Property Type

Giant Food to Open 53,000 SF Store in Northern Virginia

by Alex Tostado August 19, 2020

FAIRFAX, VA. — Giant Food will debut a 53,000-square-foot grocery store in Fairfax. The store, situated at 9400 Fairfax Blvd., will open Friday. The new location is 15 miles west of downtown Washington, D.C., and will house 180 employees. The new Fairfax location will also support some of Giant’s services including Giant’s Pickup service, where shoppers place their grocery orders on GiantFood.com or through the Giant Food mobile app and in-store associates will hand-select, pack and deliver orders right to shoppers’ cars. The location will also be home to a full-service Starbucks with café seating, a beer/wine shop, full-service floral shop and a PNC bank.

August 19, 2020

Company News Midwest Minnesota Retail

Target Reports Record Sales Increase of 24.3 Percent in Second Quarter, Cites E-Commerce Growth

by Taylor Williams August 19, 2020

MINNEAPOLIS — Target (NYSE: TGT) reported a 24.3 percent increase in total digital and in-store sales during the second quarter compared with the same period a year ago, the highest quarterly growth in the Minneapolis-based discount retailer’s history. Same-store sales grew by 10.9 percent during the quarter, while digital sales experienced a whopping 195 percent growth year over year. CNBC reports that during a call with reporters, Target CEO Brian Cornell stated that the volume of sales fulfilled by the company’s curbside pickup program grew by more than 70 percent, and that the company’s digital customer base expanded by some 10 million shoppers. Target’s stock price opened at $148.50 per share on Wednesday, Aug. 19, up 12 percent from the previous day and up 72 percent from $86.23 per share a year ago.

August 19, 2020

Acquisitions California Industrial Office Western

Vertical Ventures Buys Sycamore Technology Park R&D Campus in Northern California for $45.5M

by Amy Works August 19, 2020

MILPITAS, CALIF. — Vertical Ventures has acquired Sycamore Technology Park, a three-building office/R&D campus in Milpitas, from a local Bay Area-based investor for $45.5 million. NorthMarq’s San Francisco office arranged financing for the acquisition. Situated within Oak Creek Business Park, the portfolio includes 475, 501 and 525 Sycamore Drive. Constructed in 1983, the three buildings offer a total of 213,519 square feet, which is currently 84 percent leased to two different tenants. Nathan Prouty of NorthMarq secured $39.9 million in senior bridge financing for the acquisition, as well as to fund capital improvements and future leasing costs for the project. Eric Fox, Steve Hermann, Seth Siegel, Adam Lasoff and Ryan Venezia of Cushman & Wakefield represented the seller. Leasing of the project will be handled by Cushman & Wakefield’s San Jose, Calif., team of Gregory Davies, Eric Hallgrimson, Steven Horton and Kelly Yoder.

August 19, 2020

Acquisitions California Office Western

National University System Sells Its Two-Building Headquarters Campus in San Diego

by Amy Works August 19, 2020

SAN DIEGO — National University System, a veteran-founded nonprofit university, has completed the disposition of The Pointe at Torrey Pines, an 11.4-acre office campus in San Diego. An institutional investor acquired the property for an undisclosed price. Located at 11255 and 11355 N. Torrey Pines Road in San Diego’s La Jolla submarket, the existing property features two office buildings totaling 139,135 square feet with views of the Pacific Ocean and Torrey Pines Reserve. The property is currently home to the National University System headquarters. Louay Alsadek, Hunter Rowe and Caitlin Little of CBRE represented the seller, while the buyer was self-represented in the transaction.

August 19, 2020

Acquisitions Colorado Loans Multifamily Seniors Housing Western

CBRE Arranges $14.4M Acquisition Financing for Two Seniors Housing Properties in Metro Denver

by Amy Works August 19, 2020

AURORA AND LAKEWOOD, COLO. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior Housing arranged the four-year bridge loan with 36 months of interest-only payments and a one-year extension option. The lender is a regional bank.

