Property Type

Hamilton Zanze Sells 264-Unit Bradford Pointe Apartments in North Austin

by Taylor Williams December 4, 2020

AUSTIN, TEXAS — San Francisco-based investment firm Hamilton Zanze has sold Bradford Pointe, a 264-unit apartment community in North Austin. The property was built in 1984 and offers one- and two-bedroom residences averaging 638 square feet. Units feature wood-style flooring, upgraded appliances and resurfaced countertops, and select units have private patios and balconies. Amenities include two pools, a fitness center, business center, playground, resident clubhouse and an outdoor kitchen. Hamilton Zanze acquired Bradford Pointe, which was 95 percent occupied at the time of sale, in 2015. The buyer was not disclosed.

December 4, 2020

Acquisitions Indiana Industrial Midwest Missouri

Stan Johnson Co. Brokers Sale of 1.9 MSF Industrial Portfolio Across Four States

by Kristin Harlow December 4, 2020

INDIANA, MISSOURI, OKLAHOMA AND GEORGIA — Stan Johnson Co. has brokered the sale of a four-property industrial portfolio totaling approximately 1.9 million square feet across four markets. The sales price was undisclosed. The properties are leased to a mix of public and private tenants. The buildings include: 2001 Commerce Parkway in Franklin, Ind.; 65 Corporate Woods Drive in Bridgeton, Mo.; 524 N. Sara Road in Yukon, Okla.; and 6878 Kelly Ave. in Morrow, Ga. Mollie Alteri, Joey Odom, Mike Sladich, Maggie Holmes and Michael Watson of Stan Johnson represented the seller, an institutional advisor based in New York. The buyer was a Dallas-based institutional investor.

December 4, 2020

Development Midwest Missouri Multifamily

IMPACT Strategies Breaks Ground on 128-Unit Luxury Apartment Development in St. Louis

by Kristin Harlow December 4, 2020

ST. LOUIS — IMPACT Strategies has broken ground on 2200 LaSalle at Lafayette Square, a 128-unit luxury apartment development in the historic Lafayette Square district of St. Louis. The $25 million project is a redevelopment of a 12-acre industrial site. Cornerstone Development and Chouteau Avenue Partners are the developers while HOK Architects is the project architect. The five-story property will include a two-story parking structure. An amenity deck level will include a private bar, clubroom and fitness area, as well as an outdoor space with a pavilion, fire pit, grilling station and pool. Completion is slated for mid-2022.

December 4, 2020

Illinois Midwest Retail

Comparable Sales for Ulta Beauty Drop 8.9 Percent in Third Quarter

by Kristin Harlow December 4, 2020

BOLINGBROOK, ILL. — Ulta Beauty Inc. (NASDAQ: ULTA) reports that its comparable sales, which includes store sales and e-commerce sales, decreased 8.9 percent in the third quarter on a year-over-year basis. The cosmetics retailer’s third quarter ended Oct. 31. Bolingbrook-based Ulta says the drop is due to the impact of COVID-19. This quarter, Ulta opened 17 new stores, compared with 31 new stores in third-quarter 2019. Net income was $74.8 million compared with $129.7 million for the same period last year. “We know guests are changing how they shop beauty, but importantly, their engagement with the category remains strong,” says Mary Dillon, CEO. Early holiday sales trends in November were encouraging, according to Dillon, but the retailer anticipates that comparable store sales will decline in the range of 12 to 14 percent in the fourth quarter.

December 4, 2020

Development Hospitality Kansas Midwest

Midas Hospitality Opens $20M SpringHill Suites Hotel in Overland Park, Kansas

by Kristin Harlow December 4, 2020

OVERLAND PARK, KAN. — Midas Hospitality has opened its first hotel property in Overland Park. Located at 4081 Indian Creek Parkway, the $20 million SpringHill Suites rises five stories with 128 suites. Amenities at the all-suite hotel include a fitness center, indoor swimming pool and meeting room. The property is situated near the Overland Park Arboretum & Botanical Gardens. Midas served as developer and Thomas Construction was the general contractor. Midas will manage the new hotel, with Rosa Perez serving as general manager. Midas owns and manages 38 hotels across the country, three of which are in Kansas. SpringHill Suites is under the Marriott umbrella of hotels. In response to COVID-19, Marriott has implemented the Marriott Cleanliness Council, which actively monitors cleaning and safety standards. Face masks and social distancing are implemented within amenity areas.

