Property Type

J.C. Anderson Renovates 53,111 SF Office for ReaderLink in Oak Brook, Illinois

by Kristin Harlow August 14, 2020

OAK BROOK, ILL. — J.C. Anderson has completed office renovations totaling 53,111 square feet for ReaderLink at The Crossings in Oak Brook. J.C. Anderson added private offices, open office cubicles, coffee stations, private restrooms, conference rooms and a meeting space. The work was completed in phases. ReaderLink distributes hardcover, trade and paperback books to booksellers in North America. Ware Malcomb served as architect. JLL oversaw construction management. The office is located at 1420 Kensington Road.

August 14, 2020

Leasing Activity Midwest Office Wisconsin

MPI Corporate Holdings Expands Office Lease in Milwaukee to Accommodate Social Distancing

by Kristin Harlow August 14, 2020

MILWAUKEE — MPI Corporate Holdings Inc. has renewed its office lease on the second floor of 1123 N. Water St. in Milwaukee. Additionally, the firm has expanded its space from 6,500 to 7,635 square feet to allow for proper social distancing while employees are in the office. Founded in 1996 in Grafton, MPI opened its Milwaukee office in 2017. The downtown office is home to MPI’s sales and marketing division, which provides integrated sales strategies to a variety of business-to-business clients. Ben Anderson and Matt Fahey of Colliers International represented MPI in the lease renewal and expansion. Mike Wanezek and Spencer Bluett of Colliers represented the landlord, Harris Bay.

August 14, 2020

Loans Midwest Multifamily Ohio

NorthMarq Arranges $1.9M Refinancing for Apartment Property in Cincinnati

by Kristin Harlow August 14, 2020

CINCINNATI — NorthMarq has arranged a $1.9 million Fannie Mae loan for the refinancing of Green Valley Apartments in Cincinnati. The 48-unit apartment property is located at 6708-6714 Harrison Ave. and features balconies and laundry facilities. Noah Juran of NorthMarq arranged the fixed-rate loan. The borrower was undisclosed.

August 14, 2020

Arizona Development Industrial Western

VanTrust Buys 76.4-Acre Site Along Loop 303 in Arizona, Plans 660,000 SF Industrial Park

by Amy Works August 14, 2020

GLENDALE, ARIZ. — VanTrust Real Estate has purchased 76.4 acres of land along the Loop 303 corridor at Sarival Road and Maryland Avenue in Glendale. The company plans to break ground on a 660,000-square-foot speculative industrial building on the site in October. Upon completion, scheduled for June 2021, the facility will feature 40-foot clear heights, clerestory glass for natural light and ample auto and trailer parking, as well as access to Loop 303, Northern Parkway and Interstate 10. Jim Wilson of Cushman & Wakefield is marketing the property. Terms of the acquisition were not released.

August 14, 2020

Colorado Development Loans Multifamily Western

Dominium Receives $81M Construction Financing for South Range Crossing Apartments in Parker, Colorado

by Amy Works August 14, 2020

PARKER, COLO. — Plymouth, Minn.-based Dominium has received $81 million in construction and permanent financing for the development of South Range Crossing Apartments, an affordable housing complex in Parker. KeyBank Real Estate Capital (KBREC) secured the financing, which includes a $50 million construction loan and a $31 million Freddie Mac Tax-Exempt Loan (TEL) forward commitment. Financing partners include CREA, which provided a 4 percent low-income housing tax credit equity investment, and the Colorado Housing Finance Agency, which issued bonds and allocated the credits. Al Beaumariage of KBREC’s Commercial Mortgage Group and Kelly Frank of KeyBank’s Community Development Lending and Investment team structured the financing. Situated on 11 acres, South Range Crossing will feature 204 units in a mix of one-, two- and three-bedroom layouts spread across eight three-story residential buildings. The property will also feature a clubhouse with a business center, pool, spa, playground and fitness center. All units will be affordable to residents earning up to 60 percent of the area median income. Completion is slated for 2021.

August 14, 2020

Acquisitions California Mixed-Use Multifamily Office Retail Western

Machine Investment Acquires Stevens Creek Executive Park in San Jose for $54.5M

by Amy Works August 14, 2020

SAN JOSE, CALIF. — Machine Investment Group, a newly created New York-based real estate investment platform, has launched its business with the purchase of Stevens Creek Executive Park in San Jose. An undisclosed seller sold the asset for $54.5 million. Machine Investment acquired the property in partnership with Miramar Capital Advisors. Situated on 9.2 acres, Stevens Creek Executive Park consists of 164,986 square feet of existing office space, plus entitlements for the development of 582 multifamily units, 10,000 square feet of retail space and additional office space. The executive park is located within Stevens Creek Urban Village Plan and the Cupertino Union School District, less than two miles from Apple’s global headquarters and the Santana Row shopping district. Under the leadership of real estate veterans Andy Kwon and Eric Rosenthal, Machine Investment Group focuses on opportunistic, distressed and special-situation commercial real estate across the United States.

