Property Type

American Street Capital Arranges $6.6M Refinancing for Multifamily Property in Naperville, Illinois

by Kristin Harlow July 31, 2020

NAPERVILLE, ILL. — American Street Capital (ASC) has arranged a $6.6 million cash-out refinancing loan for a 60-unit multifamily building in Naperville. Built in 1986, the three-story property features two-bedroom units averaging 1,082 square feet. The property includes 127 car parking spaces and laundry facilities. The building was fully occupied at the time of the loan closing. Igor Zhizhin of ASC arranged the 10-year, fixed-rate loan with a CMBS lender. The loan features a 30-year amortization schedule.

July 31, 2020

Illinois Leasing Activity Midwest Office

Wildlife Conservation Nonprofit Renews 8,373 SF Office Lease in Chicago

by Kristin Harlow July 31, 2020

CHICAGO — Openlands, a wildlife conservation nonprofit organization, has renewed its 8,373-square-foot office lease at 25 East Washington in Chicago. Openlands occupies space on the 16th floor and has resided in the building for over 20 years. Jonathan Seeley and Merrick Wells of Bradford Allen represented the tenant in the lease transaction. Aspire Properties is the landlord for the 22-story office building. Founded in 1963 as a program of the Welfare Council of Metropolitan Chicago, Openlands is one of the oldest metropolitan conservation organizations in the nation. It has helped to protect more than 55,000 acres of land for public parks, forest preserves, wildlife refuges, urban farms and community gardens in northeastern Illinois.

July 31, 2020

Leasing Activity Midwest Missouri Restaurant Retail

Napoli III to Join Tenant Lineup at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow July 31, 2020

ST. CHARLES, MO. — Napoli III will join the tenant lineup at Streets of St. Charles, a 27-acre mixed-use development owned by Cullinan Properties in suburban St. Louis. Napoli III is the third restaurant from the Pietoso family and an extension of the family’s original Café Napoli. The new restaurant will occupy 4,500 square feet and feature a private room as well as outdoor dining. The menu will offer fresh seafood and pasta as well as favorites such as the veal chop and penne a la vodka. Buildout of the space for Napoli III is set to begin in August. An opening date has not yet been released.

July 31, 2020

Development Mixed-Use Multifamily Nevada Retail Western

TRU Development, MultiGreen Properties to Build 336-Unit Apartment Community Near Las Vegas

by Amy Works July 31, 2020

HENDERSON, NEV. — TRU Development, in partnership with capital partner and real estate operating company MultiGreen Properties, has acquired a 19-acre land parcel at the southeast corner of Galleria Drive and Boulder Highway in Henderson. Terms of the acquisition were not released. The partnership plans to develop theAPEX @galleria, a 336-unit apartment community with 3.8 acres of retail development available for sale, ground lease or build to suit. Apartments will be available for lease in March 2021. The Henderson development is the first of many planned theAPEX-branded communities throughout Nevada. In the next 12 months, TRU is slated to break ground on a total of 670 units under theAPEX brand in southern Nevada, 358 units under the KAKTUSlife brand and more than 600 units under theAPEX brand in northern Nevada.

July 31, 2020

Acquisitions California Healthcare Loans Office Western

CIT Provides $25M in Acquisition Financing for MLK Community Hospital Medical Office Building in Los Angeles

by Amy Works July 31, 2020

LOS ANGELES — CIT Group and its Healthcare Finance unit has funded a $25 million loan supporting Seavest Healthcare Properties’ acquisition of the MLK Community Hospital Medical Office Building in South Los Angeles. Established in 2015, MLK Community Hospital is part of a public-private partnership with Los Angeles County created to meet the needs of the South Los Angeles community, including the uninsured and underinsured. The private, nonprofit hospital provides healthcare services for residents of the Watts, Compton and Willowbrook neighborhoods of Los Angeles.

July 31, 2020

Acquisitions California Office Western

Atlantic Pearl Investments Sells 78,404 SF Multi-Tenant Office Building in Southern California

by Amy Works July 31, 2020

LONG BEACH, CALIF. — Atlantic Pearl Investments has completed the disposition of a multi-tenant office property located at 1501 Hughes Way in Long Beach. A private 1031-exchange investor purchased the asset for $16 million. Recently renovated, the 78,404-square-foot building is 96 percent occupied by six tenants, including Daylight Transport, Stars Behavioral Health, DB Schenk and CraneMorley. Sean Fulp, Ryan Plummer, Mark Schuessler and Ryan Tetrault of Newmark Knight Frank represented the seller in the transaction.

