Property Type

Zilber Property Group to Develop Fourth Industrial Building Within Wisconsin’s Germantown Gateway Corporate Park

by Kristin Harlow May 13, 2020

GERMANTOWN, WIS. — Zilber Property Group will develop a fourth industrial building within Germantown Gateway Corporate Park in Germantown, about 20 miles north of Milwaukee. The 146,000-square-foot speculative building will feature a clear height of 30 feet. It will be the third speculative building within Zilber’s park, which is anchored by a 706,000-square-foot build-to-suit for Briggs & Stratton Corp. Once Zilber Industrial 4 is completed, the park will span more than 1.2 million square feet.

May 13, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $4M Sale of CVS-Occupied Property in Winfield, Illinois

by Kristin Harlow May 13, 2020

WINFIELD, ILL. — Marcus & Millichap has brokered the $4 million sale of a 10,980-square-foot retail property net leased to CVS Pharmacy in Winfield, about 30 miles west of Chicago. The building is located on Geneva Road. Matt Emerick, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a partnership. Dean Giannakopoulos and Frank Montalto of Marcus & Millichap Capital Corp. arranged acquisition financing. The property sold at 92 percent of its list price.

May 13, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Two New Popeyes Restaurants to Open in West Michigan

by Kristin Harlow May 13, 2020

GRAND RAPIDS AND KENTWOOD, MICH. — Two new Popeyes Louisiana Kitchen locations are slated to open in West Michigan this summer. A restaurant at 5448 Division Ave. SE in Kentwood is scheduled to open on June 29. The second restaurant, located at 2446 28th St. SE in Grand Rapids, is expected to open in early August. Franchisee Anthony Basile will operate both locations. Colliers West Michigan worked with Basile to secure the locations. Chris Prins of Colliers represented Popeyes. There are more than 2,700 Popeyes restaurants in the U.S. and around the world.

May 13, 2020

Illinois Industrial Leasing Activity Midwest

Goldie’s Baking Signs 15,122 SF Industrial Lease in Gurnee, Illinois

by Kristin Harlow May 13, 2020

GURNEE, ILL. — Goldie’s Baking has signed a 15,122-square-foot industrial lease at 760 Lakeside Drive in Gurnee, about 40 miles north of Chicago. The property features a clear height of 22 feet, five shared docks and one drive-in door. Brian Bocci of Entre Commercial Realty represented the tenant, which is expanding and relocating from nearby McHenry. Eric Fischer and Mark Samuels of Cushman & Wakefield represented the undisclosed landlord. Goldie’s Baking is known for its scones.

May 13, 2020

California Development Multifamily Western

Joint Venture Acquires Land Site for 480-Unit Millenia Apartment Complex in Chula Vista, California

by Amy Works May 13, 2020

CHULA VISTA, CALIF. — A joint venture between MetLife Investment Management, Allstate and Ryan Cos. has acquired a land site for the development of an eight-building multifamily property within Millenia, a 210-acre mixed-use community in Chula Vista’s Otay Ranch submarket. Meridian Development is developing Millenia on behalf of landowner Stratford Land. The 512,000-square-foot apartment project will feature 480 market-rate units in a mix of one-, two- and three-bedroom flats, two-story mezzanine lofts, live-work units and three-story townhomes. The apartments will range between 616 square feet and 2,336 square feet. Additionally, the community will feature 16,000 square feet of commercial space. Community amenities will include a pool, spa, clubhouse kitchen with lounge, community co-working spaces, fitness center, leasing center, two large dog run areas, rooftop deck, bocce court, bike maintenance and storage facilities, a speakeasy, live music studio and community green areas, including gardens. The project team will include ARK Architects, Design Line Interiors, Hunsaker & Associates and GMP. Ryan Cos. will serve as general contractor for the project, which is slated to break ground this summer. Completion of the first building is scheduled for late 2021. Pre-leasing will begin in August 2021. Additionally, the completed project will be part of …

May 13, 2020

Arizona Development Multifamily Western

P.B. Bell Opens First Phase of $45M Copper Falls Multifamily Community in Glendale, Arizona

by Amy Works May 13, 2020

GLENDALE, ARIZ. — P.B. Bell has opened the first phase of Copper Falls, an apartment property located at 5151 N. 95th Ave. in Glendale. The $45 million community is the first of the company’s multiple projects in the Glendale area. Copper Falls features 240 apartments in a mix of one-, two- and three-bedroom floor plans ranging from 726 square feet to 1,315 square feet. The open-concept apartments feature smart light switches, smart thermostats, modern kitchen layouts with granite countertops, subway tile backsplashes, stainless steel energy-efficient appliances and kitchen islands. Additionally, the units offer wood-style flooring, nine-foot ceilings, a full-size washer and dryer, and a personal patio or balcony. The first phase includes a variety of floor plans and community amenities, including a resident clubhouse designed for entertaining, a theater room with complimentary movie rentals, a 24-hour fitness center with a group exercise studio, and a swimming pool and spa. The community also features a package locker systems, valet trash, electric vehicle charging stations, a playground, dog park and pet spa.

