Property Type

SRS Arranges $5.9M Sale of Single-Tenant Healthcare Property in South Florida

by Alex Tostado August 6, 2020

GREENACRES, FLA. — SRS Real Estate Partners’ National Net Lease Group has arranged the $5.9 million sale of a property leased to ChenMed, a medical provider focused on the care of senior citizens. The 13,635-square-foot property is located at 4998 10th Ave., 10 miles southwest of downtown West Palm Beach. ChenMed’s lease is corporate-guaranteed and has nine years remaining. The property, which sits on three acres, was originally developed in 1999 for Walgreens, which occupied the space until last year. The seller, The Morgan Cos., renovated the building specifically for ChenMed, which located there in 2019. Patrick Nutt and Andrew Fallon of SRS represented the Charlotte, N.C.-based seller in the transaction. Cornerstone Commercial Realty represented the buyer, a Seminole, Fla.-based private investor completing a 1031 exchange.

August 6, 2020

Acquisitions Kentucky Retail Southeast

Colliers Negotiates $4M Sale of CVS-Occupied Property in Paducah, Kentucky

by Alex Tostado August 6, 2020

PADUCAH, KY. — Colliers International has negotiated the $4 million sale of a 10,121-square-foot CVS/pharmacy-occupied property in Paducah. The building was originally developed in 1999 and is located at 3001 Lone Oak Road. There are 19 years remaining on CVS’ 20-year lease extension. Jon Busse of Colliers represented the buyer, Emerald Paducah LLC, in the transaction. The new ownership acquired the asset to partially complete a 1031 exchange. Matt Berres of Newmark Knight Frank (NKF) represented the seller, WEC 99J-32 LLC.

August 6, 2020

Development Industrial Midwest Missouri Office

Kadean Construction Completes New Headquarters, Logistics Center for 1st Phorm in Fenton, Missouri

by Kristin Harlow August 6, 2020

FENTON, MO. — Kadean Construction has completed construction of a new 185,590-square-foot headquarters and logistics facility for 1st Phorm, a manufacturer and distributor of nutrition supplements and athletic apparel. The multi-million-dollar facility is located in Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. The project includes corporate offices, 16 Zoom rooms, a 222-seat education and training auditorium, private library, podcast studio and a 16,000-square-foot athletic facility with a weight training room, basketball court and batting cages. The company is relocating from its headquarters in South St. Louis County and consolidating several warehouses around the St. Louis area. More than 400 employees will work at the building. U.S. Capital Development is the developer and owner of the project. M+H Architects served as architect.

August 6, 2020

Affordable Housing Illinois Loans Midwest Multifamily

Bellwether Enterprise Arranges $20.5M in Financing for Preservation of Nine Affordable Housing Properties in Chicago

by Kristin Harlow August 6, 2020

CHICAGO — Bellwether Enterprise Real Estate Capital LLC has arranged $20.5 million in financing for the rehabilitation and preservation of nine affordable housing properties in the West Town and Humboldt Park neighborhoods of Chicago. The nine properties are collectively known as Victory Apartments and span 107 units. Victor Agusta of Bellwether arranged an FHA loan on behalf of the borrower, Bickerdike Redevelopment Corp. The financing also included tax-exempt bonds, a 4 percent low-income housing tax credit and a subordinate mortgage from the Illinois Housing Development Authority. The existing Section 8 Housing Assistance Payments contract was renewed for 20 years.

August 6, 2020

Illinois Leasing Activity Midwest Office

Sloan Signs 20,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow August 6, 2020

CHICAGO — Sloan, a manufacturer of commercial plumbing systems and touchless restroom solutions, has signed a 20,000-square-foot office lease at 333 N. Green in Chicago’s Fulton Market. Sloan will use the space for its first Chicago showroom. Owned by Sterling Bay, 333 N. Green is now 93 percent leased. Russ Cora and Gillian Keebler of Sterling Bay negotiated the lease transaction. Larry Cohn of @properties represented the tenant.

