Property Type

Saltbox Opens 80,000 SF Fulfillment Hub in Columbus

by Kristin Harlow June 6, 2022

COLUMBUS, OHIO — Saltbox, a flexible warehousing and small-business logistics provider, has opened a new fulfillment hub in Columbus. The 80,000-square-foot building is the sixth Saltbox location nationwide and the first in Ohio. The property is situated near John Glenn Columbus International Airport, major railroads and I-270. Saltbox says the location enables its members to reach 67 percent of the U.S. population via two-day shipping. More than 70 percent of Saltbox’s 300 members are e-commerce companies that sell physical goods directly to consumers. Saltbox plans to open more locations across the U.S. this year. Saltbox members have access to the company’s warehouses and fulfillment services to assist in their e-commerce businesses.

June 6, 2022

Development Illinois Industrial Midwest

PREMIER Design + Build Group Breaks Ground on 51,950 SF Spec Industrial Facility in Suburban Chicago

by Kristin Harlow June 6, 2022

VERNON HILLS, ILL. — PREMIER Design + Build Group has broken ground on a 51,950-square-foot speculative industrial facility in the northwest Chicago suburb of Vernon Hills. The building will feature a clear height of 32 feet, eight dock positions, two drive-in doors and 86 parking spaces. Completion is slated for November. JRW Property Holdings LLC is the developer, Cornerstone is the architect, Swift Structural is the structural engineer and Connelly Electric is the electrical engineer. Cushman & Wakefield will market the project for lease.

June 6, 2022

Development Healthcare Midwest South Dakota

Kraus-Anderson Completes $9M Expansion of Huron Regional Medical Center in South Dakota

by Kristin Harlow June 6, 2022

HURON, S.D. — Kraus-Anderson has completed a $9 million renovation and expansion of Huron Regional Medical Center in Huron, a city in eastern South Dakota. The 23,500-square-foot expansion doubled the size of the clinic, providing enough space to serve more patients and house up to 20 physicians. A renovation of the emergency and imaging department added new infusion bays, treatment rooms and advanced hospital imaging, including MRI and 3D Mammography scanners. The property now rises two stories. Wold Architects was the project architect.

June 6, 2022

Illinois Industrial Leasing Activity Midwest

Repro Graphics Renews 51,380 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow June 6, 2022

ELK GROVE VILLAGE, ILL. — Repro Graphics has renewed its lease at 1900 Arthur Ave. in the Chicago suburb of Elk Grove Village. The freestanding facility spans 51,380 square feet. Andrew Maletich, Matt Garland and Dustin Albers of Cawley Chicago represented the tenant in the five-year lease. The landlord was not disclosed.

June 6, 2022

Acquisitions California Industrial Western

Harbor Gateway Sells Office-to-Industrial Conversion Property in Los Angeles for $39.8M

by Amy Works June 6, 2022

LOS ANGELES — Harbor Gateway LLC has completed the disposition of a 5.4-acre industrial redevelopment property located at 19401 S. Vermont Ave. in Los Angeles’ South Bay market. Atlas Capital acquired the asset for $39.8 million. The property currently comprises 12 office buildings totaling 94,113 square feet. The location offers close proximity to two of the busiest seaports in North America and Los Angeles International Airport, as well as immediate access to the 105, 110, 710, 405 and 91 freeways. Kevin Shannon, Scott Schumacher, Ken White, Bret Hardy, Jim Linn, Andrew Briner, John McMillan and Danny Williams of Newmark represented the seller.

June 6, 2022

California Data Centers Development Industrial Western

Prime Data Centers Plans 261,000 SF Development in Vernon, California

by Amy Works June 6, 2022

VERNON, CALIF. — Prime Data Centers has released plans for a three-story, 261,000-square-foot data center in Vernon. Additionally, the company will construct an electrical substation to serve the new site. The completed facility will deliver up to 33 megawatts of power to its tenants. The new carrier-neutral facility offers opportunities for tenants to obtain wholesale dark fiber in volume to all five of the central interconnection hubs in downtown Los Angeles: One Wilshire, 600 W. Seventh Street, 530 W. Sixth Street, 900 N. Alameda and 818 W. Seventh Street. The new facility will offer dedicated office, storage and staging options, as well as secure onsite parking. Completion is slated for as early as fourth-quarter 2023. Darren Eades of JLL handled the land parcel acquisition. Terms of the deal were not released.

