Property Type

JLL Brokers Sale of 583,000 SF Distribution Center in Metro Columbus

by Kristin Harlow March 10, 2021

LEWIS CENTER, OHIO — JLL Capital Markets has brokered the sale of a 583,000-square-foot distribution center in Lewis Center within metro Columbus for an undisclosed price. Located at 8355 Highfield Drive, the property is fully leased to a manufacturer of trucks, buses and construction equipment. Constructed in 1988, the building features a clear height of 24 feet, 32 dock-high doors, four drive-in doors and LED lighting. Coler Yokam, Robin Stolberg, Kurt Sarbaugh and Dan Wendorf of JLL represented the seller, a joint venture between Covington Group and Castlelake. Equity Industrial Partners purchased the asset. Additionally, JLL arranged a 10-year, fixed-rate acquisition loan with an insurance company.

March 10, 2021

Industrial Leasing Activity Midwest Wisconsin

Visual Pak Signs 472,176 SF Industrial Lease in Bristol, Wisconsin

by Kristin Harlow March 10, 2021

BRISTOL, WIS. — Visual Pak Cos. has signed a 472,176-square-foot industrial lease at Bristol Highlands Commerce Center in Bristol, about 14 miles west of Kenosha. The Waukegan, Ill.-based company, which provides contract packaging and manufacturing solutions for food, personal care, automotive and healthcare brands, will occupy an entire building at the business park. Visual Pak is scheduled to take occupancy in the second quarter after interior improvements are completed. Whit Heitman of CBRE represented the tenant in the lease transaction. Jeff Hoffman and Eric Fischer of Cushman & Wakefield | Boerke, along with Tim Thompson of HSA Commercial Real Estate, represented ownership, HSA Commercial Real Estate and Washington Capital Management.

March 10, 2021

Acquisitions Indiana Midwest Retail

Hanley Investment Group Negotiates $11.8M Sale of Two Retail Properties in Fort Wayne

by Kristin Harlow March 10, 2021

FORT WAYNE, IND. — Hanley Investment Group Real Estate Advisors has negotiated the sale of two retail properties in Fort Wayne for $11.8 million. Located at 407 W. Coliseum Blvd., the Shops at 407 spans 14,271 square feet. It was built in 2019 and is home to Mission BBQ, WingStop, CoreLife Eatery, Comcast and 5-Star Nutrition. The second property, named Corner Shoppes, is located at 401-407 E. Coliseum Blvd. Newly renovated and spanning 12,939 square feet, the building is home to Blaze Pizza, Red Wing Shoes, iCYRO, T-Mobile and Stanton Optical. Dylan Mallory and Jeff Lefko of Hanley represented the seller, a private partnership between Jackson Investment Group and McCormack Development. Daniel Waszak of Quantum Real Estate Advisors Inc. represented the buyer, a Mexico City-based private investor.

March 10, 2021

Acquisitions Illinois Industrial Midwest

Dayton Street Partners Sells 41,000 SF Industrial Building in Chicago

by Kristin Harlow March 10, 2021

CHICAGO — Dayton Street Partners has sold a 41,000-square-foot industrial building located at 4150 N. Knox Ave. on Chicago’s North Side. Brookfield Properties purchased the asset for an undisclosed price. Dayton Street acquired the 1.6-acre site in 2015 and completed construction of the building in 2018. The property features a clear height of 30 feet, six docks, four drive-in doors and LED lighting. It is fully leased to Johnstone Supply and Goodman Manufacturing. CBRE represented Dayton Street in the sale.

March 10, 2021

Development Life Sciences North Carolina Southeast

Crescent Communities to Develop 255,000 SF Life Sciences Campus in Holly Springs, North Carolina

by Julia Sanders March 10, 2021

HOLLY SPRINGS, N.C. — Crescent Communities will develop a three-building life sciences campus within Oakview Innovation Park in the Raleigh-Durham market of Holly Springs. The property will be situated at the intersection of Green Oaks Parkway and Holly Springs New Hill Road. Crescent Communities worked with the Town of Holly Springs and Trustwell Property Group to co-develop the life sciences campus. The campus, which is located near Seqirus’ North American campus and adjacent to the Holly Springs Business Park, will feature three buildings spanning over 255,000 square feet on approximately 25 acres. Two of the development’s buildings will be constructed to meet biomanufacturing specifications, with each one offering over 100,000 square feet and the ability to accommodate single or multi-tenant needs. The third facility will be a two-story office building designed for smaller office users or expanding ones. Crescent Communities aims to start construction later this summer, with the first building’s delivery expected in summer 2022. The design team includes Timmons Group, O’Brien Atkins Associates and Gilbane . Crescent Communities is a Charlotte-based real estate investor, developer and operator of mixed-use communities.