August 6, 2020

Acquisitions Indiana Midwest Retail

Timber Development Acquires 12,000 SF Retail Property in Winchester, Indiana

by Kristin Harlow August 6, 2020

WINCHESTER, IND. — Timber Development has acquired a 12,000-square-foot retail property shadow-anchored by Walmart in Winchester, which is located in East Central Indiana. The purchase price and seller were not disclosed. The property was 40 percent leased at the time of sale. Tenants include Kubachi Japanese & Hibachi restaurant, Mimi Nails and Verizon.

August 6, 2020

Company News Healthcare Northeast Retail Rhode Island

CVS Reports 35.2 Percent Revenue Increase in Second Quarter, Stock Up 20 Percent

by Taylor Williams August 6, 2020

WOONSOCKET, R.I. — CVS Health Corp. (NYSE: CVS) reported total revenue of $634 billion in the second quarter, a year-over-year increase of 35.2 percent. The company’s net income also rose by 48 percent to roughly $5 billion during the period, suggesting that revenues are rising while costs are remaining relatively flat. The Woonsocket, Rhode Island-based pharmacy and convenience store chain, which acquired insurance giant AETNA in late 2018, saw its stock price open at $65.53 per share on Wednesday, Aug. 5, giving it a year-to-date increase of nearly 20 percent. CVS announced plans to close 22 underperforming stores during the first quarter, but has kept all its U.S. locations open throughout the COVID-19 pandemic as an essential retailer. As of 2019, CVS operated just shy of 10,000 stores across the United States.

August 6, 2020

Development Massachusetts Mixed-Use Northeast

Callahan Construction Completes 550,000 SF Mixed-Use Redevelopment in Malden, Massachusetts

by Taylor Williams August 6, 2020

MALDEN, MASS. — Callahan Construction Managers has completed a project in the northern Boston suburb of Malden that redeveloped the former Malden Center transit station into a 550,000-square-foot mixed-use destination. Rebranded J. Malden Center, the property now connects the Malden MBTA station with 25,000 square feet of retail and restaurant space, 320 residential apartments and a civic office condominium that now serves as Malden City Hall. CBT Architects designed the project. Jefferson Apartment Group developed the multifamily component, which offers a mix of studio, one- and two-bedroom units and 30,000 square feet of indoor and outdoor amenity space.

August 6, 2020

Leasing Activity New Jersey Northeast Retail

Lidl Opens 28,000 SF Grocery Store at Brunswick Shopping Center in New Jersey

by Taylor Williams August 6, 2020

NORTH BRUNSWICK, N.J. — German discount grocer Lidl has opened a 28,000-square-foot store at Brunswick Shopping Center, a 288,000-square-foot retail center located in North-Central New Jersey. Other tenants at the property include LA Fitness, Muscle Maker Grill, GNC, Dollar Tree, Sally Beauty, McDonald’s, Sherwin Williams and Community Dental. New Jersey-based Levin Management Corp. represented the landlord in the lease negotiations. The representative of the tenant was not disclosed. Lidl now operates 10 stores in New Jersey.

August 6, 2020

Arizona Loans Multifamily Utah Western

Hunt Real Estate Capital Funds $41.4M in Fannie Mae Loans for Manufactured Housing Communities in Arizona, Utah

by Amy Works August 6, 2020

TEMPE, ARIZ., AND UINTAH AND ROY, UTAH — Hunt Real Estate Capital has funded three Fannie Mae conventional loans, totaling $41.4 million, to refinance three manufactured home communities in Arizona and Utah. All three transactions lowered interest rates for the borrower and provided cash-out options. The three communities, which are 100 percent mission driven and share the same management company, include: Tempe Cascade Mobile Home Estates, a 273-site property built in 1971 in Tempe Cottonwood Estates, an 83-site community developed in 1976 in Uintah Midland MHC, a 224-site first developed in 1938 and redeveloped in 1973 in Roy The loans for Tempe Cascade Mobile Home Estates and Cottonwood Estates share the same terms: a fixed interest rate and seven-year term. The Midland MHC loan features a fixed interest rate, 10-year term and two years of interest-only payments. Tom Houlihan of Sterling Financial Mortgage & Investment arranged the transactions.

August 6, 2020

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