SUPERIOR, WIS. — The Boulder Group has arranged the $1.6 million sale of a 4,566-square-foot property net leased to BMO Harris Bank in Superior in northwest Wisconsin. The single-tenant building is located at 1425 Tower Ave. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based investor. The buyer, a private investor, completed a 1031 tax-deferred exchange. There are 13 years remaining on BMO’s lease.
TEMPE, ARIZ. — Truist Commercial Real Estate has originated a $52 million balance sheet loan for the Tides at South Tempe apartment community. The borrower is a joint venture between Tides Equities and FCP. The loan will allow Tides Equities and FCP to continue to implement the value-add business plan for the property. Once complete and stabilized, the owners expect to refinance the debt via an agency loan from Grandbridge Real Estate Capital, a division of Truist. Situated on 20.5 acres at 4130 S. Mill Ave. in Tempe, the garden-style community features 442 apartments, covered parking, guest parking, on-call maintenance, pre-installed WiFi, a spa, assigned parking, cable television, disability access, laundry facilities, a picnic area with barbecues, swimming pool and fitness center. Jonathan White of Truist Real Estate Capital’s Agency Bridge program, Scott Cook of Truist National Real Estate and Evan Hom of Grandbridge Real Estate Capital originated the loan transaction.
HENDERSON, NEV. — Panattoni Development Co. has purchased 38.8 acres of undeveloped land, located at the southeast corner of Bermuda Road and St. Rose Parkway in the West Henderson submarket, for $25.5 million. Panattoni plans to construct a build-to-suit industrial asset on the property for an undisclosed tenant. The project is located within South 15 Airport Center, a 211-acre industrial complex. Dan Doherty, Paul Sweetland, Chris Lane and Jerry Doty of Colliers International’s Doherty Industrial Group represented Panattoni on the transaction. The name of the seller was not released.
ALBUQUERQUE, N.M. — Goodman Realty Group plans to develop a four-story multifamily community located within Winrock Town Center in Albuquerque. Situated on 3.3 acres, the 146,000-square-foot property will feature 199 apartments, a game room, lounge, industrial kitchen, paw spa, fitness center, courtyard and secured parking, as well as the amenities available at Winrock Town Center. Construction of the $45 million project is slated to begin in fourth-quarter 2020, with completion expected in third-quarter 2022. The development team includes DPS Architects and Albuquerque-based Goodman Realty Group as developer and owner.
EL SEGUNDO, CALIF. — Thorofare Capital has funded a $26 million post-acquisition loan for two R&D and office buildings in El Segundo. A single tenant occupies the full 200,220 square feet of the portfolio. The short-term bridge loan features a 50 percent loan-to-cost ratio, pre-development financing and a two-year base loan term with extension options. Felix Gutnikov, David Perlman, Andrew Kim and Jeff Scappini of Thorofare closed the loan for the undisclosed borrower.
By Riley McKee, Advisor, NAI Maestas & Ward If summarized in one word, New Mexico’s industrial real estate market can best be described as undersupplied. Steady increases in demand, combined with a dearth of new construction, have resulted in record-low vacancy rates in Albuquerque, Las Cruces and Santa Fe – the state’s primary metropolitan areas. A string of noteworthy projects are underway in Albuquerque. Food products supplier Ben E. Keith Foods is building a 260,000-square-foot regional headquarters and distribution center to service markets throughout the region. FedEx Freight recently opened a 95,000-square-foot distribution center strategically positioned on a 50-acre site to expedite planned expansions. Brunacini Development, the city’s largest industrial landlord, just completed a 140,000-square-foot multi-tenant distribution center anchored by Bunzl, a London-based food packaging distributor. Finally, and perhaps most notably, nuclear energy firm Kairos Power acquired an 110,000-square-foot research and development facility after a nationwide site selection process. It plans to expand the facility, which sits on 35 acres, as part of an incentive package with the state. Las Cruces is seeing strong development activity as well, specifically in Santa Teresa, an international Port of Entry that sits 21 miles south of the city. W. Silver Recycling, which processes …
PITTSBURGH — Global health and wellness company GNC Holdings Inc. (NYSE: GNC) has filed for Chapter 11 bankruptcy. Over the past year, the company has executed a strategy to close underperforming stores, while investing further in alternatives to in-store sales, such as e-commerce. With the Chapter 11 filing, GNC expects to accelerate the closure of 800 to 1,200 stores. Pittsburgh-based GNC expects to use the bankruptcy process “to improve its balance sheet and capital structure while continuing to advance its business strategy, right-size its corporate store portfolio and strengthen its brands to protect the long-term sustainability of its business,” according to a press release from the company. Additionally, GNC has reached an agreement with its lenders and Harbin Pharmaceutical Group Holding Co. Ltd., an affiliate of GNC’s largest shareholders, for the sale of the company’s business. The sale transaction has a $760 million purchase price and “would be executed through a court-supervised auction process at which higher and better bids may be presented.” The company expects to either complete the sale or the bankruptcy process this fall. GNC’s largest vendor and a joint venture partner, IVC, is working with the company to ensure a continued supply of products. Looking ahead, …
PLANT CITY, FLA. — Ace Hardware will relocate its distribution center to Plant City, which will allow the Oak Brook, Ill.-based retailer to add 315,000 square feet to its retail support center. Ace Hardware expects construction to begin in October 2020 with completion slated for November 2021. The general contractor, County Line Farms One LLC, says an estimated 200 construction jobs will be created for the project. Ace Hardware has operated its retail support center in Tampa since 1977. The retail support center currently supports 200 Ace Hardware locations in Florida. The company plans to add 40 jobs to the Plant City location to meet business needs.
NEW YORK CITY —SL Green has received a $510 million loan for the refinancing of an office building in Manhattan. A lending group led by Aareal Capital Corp., Citi and Credit Agricole provided the loan. Located at 220 E. 42nd St., the 37-story building is known as The News Building and originally served as the headquarters for The New York Daily News. Locally based investment firm SL Green purchased the property in February 2003 for $265 million. The building is currently 97 percent leased to tenant roster including the Visiting Nurse Service of New York, Omnicom Group, local television station WPIX and the United Nations.
MADISON, GA. — Vitality Living has formed a development partnership with Hillpointe LLC to build Vitality Living Madison, which is currently under construction. Upon full buildout, the project will feature 332 units of seniors housing in Madison, which is approximately 60 miles east of downtown Atlanta. Located on 73 acres, Vitality Living Madison will be built in phases. Phase I will feature a mix of two-bedroom independent living villas and one-bedroom apartments, as well as amenities including a fitness center. Phase II will add assisted living and memory care units to the development. A leasing center is already open in advance of the scheduled opening late this year. This will be Vitality’s first community in Georgia. The operator currently has seniors housing assets in Tennessee, Alabama, Texas and Florida.
