HOUSTON — Third-party property management firm Asset Living has signed a 24,040-square-foot office lease at 945 Bunker Hill Road in West Houston. The property is located within the 300-acre Memorial City mixed-use development. Dan Boyles of NAI Partners represented the tenant in the lease negotiations. Brad MacDougal and Warren Alexander of MetroNational represented the landlord on an internal basis
LINCOLN, NEB. — The Annex Group has broken ground on Union at Middle Creek, a $34.4 million affordable housing community in Lincoln. The property’s 192 units will be designated for residents earning up to 60 percent of the area median income. Amenities will include a clubhouse, fitness center and nature trail. The development, slated for completion in early 2024, marks Annex Group’s first in Nebraska. Project partners include R4 Capital Funding as lending partner and R4 Capital as equity partner. The project team includes Summit LIHTC Consulting, REGA Engineering Group, Wallace Architects and NP Dodge Management Co.
MUSSEY TOWNSHIP, MICH. — Axiom Engineered Systems has signed a lease for a 123,000-square-foot flex industrial building at 14898 Koehn Road in Mussey Township, about 55 miles north of Detroit. The location will serve as the company’s first in the U.S. The automotive company was founded in Canada in 1987. Matthew Buslepp, Jacob Zammit and Jim Becker of Avison Young represented the tenant. Lee & Associates represented the landlord, an entity doing business as 14898 Koehler Capac LLC.
CHICAGO — Timber Hill Group has sold a 3.5-acre outdoor storage and fleet parking property at 4626 W. 42nd St. in Chicago for an undisclosed price. Zenith IOS purchased the property, which is zoned for truck parking and is located near the Cicero Avenue and I-55 interchange. Timber Hill acquired the site in 2017 and added a perimeter fence, gate system and lighting. Brian Vanosky and Tim McCahill of Lee & Associates represented the buyer. Timber Hill is a Chicago-based private equity firm specializing in the acquisition and development of logistics real estate.
MISHAWAKA, WIS. — Social Cantina will open a 4,800-square-foot restaurant at The Mill at Ironworks Plaza, an apartment complex in downtown Mishawaka. The Mexican restaurant serves tequilas, fresh margaritas, craft beer and classic Mexican dishes. Finney Hospitality Group owns the restaurant brand. The Mill at Ironworks Plaza, completed in 2019, features 232 luxury apartment units with 13,000 square feet of retail space. Earlier this year, Sun King unveiled plans to open a 6,700-square-foot tap room at the property. Flaherty & Collins Properties, the property owner, is finalizing plans on a second phase that will bring an additional 230 luxury apartment units and riverfront retail space. Construction on Phase II is expected to begin in spring 2023.
IRVINE, CALIF. — MetLife Investment Management and PGGM have purchased Intersect, a four-building creative office campus in Irvine. Hines sold the property for $235.2 million. Totaling 453,975 square feet, the asset is located at 17877 and 17875 Von Karman Ave. and 17838 and 17872 Gillette Ave. in the Orange County Airport submarket. Kevin MacKenzie, John Chun and Samuel Godfrey of JLL’s debt advisory team secured a $117.6 million, 10-year, fixed-rate acquisition loan through Allianz Real Estate for the buyer. Previously, JLL worked to sell the original campus to Hines in 2015 and refinanced the asset on the company’s behalf in 2019. Intersect underwent a more than $27 million renovation in recent years. The asset features a two-acre courtyard with a game pavilion, urban garden, farmer’s market, basketball courts, volleyball courts, fire pits and lawn games. The Hangar 24 Brewery opens onto the courtyard and offers indoor and outdoor dining, as well as live music and events catering to the campus’ tenant base and residential neighbors. Additional onsite amenities include conference facilities, a fitness center, food trucks, wellness trails, private tenant terraces and patios, and subterranean and structured parking. At the time of sale, the property was 85 percent leased to …
COSTA MESA AND FULLERTON, CALIF. — JLL Capital Markets has arranged $68.9 million in financing for a three-building retail portfolio in Costa Mesa and Fullerton. Totaling 194,763 square feet, the properties are fully leased to a mix of investment grade credit-tenants and national retail tenants, including Sprouts Farmers Market, Rite Aid, Target and Ralphs. Greg Brown, John Marshall and Jordan Leake of JLL Capital Markets’ debt advisory team secured the 10-year, fixed-rate loans with a correspondent insurance company for the borrower, a private company. Two of the three properties are located along the 17th Street commercial corridor in Costa Mesa and the third property is located near the 91 Freeway and State Route 57 in Fullerton.
FULLERTON, CALIF. — A group led by World Premier Investments has acquired Fullerton Town Center, a grocery-anchored neighborhood retail center in Fullerton. Terms of the transaction were not disclosed. Located at the intersection of Harbor Boulevard and Orangethorpe Avenue, Fullerton Town Center features 219,902 square feet of retail space. The property boasts a 98 percent national tenant base, including Amazon Fresh, Ross Dress for Less, Five Below, WSS and an AMC Theatrea dine-in location with food, beverage and elevated service offerings. NewMark Merrill represented the buyer, while Reza Investment Group represented the seller in the deal.
BRENTWOOD, CALIF. — Northwestern Mutual has completed the sale of Cortona Park, an assisted living community in Brentwood, to a joint venture between Cogir and a national investment partner for $39.2 million. The buyer plans to rename the property Cogir of Brentwood. Built in 2007, the community features studio, one- and two-bedroom units averaging 761 square feet. The pet-friendly apartments offer large floorplans with granite countertops, in-unit washers/dryers and private balconies. Community amenities include a library, café/bistro, beauty shop, courtyard and garden, outdoor pool, theatre, billiards, fireside living room and a community room with meeting space. Additionally, the property features concierge services, a 24-hour security system, postal services, a business center, wireless internet access and special dietary services. Situated on 4.3 acres, the property is located at 150 Cortona Way. Charles Bissell, Cody Tremper and Dean Ferris of JLL Capital Markets’ investment sales and advisory team represented the seller in the deal.
MERIDIAN, IDAHO — Alder Industrial and its institutional partner have completed the disposition of a warehouse/distribution facility situated on 30.3 acres at 2316 W. Franklin Road in Meridian. Completed in early 2022, a Fortune 10 global e-commerce company leases the 141,360-square-foot building. Designed as a last-mile delivery station with top-shelf functionality, the Class A property features 33-foot clear heights, 9.7 percent office space, 15 dock doors and six drive-in doors, 50-foot by 50-foot column spacing with speed bays, 228-foot building depth, 208-foot truck court and an abundance of car, van and trailer parking. Will Strong, Jeff Chiate, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction.