Property Type

Gardner Capital Completes Development of 50-Unit Affordable Seniors Housing Community in Cincinnati

by Kristin Harlow August 5, 2020

CINCINNATI — Gardner Capital has completed development of Roselawn Gardens, a 50-unit affordable seniors housing community in Cincinnati. Eligible residents must earn 30 to 60 percent of the area median income. The unit mix features 11 one-bedroom apartments and 39 two-bedroom apartments. Amenities include meal service, a media room, health and wellness clinic, community room and public transportation. Project partners include the Cincinnati Metropolitan Housing Authority and the Ohio Housing Finance Agency. Financial partners include Fifth Third Bank and Stratford Capital. Arco Construction served as the general contractor. Wallick Communities will manage the property.

August 5, 2020

Development Indiana Industrial Midwest

Opus Begins Construction of 157,500 SF Spec Industrial Building Near Indianapolis, Secures Tenant

by Kristin Harlow August 5, 2020

NOBLESVILLE, IND. — The Opus Group has begun construction of a mid-size last mile distribution center in Noblesville, about 25 miles north of Indianapolis. The 157,500-square-foot speculative building is located on Bergen Boulevard within the Saxony Corporate Campus. CentraSep Technologies, a Trucent company specializing in centrifuges and filtration systems, has signed a lease to occupy 44,000 square feet at the building. Plans call for three front entrances, 159 auto parking stalls, 18 docks, two drive-in docks, LED lighting and a clear height of 32 feet. Construction is slated for completion in spring 2021. Opus is the developer, design-builder, architect and structural engineer. Brian Buschuk and Steve Schwegman of JLL are the leasing agents. Brian Sietz of JLL represented CentraSep.

August 5, 2020

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Arranges $3.4M Sale of Two-Tenant Retail Building in Metro Twin Cities

by Kristin Harlow August 5, 2020

FOREST LAKE, MINN. — Hanley Investment Group Real Estate Advisors has arranged the sale of a new two-tenant retail building in Forest Lake within metro Twin Cities for $3.4 million. The 6,812-square-foot property is home to Chipotle and Southwest Dental Care, which is part of the Heartland Dental network. Jeff Lefko and Bill Asher of Hanley represented the seller, Glenborough LLC, a California-based private real estate investment management company. Deborah Vannelli, Keith Sturm and Amanda Leathers of Upland Real Estate Group represented the buyer, a Duluth, Minn.-based private investor completing a 1031 exchange.

August 5, 2020

Development Illinois Midwest Restaurant Retail

Captain D’s Opens First Central Illinois Restaurant in Champaign

by Kristin Harlow August 5, 2020

CHAMPAIGN, ILL. — Captain D’s newest franchise location has opened in Champaign. Located at 1409 N. Prospect Ave., the restaurant marks Captain D’s first restaurant in central Illinois and seventh overall in the state. The Champaign restaurant is currently open for drive-thru and carryout. The dining room will remain closed for the immediate future due to COVID-19. Sunil Modi owns the Champaign restaurant. He previously owned Dunkin’ restaurants in the Champaign area. Captain D’s, known for its fast-casual seafood, says it has experienced a surge in franchise development across the Midwest since 2018. Today, there are more than 530 Captain D’s restaurants in 23 states across the country.

August 5, 2020

Acquisitions Arizona Healthcare Office Western

Equus Sells Scottsdale Gateway I Medical Office Building in Arizona for $27M

by Amy Works August 5, 2020

SCOTTSDALE, ARIZ. — Equus Capital Partners has completed the disposition of Scottsdale Gateway I, a medical office building located on 8.5 acres in Scottsdale. An undisclosed buyer acquired the property for $27 million. Built in 1998, the 107,049-square-foot building features a two-story atrium lobby, 58,000-square-foot floor plates and a parking ratio of 5.8 cars per 1,000 square feet, as well as additional development potential. At the time of sale, the building was 96 percent occupied. Scottsdale Gateway I is located adjacent to Honor Health’s 427-bed Scottsdale Shea Medical facility. The property was originally part of a two-building office portfolio that Equus acquired in 2014 on behalf of BPG Investment Partnership IX, a discretionary fund managed by the firm. Benjamin Geelan and Andrew Milne of JLL represented the seller in the deal. Bryan Taute of CBRE served as leasing agent on the assignment.

August 5, 2020

Acquisitions Multifamily Washington Western

Rise Properties Acquires Westwynd Apartments in Vancouver, Washington for $18.3M

by Amy Works August 5, 2020

VANCOUVER, WASH. — Rise Properties (Westwynd) LP, a Seattle-based REIT, has purchased Westwynd Apartment Homes, a multifamily property located in Vancouver. Christensen Properties I, based in Vancouver, sold the asset for $18.3 million. Located at 10117 NE Ninth Ave., Westwynd Apartments features 120 units spread across seven residential buildings, a clubhouse, pool and office, as well as a 20-car garage building. At the time of sale, the property was 98.6 percent occupied. David Chatfield and Timothy Mitchell of Portland, Ore.-based Norris & Stevens represented both parties in the deal. The purchase is Rise Properties’ first acquisition in the Portland/Vancouver area.

August 5, 2020

Acquisitions California Office Western

BLT Enterprises Buys 200,000 SF Television Center Office Campus in Hollywood

by Amy Works August 5, 2020

LOS ANGELES — Santa Monica, Calif.-based BLT Enterprises has acquired Television Center, a creative office and production campus located on 6.4 acres in the Hollywood submarket of Los Angeles. Terms of the transaction, including seller and acquisition price, were not released. The 200,000-square-foot property was the original headquarters of Technicolor and the studio lot for Metro Pictures, a silent filmmaker and forerunner of Metro-Goldwyn-Mayer. The previous owner updated the property from its original uses and tailored the asset to the needs of traditional media, streaming media companies, television, film and digital production tenants, as well as innovative technology and design professionals. Brad McCoy, Dave Wilson and Aaron Wilder of Lee & Associates West LA represented BLT in the transaction. Bryan Kenny and Will James of Sunrise Mortgage arranged acquisition financing, while Mike Slinger, Patricia Shlageck and their teams at Chicago Title handled title and escrow. With the acquisition, BLT now owns more than 250,000 square feet of office, production and studio space in Hollywood. Last year, BLT purchased a four-stage studio lot adjacent to Television Center and established BLT Studios, serving production clients throughout the area. Earlier this year, the company also acquired two additional creative office projects within a half-mile …

August 5, 2020

Acquisitions California Multifamily Western

ACI Apartments Brokers $9.6M Acquisition of Villas Bonita Multifamily Property in El Centro, California

by Amy Works August 5, 2020

EL CENTRO, CALIF. — ACI Apartments has arranged the purchase of Villas Bonita, a multifamily complex located at 699 Wake Ave. in El Centro. Imperial Properties acquired the asset from Villas Bonita LCC for $9.6 million. Built in 2005, the 71,250-square-foot community features 75 apartments spread across seven two-story buildings. The property offers one-, two- and three-bedroom apartment layouts ranging from 730 square feet to 1,130 square feet, each with an in-unit washer/dryer and balcony or patio. The community also includes 75 carports, 51 surface parking spaces, a gym, recreation room, pool, spa, playground area, barbecues and a large patio. Ricardo Lopez of ACI Apartments represented the buyer, while Steve Willmore and Erik Faucett of Lee & Associates represented the seller in the deal.

August 5, 2020

Acquisitions Arizona Net Lease New Mexico Retail Western

Benson DBS Purchases Two Dollar General-Occupied Properties in Arizona, New Mexico for $3.3M

by Amy Works August 5, 2020

KINGMAN, ARIZ., AND SILVER CITY, N.M. — Benson DBS has acquired two retail properties for a total of $3.3 million. Dave Hammack of Cushman & Wakefield | PICOR represented the buyer in both transactions. Benson DBS company acquired a new Dollar General-occupied building located at 7265 E. Concho Drive in Kingman. SimonCRE Saltair II sold the asset for $1.7 million. Additionally, the company purchased a new Dollar General-occupied property at 1330 E. 32nd St. in Silver City from Silver City (E32) DNMP LLC for $1.6 million.

August 5, 2020

Development Industrial Kentucky Southeast Top Stories

Dollar General Plans $65M Distribution Center in Northern Kentucky, Expansion of Cold-Storage Footprint

by Kristin Harlow August 5, 2020

WALTON, KY. — Dollar General (NYSE: DG) has unveiled plans to open a 630,000-square-foot distribution facility in Walton, approximately 20 miles south of Cincinnati and the Ohio border. The $65 million investment is expected to bring 250 jobs to the city and support 800 stores. The Walton facility will serve as Dollar General’s 18th distribution center. Construction is scheduled to begin in September with operations to begin in January. Dollar General has also announced plans to build three additional DG Fresh facilities to support a shift toward self-distribution of products that require cold storage such as dairy, deli meats and frozen products. Construction is scheduled to begin this fall on a 160,000-square-foot cold storage facility in Ardmore, Oklahoma, with completion slated for spring 2021. Similarly, construction is scheduled to begin this fall on a 160,000-square-foot cold storage property in Bowling Green, Kentucky, with completion slated for summer 2021. Dollar General is currently finalizing construction of a 200,000-square-foot cold storage facility in West Sacramento, California, to complement its West Coast distribution operations. The property is scheduled to open this fall. At full capacity, each of the DG Fresh facilities are expected to create approximately 65 new jobs and support roughly 1,500 …

August 5, 2020

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