Property Type

Partnership Sells The Shops at Todos Santos Plaza in Metro San Francisco

by Amy Works January 27, 2020

CONCORD, CALIF. — A partnership between Paragon Commercial Group and Long Market Property Partners has completed the disposition of The Shops at Todos Santos Plaza, an entire city block of urban retail located in downtown Concord. Terms of the transaction, including the name of the buyer and acquisition price, were not released. Comprising 15 retail and restaurant tenants, the asset was fully leased to a strong roster of daily needs and restaurant tenants. Nicholas Bicardo, Brandon Rogoff, Forest Gherlone and Mike Zystra of Newmark Knight Frank (NKF) represented the seller in the deal.

January 27, 2020

Acquisitions Multifamily Washington Western

IPA Negotiates $25.7M Sale of Silver Shadow Apartment Complex in Metro Seattle

by Amy Works January 27, 2020

FEDERAL WAY, WASH. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Silver Shadow, a multifamily property located in Federal Way. An undisclosed buyer acquired the asset for $25.7 million, or $194,697 per unit. Built in 1989 on 5.4 acres, Silver Shadow offers 132 garden-style apartments and close proximity to multiple mass transit services. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the undisclosed seller and procured the buyer in the deal.

January 27, 2020

Acquisitions Midwest Minnesota Office

Bridge Investment Group Acquires West End Office Park in Minneapolis

by Kristin Harlow January 27, 2020

MINNEAPOLIS — Bridge Office Fund Manager, a subsidiary of Bridge Investment Group LLC, has acquired West End Office Park, a six-building, 568,000-square-foot office campus within the West End submarket of Minneapolis. The purchase price was undisclosed. Originally developed between 1968 and 1980, the park has undergone more than $27 million in capital improvements since 2015. Bridge plans to make additional improvements beginning immediately. The campus is 86 percent occupied by tenants such as HealthPartners, nVent, Horizontal Integration and CoBank. Tom O’Brien and Sam Maguire of Cushman & Wakefield represented the undisclosed seller in the transaction, which represents Bridge Office’s entry into the Twin Cities market.

January 27, 2020

Acquisitions Midwest Retail Wisconsin

Stan Johnson Co. Brokers $36.4M Sale of Fleet Farm-Occupied Property in Oconomowoc, Wisconsin

by Kristin Harlow January 27, 2020

OCONOMOWOC, WIS. — Stan Johnson Co. has arranged the $36.4 million sale of a big-box retail property fully leased to Fleet Farm in Oconomowoc, about 30 miles west of Milwaukee. The 218,628-square-foot property is located at 1555 Pabst Farms Circle. Constructed in 2018, the building sits within Pabst Farms, a 1,500-acre mixed-use development. Upon full completion, the project will offer residential, retail, office and healthcare space with 360 acres of parks and green space. Tom Fritz, Brandon Duff and Christina Pecoraro of Stan Johnson represented the seller, a Wisconsin-based developer. Minneapolis-based SR Realty Trust Inc. purchased the asset.

January 27, 2020

Acquisitions Midwest Office Wisconsin

JLL Negotiates $9.6M Sale of Historic Office Property in Milwaukee

by Kristin Harlow January 27, 2020

MILWAUKEE — JLL Capital Markets has negotiated the sale of 222 East Erie in Milwaukee’s Third Ward district for $9.6 million. The brokerage also secured $7.6 million in acquisition financing through a Chicago-based financial institution. R2 Cos. was the buyer. Originally built in 1896 as a bakery, the property was repositioned in 2006 as a creative office asset. The four-story building features onsite parking. Jaime Fink, Jeffrey Bramson, Bruce Miller, Patrick Shields and Sam DiFrancesca of JLL represented the private seller. Christopher Carroll and Lucas Borges of JLL led the financing efforts.

