixed-use village with retail, residential, dining and entertainment options that surrounds Truist Park, home ballpark of the Atlanta Braves. The yet-to-be-named apartment community will feature studios, as well as one-, two- and three-bedroom units. Community amenities will include a rooftop club and gaming terrace, swimming pool, private structured parking, fitness center and a dog park. The four-acre land parcel will include a rooftop terrace with views overlooking Battery Atlanta, approximately 7,500 square feet of retail space and a public greenspace and plaza. Construction is underway with completion scheduled for late fall 2022. Dynamik Design, Kimley-Horn, b+c Studio, Mitsch Design and contractor Flournoy Construction Group comprise the development team.

August 30, 2021

Acquisitions California Office Western

Shorenstein Properties Buys 427,600 SF Phase I of America Center in North San Jose

by Amy Works August 30, 2021

SAN JOSE, CALIF. — Shorenstein Properties has purchased Phase I of America Center in North San Jose for an undisclosed price. The name of the seller was not released. The asset consists of two six-story, Class A office buildings, totaling 427,600 square feet, and a development parcel at 6001 and 6201 America Center Drive. The development site is entitled for a six-story, 200,000-square-foot office building. At the time of sale, the property was 98 percent leased with a weighted average remaining lease term of 2.9 years. The LEED Gold-certified property features on-site amenities, including exercise options, full-service cafeterias, outdoor trails, a sports park and expansive indoor and outdoor gathering space. The property is situated within the five-building America Center complex.

August 30, 2021

Affordable Housing Development Multifamily Nevada Seniors Housing Western

Volunteers of America Breaks Ground on Desert Oasis Affordable Seniors Housing Expansion In Las Vegas

by Amy Works August 30, 2021

LAS VEGAS — Volunteers of America National Services (VOANS) has broken ground on Phase II of Desert Oasis, an affordable seniors housing property in Las Vegas. Phase II will add 43 new units to the existing 75 units in the Desert Oasis community. The building will include a recreational clubhouse facility with a computer room, exercise room, laundry facilities and a community garden. Desert Oasis will be built with energy-efficient systems using green building techniques and including solar panels and photovoltaics. The entire development will be Energy Star rated. Funding partners include Nevada Housing Division’s Low Income Tax Credit program, City of Las Vegas- and Clark County-provided HOME funds and United Health Care. The building is scheduled for completion in fall 2022. VOANS is the wholly controlled nonprofit subsidiary of Volunteers of America created as the sponsor and parent entity for new Volunteers of America housing development projects.

August 30, 2021

Acquisitions California Retail Western

Marcus & Millichap Brokers $5.7M Sale of Lake Forest Center Retail Property in California

by Amy Works August 30, 2021

LAKE FOREST, CALIF. — Marcus & Millichap has arranged the sale of Lake Forest Center, a shopping center located at 20761 Lake Forest Drive in Lake Forest. A California-based private family trust sold the asset to a Maryland-based private investor for $5.7 million, or $330 per square foot. The multi-tenant property features 17,244 square feet of retail space. Orbell Ovaness, Ara Rostamian and Peter Xiao of Marcus & Millichap’s Los Angeles office represented the seller and buyer in the deal.

August 30, 2021

Acquisitions California Industrial Western

Colliers Arranges Sale of 63,302 SF Industrial Facility in Corona, California

by Amy Works August 30, 2021

CORONA, CALIF. — Colliers has brokered the sale of a multi-purpose warehouse located at 2620 Palisades Drive in West Corona. Crown Associates acquired the property from L&CD Developments for an undisclosed price. Totaling 63,302 square feet, the building features 13,924 square feet of high-finish, two-story office space, 600 square feet of shop office space, 32-foot clear heights, ESFR sprinklers, 153 parking spaces, a private fenced yard and LED warehouse lighting. Built in 2017 on 3.6 acres, the warehouse site is zoned for both distribution and manufacturing. Clyde Stauff and Jace Gan of Colliers represented the buyer and seller in the transaction.

August 30, 2021

Acquisitions Colorado Office Western

Colorado Christian University Acquires Office Building in Lakewood, Colorado for $5M

by Amy Works August 30, 2021

LAKEWOOD, COLO. — Colorado Christian University has purchased 333 S Allison Parkway, an office and medical building in Lakewood. An undisclosed seller sold the asset for $5 million. Colorado Christian University plans to use the three-story, 35,741-square-foot building for its main offices and future site of its nursing school. Built in 1987, the property was formerly known as KeyBank Plaza. Garrett Neustrom and Jules Sherwood of Kenai Capital Advisors represented the seller, while Bob Pipkin and Jeff LaForte of Fuller Real Estate represented the buyer in the deal.

August 30, 2021

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Brokers $10.6M Sale of Two-Property Apartment Portfolio in Louisville, Kentucky

by Julia Sanders August 30, 2021

LOUISVILLE, KY. — Marcus & Millichap has brokered the sale of two adjacent apartment properties in Louisville: the 106-unit Preston Commons Apartments II and the 80-unit Dunwoody Court Apartments. An entity doing business as Maples LLC bought the portfolio for $10.6 million, according to the Louisville Business First. The buyer plans on combining the two adjacent properties into a 186-unit community called Valore at the Maples. Preston Commons Apartments II is located at 1409 Huntington Lane and Dunwoody Court Apartments is located at 7510 Dunwoody Court. Both properties have had updates over the last few years and were more than 90 percent occupied at the time of sale. Preston Commons Apartments II offers two-bedroom units with community amenities including onsite laundry services, 24-hour emergency maintenance and off-street parking. Dunwoody Court Apartments offers one- and two-bedroom apartments with community amenities including a clubhouse, laundry facility and fitness center. Aaron Johnson and David Badgett Jr. of Marcus & Millichap represented the undisclosed seller, a limited liability company. The duo also secured the buyer. Colby Haugness of Marcus & Millichap assisted in closing this transaction.

August 30, 2021

Industrial Market Reports North Carolina Southeast Southeast Market Reports

Charlotte’s Industrial Market Expected to Close Another Robust Year of Leasing

by John Nelson August 30, 2021

The Charlotte industrial market is seeing significant tenant demand and investment activity at mid-year 2021 as the market begins to return to normalcy after the disruption during the early days of the pandemic. Like many other Southeastern industrial markets, Charlotte saw a lag in activity through the second and third quarters of 2020. One year later, the impacts of the pandemic continue to burn off, creating an almost insatiable appetite for modern warehouse and distribution space. Since the start of the year, the market has seen a strong increase in overall activity as local economies continue to open up, employment levels rebound and businesses move forward with decisions about space utilization. Tenants in the e-commerce, consumer goods, retail and light manufacturing sectors are particularly active. While the market finished 2020 with nearly 5.3 million square feet of net absorption, a figure that outpaced 2019’s total of 2.7 million square feet and was on par with the nearly 5.4 million square feet absorbed in 2018, 2021 is expected to reach a net absorption for the calendar year that is equal or greater than 2020. Many tenants expanding in or entering the market are taking mid- to large blocks of space, a …

August 30, 2021

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