Property Type

J.C. Anderson Completes Phased Renovation Project at Office Property in Lisle, Illinois

by Kristin Harlow May 18, 2020

LISLE, ILL. — J.C. Anderson has completed a phased renovation project at Westwood of Lisle, located at 2441 and 2443 Warrenville Road in metro Chicago. Property owner Briar Meads Capital LLC hired J.C. Anderson to complete the capital improvement project, which consisted of renovating the office property’s two existing lobbies, fitness center, restrooms, tenant lounges, onsite deli and conference room. Wright Heerema Architects provided architectural services and NAI Hiffman provided project management services. The Class A office complex spans 296,486 square feet.

May 18, 2020

California Company News Development Industrial Western

Amazon to Open 111,500 SF Distribution Center in Metro Sacramento

by Amy Works May 18, 2020

ELK GROVE, CALIF. — Seattle-based Amazon will open a 111,500-square-foot distribution center at 9501 Union Parkway in Elk Grove, approximately 15 miles southeast of Sacramento. Currently under construction, the $21.3 million project is slated to open later this year. Irvine, Calif.-based Panattoni is developing the facility with Sacramento-based Alston Construction serving as general contractor. Sacramento-based Fite Development Co. sold the 17-acre industrial site to Panattoni in December and construction for the 111,500-square-foot distribution center commenced in January.

May 18, 2020

California Development Multifamily Seniors Housing Western

Highridge Costa, SVA Architects Plan Twin Oaks Seniors Housing Community in Oakley, California

by Amy Works May 18, 2020

OAKLEY, CALIF. — Highridge Costa Development Co. and SVA Architects Inc. have released plans for Twin Oaks Senior Residence, a mixed-use project in Oakley, located between Sacramento and the Bay Area. The three-story community will feature 98 one-bedroom and 32 two-bedroom units for people age 62 and older. Units are reserved for those earning between 50 percent and 80 percent of the area median income. The project will also include 5,667 square feet of street-fronting commercial space, 188 parking spaces and over 63,000 square feet of open space on the 5.85-acre site. The Oakley City Council approved the project in October 2019, and the development team expects to break ground the second half of 2020. A timeline for completion was not released. SVA and Highridge Costa are partnering on several high-profile affordable housing projects, including the $130 million Kulana Hale project in Hawaii.

May 18, 2020

Civic Oregon Western

Oregon Reopens 28 Counties, Including Limited Retail, Restaurant Services

by Amy Works May 18, 2020

PORTLAND, ORE. — Oregon Governor Kate Brown approved reopening for 28 of 33 counties in the state on Friday, May 15. The counties, which met all of Oregon’s safety and preparedness prerequisites for reopening amid a declining prevalence of COVID-19, will begin Phase One opening. Additionally, all retail statewide was approved to open, except for shopping centers and malls in counties not entering Phase One reopening status. Retail businesses that are reopening must maintain social distancing and follow safety measures for employees and customers. In counties approved for Phase One reopening, the following areas can operate if the business complies with sector-specific health and safety guidance: Restaurants, bars and other such establishments for dine-in service until 10 p.m. Personal services businesses All retail businesses, including malls and shopping centers Gyms and other fitness facilities Local gatherings of up to 25 people The counties that have entered Phase One essentially include all those outside the Portland metro area. The state’s three largest Portland-area counties — Multnomah, Washington and Clackamas — did not apply to reopen on May 15, but are expected to apply in the coming weeks. In non-reopening counties, the following new guidelines took effect or remain in effect beginning …

May 18, 2020

Acquisitions Retail Washington Western

CBRE Brokers $13.4M Sale of Woodinville Mall in Washington

by Amy Works May 18, 2020

WOODINVILLE, WASH. — CBRE has arranged the sale of Woodinville Mall, a retail property located at 17414 139th Ave. NE in Woodinville. Leona G. Himmelspach sold the property to an undisclosed buyer for $13.4 million. Situated on 93,681 square feet of land, Woodinville Mall features 24,739 square feet of retail space spread across six buildings. At the time of sale, 19 tenants occupied the property, including Allstate Insurance, Goodyear and Seattle Optometric Physicians. Dino Christophilis of CBRE’s Seattle office represented the seller in the deal.

May 18, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Negotiates Sale of 160-Bed Skilled Nursing Facility in Mesa, Arizona

by Amy Works May 18, 2020

MESA, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.