May 13, 2020

California Industrial Loans Western

NorthMarq Arranges $10M Refinancing for Lambert Industrial Campus in Fullerton, California

by Amy Works May 13, 2020

FULLERTON, CALIF. — NorthMarq has arranged $10 million in refinancing for Lambert Industrial, a two-building industrial property in Fullerton. The permanent, fixed-rate loan was structured with a 10-year term on a 30-year amortization schedule. Daniel McCarthy and Michael Elmore of NorthMarq’s Newport Beach, Calif., office secured the loan for the undisclosed borrower through a national bank. Totaling 87,652 square feet, the properties are a 45,761-square-foot building at 150 Lambert and a 41,891-square-foot asset at 110 Lambert.

May 13, 2020

Acquisitions Arizona Industrial Western

NAI Horizon Negotiates $7M Sale of Corbins Electric Corporate Headquarters in Phoenix

by Amy Works May 13, 2020

PHOENIX — NAI Horizon has arranged the sale of the Corbins Electric corporate headquarters, an industrial property located at 4829 S. 38th St. in Phoenix. Staffield Family LLC acquired the asset from ML Commercial Properties for $7 million. The building features 52,744 square feet of industrial space. Lane Neville and Logan Crum of NAI Horizon represented the buyer, while Clint Hardison and Blake Hardison of Keyser represented the seller in the transaction.

May 13, 2020

Acquisitions California Industrial Western

Avison Young, NKF Broker $5M Sale of Industrial Asset in West Los Angeles

by Amy Works May 13, 2020

LOS ANGELES — Avison Young and Newmark Knight Frank (NKF) have arranged the sale of an industrial building with excess land located at 2133 and 2143 Pontius Ave. in West Los Angeles. A California-based private investor sold the property to a West Los Angeles-based private investor for $5 million. Built in 1948 on a 0.3-acre land parcel, the 6,500-square-foot building features a high-clear-span, bow truss design with sufficient loading and power, warehouse skylights and 14-foot minimum ceiling height. Patrick Barnes, Chris Maling and David Maling of Avison Young, along with John DeGrinis of Newmark Knight Frank, represented the seller, while David Kamran of Diva Real Estate Group represented the buyer in the deal. According to the brokers, the transaction was record-setting for the West Los Angeles submarket with the highest price per square foot of $590 paid for an industrial building under 10,000 square feet and $300 per square foot for the land, per CoStar records.

May 13, 2020

Development Florida Mixed-Use Southeast Top Stories

Rieber Developments Breaks Ground on 10-Story Mixed-Use Project in Suburban Miami

by Kristin Harlow May 13, 2020

AVENTURA, FLA. — Rieber Developments has broken ground on 12|12 Aventura, a 10-story mixed-use project featuring medical office, luxury senior residences and a food hall. The property is situated in Aventura, approximately 20 miles north of Miami. Arquitectonica designed the development, which will include a 30,000-square-foot gourmet marketplace and food hall, 25,000 square feet of office space and a 160-unit senior living component with a structured parking garage. The roof will feature gardens and micro-parks. Along with its sister project Ivory 214, the development will serve as the epicenter of what the developer is calling the Aventura Health District. Located at 21290 Biscayne Blvd., 12|12 Aventura is less than one mile from Aventura Mall and directly adjacent to Aventura Hospital. “Breaking ground on 12|12 Aventura is a significant milestone for us, especially in these challenging times,” says Bernardo Rieber, principal of Rieber Developments. “Our philosophy in creating this project has always been to bring something new and unique to the neighborhood, melding community, culture, health and wellness to benefit the area.” Cervera Real Estate will serve as the exclusive brokerage for the office condos, 40 percent of which are sold and under contract. Winmar Construction, an affiliate of Coastal Construction, …

May 13, 2020

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