Property Type

Colliers Brokers Sale of 2.4 MSF Industrial Portfolio Across Three Markets

by Kristin Harlow September 29, 2021

CHICAGO, CINCINNATI AND MEMPHIS, TENN. — Colliers International has brokered the sale of a four-building industrial portfolio spanning 2.4 million square feet for approximately $200 million. The Class A assets are located in the Chicago, Cincinnati and Memphis markets. Jeff Devine, Steve Disse, Tyler Ziebel and Alex Cantu of Colliers represented the seller, IDI Logistics. Canadian-based Granite REIT was the buyer. The Chicago-area property is located in Antioch, Ill. Constructed in 2015, the building spans 454,276 square feet with a clear height of 36 feet, parking for 139 cars and 136 trailers. The property is fully leased to two tenants. The two Memphis-area assets are located just over the state border in Olive Branch, Miss. The first facility is located at 12577 Stateline Road and spans 408,197 square feet. Built in 2016, the property features a clear height of 32 feet and is fully leased. The second building is located at 8740 S. Crossroads Drive and spans 861,252 square feet. Built in 2014, the facility features a clear height of 32 feet and is fully leased to three tenants. The Cincinnati-area facility spans 678,363 square feet. The fully leased building was constructed in 2007 and offers a clear height of …

September 29, 2021

Acquisitions Indiana Industrial Midwest

JLL Negotiates $43M Sale of Distribution Center Near Indianapolis

by Kristin Harlow September 29, 2021

MOORESVILLE, IND. — JLL Capital Markets has negotiated the $43 million sale of Westpoint II, a 507,600-square-foot distribution center in the Indianapolis-area community of Mooresville. Deckers Outdoors Corp. (NYSE: DECK), a lifestyle and footwear retailer, fully occupies the facility. Completed this year, the building features a clear height of 36 feet and 50 dock-high doors. It is situated within Westpoint Business Park, a 550-acre development that will feature more than 9 million square feet of Class A industrial product upon full buildout. John Huguenard, Ed Halaburt and Brian Seitz of JLL represented the seller, Ambrose Property Group LLC. Cambridge Holdings was the buyer.

September 29, 2021

Development Illinois Midwest Multifamily

McShane Completes Construction of 259-Unit Everton Flats in Warrenville, Illinois

by Kristin Harlow September 29, 2021

WARRENVILLE, ILL. — McShane Construction Co. has completed Everton Flats in Warrenville, a western suburb of Chicago. Atlantic Residential was the developer for the 259-unit luxury apartment project, which spans three buildings on a 10-acre site. Amenities include a community room, fitness center, pool, grilling area and playground. The development includes detached parking garages and surface parking lots. HKM provided architectural services.

September 29, 2021

Acquisitions Iowa Midwest Missouri Restaurant Retail

Hanley Investment Group Brokers $7.4M Sale of Three Taco Bell-Occupied Properties in Missouri, Iowa

by Kristin Harlow September 29, 2021

MISSOURI AND IOWA — Hanley Investment Group Real Estate Advisors has brokered the sale of three single-tenant, net-lease properties occupied by Taco Bell in Missouri and Iowa for $7.4 million. The assets sold to three separate buyers. The seller for the two Missouri properties was a San Francisco Bay area-based private investment company. Jeff Lefko, Bill Asher and Beau Velten of Hanley and Jeff Christian of First Street Brokerage, in association with ParaSell Inc. represented the seller. In Kansas City, a 2,053-square-foot building located at 5700 E. Bannister Road sold to a Springfield, Mo.-based private investor. Brad Thessing of Thessing Commercial Properties represented the buyer. In Bethany, Mo., a 3,200-square-foot restaurant located at 4132 Miller St. sold to a California-based family trust. James Bitter of Fortune Associates represented the buyer. In West Des Moines, a Taco Bell ground lease sold to a Wyoming-based private investor. David Borinstein of Colliers International represented the buyer. Hanley’s Lefko and Asher, in association with Scott Reid and ParaSell Inc., represented the seller, a Kansas City-based private investor. The 2,989-square-foot restaurant is located at 1570 22nd St.

September 29, 2021

Acquisitions Development Georgia Mixed-Use Multifamily Southeast

PMG, Greybrook Purchase Land to Develop Society Atlanta Mixed-Use Project

by Julia Sanders September 29, 2021

ATLANTA — Miami and New York-based PMG and Toronto-based Greybrook Realty Partners, in a joint venture, have acquired 811 Peachtree St. N.E. with plans to develop Society Atlanta, a 460-unit mixed-use project within the PMG’s Society Living multifamily brand. Mark Lindenbaum of JLL brokered the transaction. The land price was $20.3 million. The seller was not disclosed. Designed by Atlanta-based architecture firm Cooper Carry, Society Atlanta will feature 70,000 square feet of office space and 16,000 square feet of retail space. Slated for delivery in the first quarter of 2024, the 33-story development will include traditional apartment units and “rent-by-bedroom” or co-living options. Community amenities at Society Atlanta will include a pool deck, fitness center and co-working facilities. Society Atlanta will continue the expansion of PMG’s national Society Living portfolio, which was created to address demand for reasonable rents close to urban areas. Other Society Living developments include Society Las Olas in downtown Fort Lauderdale, Fla., which opened in May 2020; Society Biscayne in downtown Miami, slated to open in early 2022; Society Orlando, currently under construction in downtown Orlando; and Society Wynwood, under construction in Miami’s Wynwood Arts District. Additionally, Society Denver was announced in August.