January 27, 2020

Indiana Loans Midwest Office

Maverick Commercial Arranges $6.1M First Mortgage Loan for Office Building in Lafayette, Indiana

by Kristin Harlow January 27, 2020

LAFAYETTE, IND. — Maverick Commercial Mortgage has arranged a $6.1 million first mortgage loan through Centier Bank for the Chase Center office building in Lafayette. Located at 201 Main St., the property spans 128,574 square feet, including a 93-space parking garage. The asset is 93 percent leased. The six-year, fixed-rate loan is amortized over 25 years. Proceeds from the first mortgage paid off existing debt and funded improvements such as new elevators and an HVAC modernization. Shook Realty Group was the borrower.

January 27, 2020

Acquisitions Healthcare Midwest Minnesota

Upland Brokers Sale of 18,171 SF Healthcare Facility in Minnesota

by Kristin Harlow January 27, 2020

NORTH BRANCH, MINN. — Upland Real Estate Group Inc. has brokered the sale of an 18,171-square-foot healthcare facility net leased to Fairview Health Services in North Branch, about 45 miles north of Minneapolis. The sales price was undisclosed. The property features urgent care exam rooms, procedure rooms, a physical therapy gym, drive-through pharmacy and optical center. Fairview has more than eight years remaining on its lease. Buyer and seller information was not disclosed.

January 27, 2020

Acquisitions California Industrial Western

Cabot Properties Acquires Industrial Building Near San Diego for $15.9M

by Amy Works January 27, 2020

EL CAJON, CALIF. — Boston-based Cabot Properties has purchased an industrial building, located at 2025 Gillespie Way in the San Diego suburb of El Cajon. A private local investor sold the property for $15.9 million. Built in 1999, the 150,159-square-foot warehouse and distribution facility features 27-foor clear heights, abundant car and trailer parking, three grade-level doors and 15 dock-high doors, which can be expanded to 26 doors. At the time of sale, the property was on a ground lease with the County of San Diego and 73 percent leased to two tenants. The asset is part of the 65-acre, master-planned Gillespie Field Business Park, also known as Cuyamaca West. The park consists of 27 buildings totaling more than 735,000 square feet. Louay Alsadek, Hunter Rowe, Darla Longo, Barbara Perrier and Rebecca Perlmutter of CBRE represented the seller in the deal. Sean Williams and Erik Parker, also of CBRE, handle leasing for the property.

January 27, 2020

Loans Multifamily Oregon ORIX Seniors Housing Western

Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon

by Amy Works January 27, 2020

MCMINVILLE, ORE. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.

January 27, 2020

Acquisitions Midwest Ohio Retail Top Stories

VICI Properties Completes Acquisition of JACK Cleveland Casino, Thistledown Racino for $843.3M

by Kristin Harlow January 27, 2020

CLEVELAND AND NORTH RANDALL, OHIO — VICI Properties Inc. (NYSE: VICI) has completed the acquisition of JACK Cleveland Casino and JACK Thistledown Racino for approximately $843.3 million. The company financed the transaction with cash on hand. JACK Cleveland Casino opened in May 2012 in the historic Higbee Building in downtown Cleveland. The property features approximately 96,000 square feet of gaming space, 1,300 gaming machines, 120 table games and eight food and beverage outlets. The casino is connected to both the 205-room Ritz-Carlton hotel and the 440-room Renaissance hotel. JACK Thistledown Racino is located in North Randall, about 10 miles southeast of Cleveland. The racino — a combination of a horse racing track and a casino — opened in April 2013. Situated on 129 acres, it features the race track, approximately 57,000 square feet of gaming space, 1,459 gaming machines and six food and beverage outlets. The venue hosts the Ohio Derby horse racing event every summer. The transaction increases VICI’s “exposure to the limited license state of Ohio, which continues to be one of the healthiest gaming markets across the country,” according to John Payne, president and COO of VICI. Simultaneous with the closing of the transaction, VICI entered into …

January 27, 2020

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