Property Type

Kraus-Anderson Begins Construction of $26M Project for Jackson County Central Schools in Minnesota

by Kristin Harlow April 20, 2021

LAKEFIELD, MINN. — Kraus-Anderson has begun construction of a $26 million project for Jackson County Central Schools in Lakefield, a city in southern Minnesota. The project scope includes the construction of a new middle school and interior remodeling of Pleasantview Elementary School. Designed by JLG Architects, the new 84,000-square-foot Pleasantview Middle School will feature new classrooms, career and tech education learning spaces and science classrooms, as well as a gymnasium, band and choir areas, kitchen and common areas. Renovations to the elementary school include air quality upgrades as well as improvements to meet requirements of the Americans with Disabilities Act.

April 20, 2021

Acquisitions Healthcare Indiana Midwest

Hanley Investment Group Arranges $9.8M Sale of Medical Portfolio in Indiana, Texas

by Kristin Harlow April 20, 2021

INDIANA AND TEXAS — Hanley Investment Group Real Estate Advisors has arranged the sale of a four-property Fresenius Medical Care portfolio in Indiana and Texas for $9.8 million. The outpatient dialysis clinics are located in Auburn, Fort Wayne and Marion, Ind. as well as one in Dayton, Texas. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group, in conjunction with ParaSell Inc., represented the seller, a Midwest-based private partnership. Brian Appel of Appel & Henick LLP handled legal affairs on behalf of the seller and negotiated lease extensions for the three Indiana properties. The 7,176-square-foot facility in Auburn sold to a St. Louis-based private buyer. Vince Vatterott and Michael Kocur of Westwood Net Lease Advisors represented the buyer. A Marin County, Calif.-based institutional group purchased the 7,580-square-foot property in Fort Wayne. Daniel Barnes of Lee & Associates represented the buyer. Brad Canova of Horvath & Tremblay represented the Denver-based private investor in the purchase of the 9,300-square-foot Marion facility. Lastly, Chris Shoemaker of Shoemaker Commercial Real Estate represented the California-based private investor in the acquisition of the 5,931-square-foot property in Dayton.

April 20, 2021

Development Illinois Midwest Office

Somerset Development Opens 15,000 SF Coworking Space at Bell Works Chicagoland

by Kristin Harlow April 20, 2021

HOFFMAN ESTATES, ILL. — Somerset Development has opened coLab at Bell Works Chicagoland in Hoffman Estates. The 15,000-square-foot coworking facility offers flexible lease terms and workspaces, including access to dedicated conference and meeting rooms, lounges and amenities. It was designed as a turnkey solution for enabling companies to flexibly lease ready-to-use office space, according to Somerset. NPZ Style & Décor designed the space. Membership plans range from a $25 day pass to private team suites, which start at $2,000 per month. Bell Works Chicagoland is the transformation of the former AT&T campus. Somerset is developing the project in a similar fashion to its Bell Labs development in Holmdel, N.J.

April 20, 2021

Acquisitions Illinois Midwest Retail

Newcastle Properties Acquires 7,763 SF Retail Center in Elmhurst, Illinois

by Kristin Harlow April 20, 2021

ELMHURST, ILL. — Newcastle Properties has acquired a 7,763-square-foot retail center in Elmhurst, a western suburb of Chicago. Built in 2016, the property is fully leased to Starbucks, Hand & Stone Massage, T-Mobile and Bentley’s Pet Stuff. The center is shadow-anchored by LA Fitness. Sean Devine of Newcastle sourced and managed the acquisition. Beth Sansiper and Jeff Gurian of Becker & Gurian represented Newcastle in the transaction. The seller and sales price were undisclosed.

April 20, 2021

Acquisitions California Multifamily Seniors Housing Western

Avanath Capital Acquires Seniors Housing Community in Anaheim Hills for $87.5M

by Amy Works April 20, 2021

ANAHEIM HILLS, CALIF. — Avanath Capital Management has purchased Overlook at Anaheim Hills, a seniors housing property located at 145-235 S. Festival Drive in Anaheim Hills. An undisclosed seller sold the property for $87.5 million. Built in 2001, Overlook consists of seven two- and three-story garden-style buildings offering a total of 261 units with an average unit size of 751 square feet. Community amenities include a community center, clubhouse, business center, pool, spa, fitness center and billiard room. At the time of sale, the property was nearly 100 percent occupied. Avanath plans to implement a variety of capital improvements to the property, including renovating the clubhouse and community spaces, adding a dog park and implementing sustainability initiatives to reduce the property’s carbon footprint and generate energy savings.

