Property Type

Marcus & Millichap Brokers $13M Sale of Office Building in Clark, New Jersey

by Alex Patton May 15, 2020

CLARK, N.J. — Marcus & Millichap has arranged the $13 million sale of a 76,000-square-foot office building in Clark, a western suburb of New York City. The property is located at 67 Walnut Ave. near the Garden State Parkway. The building is primarily leased to medical tenants, including Summit Medical Group, and is located near Robert Wood Johnson Hospital Rahway and Kindred Hospital. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

May 15, 2020

Development Midwest Mixed-Use Ohio Retail

Columbus Crew Soccer Club Releases New Renderings for $230M Downtown Stadium

by Kristin Harlow May 15, 2020

COLUMBUS, OHIO — Columbus Crew SC, a Major League Soccer organization, has released new renderings for its stadium, which is currently under construction downtown. Completion is slated for summer 2021. Situated in the city’s Arena District, the stadium will feature a beer garden and a “crewhouse.” Premium club members will have access to an exclusive covered entrance. Project costs of the 20,000-seat venue are estimated at $230 million. The larger Confluence Village development will feature nearly 1,000 residential units as well as office and commercial space. The Crew’s current stadium is expected to be repurposed into a community sports park.

May 15, 2020

Development Midwest Multifamily Ohio

Pizzuti, Capital University Partner on 145-Unit Apartment Project in Columbus

by Kristin Harlow May 15, 2020

COLUMBUS, OHIO — The Pizzuti Cos. and Capital University have formed a joint venture to redevelop an existing surface parking lot located along South Grant Avenue near the university’s law school in Columbus. Plans call for a six-story building with 145 apartment units, 7,000 square feet of rooftop amenity space and 3,500 square feet of ground-floor restaurant space. The third phase of Library Park, the project will feature a wellness center, cycle studio, coworking spaces and an onsite restaurant and bar serving both residents and the public. The rooftop will feature an outdoor courtyard complete with a pool and clubhouse. Pizzuti recently broke ground on Phases I and II of Library Park. Lupton Rausch Architects Inc. designed Phase III and Corna Kokosing will serve as general contractor. Construction will begin immediately with completion slated for fall 2021. Phase I is currently in lease-up and Phase II is scheduled for completion in October.

May 15, 2020

Development Midwest Nebraska Office

R&R Realty Incorporates ‘Healthy’ Features into Office Building Under Development in Omaha

by Kristin Harlow May 15, 2020

OMAHA, NEB. — R&R Realty Group has added several “healthy” features in its newest office building currently under development in Omaha. Known as the Waterford Building, the property spans 180,000 square feet at the intersection of 192nd Street and West Dodge Road. R&R has configured the HVAC system to use medical-grade air filters. The Waterford Building will feature touch-free entrances along with motion sensors for lighting. R&R is also installing germ-resistant flooring, wall coverings and seating surfaces. Screens will help visitors find their way in an effort to reduce unnecessary foot traffic. The property management team will receive data regarding air quality, circulation and other building health metrics. Completion of the building is slated for spring 2021.

May 15, 2020

Industrial Midwest Missouri

NorthPoint Development Launches Brokerage Firm in Kansas City

by Kristin Harlow May 15, 2020

KANSAS CITY, MO. — Local real estate development firm NorthPoint Development has launched Beyond Brokerage, a commercial real estate advisory firm. The brokerage will service the office, retail, industrial, land and multifamily sectors with experience in leasing, sales, site selection, consulting and investment transactions. NorthPoint began as a developer specializing in industrial and multifamily. Since its inception in 2012, the firm has grown to a family of seven companies spanning several industries.

May 15, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $1.6M Sale of Two-Tenant Retail Property in Lockport, Illinois

by Kristin Harlow May 15, 2020

LOCKPORT, ILL. — Marcus & Millichap has arranged the $1.6 million sale of a two-tenant retail property in Lockport, about 30 miles southwest of Chicago. The 3,670-square-foot building is home to Arby’s and Bank of America. It is located at 16545 W. 159th St. and serves as an outlot to a Jewel-Osco grocery store. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was a limited liability company affiliated with one of the tenants.

May 15, 2020

California Industrial Loans Net Lease Western

PGIM Real Estate Secures $66M Acquisition Financing for Inland Empire Industrial Asset

by Amy Works May 15, 2020

RIVERSIDE, CALIF. — PGIM Real Estate has secured $66 million in acquisition financing for an industrial facility located at 6275 Lance Drive in Riverside. The fixed-rate loan features and eight-year term and was arranged on behalf of the undisclosed borrower, for which TA Realty provides investment advisory services. Situated on 47 acres in California’s Inland Empire, the 1 million-square-foot Class A property is fully leased to an investment-grade tenant in the healthcare industry as of January 2020 through a 10.5-year, triple-net lease. The facility features a 36-foot clear height, truck courts ranging from 140 feet to 185 feet in depth, 147 cross-dock high doors, 11,400 square feet of office space and 355 surface parking spaces. Brett Ulrich of PGIM Real Estate led the transaction for PGIM, while Val Achtemeier of CBRE’s Debt & Structured Finance Group brokered the financing for the borrower.

May 15, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Negotiates $22.1M Sale of Alberstons-Occupied Retail Asset in San Diego

by Amy Works May 15, 2020

SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.

May 15, 2020

California Civic Western

Northern California County Expands Stage 2 Reopening for Lower-Risk Workplaces

by Amy Works May 15, 2020

NEVADA COUNTY, CALIF. — Nevada County has received approval from the State of California to move further into Stage 2 reopening related to the COVID-19 pandemic. Located east of Sacramento and just across the state border from Reno, Nevada, the county is among the first in California to receive approval of its readiness plan. County businesses are encouraged to prepare to safely reopen, if they fit into the Stage 2 sectors in the California Recovery Plan outlined in the Resilience Roadmap. Lower-risk workplaces that are outlined in the first step of Stage 2 include retail, childcare, manufacturing, logistics and essential businesses. An expansion of Stage 2 reopenings includes relaxed retail restrictions and the adaptation and reopening of schools, offices and limited hospitality and personal services. While schools are included in the next phase of Stage 2 reopenings, Nevada County does not anticipate schools reopening until August. Prior to reopening, each business must complete its industry-specific checklist for modifications and safety. Businesses must perform a detailed risk assessment and implement a site-specific protection plan; train employees on how to limit the spread of COVID-19, including how to screen themselves for symptoms and stay home if they have any symptoms; and implement …

May 15, 2020

Acquisitions Nevada Office Western

SVN | Gold Dust Commercial Arranges $9.1M Sale of Office Building in Reno, Nevada

by Amy Works May 15, 2020

RENO, NEV. — SVN | Gold Dust Commercial Associates has arranged the sale of an office property located at 790 Sandhill Road in Reno. An out-of-state buyer acquired the building for $9.1 million. The U.S. General Services Administration occupies the 17,908-square-foot property on a long-term lease. Casey Prostinak of SVN | Gold Dust represented the undisclosed seller in the deal.

May 15, 2020

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