GLENDALE HEIGHTS, ILL. — Inno-Tech has purchased a 30,990-square-foot industrial building in the Chicago suburb of Glendale Heights for its new corporate headquarters. The property is located at 1879 Internationale Blvd. Inno-Tech, a custom sheet metal and 3D printing group, purchased the asset for $3.5 million. David Conroy of Cawley Chicago represented the buyer. JLL represented the seller, Global Furniture, which relocated to a larger space in Warrenville.
LAS VEGAS — Laguna Point Properties has acquired two multifamily properties in Las Vegas from an overseas investor for $129.7 million in an off-market transaction. Totaling 708 units, Topaz and Viridian are part of a 1,945-unit, $566 million portfolio acquisition by Laguna Point Properties. Other recently closed acquisitions include five properties in Los Angeles and one in Jacksonville, Fla. Built in 1985 and 1981, respectively, Topaz and Viridian are located adjacent to one another on West Viking Road. The 252-unit Topaz offers one- and two-bedroom floorplans, and Viridian features 456 studio, one-, two- and three-bedroom units. Laguna Point Properties has engaged Cushman & Wakefield to manage the two properties in Las Vegas, while Greystar will manage the properties in Los Angeles and ZRS Management will manage the Jacksonville property. Pat Sauter and Art Carll-Tangora of Avison Young’s Las Vegas office represented Laguna Point Properties in the transaction. Troy Tegeler, Trevor Breaux, Ryan Greer and CJ Connolly of CBRE Capital Markets secured debt financing for the buyer.
SEATTLE — Newmark has arranged the sale of 1101 Westlake, an office building located in downtown Seattle’s South Lake Union submarket. BioMed Realty acquired the property from Invesco Real Estate for an undisclosed price. Built in 2015, 1101 Westlake is a six-story, 153,708-square-foot creative office building featuring LEED Silver certification and views of Lake Union. The property is 100 percent net-leased to Meta Platforms. Kevin Shannon, Nick Kucha, Michael Moll, Ken White, Rachel Jones, Jeff Hodson, Jesse Ottele and Alex Foshay of Newmark represented the seller in the transaction.
SAN DIEGO — MetroGroup Realty Finance has secured $18.5 million in financing for a 56,173-square-foot retail center in San Diego. The undisclosed borrower developed the property in two phases in 2002 and 2013. The financing features a maximum loan-to-value ratio of 60 percent for 10 years with a 30-year amortization schedule. Tenants at the property at the time of financing included Subway, several service and fitness tenants, and a service station and car wash. The use of the funds was not disclosed.
MESA, ARIZ. — Taylor Street Advisors has arranged the sale of The Horne Portfolio, an apartment complex in Mesa. A local private capital owner sold the asset to a local syndicator and professional investor for $5.6 million, or $200,000 per unit. Located at 111-113 N. Horne St., the portfolio features 28 two-bedroom/one-bathroom apartments, individually metered for electric with individual HVAC units., in single-story, garden-style buildings. Brian Tranetzki and Anton Laakso of Taylor Street Advisors represented the seller in the deal.
DENVER — Blue West Capital has brokered the sale of Park Hill Shops, a three-tenant retail property located in Denver. A Colorado-based real estate investment company sold the asset to a local 1031 exchange investor for $3.4 million. Robert Edwards and Tom Ethington of Blue West Capital represented the seller in the deal. Located at 2245 Kearney St., the 9,160-square-foot building was originally built in the 1950s as a movie theater.
Milwaukee is a city known for beer, motorcycles, basketball and blue-collar workers. However, Milwaukee should also be known for having a strong retail marketplace as well. With ever-changing markets and trends, retailers are finding many ways to get creative and adapt with the trends. Due to the adaptation, the competition for prime outlots is at an all-time high and does not appear to be changing any time soon. Outlot wars It’s with absolute certainly that the Milwaukee retail market has seen a massive influx for prime outlots. So much so that the phrase “outlot wars” is regularly used when describing retail outlot developments and redevelopments. In an already saturated segment of retail real estate, we have seen many new concepts/categories pushing to secure premium outlot sites in the market. Quick-service restaurants (QSRs) and fast-casual restaurants, auto and financial institutions are the biggest participants to date. Since the beginning of the COVID pandemic in 2020, we have seen a pretty significant shift in the food category from QSR and fast-casual concepts alike. Milwaukee has seen many existing concepts continue to expand or reposition within a market, but we have also seen new concepts making a push to enter the market as …
SANTA BARBARA, CALIF. — The student housing industry continued to show strong fundamentals in the first quarter of this year, with preleasing levels off to a robust start and annual rent growth exceeding pre-pandemic levels, according to the latest installment of Yardi’s National Student Housing Report. As of March, preleasing for fall 2022 was reported at 63.8 percent — a number that is 13.5 percent higher than the same time last year and 9.9 percent higher than March 2019 — and the average rent per-bedroom for fall 2022 is $777. These figures are based on the company’s “Yardi 200” markets, which include the top 200 investment-grade universities across all major collegiate conferences, including the Power 5 conferences and Carnegie R1 and R2 universities (research universities in the Carnegie Classification of Institutions of Higher Education). A handful of university markets were almost fully preleased as of March, with Purdue University (99.9 percent preleased), the University of Pittsburgh (99.8 percent preleased) and the University of Wisconsin-Madison (98.3 percent preleased) topping the list. Few universities are struggling with fall 2022 preleasing so far, but those that are tend to have higher acceptance rates, according to the report. The University of Houston had the …
CELINA, TEXAS — Centurion American Development Group has broken ground on Legacy Hills, a mixed-use, master-planned development that will span approximately 3,200 acres in the North Texas city of Celina. The site is located at the corner of Legacy Drive and Celina Parkway, about 40 miles north of downtown Dallas. Legacy Hills will feature more than 10,000 residential units, with current plans calling for about 7,000 single-family homes and 4,100 multifamily units. The commercial component will encompass 100 acres and will include retail, restaurant and entertainment space, though other uses within that portion of the project have not yet been announced. In addition, Centurion American has earmarked two 12-acre parcels as future sites of schools within the Celina Independent School District, as well as two seven-acre tracts that will house fire and police stations. A network of hiking and biking trails will link various pieces of the development, and Centurion has allocated 27 acres for the City of Celina to develop into a sports park. Lastly, a championship golf course, complete with a driving range, putting green and clubhouse, will run through the center of the site. The single-family homes will be spread across seven subdivisions, each of which will …
HOUSTON — Tampa-based multifamily investment firm American Landmark has acquired H6, a 293-unit apartment community in Houston’s Energy Corridor area. Built in 2016, the property offers one- and two-bedroom units ranging in size from 475 to 1,444 square feet. Apartments feature stainless steel appliances, European cabinetry, granite countertops, washers and dryers and private balconies. Amenities include a pool, fitness center, game room, business center and a Zen garden. The seller was not disclosed. American Landmark has subsequently rebranded the community as Neo at Ten.