Property Type

165-E-Hospitality-Lane-San-Bernardino-CA

Progressive Arranges $6.8M Sale of Retail Property in San Bernardino, California

by Amy Works February 20, 2025

SAN BERNARDINO, CALIF. — Progressive Real Estate Partners has arranged the $6.8 million sale of a multi-tenant commercial flex center located at 165 E. Hospitality Lane in San Bernardino. The 44,290-square-foot property comprises two buildings with suites ranging in size from 950 square feet to 1,930 square feet. Originally built in 1980, the recently renovated center was 93 percent leased at the time of sale to 24 tenants, including retail, restaurant, healthcare, education, fitness, finance and office businesses. Situated in the Tri-City Commons/Hospitality Lane District, the center is part of a larger Inland Empire commercial hub totaling more than 4.4 million square feet of office, industrial, retail and hospitality space. Greg Bedell and Lance Mordachini of Progressive represented the Los Angeles-based seller in the transaction. The undisclosed buyer was an Orange County-based private investor.

February 20, 2025

Illinois Industrial Leasing Activity Lee & Associates Midwest

Rieder Signs 30,300 SF Industrial Lease in Suburban Chicago

by Kristin Harlow February 20, 2025

ROSELLE, ILL. — Rieder NA, a manufacturer of concrete facades, has signed a 30,300-square-foot industrial lease at 20 Presidential Drive in Roselle within the North DuPage submarket. Jeff Janda and Mike Plumb of Lee & Associates of Illinois represented Tripar International Inc., which owns and occupies the rest of the 63,978-square-foot building. David Haigh of NAI Hiffman represented the tenant.

February 20, 2025

Acquisitions California Retail Western

Hanley Brokers $5.9M Sale of Single-Tenant Retail Property in Torrance, California Leased to Chipotle

by Amy Works February 20, 2025

TORRANCE, CALIF. — Hanley Investment Group has arranged the $5.9 million sale of a newly constructed, single-tenant property in Torrance, a city in the South Bay area of Los Angeles. Chipotle Mexican Grill occupies the building — which totals 3,570 square feet — on a 15-year, corporate guaranteed, triple-net lease. Bill Asher, Jeff Lefko and Sean Cox of Hanley represented the buyer, a Los Angeles-based private investor, in the all-cash transaction. Christopher Huddleston of The Sher Group represented the seller, a Los Angeles-based private investor.

February 20, 2025

California Development Healthcare Retail Western

Ware Malcomb Completes USC Campus Pharmacy Interior Redesign Project in Los Angeles

by Amy Works February 20, 2025

LOS ANGELES — Ware Malcomb has completed the interior design build-out of a pharmacy location at the University of Southern California (USC) in Los Angeles. The firm provided interior architecture and design services for the tenant improvement project, totaling 2,819 square feet. HC Olson Construction served as general contractor for the project. The redesign enabled the university’s pharmacy services at the USC University Park Campus in Los Angeles to move into a larger location that is near other health services to better serve students, staff and the public. The pharmacy includes a retail area with product display, two consultation rooms, a waiting area, dedicated receiving area for deliveries, compliant staff restroom and a break room. Additionally, the building’s footprint can accommodate Script Pro, a pharmacy robot that fills prescriptions, and its infrastructure includes uninterruptible power supply (UPS) battery backups for pharmacological systems and technology.

February 20, 2025

California Development Hospitality Mixed-Use Retail Top Stories Western

VICI Properties Provides $300M Financing for $5B One Beverly Hills Project in Metro Los Angeles

by Katie Sloan February 20, 2025

BEVERLY HILLS, CALIF. — Cain International and Eldridge Industries have secured a $300 million investment from VICI Properties Inc. (NYSE: VICI) for the development of One Beverly Hills, a luxury mixed-use development located in the Los Angeles County community of Beverly Hills. Construction on One Beverly Hills, which was originally announced in 2021, is currently underway with recent local coverage valuing the development at $5 billion. Foster + Partners master-planned the 17.5-acre project, which will include hospitality, residential, retail and restaurant space. One Beverly Hills will be anchored by a luxury Aman-branded hotel and two Aman-branded residential towers designed by Kerry Hill Architects. The hotel will offer 78 all-suite guest rooms overlooking the Los Angeles Country Club. The three towers will offer access to private gardens and a 100,000-square-foot Aman Club, the brand’s private membership club offering wellness, dining and social spaces. The project will also include a full-scale refurbishment of The Beverly Hilton, an iconic hotel that hosts the Golden Globes awards show and Milken Institute conference annually. Renovations are being led by David Collins Studio and will integrate designs that play homage to the property’s legacy. One Beverly Hills will also include curated luxury retail and dining space to …