August 19, 2020

Arizona Development Retail Western

Evergreen Devco Purchases Vacant 30,400 SF Retail Property in Mesa for Redevelopment

by Amy Works August 19, 2020

MESA, ARIZ. — Evergreen Devco has acquired an anchor-tenant building at the southwest corner of Mesa Drive and Southern Avenue in Mesa. Terms of the transaction were not released. Evergreen plans to redevelop the vacant, 30,400-square-foot property. The company is also working with a national retail tenant on a lease agreement to occupy the space, a former Big Lots location. The building is situated on approximately 89,000 square feet less than a quarter-mile from the Superstition Freeway (US 60), a popular retail and traffic corridor that has more than 180,000 residents within a three-mile radius.

August 19, 2020

Acquisitions California Industrial Western

Vegan Fried Chicken Company Acquires 10,000 SF Warehouse in San Diego

by Amy Works August 19, 2020

SAN DIEGO — Atlas Monroe, a vegan food manufacturer, has purchased an industrial warehouse property located 10 miles south of downtown San Diego. Deborah Torres of Atlas Monroe acquired the asset from Jerrold B Siegel for an undisclosed price. Currently based in the San Francisco Bay area, Atlas Monroe is expanding its footprint to include San Diego with the purchase of the two-story, 10,000-square-foot, freestanding warehouse building near San Diego’s Chula Vista community. The company offers plant-based options for vegetarians and vegans, including applewood-fired ribs, extra crispy fried chick’n, deep fried and stuffed turkey rolls, signature sauces, cakes and more. The new San Diego location will serve as a food manufacturing facility, as well as offer occasional pick-up opportunities for locals. Mark Lewkowitz, Chris Holder and Will Holder of Colliers International represented the buyer and seller in the deal.

August 19, 2020

Development Illinois Industrial Midwest Office

Heitman Architects, McShane Complete Bystronic’s 163,350 SF North American Headquarters in Metro Chicago

by Amy Works August 19, 2020

HOFFMAN ESTATES, ILL. — Heitman Architects Design, serving as architect/designer, and McShane Construction Co., serving as general contractor, have completed the development of a North American headquarters facility for Swiss-based Bystronic Inc. The tenant is a high-tech manufacturer of high-quality machines and systems for processing sheet metal and other flat materials for laser cutting, bending and automation. Bystronic is relocating from nearby Elgin to the 163,350-square-foot property, which includes 30,400 square feet of office space, 67,750 square feet of production space, 35,000 square feet of warehouse space and a 30,200-square-foot showroom. Designed and organized around the visitor experience, the facility features a catwalk that bisects the showroom and the manufacturing floor, stacking hospitality rooms that overlook the showroom and a large central conference room perched off the catwalk. Construction of the property began in fall 2018.

August 19, 2020

Development Hospitality Illinois Midwest

NexGen Hotels to Develop 107-Room Home2 Suites by Hilton Near O’Hare International Airport

by Amy Works August 19, 2020

DES PLAINES, ILL. — NexGen Hotels, serving as general contractor and developer, has unveiled plans for a $16 million Home2 Suites by Hilton, with a scheduled groundbreaking in April 2021. The 63,000-square-foot hotel will be located at 1700 S. Higgins Road in Des Plaines, approximately four miles from O’Hare International Airport. Slated for completion in summer 2022, the five-story hotel will feature 107 suites with fully equipped kitchens, designed for both short-term and extended-stay guests. The property will include outdoor lounge and patio areas, an indoor saltwater pool and Spin2 Cycle, a combination fitness and laundry facility. Alpharetta, Ga.-based Origination Design is serving as architect and St. Louis-based Genuine Hospitality Group will manage the hotel. The hotel is NexGen’s first Home2 Suites by Hilton-branded property.

August 19, 2020

Loans Midwest Missouri Multifamily

Berkadia Arranges $11.2M Loan for Chateau Du Mont Multifamily Property in Bridgeton, Missouri

by Amy Works August 19, 2020

BRIDGETON, MO. — Berkadia has secured $11.2 million in financing for Chateau Du Mont, a garden-style apartment property located in Bridgeton. The borrower is New York-based David Stern Management. Robert Lipson and Pat Garlich of Berkadia’s New York and St. Louis offices, respectively, arranged the financing through Fannie Mae. The 12-year loan features a fixed interest rate and a 30-year amortization schedule. The specific use of the funds was not disclosed. Located at 12100 Monter Drive, Chateau Du Mont features 120 apartments. The property was built in 1970 and offers convenient access to the intersection of interstates 70 and 270.

August 19, 2020

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