Property Type

JLL Brokers $140M Sale of Industrial Portfolio in Indiana, Ohio

by Kristin Harlow February 3, 2021

INDIANA AND OHIO — JLL Capital Markets has brokered the sale of 12 industrial properties spanning approximately 3 million square feet in Cleveland, Fort Wayne and Bloomington for nearly $140 million. John Huguenard, Sean Devaney, Kurt Sarbaugh and Peter Moriarty of JLL represented the seller, Raith Capital Partners. Plymouth Industrial REIT purchased 10 buildings totaling 2.1 million square feet in the greater Cleveland area. The assets are 90 percent leased. STAG Industrial Inc. acquired the 764,177-square-foot facility in Fort Wayne. The building is fully leased to a supplier of parts and components to the recreational vehicle industry. Lastly, Legacy Investing LLC purchased the 125,000-square-foot manufacturing and distribution facility in Bloomington. It is fully leased to a healthcare and pharmaceutical company.

February 3, 2021

Acquisitions Midwest Office Ohio

Joint Venture Acquires Dayton Office Campus in Sale-Leaseback Transaction

by Kristin Harlow February 3, 2021

DAYTON, OHIO — A joint venture between Industrial Commercial Properties and Industrial Realty Group has acquired the LexisNexis-occupied office campus in Dayton for an undisclosed price. The 391,000-square-foot, four-building property sits on 60 acres. Doug Altemuehle of Newmark represented the seller, LexisNexis, in the sale-leaseback transaction. Don Feathers of Roaring Fork Advisors LLC represented the buyers, which plan to modernize the asset. LexisNexis, a provider of legal and business research, will remain the anchor tenant at the campus.

February 3, 2021

Affordable Housing Loans Midwest Multifamily Wisconsin

KeyBank Structures $29.3M in Construction Financing for Affordable Housing Property in Wisconsin

by Kristin Harlow February 3, 2021

FITCHBURG, WIS. — KeyBank has structured $29.3 million in financing for the construction of Limestone Ridge Apartments in Fitchburg, a suburb of Madison. The four-story project will be home to 116 units that are designated for households earning between 50 and 80 percent of the area median income. Madison-based JT Klein Co. is the developer. KeyBank Community Development Lending and Investment provided a $16 million construction loan, while KeyBank’s Commercial Mortgage Group originated a $13.3 million Freddie Mac forward tax-exempt loan. Additionally, Cinnaire is providing a 4 percent low-income housing tax credit investment of $6 million and HUD and Dane County are providing $4.3 million of soft funding. Steve Sparks of KeyBank’s CDLI team and Robbie Lynn of KeyBank’s Commercial Mortgage Group structured the financing. Completion of the project is slated for October 2022.

February 3, 2021

Acquisitions Iowa Midwest Retail

Boulder Group Negotiates $5.1M Sale of Property Net Leased to Walgreens in Ames, Iowa

by Kristin Harlow February 3, 2021

AMES, IOWA — The Boulder Group has negotiated the sale of a 14,820-square-foot property net leased to Walgreens in Ames for $5.1 million. The single-tenant building is located at 2719 Grand Ave. Walgreens has more than 13 years remaining on its lease. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate firm. A West Coast-based real estate firm purchased the asset.

February 3, 2021

Acquisitions Indiana Midwest Restaurant Retail

Marcus & Millichap Arranges $1.8M Sale of Burger King-Occupied Property in Carmel, Indiana

by Kristin Harlow February 3, 2021

CARMEL, IND. — Marcus & Millichap has arranged the sale of a retail property occupied by Burger King in Carmel for $1.8 million. The 2,959-square-foot building is located at 9853 N. Michigan Road. Jordan Klink and David Klink of Marcus & Millichap’s The Klink Group marketed the asset on behalf of the seller, California-based MVSA Investments LLC. The duo also represented the buyer, Ohio-based Ridge Kent LLC.

February 3, 2021

Acquisitions Office Texas

CBRE Global Investors Buys 301,891 SF Sherry Lane Place Office Building in Dallas

by Taylor Williams February 3, 2021

DALLAS — A fund backed by CBRE Global Investors has purchased Sherry Lane Place, a 301,891-square-foot office building located in the University Park area of Dallas. Built in 1984 and renovated in 2020, the 20-story building was 80 percent leased at the time of sale. Amenities include a four-level parking garage, fitness center, conference center and a café with indoor and outdoor seating. The seller was not disclosed.

February 3, 2021

Acquisitions Industrial Lee & Associates Texas

Lee & Associates Brokers $56.8M Sale of Industrial Building in Northwest Houston

by Taylor Williams February 3, 2021

HOUSTON — Lee & Associates has brokered the $56.8 million sale of a 383,750-square-foot industrial building located at 8017 Breen Drive in northwest Houston. The sales price equates to approximately $148 per square foot. The building is fully leased to locally based oilfield services firm National Oilwell Varco (NOV) on a triple-net basis. John Berger and Mauricio Olaiz of Lee & Associates represented the buyer in the deal. Colliers International represented the seller.

February 3, 2021

Industrial Leasing Activity Texas

Holt Lunsford Negotiates 167,405 SF Industrial Lease in Dallas

by Taylor Williams February 3, 2021

DALLAS — Locally based brokerage firm Holt Lunsford Commercial has negotiated a 167,405-square-foot industrial lease at 8801 Autobahn Drive in Dallas. According to LoopNet Inc., the property was built in 1997 and totals 270,490 square feet. John Gorman and Canon Shoults with Holt Lunsford represented the landlord, Boston-based TA Realty, in the lease negotiations. Michael Chiocca and Baron Aldrine of CBRE represented the tenant, cabinetmaker Sunrise Wood Designs LLC.

February 3, 2021

California Development Office Retail Western

Sares Regis, Dostart Development Receive Approval for Burlingame Post Office Redevelopment in California

by Amy Works February 3, 2021

BURLINGAME, CALIF. — A joint venture between Sares Regis Group of Northern California (SRGNC) and Dostart Development Group has received approval from the Burlingame City Council for the redevelopment of the long-vacant, 1.3-acre Burlingame Post Office property in Burlingame. Groundbreaking for the project, located at 220 Park Road, is slated for third-quarter 2021, with the 185,000-square-foot office and retail property delivered by 2023. The new design will preserve the former Post Office lobby, converting it into ground-floor retail space that opens to the adjacent Burlingame Town Square, which will be constructed in coordination with the project. Situated in downtown Burlingame, the new project will include 275 parking stalls that will be available for public parking on the weekends and weekday evenings. In total, the redevelopment property will offer 170,000 square feet of office space and 15,000 square feet of retail space. Mike Moran, Ben Paul and Marc Pope of Cushman & Wakefield’s Burlingame office are marketing the office component for lease, while Steve Cutter and Chris Homs of Lockehouse Retail Group are marketing the retail portion. As part of the project, $2 million will be donated toward the future Town Square and $3.5 million will be contributed to affordable housing …

February 3, 2021

Acquisitions Affordable Housing Arizona Multifamily Western

JB Partners Buys Cabana on Washington Apartments in Phoenix for $45.3M

by Amy Works February 3, 2021

PHOENIX — JB Partners has purchased Cabana on Washington, a transit-oriented apartment complex located in Phoenix, from Greenlight Communities for $45.3 million, or $200,442 per unit. The purpose-built, “attainable housing” property features 226 apartments, with units averaging 603 square feet. The location is within walking distance of the Valley Metro light rail, which offers access to Phoenix Sky Harbor Airport, downtown Phoenix, North Tempe and Arizona State University. Situated on six acres, the property was built in 2020. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

February 3, 2021

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