September 29, 2021

Acquisitions Multifamily South Carolina Southeast

Cushman & Wakefield Arranges Sale of 252-Unit Oak Ridge at Pelham in Greenville

by Julia Sanders September 29, 2021

GREENVILLE, S.C. — Cushman & Wakefield has arranged the sale of Oak Ridge at Pelham, a 252-unit apartment community located in Greenville. Tai Cohen, Marc Robinson and John Phoenix of Cushman & Wakefield represented the seller, Graves Brothers Co., in the transaction. Timberland Partners acquired the property for an undisclosed price. Built in 1986, Oak Ridge at Pelham is a two-story multifamily community. Located at 150 Oak Ridge Place, the property’s units offer walk-in closets, vinyl flooring, washer/dryer hookups and fireplaces. The community offers one- and two-bedroom floor plans with an average unit size of 824 square feet. Community amenities include a basketball court, car care center, fitness center, grilling/picnic areas, laundry facilities, nature trail, pet park, business center, swimming pool and tennis court.

September 29, 2021

California Development Loans Multifamily Student Housing Western

Core Spaces Receives Construction Financing for 577-Bed Student Housing Community Near the University of Southern California

by Amy Works September 29, 2021

LOS ANGELES — Core Spaces has received construction financing for Hub on Campus II, a 577-bed student housing development located near the University of Southern California (USC) in Los Angeles. TSB Capital Advisors secured the loan through Square Mile Capital and PacWest Bank on behalf of the borrower. Details of the financing were undisclosed. The project is scheduled for completion by fall 2023.

September 29, 2021

Acquisitions California Development Office Western

Joint Venture Buys 63,100 SF Property in Los Angeles for $20M, Plans Adaptive Reuse Project

by Amy Works September 29, 2021

LOS ANGELES — A joint venture between New York-based LIVWRK and Daniel Kotzer of Los Angeles has purchased a historic 63,100-square-foot property in Los Angeles’ Art District for $20 million. The partnership will transform the two-building asset, located at 800-810 Traction Ave., into an office and lifestyle project called AtTraction. Construction on the renovations is slated to begin this week, with completed scheduled for early 2023. Upon completion, AtTraction will be a five-story building, plus a basement, totaling 53,400 square feet. Floors will range between 7,500 square feet to 10,700 square feet with ceilings ranging from 10 feet to 15 feet. The property at 810 Traction Ave. will be a two-story building, plus basement, totaling 9,700 square feet. Each building will also offer the potential for ground-level retail. The building at 800 Traction Ave. will feature a rooftop patio deck and the building at 810 Traction Ave. will offer a private gated patio space. Additionally, there is a private parking lot serving both buildings. The building originally housed the Joannes Brothers Co., a coffee, tea and spice processor and wholesaler, followed in the mid 1950s by the Los Angeles Desk Co. Mike Condon Jr., McKenna Gaskill and Brittany Winn of …

September 29, 2021

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers Sale of 181-Unit Verde Vista Apartments in Phoenix

by Amy Works September 29, 2021

PHOENIX — ABI Multifamily has arranged the sale of Verde Vista Apartments, a multifamily property located in Phoenix. A California-based buyer acquired the asset from a New Jersey-based seller for $24.5 million, or $135,359 per unit. Built in 1978, Verde Vista Apartments is a 181-unit, garden-style community comprising eight residential buildings. The property offers a mix of 80 studio units, 94 one-bedroom/one-bath units and seven two-bedroom/two-bath units. Community amenities include two swimming pools, two laundry facilities, a large children’s playground, barbecue grills, an on-site rental office and covered and open parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the buyer and seller in the transaction.

September 29, 2021

Acquisitions Colorado Retail Western

Blue West Capital Arranges Sale of 19,138 SF Abilene Marketplace in Aurora, Colorado

by Amy Works September 29, 2021

AURORA, COLO. — Blue West Capital has brokered the sale of Abilene Marketplace, a multi-tenant retail property located at 1113 S. Abilene St. in Aurora. A California-based seller sold the property to a California-based investor for an undisclosed price. The 19,138-square-foot property was fully leased at the time of sale. Tenants include Verizon Wireless, Mattress Firm, EyeCare Specialties of Colorado, Canvas Credit Union and Scrubs & Beyond. Tom Ethington of Blue West Capital represented the seller in the transaction.

September 29, 2021

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