Property Type

JLL Brokers Sale of Grocery-Anchored Retail Center in Suburban Cleveland for $10.5M

by Kristin Harlow June 3, 2021

STREETSBORO, OHIO — JLL Capital Markets has brokered the sale of Streetsboro Crossing in suburban Cleveland for $10.5 million. Grocer Giant Eagle anchors the 89,436-square-foot retail center. Other tenants at the property, which was nearly 94 percent leased at the time of sale, include Pet Supplies Plus, Palm Beach Tanning, GNC, Great Clips and Sally Beauty. Completed in 1996 and renovated this year, the center is situated on nearly 20 acres. Amy Sands, Clinton Mitchell, Kirstey Lein and Bill Poffenberger of JLL represented the seller, an affiliate of Chicago-based Pine Tree. A private Delaware Statutory Trust investor purchased the asset in an all-cash transaction.

June 3, 2021

Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $6.6M Agency Acquisition Loan for Apartment Complex Near St. Paul

by Kristin Harlow June 3, 2021

MAHTOMEDI, MINN. — Colliers Mortgage has provided a $6.6 million Fannie Mae loan for the acquisition of Mahtomedi Flats in Mahtomedi, a northeast suburb of St. Paul. Built in 2018, the 36-unit apartment complex features a community room, fitness center, storage space and grills. The loan carries a 12-year term and a 30-year amortization schedule. Victoria Properties Group LLC, Wash N Fill Properties Minnesota LLC, Wash N Fill Property Champlin LLC and Wash N Fill Property New Brighton LLC were the borrowers.

June 3, 2021

Kansas Leasing Activity Midwest Office

OneDigital to Relocate Office to Overland Park, Kansas

by Kristin Harlow June 3, 2021

OVERLAND PARK, KAN. — OneDigital, a health, retirement and human resources advisory firm, has leased 16,925 square feet at CityPlace Corporate Center I in Overland Park. The firm will relocate and expand its retirement and wealth national headquarters beginning in November. The office property is located at 11101 Switzer Road. Anné Erickson and R.J. Trowbridge of JLL represented OneDigital in the lease transaction. Hunter Johnson and Andrew Block of Block Real Estate Services represented the landlord on an internal basis. OneDigital is relocating from 4860 College Blvd. in Leawood.

June 3, 2021

Acquisitions California Industrial Office Western

Voit Real Estate Brokers $47M Sale of Office/Industrial Portfolio in Southern California

by Amy Works June 3, 2021

CHULA VISTA AND MISSION VALLEY, CALIF. — Voit Real Estate Services has arranged the sale of a five-property office and industrial portfolio in Chula Vista and Mission Valley. Protea Properties acquired the portfolio from Carleton Management for $47 million. Totaling 231,878 square feet, the portfolio includes a 48,828-square-foot, fully leased industrial/showroom building at 630 Bay Blvd. in Chula Vista; a 32,601-square-foot, fully leased multi-tenant office property at 660 Bay Blvd. in Chula Vista; a 99,584-square-foot, fully occupied office/industrial building at 780-784 Bay Blvd. in Chula Vista; a 30,046-square-foot, single-tenant property at 830 Bay Blvd. in Chula Vista; and a 20,819-square-foot, multi-tenant office building located at 5920 Friars Road in Mission Valley. Tenants at the portfolio include Cox Communications, National University, Fresenius Medical, Bayfront Charter School and West Marine. Randy LaChance Sr. of Voit’s San Diego office represented the seller, while the buyer was self-represented.

June 3, 2021

Acquisitions Colorado Retail Western

McWhinney, Prism Places Acquire 662,000 SF Foothills Mall in Fort Collins, Colorado

by Amy Works June 3, 2021

FORT COLLINS, COLO. — A joint venture between Colorado-based McWhinney and Los Angeles-based Prism Places has purchased Foothills, a retail property located on 63 acres at 215 Foothills Parkway in midtown Fort Collins. Totaling 662,000 square feet, the property includes a 128,000-square-foot Macy’s department store and originally opened as Foothills Fashion Mall in 1973. The acquisition includes all of the mall’s assets and buildings with the exception of the parking structure and surface parking fields, which the Foothills Metro District owns, and the Foothills Activity Center, which the City of Fort Collins owns. Prism will take over as the mall’s property manager. McWhinney already owns and operates the adjacent 405-unit Cycle Apartments property.

