Property Type

BlueScope Properties Divests of 136,915 SF Logistics Center Near Denver

by Amy Works October 13, 2021

ENGLEWOOD, COLO. — BlueScope Properties Group has completed the sale of a logistics center situated on 12 acres at 14353 E. Otero Ave. in Englewood, a suburb seven miles south of Denver. Terms of the off-market transaction were not released. Completed in 2021, the 136,915-square-foot building features 32-foot clear heights, 37 exterior dock doors, three drive-in bays, ESFR fire protection, office space and ample parking. The single-tenant building, which was vacant at the time of sale, also has a rear-loading configuration. Larry Thiel and Sean Devaney of JLL Capital Markets and Carmon Hicks with JLL Industrial Leasing represented the seller in the deal. Hicks, Chris Schultz and James McGill, also of JLL, are handling leasing for the new owner.

October 13, 2021

Acquisitions Colorado Multifamily Student Housing Western

Hybridge Capital, Productive Capital Acquire 360-Bed Student Housing Property in Denver

by Amy Works October 13, 2021

DENVER — Los Angeles-based Hybridge Capital Management, in partnership with Productive Capital Associates, has purchased The Villas, a 120-unit student housing community in Denver. Central Street Capital sold the asset for $40 million in an off-market transaction. Located at 2555 31st St., The Villas features 360 beds. The buyers plan to completely renovate the property and add a clubhouse, gym, pool and dog park to the community.

October 13, 2021

Acquisitions Colorado Industrial Western

Gart Properties, Elkco Properties Sell West Sixth Commerce Center in Colorado for $17.8M

by Amy Works October 13, 2021

LAKEWOOD, COLO. — Gart Properties and Elkco Properties have completed the disposition of West Sixth Commerce Center, an industrial property located at 11111 West 6th Ave. in Lakewood. DocuVault acquired the asset for $17.8 million. DocuVault will occupy 52,877 square feet of the 154,950-square-foot building and lease the remaining space. The property features 32-foot clear heights and heavy power. Buzz Miller and Peter Beugg of Stream Realty Partners represented the seller, while Matt Capecelatro of Citywide Commercial Properties and Mark Dwyer of Lincoln Property Co. represented the buyer in the transaction.

October 13, 2021

Hospitality Loans Midwest Minnesota

D2 Capital Advisors Arranges $48.6M Construction Loan for Minneapolis Hotel Project

by Kristin Harlow October 13, 2021

MINNEAPOLIS — D2 Capital Advisors has arranged a $48.6 million loan for the construction of a 123-room, luxury boutique hotel in the North Loop District of Minneapolis. Commutator LLC is the developer of the project, which will be located at 125 N. 1st St. The 133,000-square-foot hotel will feature a rooftop bar, cellar bar, retail space, meeting space and a restaurant. Snow Kreilich Architects is the project architect, Neri & Hu is designing the interiors and Greiner Construction is the general contractor. Construction is scheduled to begin this month with completion slated for the first quarter of 2023. Jack Cortese and David Frankel of D2 arranged the loan with a Seattle-based REIT.

October 13, 2021

Leasing Activity Midwest Office Ohio

Upstart Signs 240,000 SF Office Sublease in Columbus, Ohio

by Kristin Harlow October 13, 2021

COLUMBUS, OHIO — Artificial intelligence lending platform Upstart has signed a sublease for 240,000 square feet of Class A office space at 3075 Loyalty Circle in the Easton neighborhood of Columbus. The lease is in addition to a recent 54,000-square-foot expansion by Upstart at 711 N. High St. in the Short North neighborhood of Columbus. Through its expansion, Upstart plans to create an additional 500 jobs. The new spaces feature a combination of open offices, breakout rooms and collaboration areas. Upstart’s Short North office opened in early September and its Easton office is slated for completion in January. Clayton Davis and Jeff Carey of JLL represented Upstart.

