Property Type

Parkway-Woods-Business-Park-Wilsonville-OR

NKF Closes $36.1M Loan for Parkway Woods Business Park Acquisition in Oregon

by Amy Works April 17, 2020

WILSONVILLE, ORE. — Newmark Knight Frank (NKF), on behalf of ScanlanKemperBard (SKB), has secured $36.1 million in financing for the acquisition of Parkway Woods Business Park in Wilsonville. SKB acquired the property, which offers 390,233 rentable square feet of office, production and manufacturing space on an 88.3-acre, park-like setting. Ramsey Daya, Chris Moritz and Stephen Scarpulla of NKF’s Debt & Structured Finance team in San Francisco executed the financing through Bridge Investment Group for the borrower. At the time of sale, the asset was 79.5 percent leased by a variety of tenants, including Xerox, 3D Systems, Dealer Spike and Tualatin Valley Water District. Parkway Woods features efficient, single-story floor plans with modern building systems, abundant green space, extensive freeway visibility, amenities, above-market parking ratio, on-site public transportation, excess land and nearby food options.

April 17, 2020

California Loans Office Western

New York Life Originates $69.9M Acquisition, Repositioning Loan for Office Building in California

by Amy Works April 17, 2020

EL SEGUNDO, CALIF. — New York Life Real Estate Investors has originated financing for the acquisition and repositioning of 2160 Grand, a three-story office building in El Segundo. Originally developed as a built-to-suit project in 1999, the building’s T-shaped layout allows floorplates to be divided for multiple tenants, along with the capability to serve larger space users. The buyer plans to reposition the property into a 164,000-square-foot, campus-like facility with a variety of amenities, including private roof decks, a fitness center, tenant lounge and outdoor courtyard. David Milestone of Newmark Knight Frank Capital Markets placed the debt on the transaction.

April 17, 2020

Acquisitions Arizona Restaurant Retail Western

Winlee Development Sells Two Buildings at Chandler Viridian Primegate in Arizona for $12.8M

by Amy Works April 17, 2020

CHANDLER, ARIZ. — Winlee Development has completed the disposition of the last component of Chandler Viridian Primegate for $12.8 million. The sale, which included both of the recently completed Thirsty Lion and Charles Schwab flagship buildings, consummates the phased sale of the four-building project for a total of $20.8 million, or approximately $870 per square foot. All of the buildings featured single-tenant leases. The other components are the Panera building, which sold for $4.3 million, and The Sicilian Butcher restaurant, which sold for $3.7 million. Winless Development, the commercial real estate division of Phoenix-based Winfield Lee Investments, developed Primegate. Jamie Meddress and Chris Lind of Marcus & Millichap helped broker all of the project’s transactions. Primegate is the restaurant and retail portion of Chandler Viridian, a 25-acre, $250 million, mixed-use project located at the entrance of Chandler Fashion Center in Chandler. A consortium that includes Hines, Winlee Development, Alliance Residential and Concord Hospitality is developing the larger Chandler Viridian project. The development features office, residential, hospitality, restaurant and retail space, as well as wellness trails, fountains and a dog park. The Primegate development team includes Alliance Bank, Berry Riddell, Sacks Tierney, Wespac Construction, Reigle & Associates and Larson Engineering. CBRE’s …

April 17, 2020

Acquisitions Colorado Multifamily Western

CBRE Negotiates $18.9M Purchase of Garfield Park Apartments in Denver

by Amy Works April 17, 2020

DENVER — CBRE has arranged the acquisition of Garfield Park, a multifamily property located at 1300 and 1325 Garfield St. in Denver’s Congress Park neighborhood. Elterra Investments purchased the asset from an undisclosed seller for $18.9 million. Robert Bratley of CBRE’s Denver office represented the buyer in the deal. The 51,730-square-foot property features 78 apartments, a leasing office, fitness center, courtyard, storage areas, laundry room and abundant parking. Prior to the sale, the seller completed updates to several units, as well as common areas. Additionally, Cornerstone Apartment Services, the buyer’s property manager, took over management while the community was under contract and filled several vacancies prior to closing the sale. At the time of sale, the property was 93 percent leased.

April 17, 2020

Development Midwest Multifamily Wisconsin

M&R Development Breaks Ground on 236-Unit Luxury Apartment Community in Suburban Milwaukee

by Kristin Harlow April 17, 2020

ST. FRANCIS, WIS. — M&R Development has broken ground on 4200 On The Lake, a 236-unit luxury apartment community in St. Francis, a southern suburb of Milwaukee. M&R is co-developing the project with Campbell Capital Group LLC. Completion is slated for spring 2021. Located at 4200 S. Lake Drive, the development will feature a two-story clubhouse, 24-hour coffee bar, fitness center, yoga room, business center and self-service package room. A large courtyard will include a swimming pool with views of Lake Michigan. CIBC is providing project financing. Madison-based Stevens Construction is the general contractor. RMK Management will handle leasing and property management.

April 17, 2020

Illinois Industrial Leasing Activity Midwest

Sterling Bay Welcomes Two New Industrial Tenants to Spec Properties in Illinois

by Kristin Harlow April 17, 2020

AURORA AND DARIEN, ILL. — Sterling Bay’s industrial division, Sterling Bay Industrial, has welcomed two new tenants to its newest speculative distribution centers in Aurora and Darien. LGSTX Services, a national logistics company, has leased 335,384 square feet at 2350 Frieder Lane in Aurora. Sterling Bay completed development of the 503,244-square-foot facility at Butterfield Center for Business and Industry in partnership with Levy Family Partners and Development Resources Inc. It is now 65 percent leased. David Prell of CBRE represented the tenant, while Dominic DeRose and Charles Canale of Colliers International represented Sterling Bay. An undisclosed tenant signed a lease for 90,000 square feet at 1035 S. Frontage Road in Darien. Sterling Bay completed development of the 153,000-square-foot facility in partnership with DWS Group. It is now 60 percent leased. Jeff Fischer and John Whitehead of NAI Hiffman represented the landlord in the lease transaction. Premier Design + Build Group served as general contractor for the Darien project.

April 17, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.2M Sale of CVS Pharmacy-Occupied Property in Suburban Chicago

by Kristin Harlow April 17, 2020

TINLEY PARK, ILL. — Marcus & Millichap has brokered the $5.2 million sale of a 14,421-square-foot property occupied by CVS Pharmacy in Tinley Park, a southern suburb of Chicago. Constructed as a build-to-suit for CVS, the building is located at 9551 171st St. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a developer. A Texas-based institutional buyer purchased the asset.

April 17, 2020

Kansas Loans Midwest Multifamily

Dougherty Mortgage Provides $2.3M Refinancing for Multifamily Building in Wichita

by Kristin Harlow April 17, 2020

WICHITA, KAN. — Dougherty Mortgage has provided a $2.3 million Fannie Mae loan for the refinancing of Player Piano Lofts in Wichita. The 36-unit, market-rate multifamily building was originally constructed in 1901 and later renovated for residential and commercial use in 2015. The loan features a 12-year term and a 30-year amortization schedule. Player Piano Building LLC was the borrower.

April 17, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges $1.8M Sale of Apartment Property in Sturgis, Michigan

by Kristin Harlow April 17, 2020

STURGIS, MICH. — Greystone Bel Real Estate Advisors has arranged the $1.8 million sale of Colonial Crest Apartments in Sturgis in southern Michigan. Built in 1972, the 48-unit apartment property is located at 1000 E. Lafayette St. The Michigan-based buyer plans to complete interior unit renovations.

April 17, 2020

Acquisitions Massachusetts Northeast Office

Taurus Investment Purchases Office Building in Concord, Massachusetts, for $74.5M

by Alex Patton April 17, 2020

CONCORD, MASS. — Taurus Investment Holdings LLC has purchased 300 Baker Avenue, a 410,296-square-foot office building in Concord, a northwestern suburb of Boston. The sales price was $74.5 million. At the time of sale, the Class A building was 93.2 percent leased to 13 tenants, including the corporate headquarters of fruit juice manufacturer Welch’s and a satellite facility for Emerson Hospital. Amenities include a fitness facility, conference center, cafeteria and Starbucks kiosk. Robert Griffin and Edward Maher led a Newmark Knight Frank team that represented Taurus in the transaction. Novaya Real Estate Ventures was the seller.

April 17, 2020

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