April 20, 2021

Arizona Development Industrial Western

Cold Summit to Develop 357,000 SF Cold Storage Facility in Glendale, Arizona

by Amy Works April 20, 2021

GLENDALE, ARIZ. — Cold Summit Development is planning Cold Summit PHX, a speculative cold storage facility and the company’s first project in the Phoenix metro area. Sitework and construction are slated to begin immediately for completion by December 2021. The project is located at 9600 N. 151st Ave. in Glendale within the Woolf Logistics Park with Class I railway connectivity through BNSF. The 357,000-square-foot project, which is expandable to 485,000 square feet, will include high-quality office space, flexible structural bay spacing to accommodate multiple racking configurations, a 51-foor clear height in the warehouse with full temperature convertibility, 156 trailer drop spots and more than 75,000 pallet positions.

April 20, 2021

Acquisitions Colorado Industrial Western

Avison Young Arranges $13 Million Sale of Mission-Critical Industrial Facility in Milliken, Colorado

by Amy Works April 20, 2021

MILLIKEN, COLO. — Avison Young has brokered the sale-leaseback of Ranger Energy Services’ mission-critical facility located at 3333 E. Center Drive in Milliken. Salt Lake City-based The Ninigret Group acquired the asset from Ranger Energy Services (NYSE: RNGR) for $13 million. Ranger Energy Services signed a long-term lease to continue to occupy the 131,389-square-foot facility, which was built in 2000 on 23.3 acres. The tenant utilizes the facility for oil and gas operations, including fleet maintenance and storage supporting the operations of Ranger’s region-wide DJ Basin energy services business. Ranger is an independent provider of well service rigs and associated services in the United States, with a focus on unconventional horizontal well completion and production operations. Rick Egitto, Dawn McCombs, Kevin Hann, Jonathan Hipp and Rich Murphy of Avison Young represented the seller and sourced the buyer in the deal.

April 20, 2021

Acquisitions Arizona Industrial Net Lease Western

CBRE Brokers Sale-Leaseback of 49,815 SF Industrial Facility in Phoenix

by Amy Works April 20, 2021

PHOENIX — CBRE has arranged the sale-leaseback of an industrial property located at 1815 Deer Valley Road in Phoenix. A private, Los Angeles-based investor acquired the asset for $6.9 million, or $140 per square foot. Regency Technologies, an IT asset conversion service provider, sold the facility and signed a 10-year, triple-net lease to occupy the 49,815-square-foot property. Geoffrey Turbow, Matt Pourcho, Gary Stache, Anthony DeLorenzo, Bryan Johnson, Gary Cornish, Rusty Kennedy, Pat Feeney and Danny Calihan of CBRE represented the seller in the transaction.

April 20, 2021

California Loans Multifamily Western

Ready Capital Closes $6.9M in Financing for Multifamily Property in Los Angeles

by Amy Works April 20, 2021

LOS ANGELES — Ready Capital has closed $6.9 million in financing for the acquisition, renovation and stabilization of an apartment community located in the Van Nuys submarket of Los Angeles. Upon acquisition, the undisclosed sponsor will implement a capital improvement plan to renovate all 23 units. Renovations will include repairing flooring, upgrading cabinets, upgrading electrical and plumbing, and installing new appliances. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.

April 20, 2021

Acquisitions Georgia Mixed-Use North Carolina Office Southeast Top Stories

Preferred Apartment Communities Agrees to Sell Southeast Office Portfolio to Highwoods for $717M

by John Nelson April 20, 2021

ATLANTA AND RALEIGH, N.C. — Preferred Apartment Communities (NYSE: APTS) has agreed to sell a portfolio of office assets in Atlanta and North Carolina to Highwoods Properties Inc. (NYSE: HIW). The deal, which is expected to close during the third quarter, is valued at $717 million and includes $28 million of planned improvements and $5 million in transaction costs. The sale comprises the bulk of Preferred Apartment Communities’ (PAC) office assets. Joel Murphy, president and CEO of the Atlanta-based REIT, says that the sale of the office portfolio is part of a larger plan to simplify its real estate footprint. The company also sold a portfolio of student housing properties last year as part of that plan. “Upon closing, PAC’s real estate portfolio will be further streamlined with an increased primary weighting on our core, Class A, suburban Sun Belt multifamily business and our complementary 100 percent grocery-anchored Sun Belt retail investments,” says Murphy, referring to PAC’s wholly owned retail investment subsidiary New Market Properties LLC. The portfolio sale to Highwoods includes seven properties in Atlanta, Charlotte and Raleigh. The assets include: • 150 Fayetteville, a 560,000-square-foot tower in downtown Raleigh • Capitol Towers, a two-building complex in Charlotte’s SouthPark …

April 20, 2021

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