December 4, 2020

Industrial Midwest Missouri

Clayco Launches Design, Engineering Subsidiary for Industrial Projects

by Kristin Harlow December 4, 2020

ST. LOUIS — Contractor Clayco has launched a new subsidiary known as Clayco Design & Engineering. The addition will enhance the company’s design-build service offering and diversify its capabilities for building manufacturing, process and food and beverage plants. Based in St. Louis, Clayco Design & Engineering is led by David Mills, a former partner at The Design Group. Mills is responsible for strategy and innovation, new business development and recruiting top talent. Joe Crawford, formerly with the process technologies division of AECOM, will serve as director of operations.

December 4, 2020

California Development Multifamily Western

High Street Residential, Principal Real Estate Investors Plan 318-Unit Llewellyn Multifamily Property in Los Angeles

by Amy Works December 4, 2020

LOS ANGELES — High Street Residential and Principal Real Estate Investors have announced plans for Llewellyn, an apartment community located in Mission Junction on the eastern edge of Los Angeles’ Chinatown neighborhood. Located at 1101 N. Main St. at the intersection of Llewellyn Street, the development features 318 units in a mix of studio, one- and two-bedroom layouts, as well as 15 ground-floor units with individual entrances and direct access to private outdoor patios. Pre-leasing for the community began in October, with occupancy slated for January 2021. Community amenities include a 1,700-square-foot co-lab workspace; soundproof music room; two rooftop decks with mountain and cityscape views; three communal courtyards; heated pool and spa; multiple indoor/outdoor entertaining spaces with fire pits and barbecue grills; outdoor children’s play area; double-height fitness center; dog park; and bike service room. High Street Residential broke ground on the seven-story property in May 2019. Project partners include KFA as architect, T.B. Penick & Sons as contractor, CDC Designs for interiors, Altitude Design Office for branding and Greystar for property management. Compass is serving as the exclusive leasing agent.

December 4, 2020

Acquisitions California Multifamily Western

Jacobson Co. Sells Two-Property Multifamily Portfolio in Metro Sacramento for $34.2M

by Amy Works December 4, 2020

SACRAMENTO, CALIF. — The Jacobson Co. has completed the disposition of two multifamily properties in metro Sacramento. Nearon acquired the 231-unit portfolio for $34.2 million, or approximately $148,000 per unit. The portfolio includes: The Cottage Bell, a 161-unit property in the Arden Arcade neighborhood of Sacramento County that sold for $23.3 million. Hilltop Garden, a 70-unit property in Carmichael, an unincorporated suburb of Sacramento, that sold for $10.9 million. Situated on a combined 9.6 acres, the properties feature a unit mix of one-, two- and three-bedroom floor plans with an average unit size of 744 square feet. Salvatore Saglimbeni, Stanford Jones, Philip Saglimbeni and Alex Tartaglia of Institutional Property Advisors (IPA), a division of Marcus & Millichap, along with Tony DeLoney and Ken Blomsterberg of Marcus & Millichap, represented the seller in the deal.

December 4, 2020

Acquisitions Industrial Massachusetts Northeast

Griffith Properties Acquires Industrial Complex in Boston for $76M

by Taylor Williams December 4, 2020

BOSTON — Locally based investment firm Griffith Properties has acquired Boston Dedham Commerce Park, a 632,188-square-foot industrial complex in Boston, for $76 million. The five-building property is situated on 22 acres inside Route 128 adjacent to the Readville commuter rail stop. Griffith Properties, which will enter into a joint venture with affiliates of Dune Real Estate Partners LLC to operate the complex, acquired the asset from First Highland in an off-market deal. Robert Griffin, J.R. McDonald, Mike Frisoli, Tyler McGrail and Caroline Collett of Newmark represented both parties in the transaction and will market the available space for lease.

December 4, 2020

Acquisitions Office Washington Western

Innovatus Capital Partners Acquires Overlake 520 Office Campus in Bellevue, Washington

by Amy Works December 4, 2020

BELLEVUE, WASH. — Innovatus Capital Partners has purchased Overlake 520, an office complex near State Route 520 and the Overlake Transit Center Rapid Ride in Bellevue. Terms of the transaction were not released. Situated adjacent to Microsoft’s headquarters, the campus consists of two low-rise buildings offering a total of more than 145,500 rentable square feet of office space. The property features ample parking, large floor plates and a variety of tenant amenities, including an outdoor lounge, on-site market and fitness center. At the time of sale, the property was 100 percent leased to seven tenants primarily in the technology consulting industry with a weighted average lease term of five years. The previous owner completed a series of capital improvements to the property, which was constructed in 1985. LPC West, the West Coast arm of Lincoln Property Co., will provide property management services at the building. Innovatus and LPC West plan to continue property enhancements and value-add improvements to the site.

December 4, 2020

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