Property Type

CBRE Negotiates $27.7M Acquisition of Vons-Occupied Retail Asset in San Diego

by Amy Works May 7, 2020

SAN DIEGO — CBRE has arranged the purchase of a retail property located at 4145 30th St. in the North Park neighborhood of San Diego. A Los Angeles-based private investor acquired the building from a Texas-based investment firm for $27.7 million. Vons, a Fullerton, Calif.-based supermarket chain, occupies the 40,000-square-foot building on a lease that runs through June 2039. Gary Stache, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the buyer, which was completing a 1031 exchange. The seller was self-represented in the off-market transaction.

May 7, 2020

Acquisitions California Industrial Western

Rexford Industrial Buys Clothing Production Facility in Metro Los Angeles for $21M

by Amy Works May 7, 2020

COMMERCE, CALIF. — Los Angeles-based Rexford Industrial has acquired an industrial facility located in Commerce, approximately eight miles southeast of Los Angeles. A private seller sold the property for $21 million. Situated on five acres located at 6687 Flotilla St., the divisible, 120,000-square-foot property features office space, 20-foot to 24-foot clear heights, extensive dock-high loading and a large secured yard. Color Image Apparel, a Los Angeles-based clothing manufacturing company, currently occupies the facility. Jeff Stephens, Jack Mergenthaler and Evan Crawford of CBRE represented the seller, while the buyer was self-represented in the deal.

May 7, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Federal Realty Investment Sells Historic Pottery Barn Building in Old Pasadena for $16.1M

by Amy Works May 7, 2020

PASADENA, CALIF. — Federal Realty Investment Trust has completed the disposition of the historic Pottery Barn Building, a mixed-use property located at the intersection of East Colorado Boulevard and North Fair Oaks Avenue in Pasadena. A private investor acquired the property for $16.1 million. Pottery Barn occupies three levels of the five-story, 30,955-square-foot building, which was built in 1905 and renovated in 1997. The property also offers two floors of residential space and one floor of office space leased to other tenants. Pottery Barn has occupied the building for the more than 20 years, and last year executed a lease extension at the property. Carlos Lopez and Lee Csenar of Hanley Investment Group represented the seller, while Rob Ippolito, Glenn Rudy and Pete Bethea of Newmark Knight Frank Capital Markets represented the buyer in the transaction.

May 7, 2020

Development Office Texas

Gaedeke Group Reveals Plans for 414,000 SF Office Tower at Legacy West in Plano

by Taylor Williams May 7, 2020

PLANO, TEXAS — Dallas-based Gaedeke Group has revealed new plans for Two Legacy West, a 414,000-square-foot, 17-story office tower that will be located at the corner of Leadership Drive and the Sam Rayburn Tollway in Plano. Designed by Gensler, the building will be situated adjacent to the headquarters campuses of FedEx, Toyota and JPMorgan Chase. Amenities will include a market-style grocery, community park, game lounges and a wellness center with saunas and workout classrooms. In addition, Two Legacy West will feature convenience-oriented amenities such as a digital concierge, complimentary shuttle service to Legacy West and electric car charging stations. A covered walkway will connect the building to its counterpart, the 14-story, 308,000-square-foot One Legacy West. Completion is slated for 2022.

May 7, 2020

Loans Multifamily Texas

Berkadia Provides Permanent Financing for 260-Unit Multifamily Asset in Metro Dallas

by Taylor Williams May 7, 2020

LEWISVILLE, TEXAS — Berkadia has provided an undisclosed amount of Fannie Mae permanent financing for Wellington Park, a 260-unit multifamily asset in the northern Dallas suburb of Lewisville. Built in 2005, the community offers one-, two- and three-bedroom units and amenities such as a pool, fitness center and a playground. Charles Christensen, Vincent Punzi and Lowell Takahashi of Berkadia originated the loan on behalf of the undisclosed, California-based borrower.

May 7, 2020

Acquisitions Multifamily Texas

JLL Negotiates Sale of 252-Unit Apartment Community in Longview, Texas

by Taylor Williams May 7, 2020

LONGVIEW, TEXAS — JLL has negotiated the sale of Summer Lake, a 252-unit apartment community in Longview, about 100 miles east of Dallas. The property features one- and two-bedroom units averaging 852 square feet and amenities such as two pools, an outdoor grilling area, sports court, fishing lake and a dog park. Greg Toro and Steven Hahn Jr. of JLL represented the seller, Little Rock, Ark.-based BSR REIT, in the transaction. Mark Brandenburg and Chad Russell of JLL arranged acquisition financing on behalf of the buyer, Dallas-based Saxony Capital Management.

May 7, 2020

Company News Retail Texas

Gold’s Gym Files for Chapter 11 Bankruptcy, Permanently Closes 30 Centers

by Taylor Williams May 7, 2020

DALLAS — Gold’s Gym, a fitness chain founded in California in 1965 and now headquartered in Dallas, has filed voluntary petitions for protection under Chapter 11 of the U.S. Bankruptcy Code as it works to restructure its debt. In a statement issued earlier this week, the company said that the financial fallout from COVID-19 has forced it to permanently close about 30 company-owned gyms. The company also said that the filing would not impact its licensing division and was not associated with any of its locally owned franchise gyms. Gold’s Gym has about 700 locations worldwide.

May 7, 2020

Loans Midwest Minnesota Multifamily Student Housing

Grandbridge Arranges $35.4M Refinancing for 199-Unit Multifamily Community Near University of Minnesota

by Kristin Harlow May 7, 2020

MINNEAPOLIS — Grandbridge Real Estate Capital has arranged a $35.4 million refinancing for The Arrow Apartments, a 199-unit multifamily community located near the University of Minnesota in Minneapolis. Chris Perry, Brett Olson and Joe Lindberg of Grandbridge originated the permanent, fixed-rate loan, which was funded through an undisclosed credit union. The financing offers an initial period of interest-only payments with a five-year term and 30-year amortization schedule. The Arrow Apartments offers shared amenities including a fitness center, multiple study rooms, a printing center, rooftop deck and a 24-hour fitness center.

May 7, 2020

Acquisitions Illinois Industrial Midwest

Provender Partners Acquires Two Food Processing Facilities in Metro Chicago

by Kristin Harlow May 7, 2020

CHICAGO — Provender Partners has acquired two food processing facilities in metro Chicago. In the first transaction, Provender purchased a 141,000-square-foot facility located at 5420 St. Charles Road in Berkeley. Preferred Meals Inc., a provider of fresh and frozen prepared snacks and meals to schools, fully leases the property. Jonathan Wolfe and Jordan Shtulman of STREAM Capital Partners LLC brokered the $18 million sale-leaseback. In the second transaction, Provender acquired an 80,000-square-foot meat processing facility located at 525 W. Crossroads Parkway in Bolingbrook. It is currently available for lease. Provender maintains a portfolio of more than 5 million square feet of refrigerated real estate assets throughout the United States.

May 7, 2020

Development Healthcare Midwest Minnesota

Kraus-Anderson Completes Conversion of Former Kmart Store in Minnesota into Healthcare Space

by Kristin Harlow May 7, 2020

WINONA, MINN. — Kraus-Anderson has completed the conversion of an 86,000-square-foot former Kmart store in Winona into healthcare space. The building, located at 1122 U.S. Highway 61, is now part of Gundersen Health System’s Winona campus. The building had been vacant since 2014. Set to open May 18, the primary care clinic will offer family and internal medicine, pediatrics, women’s health and imaging services. The facility will also house physical and occupational therapy as well as an eye clinic. HSR Associates Inc. designed the project.

May 7, 2020

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