March 10, 2021

Colorado Loans Office Western

JLL Capital Markets Structures $54M in Refinancing for 298,888 SF Office Tower in Denver

by Amy Works March 10, 2021

DENVER — JLL Capital Markets has arranged $54 million in refinancing for 1660 Linc, a 31-story, Class A office tower in Denver’s Uptown neighborhood. Located at 1660 Lincoln St. and built in 1972, 1660 Linc features 298,888 square feet of office space, parking for 425 vehicles, an 8,800-square-foot tenant lounge, training room for 40-plus people, a game room, coffee bar, and gym complete with yoga room and Peloton bikes. The property was renovated in 2016 and 2019-2020 with more than $19 million in improvements, including the installation of a central plant and HVAC systems, a lobby expansion and conversion of the entry into an open, sky-lit space. The current tenant roster includes Ciancio Ciancio Brown PC, United States Meat Export Federation and a number of small start-ups. Leon McBroom led the JLL Capital Markets teams that secured the four-year bridge loan, which features a one-year extension, through Benefit Street Partners. Funds that Westport Capital Partners manages own the borrower.

March 10, 2021

Acquisitions Florida Retail Southeast

JLL Brokers Sale of Winn-Dixie-Anchored Shopping Center in Naples, Florida

by Julia Sanders March 10, 2021

NAPLES, FLA. — JLL Capital Markets has brokered the sale of Mission Hills Shopping Center, a fully leased, 85,078-square-foot neighborhood shopping center anchored by Winn-Dixie in Naples. Brad Peterson, Whitaker Leonhardt and Tommy Isola of JLL represented the seller, Phillips Edison & Company Inc., a REIT based in Cincinnati. Slate Grocery REIT acquired the asset for an undisclosed price. Completed in 2005, Mission Hills Shopping Center was renovated in 2018 and features 17 service-oriented tenants, with 85 percent deemed “essential.” The center is situated on 18.8 acres at 7550 Mission Hills Drive, about 37 miles from Fort Myers. Toronto-based Slate Grocery REIT is an owner and operator of U.S. grocery-anchored real estate.

March 10, 2021

Acquisitions California Net Lease Retail Western

Faris Lee Investments Brokers $22.6M Sale of Central Plaza Shopping Center in Lake Elsinore, California

by Amy Works March 10, 2021

LAKE ELSINORE, CALIF. — Faris Lee Investments has arranged the $22.6 million sale of Central Plaza Shopping Center in Lake Elsinore, with the $2.8 million sale of ULTA Beauty as the last piece of the break-up strategy for asset. The seller was HFC/PRP Elsinore LLC. The names of the buyers were not released. The Faris Lee team arranged the sale of a total of seven different properties within the center to seven different buyers. The transactions include a single-tenant, net-leased Marshalls; a single-tenant, net-leased Panera Bread with drive-thru; a two-tenant pad occupied by Pieology and Ono Hawaiian BBQ; a single-tenant, net-leased Five Below; a single-tenant, net-leased Sketchers; a single-tenant, net-leased Miguel Jr.’s with drive-thru; and the single-tenant, net-leased ULTA Beauty. Situated on 7.3 acres, Central Plaza is a 66,000-square-foot retail center located at the junction of Interstate 15 and Central Avenue. Jeff Conover and Chris DePierro of Faris Lee Investments represented the seller in all the transactions.

March 10, 2021

HilltopVillas-StewartVillas-Apts-Las-Vegas-NV

Acquisitions Multifamily Nevada Western

Northcap Commercial Arranges $22.1M Sale of Hilltop Villas, Stewart Villas Multifamily Properties in Las Vegas

by Amy Works March 10, 2021

LAS VEGAS, NEV. — Northcap Commercial has arranged the sale of Hilltop Villas and Stewart Villas, two multifamily properties in Las Vegas. Hilltop LLC sold the assets to an undisclosed buyer for $22.1 million, or $98,009 per unit. Located at 600 N. 12th St., 600 N. 13th St., 601 N. 13th St., 2640 Marlin Ave and 2601 Stewart Ave., the properties offer a total of 226 units. The communities were built in 1963. Robin Willett, Devin Lee, Jerad Roberts and Jason Dittenber of Northcap Commercial represented the seller in the deal.

March 10, 2021

Development Multifamily Seniors Housing Southeast Virginia

The Virginian Breaks Ground on $56.5M Landmark Renovation in Fairfax, Virginia

by Julia Sanders March 10, 2021

FAIRFAX, VA. — The Virginian Retirement Community, a senior living community in Fairfax, will break ground on an 18-month renovation schedule. Development costs are estimated at $56.5 million. The Virginian project is a collaboration between Focus Healthcare Partners LLC, Life Care Services and Allied Partners. The Virginian Retirement Community will be located at 9229 Arlington Blvd., about 17 miles from Washington, D.C. The seven-story, 367,000-square-foot building will include four wings featuring 155 independent living apartments, 56 assisted living units and 38 memory care residences. The property is located on a 32-acre wooded campus near downtown Fairfax, and was acquired by an affiliate of Focus Healthcare Partners LLC in 2019. The Virginian will offer a fitness center with trainers, as well as daily exercise classes including aerobics, Tai Chi, balance and strength training and yoga. Other activities include a high-tech Golf Simulator, new indoor swimming pool with water aerobics classes and a water exercise program. The property will also include a new theater, virtual entertainment room, tech lounge, three full-service salons and four restaurants.

March 10, 2021

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