June 6, 2022

Acquisitions California Retail Western

Agora Realty Buys 115,522 SF Antelope Marketplace Near Sacramento

by Amy Works June 6, 2022

ANTELOPE, CALIF. — Agora Realty and Management has purchased Antelope Marketplace, a retail center located at 7901 Walerga Road in Antelope, a suburb of Sacramento. Philips Edison & Co. sold the asset for $33 million. Built in 1992 and remodeled in 2005, the 115,522-square-foot shopping center was 98 percent occupied at the time of sale. Current tenants include Bel Air, 24 Hour Fitness, Banfield Pet Hospital, Round Table Pizza, Leslie’s Pool Supplies, Wing Stop, Jamba Juice, Supercuts and State Farm Insurance. Ryan Thompson and Roman Benvenuti of Palmer Capital represented the buyer and seller in the transaction.

June 6, 2022

California Loans Multifamily Western

Dwight Capital Provides $53.4M HUD Financing for Two Multifamily Properties in Modesto, California

by Amy Works June 6, 2022

MODESTO, CALIF. — Dwight Capital has provided a total of $53.3 million in HUD-insured loans for two apartment communities in Modesto. Josh Sasouness of Dwight Capital originated the loans for the borrower, Tesseract Capital Group. The firm closed a $30.9 million in HUD 223(f) refinancing for Summerview Apartments, a 136-unit multifamily property in Modesto. The property consists of 19 two-story residential buildings and a leasing/management office situated approximately five acres. Renovated in 2020, the community features a barbecue/picnic area, fitness center, pool and spa. Dwight Capital also provided a $22.4 million HUD 223(f) loan for The Marc at 1600, a 100-unit garden-style apartment property in Modesto. Renovated in 2020, The Marc at 1600 features 17 two-story residential buildings situated on approximately 4.3 acres. Community amenities include a pool, fitness room and gated parking. The HUD loans benefitted from Green Mortgage Insurance Premium Reductions because both properties are National Green Building Standard certified.

June 6, 2022

Acquisitions Arizona Retail Western

Marcus & Millichap Brokers Sale of La Gran Plaza Retail Center in Mesa, Arizona

by Amy Works June 6, 2022

MESA, ARIZ. — Marcus & Millichap has arranged the sale of La Gran Plaza, a retail property located at 1245 E. Southern Ave. in Mesa. An Arizona-based developer sold the asset to a California-based investor for $12.3 million. Sanford Burstyn of Marcus & Millichap represented the seller, while Bryan Ledbetter and Bryan Baits of Western Retail Advisors represented the buyer in the deal. Built in 1986 and remodeled in 2014, La Gran Plaza features 79,743 square feet of retail space. At the time of sale, the property was 96 percent occupied. Current tenants include El Super Grocery, Panda Express, Los Altos Ranch Market, dd’s Fashion, Taco Bell, WSS Shoes, Aaron’s, Walgreens and T-Mobile.

June 6, 2022

Florida Market Reports Retail Southeast Southeast Market Reports

The Sky is Not Falling for Miami’s Retail Market as Healthcare, Dining Activity Soars

by John Nelson June 6, 2022

When the world shut down in March 2020, “Chicken Littles” everywhere proclaimed the end of one of the primary asset classes in commercial real estate: retail. Retail tenants largely abandoned expansion plans and entered survival mode by shifting focus to seeking rent abatements and lease restructurings. Landlords in weak financial positions fought to meet significant debt obligations, while those in stronger positions took the opportunity to evict struggling tenants and refresh inventory, hoping that more creditworthy tenants would come calling. Fast forward two years and any lingering uncertainty about the survival of retail has waned, and, today, we seem to be in one of the stronger landlord markets in recent memory. What drove this radical shift from fear and hesitation to boundless market optimism? Increased competition among tenants with strong financial backing. Two factors have changed the landscape: private equity-sponsored healthcare companies and capital-rich restaurant groups. Medtail in Miami Healthcare businesses appeared to thrive during the pandemic as most were able to remain operational through state and local “shut down” orders. Many of these businesses used the pandemic as an opportunity to pounce on large spaces vacated by big box retailers and service-oriented businesses, like nail salons, barbershops and dry …

June 6, 2022

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