June 3, 2021

Acquisitions Arizona Multifamily Western

Sentinel Real Estate Sells 276-Unit Apartment Property in Scottsdale to Sunroad Enterprises

by Amy Works June 3, 2021

SCOTTSDALE, ARIZ. — Sentinel Real Estate Corp. has completed the disposition of The Paragon at Kierland in Scottsdale to San Diego-based Sunroad Enterprises for an undisclosed price. CBRE’s Tyler Anderson, Sean Cunningham, Asher Gunter and Matt Pesch represented the seller in the deal. Built in 2000, The Paragon at Kierland features 276 apartments, a lagoon-style swimming pool with private cabanas, an outdoor kitchen area with TV and fire pit, a fitness center and a resident clubhouse.

June 3, 2021

Acquisitions Colorado Multifamily Western

Pinnacle Arranges $15.7M Sale of Parkview Towers Multifamily Property in Englewood, Colorado

by Amy Works June 3, 2021

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has brokered the sale of Parkview Towers, an apartment community located at 3655 S. Pearl St. and 3659 S. Pennsylvania St. in Englewood. The property sold for $15.7 million, or $181,034 per unit. Built in 1972, the community features two six-story towers offering a total of 87 apartments. Robert Lawson of Pinnacle represented the undisclosed seller, while Jim Knowlton of Pinnacle represented the undisclosed buyer in the deal.

June 3, 2021

Acquisitions Industrial Nevada Western

Stonestream Properties Divests of Four-Building Industrial Property in Las Vegas for $4.7M

by Amy Works June 3, 2021

LAS VEGAS — Stonesteam Properties has completed the disposition of a four-building industrial campus located on 6.4 acres at 12885 S. Las Vegas Blvd. in Las Vegas. Vegas Ranch LLC acquired the asset for $4.7 million. Star Nursery will utilize the property to service its nine retail locations in Nevada. The asset includes a 12,500-square-foot warehouse, one storage warehouse and two additional buildings totaling 3,200 square feet. The site offers quick access to Interstate 15 via Saint Rose Parkway or Starr Interchange. James Griffis, Tyler Ecklund and Britney Arredondo of CBRE represented the seller in the deal.

June 3, 2021

Development Florida Hospitality Mixed-Use Multifamily Southeast Top Stories

Joint Venture Launches Condominium Sales at $970M Waldorf Astoria Hotel & Residences Project in Downtown Miami

by Katie Sloan June 3, 2021

MIAMI — A joint venture between Property Markets Group (PMG), Greybrook Realty Partners and S2 Development has launched condominium sales at the Waldorf Astoria Hotel & Residences Miami. The estimated development cost for the project is $970 million, according to Greybrook’s website. The 800,000-square-foot project is located at 300 Biscayne Blvd. in the heart of downtown Miami. Rising 100 stories, the building is expected to be the tallest residential tower south of New York City, according to the development team. The project will feature a five-star hotel operated under Hilton’s Waldorf Astoria banner and 360 condominiums with interiors by San Francisco-based design firm BAMO. Residences will offer floor-to-ceiling glass windows with views of the Atlantic Ocean. Shared amenities at the Waldorf Astoria Hotel & Residences Miami are set to include a lounge named Peacock Alley, indoor and outdoor event spaces, a signature restaurant, resort-style swimming pool with cabanas, spa and fitness center. PMG is leading sales and marketing for the residential portion of the development, with the cost for condominiums starting at $1 million, according to reports by Architect Magazine. Siger Suarez Architects designed the project in collaboration with Carlos Ott. Completion is scheduled for 2025, according to reports by …

June 3, 2021

Features Retail Southeast Feature Archive

Vaccines, Stimulus Checks are Giving US Retail Sector a ‘Shot in the Arm,’ Says NRF Chief Economist

by John Nelson June 3, 2021

The U.S. federal government is playing an active role in consumer spending with three stimulus packages passed in the past 12 months, which is helping support the economy during this pandemic-induced recession. Americans have received thousands of dollars from the government and are opting to spend their newfound discretionary income on more goods and services, not to mention savings and paying bills. “It helped a lot of individuals get by,” says Jack Kleinhenz, chief economist for the National Retail Federation (NRF), a trade organization for the retail industry. “It was also a good shot in the arm for holiday sales. We had a very good holiday season, a much stronger one than what we forecasted. It was up 8.3 percent year-over-year for November and December combined.” Similarly the widespread implementation of the COVID-19 vaccines manufactured by Pfizer, Moderna and Johnson & Johnson are helping boost in-store shopping for goods and services around the country as people become more confident in patronizing stores and restaurants. As of this writing, about 50.8 percent of all Americans have received at least one dose of one of the COVID-19 vaccines, according to the Centers for Disease Control and Prevention (CDC). The declining infection rates …

June 3, 2021

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