August 14, 2020

Acquisitions Arizona Industrial Western

ViaWest Group Sells Bell 17 Industrial Campus in Phoenix’s Deer Valley Submarket for $8.3M

by Amy Works August 14, 2020

PHOENIX — ViaWest Group has completed the disposition of Bell 17 Industrial, a three-building industrial park in North Phoenix’s Deer Valley submarket. An undisclosed private investor acquired the asset for $8.3 million. Totaling 70,495 square feet, Bell 17 Industrial is located at 16602 N. 23rd Ave., 16601 N. 25th Ave. and 2401 W. Phelps Road. At the time of sale, the three buildings were fully occupied by multiple tenants. Geoffrey Turbow, Anthony DeLorezo, Rusty Kennedy, Daniel Calihan and Bryan Johnson of CBRE Capital Markets represented the seller, while Mark Trueblood of Glendale, Calif.-based Trumark Real Estate Management Services represented the buyer in the deal.

August 14, 2020

Arizona Company News Development Multifamily New Mexico Seniors Housing Western

Link Senior Development, Insight Senior Living Launch Ativo Senior Living Brand with Three Communities Planned

by Amy Works August 14, 2020

PORTLAND, ORE. — Link Senior Development and Insight Senior Living have launched the Ativo Senior Living brand, with three upcoming communities currently announced in the Southwest. The first property, Ativo Senior Living of Yuma, Arizona, is currently under construction with a planned opening in early 2021. The Portland-based company also has communities planned in Prescott Valley, Arizona; Buckeye, Arizona; Albuquerque, New Mexico; and other projects in various design phases throughout the Southwest. “This relationship between Insight Senior Living and Link Senior Development was forged based on our mutual enthusiasm for the health, well-being, and happiness of our vibrant senior population,” says Ron Ziebart, president and CEO Link Senior Development. Insight Senior Living specializes in new-development senior living communities, providing consulting during development and pre-opening and management services after opening. Link Senior Development focuses exclusively on the development and management of seniors housing.

August 14, 2020

Data Centers Development Industrial Southeast Tennessee Top Stories

Facebook Breaks Ground on $800M Data Center Outside Nashville

by Katie Sloan August 14, 2020

GALLATIN, TENN. — Facebook (NASDAQ: FB) has broken ground on an $800 million data center located roughly 18 miles north of Nashville in Gallatin. The company acquired the 809-acre development site earlier this year for $20 million under the name Woolhawk LLC, according to reports by local news site Gallatin News. The 982,000-square-foot campus will be built to LEED Gold certification standards, using 80 percent less water than the average data center. The development will also be supported by 100 percent renewable energy. Facebook has signed contracts for 220 megawatts of solar energy in Tennessee in support of the project. The company anticipates more than 1,100 construction workers will be onsite at the peak of construction, and the completed development will support approximately 100 new jobs in the form of technicians, engineers, facility managers, logistics professionals and security personnel. “We’re excited about Facebook in Gallatin because of the advantages we think it is going bring to our community,” says Paige Brown, the city’s mayor. “We’re confident in the brightest of futures for both Facebook and the city of Gallatin.” Facebook unveiled plans to build another $800 million data center 65 miles west of Chicago in Dekalb, Illinois, earlier this year. …

August 14, 2020

Acquisitions California Company News Restaurant Retail Western

FAT Brands to Acquire Johnny Rockets Restaurant Chain for $25M

by Amy Works August 13, 2020

LOS ANGELES — Fresh. Authentic. Tasty. (FAT) Brands has agreed to purchase the Johnny Rockets restaurant chain from an affiliate of Sun Capital Partners for $25 million. The deal will be funded through cash on hand and proceeds generated from FAT’s securitization facility. The transaction is slated to close in September. With the acquisition of Johnny Rockets, FAT Brands will have more than 700 franchised and company-owned restaurants around the globe with annual system-wide sales exceeding $700 million. Johnny Rockets was founded in 1986 with its first location on Melrose Avenue in Los Angeles. The 1950s-themed restaurant serves freshly made, classic burgers and hand-spun real ice cream shakes. Johnny Rockets currently has more than 325 locations across the United States and internationally, including nine company-owned locations. Duff & Phelps served as financial advisor to Sun Capital Partners and Morgan Lewis & Bockius acted as legal counsel to Sun Capital Partner. Loeb & Loeb acted as legal counsel to FAT Brands and Andersen Tax served as tax advisor to FAT Brands.

August 13, 2020

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