February 20, 2025

Features Net Lease Retail

Improving Conditions: Investment Sales Market for Net-Leased Retail Assets Should Rebound in 2025

by Taylor Williams February 20, 2025

By Randy Shearin Deals are getting done in the net lease retail sector, just not with the volume or velocity that industry veterans would like to see. Higher interest rates have hampered transactions in most commercial real estate sectors, leading to a slowdown in 1031 exchange deals, which this sector is extremely dependent upon. Those in the industry are positive about 2025, however. With the Federal Reserve Bank cutting interest rates in late 2024 — and potentially embracing further cuts ahead — the winds appear to be in favor for the sector. To learn more, Shopping Center Business recently spoke with a number of net lease industry executives for its annual roundup. Putting Wind In The Sails For the past two years, the net lease retail market has been somewhat stymied by higher interest rates. Because most assets in the sector sell for under $15 million, the sector is heavily dependent on 1031 buyers — those selling from a commercial real estate asset and moving to another — and financing to lever those acquisitions. Because transaction volume has slowed in sectors like multifamily and office, 1031 transactions have slowed their pace. Higher interest rates directly impact an investor’s yield, often …

February 20, 2025

Georgia Leasing Activity Life Sciences Office Southeast

Duracell Selects Science Square in Midtown Atlanta for New R&D Headquarters

by John Nelson February 19, 2025

ATLANTA — Battery manufacturer Duracell has selected Science Square in Midtown Atlanta for its new global headquarters for research-and-development (R&D). Trammell Crow Co. and Georgia Institute of Technology (Georgia Tech) jointly own the 18-acre Science Square development, which sits adjacent to Georgia Tech’s campus. Duracell plans to invest approximately $56 million into its new space at 101 Nerem St. NW and create 110 jobs. Civic and utility partners that helped Duracell in its site selection include the Georgia Department of Economic Development’s Global Commerce team, Invest Atlanta, Select Fulton, Metro Atlanta Chamber, Georgia Power and the University System of Georgia. Duracell has had a footprint in Georgia for years. The company currently has a manufacturing facility in LaGrange that has been in operation since 1980 and a logistics and distribution plant in Fairburn that began operations in 2020.

February 19, 2025

Acquisitions Multifamily South Carolina Southeast

JLL Negotiates $45.4M Sale of Water Tower Apartments in Greenville, South Carolina

by John Nelson February 19, 2025

GREENVILLE, S.C. — JLL has negotiated the $45.4 million sale of Water Tower Apartments, a luxury multifamily community located at 1000 Water Tower Circle in Greenville. Built in 2024, the 233-unit property is situated with direct access to the 28-mile Swamp Rabbit Trail. Hathaway Cos. purchased Water Tower Apartments from Urban Realty Partners. John Gavigan, John Mikels and Chase Monroe of JLL represented the seller in the transaction. Additionally, Brad Woolard and Taylor Allison of JLL arranged an undisclosed amount of acquisition financing for the buyer. Water Tower Apartments features a mix of studio, one-, two- and three-bedroom residences averaging 741 square feet in size. The property was 10 percent occupied at the time of sale as the previous owner received its certificate of occupancy (CO) in December 2024.

February 19, 2025

Acquisitions Florida Industrial Leasing Activity Southeast

Digiacomo Group, JLL Arrange $25.8M Sale-Leaseback of Cold Storage Facility Near Miami Airport

by John Nelson February 19, 2025

MIAMI — Digiacomo Group and JLL have negotiated the $25.8 million sale-leaseback of a cold storage facility located at 2323 N.W. 72nd Ave. in Miami. The seller, produce distributor Sun Belle LLC, will lease back the 82,261-square-foot property from the new owner, locally based Iconic Equities LLC, which specializes in industrial outdoor storage (IOS) and traditional industrial development. Built in 1978 and renovated in 2019, the cold storage facility sits on a 3.3-acre lot near Milam Dairy Road on the outskirts of the Miami International Airport campus. The property features 30.5-foot clear heights in the warehouse space, 24-foot clear heights in the cooler space, 11 dock-high doors and one grade-level door. Roger Zuniga of Digiacomo Group, along with Cody Brais, Luis Castillo and Taylor Osborne of JLL, represented Sun Belle in the sale-leaseback transaction. Additionally, Christopher Drew, Michael DiCosimo and Jovi Rodriguez of JLL arranged an undisclosed amount of acquisition financing for Iconic Equities.

February 19, 2025

Acquisitions Kentucky Multifamily Southeast

Kirkland Brokers Sale of 84-Unit Crown Pointe Apartments in Georgetown, Kentucky

by John Nelson February 19, 2025

GEORGETOWN, KY. — The Kirkland Co. has brokered the sale of Crown Pointe, an 84-unit apartment community located at 1100 W. Main St. in Georgetown, about 15 miles north of Lexington, Ky. Brandon Wilson, Brian Devlin and John Seale of Kirkland brokered the transaction. The seller, buyer and sales price were not disclosed. Built in 1994, Crown Pointe features two-bedroom apartments averaging 1,035 in size, with units recently renovated with updated flooring, kitchen backsplashes, appliances, painted cabinets, washer/dryer connections and bathroom vanities.

February 19, 2025

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