October 13, 2021

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $7M Sale of Starbucks-Anchored Retail Center in Chicago

by Kristin Harlow October 13, 2021

CHICAGO — Marcus & Millichap has brokered the sale of a Starbucks-anchored retail center located at 5505 S. Kedzie Ave. in Chicago’s Gage Park neighborhood for $7 million. The Starbucks features a drive-thru, and the overall property spans 14,812 square feet. Other tenants are a mix of medical and retail users. Nicholas Kanich and Mitchell Kiven of Marcus & Millichap represented the seller, a Chicago-based developer. The asset sold to an all-cash buyer.

October 13, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates $2.4M Sale of Planet Fitness-Occupied Property in Fort Wayne

by Kristin Harlow October 13, 2021

FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of a single-tenant retail property net leased to Planet Fitness in Fort Wayne for $2.4 million. Located at 7528 S. Anthony Blvd., the building spans 20,000 square feet. The former Kmart property was recently redeveloped into a Planet Fitness location as well as a self-storage facility. Dylan Mallory of Hanley represented the seller, a private partnership between locally based McCormack Development and Jackson Investment Group. A Southern California-based private investor was the buyer.

October 13, 2021

Development Illinois Industrial Midwest

Krusinski Breaks Ground on 19,000 SF Automotive Center in Joliet, Illinois

by Kristin Harlow October 13, 2021

JOLIET, ILL. — Krusinski Construction Co. has broken ground on a 19,000-square-foot automotive center for Cassidy Best-One Tire & Service in Joliet. The project will be situated within the Rock Creek Logistics Center at 3100 Channahon Road. The facility will provide truck and automobile tire work as well as general vehicle maintenance services. The project will feature 20 drive-in doors, 10 service bays and 1,000 square feet of office space. Completion is slated for early 2022. Cornerstone Architects is the architect and Jacob & Hefner Associates is the civil engineer. Ketone Partners is the developer of the project and the owner of Rock Creek Logistics Center, which is a 263-acre business park that offers direct access to I-80.

October 13, 2021

California Development Multifamily Top Stories Western

Kennedy Wilson Unveils Plans for 589-Unit Master-Planned Community in Camarillo, California

by Kristin Harlow October 13, 2021

CAMARILLO, CALIF. — Kennedy Wilson (NYSE: KW) has signed a long-term ground lease for a 32-acre parcel in Camarillo owned by California State University Channel Islands (CSUCI), with plans to build a new residential community. The master-planned project will include 310 market-rate apartments, 109 for-sale townhomes and 170 income-restricted apartments for seniors. It will also feature community-serving amenities. The project site is adjacent to the university and at the western edge of the Santa Monica Mountains. Camarillo is about 60 miles northwest of Los Angeles. The soon-to-be-named development contributes to Kennedy Wilson’s growing pipeline totaling approximately 4,700 multifamily units that are scheduled for completion by 2024. When the Camarillo project is completed, Kennedy Wilson’s global portfolio will total more than 33,000 units. “Developing this new community is an important step in our larger partnership with CSUCI and will meaningfully contribute to a region that is short on supply of high-quality apartments and homes for faculty, staff and local residents,” says Nick Bridges, managing director with Kennedy Wilson. “Many people are rethinking how and where they want to live, and we continue to see a trend of residents moving from city centers toward communities that have access to the outdoors, are …

October 13, 2021

Acquisitions Multifamily NAI New Jersey

JLL Negotiates Sale of 328-Unit Apartment Community in Lyndhurst, New Jersey

by Taylor Williams October 13, 2021

LYNDHURST, N.J. — JLL has negotiated the sale of The Union at Lyndhurst, a 328-unit apartment community in Northern New Jersey. The property offers studio, one- and two-bedroom units with an average size of 1,007 square feet. Residences are furnished with stainless steel appliances, individual washers and dryers and private patios/balconies. Amenities include a pool, fitness center, dog park and multiple courtyards. Jose Cruz, Michael Oliver, J.B. Bruno, Kevin O’Hearn and Steve Simonelli of JLL represented the seller, Mesirow Institutional Real Estate Direct Investments, in the transaction. Pacific Urban Investors acquired the asset for an undisclosed price.

October 13, 2021

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