July 31, 2020

Acquisitions California Industrial Loans Western

CBRE Arranges $15M in Financing for Westcore’s Purchase of Industrial Facility in Bay Area

by Amy Works July 31, 2020

OAKLAND, CALIF. — CBRE Capital Markets’ Debt & Structured Finance team in San Diego has arranged a $15 million loan for the acquisition of a warehousing and cold storage facility in Oakland. Mark McGovern and Morgon Fraser of CBRE’s San Diego office arranged the five-year loan on behalf of the borrower, San Diego-based industrial real estate investment firm Westcore. Constructed in 2012, the 155,000-square-foot building is located at 8380 Pardee Drive. The property features 8,000 square feet of cold storage space, 30-foot clear heights and an ESFR fire suppression system. Horizon Beverage Co., a beer and malt liquor distribution company, fully occupies the building.

July 31, 2020

Acquisitions Colorado NAI Office Western

NAI Brokers $5.4M Acquisition of Office Building in Westminster, Colorado

by Amy Works July 31, 2020

WESTMINSTER, COLO. — NAI Shames Makovksy has arranged the sale of an office property located at 1400 W. 122nd Ave. in Westminster. Artemis Holdings Limited acquired the property from Pavilion Court for $5.4 million. The buyer plans to utilize the 31,272-square-foot building to relocate Advanced Space from Boulder to Westminster as a ‘tenant in tow’ to fill more than 15,000 square feet of vacancy. Todd Silverman and Paul Cattin of NAI Shames Makovsky represented the buyer in the deal.

July 31, 2020

California Restaurant Retail Top Stories Western

California Pizza Kitchen Files for Chapter 11 Bankruptcy

by Katie Sloan July 31, 2020

PLAYA VISTA, CALIF. — California Pizza Kitchen (CPK) is the latest fast casual restaurant chain to file for bankruptcy protection due to strain brought on by the coronavirus (COVID-19) pandemic. The company filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the Southern District of Texas on Thursday in order to “close unprofitable locations, reduce its long-term debt load and quickly emerge from bankruptcy as a much stronger company,” according to the filing. The Playa Vista-based company did not release a list detailing which of its 200 restaurants it plans to close. CPK is set to receive $46.8 million in debtor-in-possession financing, enabling the ongoing operation of its locations, continued payments to vendors and employees, and the provision of ongoing commitments to stakeholders while the company is in the Chapter 11 process. The company currently has $13 million of cash on hand and has not paid rent for the past several months at a majority of its locations, according to reports by CNN. CPK plans to exit the Chapter 11 process in under three months. “The unprecedented impact of COVID-19 on our operations certainly created additional challenges, but this agreement from our lenders demonstrates their commitment to …

July 31, 2020

Acquisitions Florida Office Southeast

Swire Properties Sells Brickell City Centre Office Towers in Miami to Northwood for $163M

by Alex Tostado July 30, 2020

MIAMI — Swire Properties has sold Two and Three Brickell City Centre, two office buildings at the $1.05 billion Brickell City Centre mixed-use project in Miami’s Brickell district. The sales price was not disclosed, though The Miami Herald reports the assets traded for $163 million. The South Florida Business Journal reports Denver-based Northwood Investors LLC acquired the two buildings. Two Brickell City Centre, located at 78 SW Seventh St., sold for $80.3 million. Three Brickell City Centre, located at 98 SW Seventh St., sold for $82.7 million. Each building comprises 130,000 square feet and tenants include WeWork, law firm Akerman LLP and consulting firm McKinsey & Co. The buildings were nearly fully leased at the time of sale, according to a Swire spokesperson. Hong Kong-based Swire, which developed Two and Three Brickell City Centre in 2016, will retain ownership of the open-air shopping center at Brickell City Centre. Swire intends to reinvest the capital into future developments, according to the company spokesperson.

July 30, 2020

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