RAVENNA, OHIO — Boston Group, which designs and manufactures custom metal and plastic displays for retail stores, hospitals and pharmacies, has unveiled plans to relocate its headquarters from Boston to Ravenna, about 15 miles east of Akron. The company will also relocate from an existing manufacturing facility in Hubbard, Ohio. The new headquarters and manufacturing facility will span 308,000 square feet of office and warehouse space. The property owner, Industrial Commercial Properties, acquired the asset in March 2021 and renovated interiors and exteriors. David Stubblebine and David Skinner of The Stubblebine Co. and Kevin Joseph of Weber Wood Medinger/CORFAC International represented Boston Group in the transaction.
BROOKFIELD, WIS. — Mid-America Real Estate Corp. has brokered the sale of Brookfield Marketplace in suburban Milwaukee for an undisclosed price. The 90,374-square-foot shopping center is home to Pick ’n Save, Panera Bread, First Midwest Bank, U.S. Cellular, Allstate and Sylvan Learning. Rick Drogosz and Dan Rosenfeld of Mid-America represented the sellers, General Capital Group and Thompson Cos. Jack Stead of Northstar REIS represented the buyer, Grocery Management Partners LLC.
CHICAGO — Blue Bottle Coffee has signed a long-term lease to open a 1,188-square-foot retail space at The Shops at Tribune Tower in Chicago. Founded in 2002, Blue Bottle Coffee is a coffee roaster and retailer with more than 60 cafes globally. The Shops at Tribune Tower location will be Blue Bottle’s second in the Chicago area. The shop is expected to open in early 2023. Blue Bottle’s location is directly adjacent to the newly opened Foxtrot Market and the upcoming Museum of Ice Cream, which is scheduled to open July 16. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story, 740,000-square-foot Tribune Tower, which has been transformed into 162 luxury condominiums. CIM Group owns the property.
BRANSON, MO. — Outside the Lines (OTL), a design-build construction company that specializes in water features, fountains, rockwork and themed environments, has completed a water-effects show fountain at Branson Boardwalk in Missouri. The water feature is in a cascading lake situated adjacent to the Aquarium at the Boardwalk, the first attraction developed at the entertainment complex that opened in fall 2020. The fountain plays two fully choreographed shows every half hour from 8 a.m. to 10:30 p.m. seven days a week. Branson Boardwalk is a dining, shopping and entertainment destination that is opening in phases.
BATAVIA, ILL. — Brown Commercial Group has negotiated the sale of an 18,240-square-foot industrial building in the Chicago suburb of Batavia for an undisclosed price. The property, which features outdoor storage space, is located on Pierson Drive. Mike Antonelli of Brown represented the seller, Rhondarosa Properties LLC, as well as the buyer, H5P LLC. The buyer is a road and snow maintenance company that was looking to expand into a space with outdoor storage for its equipment.
SEATTLE — Cushman & Wakefield has procured a $193 million development funding package on behalf of Seattle-based Security Properties. The package includes a $65.2 million joint venture equity investment with MetLife Investment Management and $115.3 million in construction financing from Bank OZK for The Confidential, a 29-story, 212-unit, 374,000-square-foot mixed-use building being developed in the Belltown submarket Located at 2315 Fourth Ave., at the corner of Bell Street, The Confidential will feature 212 apartments, 17,500 square feet of office space, 8,000 square feet of ground-floor retail space and 243 parking spaces. Planned community amenities include a fitness center, lounge and theater. Currently under construction, The Confidential is expected to open in 2024. Design of The Confidential is being provided by VIA Architecture. Communita Atelier is the landscape architect and Exxel Pacific is the general contractor.
KENT, WASH. — The Jacobson Co. has completed the sale of CityZen Commons, a multifamily community located at 10925 SE 259th St.in Kent. An undisclosed buyer acquired the property for $52 million. Built in 1980 on 7.8 acres, the 23-building CityZen Commons features 177 one- and two-bedroom floor plans, with an average size of 810 square feet. Units offer a private patio or balcony and in-unit washers/dryers. Onsite amenities include a fitness center, dog park and swimming pool. Eli Hanacek, Jon Hallgrimson, Mark Washington and Kyle Yamamoto of CBRE represented The Jacobson Co. in the deal. The Jacobson Co. initially acquired the property for $28.1 million in 2018.
LAS VEGAS — Next Wave Investors has completed the $50 million sale of Spanish Oaks, a multifamily community in Las Vegas. The name of the buyer was not released. Built in 1976, Spanish Oaks features 216 garden-style apartments. Next Wave originally acquired the asset for $28.5 million in February 2021 and implemented a renovation and value-add business plan for the property. The company renovated 30 percent of the units and completed enhancements to the exterior and amenity spaces.
KERMAN, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly completed, single-tenant retail property located at 14868 W. Whitesbridge Ave. in the Fresno County city of Kerman. A local private investment firm sold the asset to a San Mateo County.-based private investor for $6.4 million. Grocery Outlet occupies the 16,000-square-foot building on a net-lease basis. Based in Emeryville, Grocery Outlet has more than 420 stores in California, Washington, Oregon, Pennsylvania, Idaho, Nevada and New Jersey. Bill Asher and Jeff Lefko of Hanley Investment Group represented the seller, while Nigel Keep of Kidder Mathews’ office in Silicon Valley, Calif., represented the buyer in the transaction.
PHOENIX — Link Senior Development and The Roxborough Group LLC have acquired Park Terrace Senior Living, a 301-unit independent living and assisted living community in Phoenix. The 15.3-acre campus features 12 residential buildings offering one- and two-bedroom units. Link and Roxborough intend to invest more than $3 million to convert the remaining assisted living units to independent living units. The partnership will also focus on making the community more sustainable by increasing water and energy efficiencies. “The substantial demand and need in the North Phoenix market for competitively priced independent living units are a very compelling story for us,” says Matthew McCormick, managing director for The Roxborough Group. “In addition, we are very bullish on the senior living space as it recovers from COVID-19. Changing demographics and an oncoming ‘silver tsunami’ create a unique opportunity to acquire communities well below replacement cost with favorable trends.” Park Terrace is Link’s eighth senior living project in Arizona and third under management through its vertically integrated operations division. Link has invested in bolstering its acquisitions platform with multiple acquisitions in Arizona, Oregon and Idaho over the past six months. The acquisition marks Roxborough’s entry into the seniors housing market and its fourth investment …