Property Type

Wolff Co. Acquires 158-Unit Northpointe Multifamily Community in Portland

by Amy Works May 11, 2021

PORTLAND, ORE. — An affiliate of The Wolff Co. has purchased Northpointe, an apartment property located at 1314 N. Skidmore St. in Portland. A partnership between Fore Property Co. and Principal Real Estate Investors sold the asset for an undisclosed price. Completed in 2019, Northpointe features 106,568 square feet of residential space and 3,748 square feet of commercial space. The 158-unit property offers a mix of studio, one- and two-bedroom floor plans with quartz countertops, in-home washers/dryers, stainless steel appliances, solar shades, luxury vinyl plank flooring, private balconies or patios, and walk-in closets in select units. Community amenities include a 24-hour fitness center, conference room, rooftop deck with mountain views and an outdoor entertainment area with firepits and a social lounge. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets represented the seller in the deal.

May 11, 2021

Arizona Development Industrial Western

Merit Partners Selects SLC to Construct 481,600 SF Building at Phoenix Logistics Center

by Amy Works May 11, 2021

PHOENIX — Merit Partners has selected Stevens-Leinweber Construction (SLC) to build PLC Two, the second building at Phoenix Logistics Center within Phoenix’s Interstate 10 Corridor. The building will feature 481,600 square feet of speculative industrial space with 40-foot clear heights, eight-inch reinforced floors, 70-foot speed bays, a 190-foot truck court, 436 auto parking stalls and 157 trailer parking stalls. Additionally, it will feature 160 dock-high and six grade-level doors. Construction of PLC Two is underway with shell completion expected by end of the third quarter. PLC Two will be adjacent to PLC One, a fully leased, 268,872-square-foot industrial building. Ware Malcomb is serving as project architect for PLC Two. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are handling leasing for the building.

May 11, 2021

California Company News Restaurant Retail Western

Chipotle Increases Wages to $15 Per Hour Average, Plans to Hire 20,000 Employees

by Amy Works May 11, 2021

NEWPORT BEACH, CALIF. — Chipotle Mexican Grill (NYSE: CMG) is increasing its restaurant wages, resulting in an $15 average hourly wage by the end of June, according to the Newport Beach-based company. Additionally, the Chipotle employees can advance to a “restaurateur” status, the highest general manager position, in approximately three-and-a-half years, with average compensation of $100,000. Wage increases for new and existing hourly and salaried restaurant employees will be rolled out over the next few weeks and will result in hourly crew member starting wages ranging from $11 to $18 per hour. The company has also launched a $200 employee referral bonus for crew members and a $750 referral bonus for apprentices and general managers. With approximately 200 restaurants slated to open this year coupled with continued growth and demand, Chipotle plans to hire 20,000 new team members across the United States. The company will host a virtual career fair on Discord on May 13.

May 11, 2021

California Company News Office Western

World-Renowned Commercial Real Estate Architect Art Gensler Passes Away at 85

by Amy Works May 11, 2021

SAN FRANCISCO — M. Art Gensler Jr., founder of San Francisco-based global design firm Gensler, passed away on Monday. At the age of 85, Gensler died at his Mill Creek, Calif., home following an 18-month battle with lung disease, according to the San Francisco Chronicle. In 1965, along with his wife Drucilla Cortell Gensler and James Follett, Gensler co-founded the design firm M. Arthur Gensler Jr. & Associates in San Francisco. Since its founding, the firm has grown from a three-person operation to more than 5,000 employees across 50 locations globally. “Art didn’t want to be a ‘starchitect,’” says Andy Cohen, Gensler co-CEO. “In fact, what he built was a constellation of stars by hiring smart people and getting out of their way. It’s why Gensler is a pioneer in our industry, and Art’s legacy will remain embedded in our firm’s unique culture.”

May 11, 2021

Acquisitions California Restaurant Retail Western

Progressive Real Estate Brokers $1.3M Sale of Retail Building in Apple Valley, California

by Amy Works May 11, 2021

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a retail property located at 20152 US Highway 18 in Apple Valley, approximately 90 miles northeast of Los Angeles. An Orange County-based private investor sold the property to a Riverside County-based investor for $1.3 million. Little Caesars Pizza occupies a portion of the recently renovated, 4,995-square-foot building. Roxy Klein of Progressive Real Estate Partners represented the seller in the deal.

May 11, 2021

Development Industrial Texas

Stream Realty Partners Nears Completion of 491,218 SF Spec Industrial Project in Haltom City, Texas

by Taylor Williams May 11, 2021

HALTOM CITY, TEXAS — Stream Realty Partners is nearing completion of Midway Logistics Park, a 491,218-square-foot speculative industrial project in the Fort Worth suburb of Haltom City. The development consists of a 156,085-square-foot cross-dock building, a 126,320-square-foot rear-load complex and a 208,813-square-foot rear-load facility. Stream, which is also marketing the development for lease, expects to deliver the buildings in the third quarter.

May 11, 2021

Development Multifamily Seniors Housing Texas

Joint Venture to Develop 220-Unit Grand Living Seniors Housing Community in Austin

by Taylor Williams May 11, 2021

AUSTIN, TEXAS — A joint venture between Minneapolis-based Ryan Cos., Grand Living and Castletop Capital will develop Grand Living at The Grove, a 260,000-square-foot seniors housing community in the Oakmont Heights neighborhood of Austin. The community will feature 186 independent and assisted living units, as well as a 34-unit memory care wing. Ryan Cos. is the co-developer and design-build firm; Castletop Capital is the master plan developer, and Grand Living will operate the community upon completion. Construction is set to begin next summer. The project will be the fourth Grand Living community in Texas.

May 11, 2021

Industrial Leasing Activity Texas

Careismatic Brands Signs 152,225 SF Industrial Lease in Dallas

by Taylor Williams May 11, 2021

DALLAS — Careismatic Brands Inc., a California-based apparel and textile provider, has signed a 152,225-square-foot industrial lease at Turnpike Distribution Center 4, located at 2130 French Settlement Road in Dallas. According to LoopNet Inc., the property sits on 11.5 acres and totals 312,188 square feet. Gary Lindsey of Newmark represented the tenant in the lease negotiations. Younger Partners represented the landlord, BCO Turnpike Ltd.

May 11, 2021

Acquisitions Retail Texas

Weitzman Brokers Sale of 34,448 SF Weatherford Commons Retail Center Near Fort Worth

by Taylor Williams May 11, 2021

WEATHERFORD, TEXAS — Weitzman has brokered the sale of Weatherford Commons, a 34,448-square-foot retail center located in the western Fort Worth suburb of Weatherford. Shadow-anchored by a Walmart Supercenter, the property houses tenants such as Starbucks, T-Mobile, Great Clips and GameStop. Gretchen Miller and Matthew Rosenfeld of Weitzman represented the locally based seller in the transaction. The buyer and sales price were also not disclosed.

May 11, 2021

Industrial Loans Self-Storage Texas

Terrydale Capital Arranges $1.2M Acquisition Loan for Self-Storage Asset in Lindale, Texas

by Taylor Williams May 11, 2021

LINDALE, TEXAS — Terrydale Capital, a Dallas-based financial intermediary, has arranged a $1.2 million acquisition loan for a self-storage asset in Lindale, located outside of Tyler in East Texas. Cody Baker of Terrydale Capital arranged the loan, which carried a fixed 4.25 percent interest rate for five years, a 25-year amortization schedule and one year of interest-only payments, through an undisclosed bank. The borrower was also undisclosed.

May 11, 2021

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