Property Type

Hicks Ventures Sells Three Inpatient Rehabilitation Facilities Across States for $86.8M

by Kristin Harlow July 27, 2021

INDIANA, NORTH DAKOTA AND TEXAS — Hicks Ventures, a Houston-based privately held development company, has sold three net-leased inpatient rehabilitation facilities for a combined $86.8 million. The PAM/Cobalt Rehabilitation Hospital in Fargo, N.D., sold to Dallas-based MedProperties. The Cobalt Rehabilitation Hospital in Clarksville, Ind., as well as the Cobalt Rehabilitation Hospital in El Paso, Texas, sold to Medical Properties Trust Inc. Hicks developed all three properties from 2018 to 2019. Each hospital offers 42 patient beds, including 12 traumatic brain injury centers. Hammond Hanlon Camp represented Hicks in the transactions.

July 27, 2021

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $53M Sale of Apartment Community in Milwaukee

by Kristin Harlow July 27, 2021

MILWAUKEE — JLL Capital Markets has brokered the sale of Vim + Vigor in Milwaukee for $53 million. Constructed in 2019, the 274-unit apartment community is located in the city’s Brewery District, which was once home to Pabst Brewing Co. The property comprises two buildings and was more than 90 percent leased at the time of sale. Units range from 376 to 1,340 square feet. The property features 7,050 square feet of ground-floor retail space, a 237-parking garage, courtyard, fitness center, home brewing studio and conference rooms. Wick Kirby, Amanda Friant and Jaime Fink of JLL represented the sellers, Milhaus Development and The Davis Cos. Weidner Apartment Homes was the buyer.

July 27, 2021

Illinois Industrial Leasing Activity Midwest Office

Lou Malnati’s Pizzeria Selects 125,000 SF Facility in Buffalo Grove for Headquarters

by Kristin Harlow July 27, 2021

BUFFALO GROVE, ILL. — Lou Malnati’s Pizzeria, famous for its Chicago deep-dish pizza, will consolidate several local properties and open a 125,000-square-foot headquarters in Buffalo Grove, a northern suburb of Chicago. The company will occupy space at 900-950 Busch Parkway in Lake County’s Corporate Grove Business Park. The property will serve as the company’s home office, e-commerce site, manufacturing plant and fulfillment center. Owned by The Missner Group, the building features 15,000 square feet of office space, eight docks and a clear height of 16 feet. Lou Malnati’s plans to occupy the space in spring 2022 following an extensive buildout. Ned Frank and Pat Hake of Colliers Chicago represented The Malnati Organization in the lease transaction. Brett Kroner of Cushman & Wakefield represented ownership.

July 27, 2021

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes $5.8M Renovation at Hospital in Suburban Minneapolis

by Kristin Harlow July 27, 2021

COON RAPIDS, MINN. — Kraus-Anderson has completed a $5.8 million renovation of Allina Health’s Mercy Hospital in Coon Rapids, a northern suburb of Minneapolis. Designed by Leo A Daly Architects, the 25,000-square-foot project involved the renovation of the third-floor Mercy Specialty Center to accommodate an oncology clinic as well as pharmacy and lab space. The property is located at 11850 Blackfoot Street NW. Construction of the multi-phase project began in September 2020.

July 27, 2021

Acquisitions Office Utah Western

Sterling Realty Organization Acquires 541,678 SF Office Portfolio Near Salt Lake City

by Amy Works July 27, 2021

DRAPER, UTAH — Bellevue, Wash.-based Sterling Realty Organization has purchased Vista Station, a Class A office portfolio in Draper. A joint venture between The Boyer Co. and Gardner Co. sold the asset for an undisclosed price. Located within Vista Station Office Park, the portfolio consists of four buildings totaling 541,678 square feet. Constructed from 2016 to 2018, the buildings feature solar panels and immediate access to FrontRunner at Draper Station. Kip Paul of Cushman & Wakefield and Eli Mills of CBRE represented the seller, while the buyer was self-represented in the transaction.

July 27, 2021

Development Multifamily Washington Western

Vulcan Buys Development Site in Seattle for 249-Unit Apartment Project

by Amy Works July 27, 2021

SEATTLE — Vulcan has purchased a fully entitled, 1.4-acre development site at 1600 132nd Ave. NE in Seattle’s Bel-Red corridor. Summerhill Apartments Communities sold the plot for an undisclosed price. The buyer plans to develop a 270,000-square-foot multifamily property on the site. The property is entitled with permits for an eight-story, 249-unit residential building. Construction could start early as fourth-quarter 2021, for completion in fourth-quarter 2023. Runberg Architecture Group is architect of record.

July 27, 2021

Colorado Development Multifamily Western

Titan, Pivot to Develop $80M Lock at Flatirons Multifamily Community in Broomfield, Colorado

by Amy Works July 27, 2021

BROOMFIELD, COLO. — A joint venture between Titan Development and Pivot Development has unveiled plans for The Lock at Flatirons, an apartment property located in the Interlocken Technology Park in Broomfield. Situated on 3.3 acres, The Lock at Flatirons will feature 254 apartments, a fitness center, resort-style pool, bike storage and stations, secure access parking, technology packages throughout the property and co-working space. Construction is slated to begin in third-quarter 2021, with completion planned within approximately 28 months.

July 27, 2021

Acquisitions California Office Western

Madison Marquette Sells Apple-Occupied De Anza Plaza Office Campus in Cupertino for $64M

by Amy Works July 27, 2021

CUPERTINO, CALIF. — Madison Marquette has completed the disposition of De Anza Plaza, a single-tenant office property located in Cupertino. Cantor Fitzgerald Income Trust acquired the asset for $64 million. Apple has occupied the two-building campus since 2016. Andy Zighelboim, Robert Gilley, Brad Idelman, Kevin Moul and Andrew Gibson of Colliers represented the seller in the deal.

July 27, 2021

Development Industrial Nevada Western

Harsch Breaks Ground on 185,000 SF Sunset Airport Center Industrial Complex in Las Vegas

by Amy Works July 27, 2021

LAS VEGAS — Harsch Investment Properties has broken ground on Sunset Airport Center II, a four-building industrial complex in Las Vegas’ airport submarket. Slated for completion in summer 2022, Sunset Airport Center II will be an addition to the 269,853-square-foot Sunset Airport Center property that Harsch purchased in 2016. Located on Sunset and Pecos roads, Buildings A and B combined will total 185,000 square feet and offer up to 19 tenant spaces that range from 6,000 square feet to 16,000 square feet. Each space features both dock-high and grade-level loading. The buildings range from 26-foot to 30-foot minimum warehouse clear heights, 160-foot minimum truck court, ESFR sprinklers and Sunset Road frontage. The project team includes R&O Construction, VLMK Engineering + Design and VTN Consulting Engineers. MDL’s Jarrad Katz and Galit Kimerling-Moreau are overseeing leasing of the property.

July 27, 2021

Acquisitions Multifamily Texas

Keener Investments Acquires 312-Unit Montelago Apartments in Houston’s Bay Area

by Taylor Williams July 27, 2021

HOUSTON — Locally based firm Keener Investments has acquired Montelago Apartments, a 312-unit multifamily community located in Houston’s Bay Area neighborhood. Built in 2004, the property features one-, two- and three-bedroom units with built-in desks, breakfast bars, individual washers and dryers and private balconies/patios. Amenities include a pool, fitness center, business center, coffee bar, a newly remodeled clubhouse and outdoor grilling stations. Keener will implement a value-add program and will also manage the property. The seller and sales price were not disclosed.

July 27, 2021

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