Property Type

Colliers Negotiates $21.3M Acquisition of Portal Apartment Building in Seattle

by Amy Works March 22, 2021

SEATTLE — Colliers International has arranged the purchase of The Portal, a multifamily property located at 743 N. 35th St. in Seattle’s Fremont neighborhood. A local family office acquired the property for $21.3 million, or $690 per net rentable square foot. The name of the seller was not released. Recently completed, The Portal features 54 apartments and was sold pre-stabilization, closing 90 days after the seller received the certificate of occupancy. Tim McKay, Dan Chhan, Sam Wayne and Matt Kemper of Colliers Pacific Northwest Multifamily Advisor team represented the buyer in the transaction.

March 22, 2021

Acquisitions Colorado Office Western

Continental Divide Holdings Buys 8,000 SF Office Property in Littleton, Colorado for Medical Office Conversion

by Amy Works March 22, 2021

LITTLETON, COLO. — Continental Divide Holdings LLC has acquired an office property located at 8331 Continental Divide in Littleton. Colorado Credit Union sold the asset for an undisclosed price. Formerly a credit union brand and headquarters, the 8,000-square-foot property feature a drive-thru and monument signage. The buyer plans to convert the building into a medical office space for use as its pediatric practice. Rick Egitto of Avison Young, along with Justin Rayburn of Fountainhead Commercial Properties, represented the seller, while Dann Burke and Stephani Gaskins of CBRE Healthcare Real Estate Brokerage Services represented the buyer in the deal.

March 22, 2021

Acquisitions California Industrial Western

Lee & Associates Brokers $13M Acquisition of Industrial Building in Carlsbad, California

by Amy Works March 22, 2021

CARLSBAD, CALIF. — Lee & Associates has arranged the purchase of a single-tenant industrial property located at 6212 Corte del Abeto in Carlsbad. Elion Acq LLC acquired the asset from an undisclosed seller for $13 million. Built in 1987, the 70,224-square-foot building features two dock-high doors, six grade-level doors, up to 26-foot clear heights and visibility on Palomar Airport Road. The property is located within Palomar Airport Business Park. Rusty Williams, Chris Roth, Greg Pieratt and Jake Rubendall of Lee & Associates – North San Diego County represented the buyer in the transaction.

March 22, 2021

1000-Southgate-Pkwy.-Morristown-New-Jersey

Acquisitions New Jersey Northeast Office

Birch Group Acquires Office Portfolio in Morristown, New Jersey, for $77M

by Taylor Williams March 22, 2021

MORRISTOWN, N.J. — The Birch Group, a New York-based investment firm, has acquired a portfolio of three office buildings totaling 411,737 square feet in the Northern New Jersey city of Morristown. The sales price was $77 million. The buildings are located at 60 Columbia Drive, 100 Southgate Pkwy. and 1200 Mount Kemble Ave. and were collectively 98 percent leased at the time of sale. Cushman & Wakefield represented the seller, Lincoln Equities Group, in the transaction.

March 22, 2021

Development Hospitality Midwest Missouri

Midas Construction Breaks Ground on $47M Residence Inn Hotel in Suburban St. Louis

by Kristin Harlow March 22, 2021

CLAYTON, MO. — Midas Construction has broken ground on a $47 million Residence Inn by Marriott hotel in Clayton, a suburb of St. Louis. The extended-stay hotel will rise 12 stories with 170 rooms. Completion is slated for 2022. A street-level bar will include indoor and outdoor seating. There will also be 3,300 square feet of meeting space with an outdoor terrace and bar. Guests will enjoy complimentary breakfast and access to a 1,500-square-foot fitness center. Joining Midas on the project team are CECO Concrete Construction Inc., SSC Engineering and Castle Contracting LLC.

March 22, 2021

Illinois Industrial Midwest

Industrial Outdoor Ventures Recapitalizes, Forms Joint Venture with Stockbridge

by Kristin Harlow March 22, 2021

SCHAUMBURG, ILL. — Schaumburg-based Industrial Outdoor Ventures (IOV) and its equity sponsor BLG Capital Advisors have recapitalized and formed a joint venture with San Francisco-based Stockbridge. Financial terms of the deal were not disclosed. IOV sold a significant interest in its 26-building industrial service facilities (ISF) portfolio to Stockbridge. The properties are located in major markets throughout the U.S., including Atlanta, Chicago, Dallas, Phoenix and southern California. The venture plans to continue growing the portfolio, with plans to make $100 million to $200 million in property acquisitions each year. IOV has entered into an agreement to continue managing the portfolio and future investments. CIBC Bank, along with a group of co-lenders, provided a $145 million credit facility to the venture for the seed portfolio and future acquisitions. Mike Caprile, Zach Graham and Ryan Bain of CBRE arranged the recapitalization and joint venture. IOV is a national real estate investor focused exclusively on outdoor storage facilities. ISF are used to support supply chains in the storage, maintenance and dispatch of equipment and bulk material. They are primarily used by the transportation, e-commerce, construction and utility industries.

March 22, 2021

Illinois Leasing Activity Midwest Office

Law Firm Ice Miller Signs Office Lease Extension, Expansion in Chicago

by Kristin Harlow March 22, 2021

CHICAGO — Full-service law firm Ice Miller LLP has signed a long-term lease extension and expansion at 200 West Madison in Chicago. The firm will increase its current 22,897-square-foot space to 36,112 square feet, remaining on the entire 35th floor and expanding to part of the 36th floor. Corey Siegrist, Bill Rogers and Brian Means of JLL represented Ice Miller in the lease negations. Jeff Dowdell and Eric Myers of Transwestern represented ownership, BentallGreenOak.

March 22, 2021

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Arranges $2.5M Sale of Raising Cane’s-Occupied Property in Indiana

by Kristin Harlow March 22, 2021

MISHAWAKA, IND. — Marcus & Millichap has arranged the sale of a 3,320-square-foot restaurant property occupied by Raising Cane’s in Mishawaka for $2.5 million. The newly constructed, single-tenant building is located at 5212 N. Main St. and was the first Raising Cane’s to open in the Indiana market. Chris Lind, Mark Ruble, Zack House and Brennan Clegg of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Buyer information was undisclosed.

March 22, 2021

Kansas Leasing Activity Midwest NAI Retail

M.Vincè Nail Spa to Join Tenant Lineup at Bradley Fair in Wichita, Kansas

by Kristin Harlow March 22, 2021

WICHITA, KAN. — M.Vincè Nail Spa is set to open at Bradley Fair in Wichita this summer. This will be the nail spa’s second location in the state of Kansas. The store design will feature areas for nail care, eyebrow and eyelash care, waxing services and skincare services. The unique layout enables each client to have more privacy than other salons offer, according to the company. Guests can enjoy complementary beverages during their visit. M.Vincè is a sister brand of Anthony Vincè nail spas. Bradley Fair, built in 1990, includes over 40 stores and restaurants. WS Development is the property owner.

March 22, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 100,170 SF Industrial Lease in Burlington, New Jersey

by Taylor Williams March 22, 2021

BURLINGTON, N.J. — NAI Mertz has negotiated a 100,170-square-foot industrial lease at 320 Dulty’s Lane in Burlington, located northeast of Philadelphia. The property is situated on 13 acres, spans 280,290 square feet and features 36-foot clear heights. Scott Mertz of NAI Mertz represented the landlord, Denver-based Black Creek Group, in the lease negotiations. The tenant is EBP Supply Solutions, a wholesale distributor of products to the cleaning and foodservice industries.

March 22, 2021

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