Property Type

J.C. Anderson Completes Office Buildout for Jordan Co. at Chicago’s One North Wacker

by Kristin Harlow October 16, 2020

CHICAGO — J.C. Anderson has completed an office buildout for The Jordan Co. at One North Wacker Drive in Chicago. The middle-market private equity firm is relocating from 1751 Lake Cook Road in Deerfield, Ill. The buildout on the 41st floor includes new private offices, open work areas, meeting rooms, a café, reception area, boardroom, pantry and copy room. IA Interior Architects provided architectural services and JLL represented property ownership. One North Wacker rises 51 stories and spans 1.4 million square feet in the Central Loop.

October 16, 2020

Illinois Leasing Activity Midwest Restaurant Retail

Marijuana-Themed Sandwich Shop Cheba Hut to Open First Location in Illinois on Oct. 19

by Kristin Harlow October 16, 2020

CHICAGO — Cheba Hut will open its first Illinois location in Chicago’s Wicker Park on Monday, Oct. 19. The marijuana-themed sandwich shop is located at 1948 W. Division St. The “toasted” sub shop offers over 30 signature sub sandwiches, as well as a variety of treats, salads and munchies and a full-service bar. Drinks like the Dirty Hippie, Hot Box and Cheba Rita are all Cheba Hut signatures. The restaurant will enforce current COVID-19 guidelines, including heightened sanitation protocols, social distancing requirements and requiring all guests and staff to wear face masks. Chicago residents Lance Frericks and Chris Custer are opening the first Illinois location. Cheba Hut was founded in 1998. Its previous Midwest representation consisted of a single shop in Madison, Wis.

October 16, 2020

Acquisitions California Healthcare Industrial Loans Office Western

Padma Laxmi LLC Acquires Medical Office, Industrial Portfolio in Southern California for $43.6M

by Amy Works October 16, 2020

TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million. An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer. Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018. Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.

October 16, 2020

Acquisitions Arizona Multifamily Western

Snowdon Partners Sells Elux at Tramonto Multifamily Property in Phoenix for $34.7M

by Amy Works October 16, 2020

PHOENIX — Arizona-based Snowdon Partners has completed the sale of Elux at Tramonto, a garden-style multifamily property located in Phoenix. An undisclosed buyer acquired the property for $34.7 million. Located at 35035 N. Valley Parkway, Elux at Tramonto features 138 units in a mix of one-, two- and three-bedroom floor plans with patios or backyards; stainless steel appliances; in-unit washers and dryers; and high-tech amenities. Community amenities include a swimming pool and spa, a select number of detached garages, a clubhouse and fitness center. Ric Holway, Mark Forrester and Dan Cheyne of Berkadia’s Phoenix office represented the seller in the deal. Additionally, David Bleiweiss of Berkadia’s Irvine, California, office secured $20.8 million in acquisition financing on behalf of the buyer. The 10-year Freddie Mac loan features a 60 percent loan-to-value ratio and a 30-year amortization schedule.

October 16, 2020

Acquisitions Arizona Industrial Self-Storage Western

Cushman & Wakefield Negotiates Sale of 424-Unit Arizona Storage Center Near Phoenix

by Amy Works October 16, 2020

GOODYEAR, ARIZ. — Cushman & Wakefield has arranged the sale of Arizona Storage Center, a self-storage facility located at 18211 W. McDowell Road in Goodyear. FRC Goodyear sold the property to a private investor for an undisclosed price. The 54,976-square-foot property features 424 units, including 175 RV/boat storage spaces. The buyer plans to convert the RV/boat storage area into covered spaces. The property features 59 percent self-storage units and 41 percent RV/boat storage spaces. Paul Boyle and Rick Danis of Cushman & Wakefield’s Self Storage Advisory Group in Phoenix represented the seller in the deal.

October 16, 2020

Acquisitions Hospitality Oregon Western

Crystal Investment Property Brokers Sale of America’s Best Value Inn in Boardman, Oregon

by Amy Works October 16, 2020

BOARDMAN, ORE. — Crystal Investment Property (CIP) has directed the sale of America’s Best Value Inn, a newly converted franchise located on Interstate 84 in Boardman. Joseph Kennedy of CIP represented the undisclosed buyer and seller in the deal. The final sale price was not released.

October 16, 2020

Acquisitions California Retail Western

Marcus & Millichap Arranges $6.2M Sale of Multi-Tenant Retail Center in Simi Valley

by Amy Works October 16, 2020

SIMI VALLEY, CALIF. — Marcus & Millichap has brokered the sale of a multi-tenant retail center located at 1030 E. Los Angeles Ave. in Simi Valley. A local private investor sold the asset to an undisclosed buyer for $6.2 million at a 5.6 percent capitalization rate. James DeBuiser and Gary Cohen Marcus & Millichap’s Cohen | DeBuiser Team represented the seller in the deal. At the time of sale, the property was fully leased.

October 16, 2020

Development Industrial South Carolina Southeast

Magnus Development Starts Construction on 192,780 SF Industrial Building in Columbia, South Carolina

by Alex Tostado October 16, 2020

COLUMBIA, S.C. — Magnus Development has started construction on Midway Logistics VI, a 192,780-square-foot industrial building in Columbia. The spec warehouse is situated within Lexington County Industrial Park, near downtown Columbia and five miles from Interstate 20. The building will feature 32-foot clear heights, trailer parking, ESFR sprinklers and motion-sensor LED lighting. Magnus plans to complete the building in second-quarter 2021. Chuck Salley, Dave Mathews, Thomas Beard and John Peebles of Colliers International will handle the leasing and marketing efforts for the property. In March of this year, Magnus delivered Midway Logistics IV, a 200,000-square-foot building. Colliers arranged a 150,000-square-foot lease to TreeHouse Foods in September. Additionally, Magnus is developing Midway Logistics V, a 180,000-square-foot facility within the same business park.

October 16, 2020

Development Florida Industrial Self-Storage Southeast

Cedarwood Development Delivers 585-Unit Self-Storage Facility in Metro Tampa

by Alex Tostado October 16, 2020

CLEARWATER, FLA. — Cedarwood Development has delivered a 585-unit US Storage Centers-branded facility in Clearwater. The self-storage property is situated at 1000 S. Myrtle Ave., 23 miles west of downtown Tampa. Westport Properties Inc. is managing the asset, which features climate-controlled units, passenger elevators, moving carts and drive-up units. The facility comprises 60,000 square feet. This is the first facility in Clearwater for both Fairlawn, Ohio-based Cedarwood Development, which is an affiliate of Cedarwood Cos., and US Storage Centers. US Storage Centers has more than 10 million square feet in its nationwide portfolio.

October 16, 2020

Development Georgia Retail Southeast

InvenTrust Properties Begins Renovation of 105,000 SF Shopping Center in Metro Atlanta

by Alex Tostado October 16, 2020

NEWNAN, GA. — InvenTrust Properties Corp. has broken ground on the renovation of Thomas Crossroads, a 105,000-square-foot shopping center in Newnan. Kroger anchors the property, which will get a new façade, paint scheme, LED lighting under canopies, landscaping enhancements and sidewalk improvements. The Downers Grove, Ill.-based owner expects renovations to be completed by the end of November. Other tenants at the center include Great Clips, Subway, McDonald’s and multiple locally owned service and dining options. The asset was last renovated in 2008, shortly before InvenTrust acquired it in 2009. Thomas Crossroads is situated at 3150 Ga. Highway 154, 33 miles southwest of downtown Atlanta.

October 16, 2020

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