Property Type

Colliers Brokers Sale of 89,973 SF Shopping Center in Kansas City

by Kristin Harlow March 1, 2021

KANSAS CITY, KAN. — Colliers Kansas City has brokered the sale of Westfield Shopping Center in Kansas City for an undisclosed price. The 89,973-square-foot shopping center is situated at the southwest corner of 80th Street and State Avenue. Tenants include CVS Pharmacy, Citi Trends, Save A Lot, Family Dollar, Reece Nichols, Metro PCS, Fantastic Sams and T-Mobile. Mark Arensberg and Mike Yeggy of Colliers represented the buyer, Chicago-based Newport Capital Partners. The acquisition marks the first investment in the Kansas City market for Newport. The seller was undisclosed.

March 1, 2021

Acquisitions Illinois Midwest Retail

Single-Tenant Retail Property in Bensenville, Illinois Trades Hands

by Kristin Harlow March 1, 2021

BENSENVILLE, ILL. — A single-tenant retail property located at 801 N. Route 83 in Bensenville has traded hands for an undisclosed price. Bensenville is about 22 miles northwest of Chicago. The freestanding building was previously leased to Citgo. Jason Caplan of Quantum Real Estate Advisors Inc. represented the seller, a local owner and operator. Hayden Koplow of Friedman Real Estate represented the buyer, a national fuel and convenience store operator based in New York. The seller developed the property two years ago.

March 1, 2021

Acquisitions Industrial Washington Western

Terreno Realty Acquires Parmac Industrial Park in Metro Seattle for $33.7M

by Amy Works March 1, 2021

KIRKLAND, WASH. — Terreno Realty has purchased Parmac Industrial Park, located at 10822-10858 117th PL NE in Kirkland. An investment group, which owned the property for more than 30 years, sold the asset for $33.7 million, or $266 per square foot. At the time of escrow, a mix of wholesalers, distributors and sports/recreational tenants fully occupied the 126,721-square-foot property. A seven-acre lot with future expansion potential was included in the transaction. Leroy Lutu of Marcus & Millichap represented the seller and procured the buyer in the deal.

March 1, 2021

Development Industrial Nevada Western

Panattoni Development Breaks Ground on 138,240 SF Building to Complete North Valleys Commerce Center in Reno

by Amy Works March 1, 2021

RENO, NEV. — Panattoni Development has commenced construction of Building J, the 10th and the final building of the North Valleys Commerce Center in Reno. Located at 9575 N. Virginia Road, Building J will add 138,240 square feet of space to the park, which totals nearly 3 million square feet. Current tenants at North Valleys Commerce Center include S&S Activewear, Mary’s Gone Crackers, Mary Kay Corp. and Compass Health. The buildings at the park feature 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample power, standard column spacing, divisibility, quick access to US 395 via the Steade Boulevard and Lemmon Drive interchanges and freeway visibility. CP Logistics NVCC IV LLC owns the center, which Panattoni is developing. Tectonics served as architect and Alston Construction is the builder for the project. Mike Nevis and Shawn Jaenson of Kidder Mathews are handling leasing for the project.

March 1, 2021

Acquisitions Multifamily New Hampshire Northeast

CBRE Arranges $69.2M Sale of Timberwood Commons Apartments in Lebanon, New Hampshire

by Taylor Williams March 1, 2021

LEBANON, N.H. — CBRE has arranged the $69.2 million sale of Timberwood Commons, a 252-unit apartment community in Lebanon, located in central New Hampshire. The property consists of five three-story buildings on a 42.6-acre tract. Units feature studio, one-, and two-bedroom floor plans with an average size of 847 square feet. Amenities include a clubhouse, business center, community room, fitness center and a dog park. Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, Philadelphia-based Merion Realty Partners, and procured the buyer, an affiliate of Boston-based Audubon Capital Partners.

