Property Type

Condor Partners, Solera Senior Living to Develop $75M Community in Evanston, Illinois

by Kristin Harlow March 12, 2020

EVANSTON, ILL. — Developer Condor Partners and seniors housing operator Solera Senior Living are developing Trulee Evanston, a 163-unit luxury community in Evanston. A JLL Capital Markets team led by Joel Mendes arranged construction debt and joint venture equity for the project. A national bank provided the debt and an institutional private equity fund manager provided the equity. Total project costs are estimated at $75 million. Construction will commence immediately with completion slated for 2021. The nine-story development will feature a mix of private independent living, assisted living and memory care units. Trulee will include multiple terraces and views of downtown Evanston and Lake Michigan.

March 12, 2020

Development Illinois Midwest Retail

Draper and Kramer Completes Phase II Renovations at Shopping Center Anchored by Jewel-Osco in Chicago

by Kristin Harlow March 12, 2020

CHICAGO — Draper and Kramer Inc. has completed the second phase of its ongoing renovation of Lake Meadows Market in Chicago’s Bronzeville neighborhood. The final element of Phase II was a full interior and exterior renovation of the shopping center’s 193,000-square-foot Jewel-Osco grocery store. Jewel-Osco parent company Albertsons shared costs of the $2.3 million project, which also included the addition of a mural entitled “Heart of Bronzeville” by local artist Corey Jenkins. Previous Phase II work included the addition of more than 18,000 square feet of new and renovated retail space for new tenants, including Taco Bell, Wing Stop, Home Run Inn Pizza and Sola Salon Studios and Culver’s. Camburas & Theodore Ltd. Served as the architect for the Jewel-Osco renovation and Powers & Sons Construction Co. was the general contractor.

March 12, 2020

Acquisitions Arizona Industrial Western

Industrial Outdoor Ventures Buys Heavy Industrial Facility in Glendale, Arizona

by Amy Works March 12, 2020

GLENDALE, ARIZ. — Industrial Outdoor Ventures has purchased a heavy industrial facility with storage yard, located at 4800 W. Pasadena Ave. in Glendale. WHAL Properties sold the asset for an undisclosed price. Situated on 4.6 acres, the property includes a 29,625-square-foot industrial service facility with 3,300 square feet of office space and a paved storage yard. The site is fully secured and zoned for a wide range of heavy industrial uses and features heavy three-phase power and 16-foot to 24-foor clear ceiling heights. Additionally, the property is situated near Interstates 10 and 17, less than a mile from the BNSF Intermodal Facility and 12 miles from Phoenix Sky Harbor Airport. Currently, MasTec, a multi-national infrastructure engineering and construction company, occupies the entire property. Kerri Scott and Bob Broyles of Colliers International represented the seller in the deal.

March 12, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $24M Sale of Whole Foods-Occupied Property in Metro Chicago

by Kristin Harlow March 12, 2020

KILDEER, ILL. — The Boulder Group has arranged the $24 million sale of a single-tenant property net leased to Whole Foods in Kildeer, approximately 40 miles northwest of Chicago. The 50,000-square-foot building is located at 20281 N. Rand Road and serves as the anchor to Kildeer Market Place. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Chicago-based real estate company. An East Coast-based investor purchased the asset in a 1031 exchange.

March 12, 2020

Acquisitions California Industrial Western

Sinclair Printing Sells 130,392 SF Industrial Warehouse in Southern California

by Amy Works March 12, 2020

PALMDALE, CALIF. — Sinclair Printing has completed the sale of an industrial warehouse located at 600 W. Technology Drive in Palmdale. Greenlaw Partners acquired the asset for $15 million. Dennis Marciniak and Larry McEwan of DAUM Commercial Real Estate Services completed the transaction. The buyer secured a multi-national technology company as a tenant for the 130,392-square-foot building. Situated on 8.7 acres, the property features ample warehouse space and a total of 15,000 square feet of office, conference room and an overflow storage space. The building features 28-foot clear heights, four dock-high loading doors and refrigeration.

March 12, 2020

Acquisitions Hospitality Midwest Minnesota

Marcus & Millichap Brokers $9.5M Sale of Holiday Inn Express Hotel in Minnesota

by Kristin Harlow March 12, 2020

MANKATO, MINN. — Marcus & Millichap has brokered the sale of the Holiday Inn Express Mankato for $9.5 million. Built in 2008, the five-story, 88-room hotel is located at 2051 Adams St. in southern Minnesota’s Mankato. Jake Erickson and Jared Plamann of Marcus & Millichap brokered the transaction. A Minnesota-based hotelier purchased the property from an undisclosed seller. The sales price represents a cap rate of 9.6 percent.

March 12, 2020

Acquisitions Illinois Midwest Office

Cawley Chicago Negotiates $1.7M Sale of Office Building in Naperville, Illinois

by Kristin Harlow March 12, 2020

NAPERVILLE, ILL. — Cawley Chicago has negotiated the sale of a 7,800-square-foot office building in Naperville for $1.7 million. The standalone property is located at 651 Amersale Drive. Ryan Freed of Cawley represented the seller, American Sale. Leibel Moscowitz of Vandon Forbes represented the buyer, Chabad of Naperville.

March 12, 2020

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Arranges Sale of 39-Unit Assisted Living Community in Hayden, Idaho

by Amy Works March 12, 2020

HAYDEN, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Honeysuckle Place, a 39-unit assisted living community in Hayden, approximately 30 miles east of Spokane, Washington. A national owner-operator sold the property to a regional operator looking to expand into Idaho. The price was not disclosed. Originally built in 1996, the community was positioned as a value-add opportunity, though the seller did increase occupancy by 20 percent during the transaction process, according to Blueprint. The sale is part of a larger portfolio of strategic dispositions for the seller.

March 12, 2020

Acquisitions New York Northeast Office

Gaedeke Group Purchases 44 Wall Street Office Building for $200M

by Alex Patton March 12, 2020

NEW YORK CITY — Gaedeke Group, a Texas-based developer, has purchased 44 Wall Street, a, 354,000-square-foot office building in Lower Manhattan, for $200 million. The 24-story building was constructed in 1927. In 2016, the building’s previous owner invested approximately $24 million to renovate and modernize the building. George Comfort & Sons Inc. will operate the asset on behalf of the new owner. Michael O’Callaghan and Gentry Ashmore Hoit of Finback Real Estate represented Gaedeke in the transaction. Will Silverman of Eastdil Secured and Paul Gillen of Hodges Ward Elliott represented the seller, EQ Office, a subsidiary of The Blackstone Group.

March 12, 2020

Development Industrial New Jersey Northeast

Johnson Development to Build 266,966 SF Industrial Development in Burlington, New Jersey

by Alex Patton March 12, 2020

BURLINGTON, N.J. — Johnson Development Associates will build a 266,966-square-foot warehouse facility in Burlington, a southern suburb of Trenton. The project, which will be branded Exit 5 Distribution Center, will be constructed on a 59.3-acre industrial site located at 107 Elbow Lane. Delivery is scheduled for the fourth quarter. Dan McGovern, Paul Touhey and Drew Green of CBRE represented Johnson Development in the 59.3-acre land acquisition, which closed as an off-market transaction. Seacalco LLC was the seller. The sales price was undisclosed.

March 12, 2020

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