May 18, 2020

Company News Retail Texas Top Stories

J.C. Penney Files for Chapter 11 Bankruptcy, Secures $900M for Debt Restructuring

by Taylor Williams May 18, 2020

PLANO, TEXAS — J.C. Penney Co. (NYSE: JCP) has filed for Chapter 11 bankruptcy protection in a bid to strengthen its finances through an extensive debt restructuring. The company filed on the evening of Friday, May 15 in the U.S. Bankruptcy Court for the Southern District of Texas, located in Corpus Christi. The Plano-based retailer has secured $900 million in debtor-in-possession financing from its existing first-lien lenders that is expected to knock several billion dollars off its total debt load. J.C. Penney, a company with a 118-year operating history, said that it would disclose in the coming weeks the number and locations of which stores would be closing. Currently, due to the coronavirus pandemic, about 40 of J.C. Penney’s approximately 850 U.S. stores are open, with another dozen or so offering curbside pickup only. In mid-March, the retailer began furloughing workers at its supply chain and distribution centers in response to the outbreak of COVID-19. Furloughs of store associates and corporate staff followed two weeks later. “While we had been working in parallel on options to strengthen our balance sheet and extend our financial runway, the closure of our stores due to the pandemic necessitated a more fulsome review to …

May 18, 2020

Market Reports Nevada Office Western Western Market Reports

Reno Office Market Capitalizes on Relocations from Places Like California

by Jeff Shaw May 18, 2020

By Scott Shanks, principal, Dickson Commercial Group The Reno/Sparks office market is in a unique position: caught in the throes of a rapidly expanding commercial marketplace and aided by an ever-increasing population base. The most vibrant commercial real estate sectors in our area are industrial and multifamily, and they have been for decades. The office market is also seeing new companies, new developers and new buildings. For the first time in many years, we will see a true speculative office development begin construction this summer. McKenzie Properties will be going vertical with its Skypointe development. Tolles Development Company is in the middle of completing its Rancharrah project, which contains 64,000 square feet of retail space and 36,000 square feet of office space. Last, but certainly not least, Reno Land Inc. and its partner Lyon Living have started the first phase of their Park Lane development, a 46-acre, master-planned development that will include office, retail and multifamily. This new development shows the Reno/Sparks area is on the move, and fast. The area provides for a quality of life that is difficult to find when combining Lake Tahoe, the Sierra Nevada mountains and the Truckee River, which bifurcates the city. In comparison …

May 18, 2020

Florida Industrial Market Reports Southeast Southeast Market Reports

Miami-Dade County’s Industrial Market Sees Healthy Activity Amid COVID-19 Headwinds

by John Nelson May 18, 2020

The Miami-Dade industrial market saw a prolific year in 2019, followed by a healthy, yet slower first quarter in 2020. PortMiami’s record-shattering fiscal year 2019, with cargo operations posting 1.1 million twenty-foot equivalent units (TEUs) and cruise passengers totaling a world’s best 6.8 million passenger total, correlated with the robust warehouse and distribution demand the market experienced throughout 2019. There was a 9 percent uptick in South Florida industrial investment sales, and developers delivered 5.6 million square feet of product to Miami-Dade County. Industrial completions in 2019 exceeded the all-time high set in 2018, and the local inventory expanded by nearly 3 percent. In first-quarter 2020, as the coronavirus pandemic began to unfold and cause widespread global challenges, the flow of cargo continued to meet essential needs from medical supplies to food, while all cruise lines voluntarily ceased sailings. In addition, after a strong start to the year, COVID-19 caused construction to pause and dimmed demand from space users that service hard-hit industries such as tourism and brick-and-mortar retail. The unprecedented boost in e-commerce, grocery, and medical supply distribution currently drives the industrial sector. Leasing remains solid despite roadblocks Overall industrial vacancy in Miami-Dade is at 4.33 percent, up from …

May 18, 2020

Acquisitions North Carolina Office Southeast

Cushman & Wakefield Arranges $58.5M Sale of Office Building in Charlotte

by Alex Tostado May 15, 2020

CHARLOTTE, N.C. — Cushman & Wakefield has arranged the $58.5 million sale of a 182,169-square-foot office building in Charlotte. Corning Optical Communications fully leases the building and has 14 years remaining on the lease. The building offers employee lounges, outdoor patio seating areas, a café with grab-and-go options and on-site walking trails. The property is situated near the intersection of Interstate 485 and N.C. Highway 16, 10 miles northwest of downtown Charlotte. Rob Cochran, Jared Londry and Nolan Ashton of Cushman & Wakefield represented the seller, Beacon Partners, in the transaction. An affiliate of Costa Mesa, Calif.-based Crown Realty & Development acquired the property in an all-cash deal.

May 15, 2020

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