March 1, 2021

Silver-Ridge-Health-Care-Center-Las-Vegas-NV

Loans Multifamily Nevada Student Housing Western

KeyBank Provides $30.8M in HUD-Insured Financing for Two Seniors Housing Properties in Las Vegas

by Amy Works March 1, 2021

LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that Covenant Care operates. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech and occupational therapy. Silver Ridge, built in 1999, comprises 147 operating beds (78 units) and provides in-house and outpatient physical, occupational, speech and respiratory therapy. The two FHA-insured loans were structured with a 35-year, fully amortizing term. John Randolph of KBREC’s Commercial Mortgage Group and Grant Saunders and Peter Trazzera of Key’s Healthcare Finance Group originated and structured the financing.

March 1, 2021

Acquisitions California Industrial Western

RanchHarbor, Manhattan West Acquire Value-Add Industrial Property Near Los Angeles

by Amy Works March 1, 2021

SIGNAL HILL, CALIF. — A joint venture between Newport Beach, Calif.-based RanchHarbor and Los Angeles-based Manhattan West Real Estate has purchased a 0.79-acre, value-add industrial asset located in Signal Hill. Terms of the off-market transaction were not released. The property consists of two single-tenant industrial buildings totaling 18,682 square feet with a shared secured yard. Each building offers a dock-high door and a grade-level door. At the time of acquisition, one building was occupied with a substantial term remaining on the lease and the other building was vacant. The buyers plan to perform deferred maintenance and capital improvements to the property, including “white boxing” of the vacant building to improve its marketability and make it move-in ready. The joint venture has retained Marc Bonadando and Brad Connors of Kidder Mathews to handle leasing of the available space. RanchHarbor arranged a full capital-stack solution for the transaction, with the company’s advisory platform sourcing a 36-month, fixed-rate, non-recourse bridge loan from a bank lender.

March 1, 2021

Industrial Leasing Activity NAI New Jersey Northeast

NAI Mertz Negotiates 300,700 SF Industrial Lease in Florence, New Jersey

by Taylor Williams March 1, 2021

FLORENCE, N.J. — NAI Mertz has negotiated a 300,700-square-foot, full-building industrial lease at 839 Railroad Avenue, a project under construction in the Southern New Jersey city of Florence. Scott Mertz of NAI Mertz represented the tenant, auto parts supplier DNA Motoring, in the lease negotiations. Tony Rod of Lee & Associates represented the developer, Denver-based Black Creek Group. Building features include 36-foot clear heights, ample trailer parking and immediate proximity to the New Jersey Turnpike. DNA Motoring expects to take occupancy of the building in the second quarter.

March 1, 2021

Acquisitions Massachusetts Northeast Retail

Equity Industrial Buys Metro Boston Retail Building Leased to Stop & Shop for $35.5M

by Taylor Williams March 1, 2021

WATERTOWN, MASS. — Locally based investment firm Equity Industrial Partners has purchased a 69,000-square-foot retail building that is net leased to grocer Stop & Shop in Watertown, a western suburb of Boston. The sales price was $35.5 million. Stop & Shop has occupied the building for more than 25 years and recently extended its long-term lease. JLL represented the seller, a partnership between Winstanley Enterprises and Surrey Equities LLC, in the sale and procured Equity Industrial as the buyer. Equity Industrial Partners said it targeted the asset in response to intense competition for industrial properties that was pushing yields lower, and that the company believed it could find higher yield in retail deals for a similar risk profile.

March 1, 2021

Development Massachusetts Multifamily Northeast

Procopio Cos. Completes 30-Unit Multifamily Building in Beverly, Massachusetts

by Taylor Williams March 1, 2021

BEVERLY, MASS. — Locally based developer The Procopio Cos. has completed the 30-unit Building B at Sedna, a 3.5-acre waterfront multifamily development in Beverly, located northeast of Boston. The 32-unit Building A opened to residents in October. Units feature one- and two-bedroom floor plans, and amenities include two rooftop terraces, a fitness center, clubroom and wine bar, pet wash station and onsite parking for residents. Rents start at $2,450 per month for a one-bedroom unit, according to Apartments.com.

March 1, 2021

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