MILWAUKEE — Stan Johnson Co. has arranged the sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Milwaukee for $2.4 million. The building is located at 1216 S. 1st St. and was constructed in 2018. Blaise Bennett of Stan Johnson represented the seller, a Wisconsin-based developer. A Texas-based private equity group was the buyer. The sales price represents a cap rate of 5.1 percent, a new record for a Sherwin-Williams property in the Midwest, according to Stan Johnson.
TROY, MICH. — Vintage King Audio has signed a 17,220-square-foot industrial lease at 2032 Heide St. in Troy. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord in the seven-year lease. Sam McLean of Team Core represented the tenant, which is an audio-visual equipment supplier.
EL SEGUNDO, CALIF. — The Los Angeles Chargers have reached an agreement with Continental Development Corp. and Mar Ventures Inc. to build its new corporate headquarters and training facility on a 14-acre site in El Segundo, about 20 miles southwest of Los Angeles. Designed by Gensler Sports, the project will be situated less than three miles from the Los Angeles International Airport and seven miles from SoFi Stadium, where the football team plays. The Chargers had been searching for a location for more than four years, according to Dean Spanos, owner and chairman of the board. Special features within the headquarters will include a rooftop hospitality club, full e-sports gaming and content studios and a 3,100-square-foot media center. The main building will span nearly 145,000 square feet. There will also be three natural grass fields with an artificial turf perimeter that can be taken in from 7,600 square feet of elevated outdoor terrace space. Outdoor amenities will include an additional 3,400-square-foot elevated turf area and a two-lane lap pool for player rehabilitation. The field area is designed to accommodate bleacher seating for more than 5,000 people. With 348 onsite parking spaces and accommodations available for offsite parking, the Chargers will …
MIDDLESEX, N.J. — Cushman & Wakefield has brokered the sale of a 400,000-square-foot industrial facility in Middlesex, about 40 miles southwest of New York City. Built on 30.3 acres in 2021, the property offers a clear height of 36 feet, 38 loading positions, 334 car and 281 van parks and 130-foot truck court depths. Gary Gabriel, Kyle Schmidt, David Bernhaut, Ryan Larkin, Jules Nissim and Kimberly Bach of Cushman & Wakefield represented the seller, Rockefeller Group, in the transaction. A fund sponsored by CBRE Investment Management acquired the asset for an undisclosed price.
EAST HAVEN, CONN. — JLL has provided a $20.4 million Freddie Mac loan for the refinancing of 510 Main, a 214-unit multifamily asset in East Haven, located in the southern coastal part of the state. The property features studio and one-bedroom units that range in size from 425 to 482 square feet and include private balconies/patios. The amenity package consists of a fitness center, coffee bar, a Wi-Fi resident lounge and a package locker system. Elliott Throne, Mona Carlton, Alex Staikos and Amit Kakar of JLL originated the 10-year, fixed-rate loan on behalf of the borrower, Beachwold Residential.
NEW YORK CITY — Target will open a 90,000-square-foot store at Kings Plaza, an enclosed shopping center by California-based REIT Macerich (NYSE: MAC) in Brooklyn. Target will backfill a three-story anchor building previously occupied by J.C. Penney. An expected opening date was not released. Other retailers at Kings Plaza include Macy’s, Zara, Burlington, Primark and Michael Kors.
PHOENIX — ABI Multifamily has arranged the sale of Westover Parc Apartments, a multifamily property located at 6515 W. McDowell Road in Phoenix. The asset traded for $41.6 million, or $260,156 per unit. The names of the buyer and seller were not released. Built in 2002 on 16.1 acres, Westover Parc Apartments features 160 units in a mix of one-bedroom/one-bath, two-bedroom/two-bath and three-bedroom/two-bath floor plans. Apartments feature patios/balconies, ceiling fans, walk-in closets and full-size washers/dryers. Community amenities include a leasing office, swimming pool, fitness center, barbecue grills, picnic areas, a dog park, two gazebo areas, gated/controlled access, open/covered parking and garages. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovick of ABI Multifamily’s Phoenix-based Institutional Apartment Group represented the Massachusetts-based buyer and the California-based seller in the deal.
LONG BEACH AND WEST CARSON, CALIF. — R.D. Olson Construction has broken ground on two affordable housing communities in Los Angeles County: Anaheim and Walnut in Long Beach and West Carson Villas in West Carson. The projects are slated for completion by summer 2023. Developed by Bridge Housing in partnership with the City of Long Beach and the Long Beach Housing Authority, Anaheim and Walnut will feature 207,000 square feet of mixed-use space at 1500 E. Anaheim St. in Long Beach. The $44 million project will offer 88 housing units in a mix of one-, two- and three-bedroom layouts for formerly homeless seniors (age 55 or older) and low-income families that earn between 30 percent and 60 percent of area median income (AMI). The property will include four levels of residential space over the ground-floor commercial space and a three-story parking structure. The fourth-floor terrace of the parking structure features amenities including a tot lot, exercise equipment, barbecues, seating areas, trellises, community planters and rubber surface flooring. SVA Architects is serving as architect for the project. PATH Ventures, in partnership with the Los Angeles County Development Authority, is developing West Carson Villas at 22801-22905 S. Vermont Ave. in West Carson. …
ENGLEWOOD, COLO. — CBRE has brokered the sale of Dry Creek Medical Office Building, located at 125 Inverness Drive East in Englewood. Terms of the transaction were not released. Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE Healthcare and Life Sciences Capital Markets partnered with Dann Burke, Stephani Gaskins and Anna Heiserman of CBRE’s Denver office to represent the undisclosed seller in the deal. Built in 2000, Dry Creek Medical Office Building features 57,250 square feet of space. At the time of sale, the property was 87 percent leased to a variety of tenants, including two surgery centers, imaging, OB/GYN, dentistry, ophthalmology, neurology, pain management and plastic surgery specialists.
NORTH LAS VEGAS, NEV. — Applied Medical Resources Corp. has purchased an industrial facility located at 3955 N. Pecos Road in North Las Vegas. Aria Investments sold the asset for $5.3 million. Dean Willmore, Alex Stanisic, Mike Willmore and Lauren Willmore of CBRE represented the seller in the deal. Built in 2006, the 33,787-square-foot warehouse features 24-foot clear heights, seven private offices, two dock-high loading doors, three grade-level loading doors, a paved, fenced yard and a 50-stall parking lot.
