Property Type

Harbor Bay Real Estate Advisors to Develop 298-Unit Apartment Project in Cleveland

by Kristin Harlow May 11, 2020

CLEVELAND — Harbor Bay Real Estate Advisors has unveiled plans to develop INTRO Cleveland, a 298-unit apartment project in Cleveland’s Ohio City neighborhood. The nine-story project will also include nearly 40,000 square feet of retail space and 340 parking spaces. TSB Capital Advisors arranged an undisclosed amount of construction financing with First National Bank of Omaha, First National Bank of Pennsylvania and Busey Bank. In addition, Ohio’s Development Services Agency provided a $10.8 million loan and the City of Cleveland provided a $2 million loan. Construction of the project is expected to last approximately 22 months with completion slated for the first quarter of 2022. The building is the country’s tallest wooden building, according to the developer.

May 11, 2020

Affordable Housing Development Midwest Minnesota Multifamily

Lupe Development Partners Completes Exterior Construction of Affordable Housing Project in Minneapolis

by Kristin Harlow May 11, 2020

MINNEAPOLIS — Lupe Development Partners has topped off the sixth floor and completed exterior construction of its Lake Street Dwelling project in the Uptown neighborhood of Minneapolis. The leasing office is now open, and residents are expected to begin move-ins in November. Lake Street Dwelling is the first phase of a mixed-income housing campus under development at the northeast corner of Lake Street and Harriet Avenue. Phase I includes 111 affordable housing units, with nine units reserved for homeless veterans. To qualify, residents will need to meet the annual income restriction of $30,000 to $42,000. Amenities will include a green roof, fitness facility, business center, community room and bike repair station. Frana Cos. is the general contractor. Lupe is partnering with Hennepin County and the nearby Ballentine VFW Post 246. Plans for phases II and III include a 132-unit market-rate building and a 95-unit affordable building.

May 11, 2020

Development Illinois Midwest Multifamily

Skender Tops Out Six-Story Women’s Shelter on Chicago’s North Side

by Kristin Harlow May 11, 2020

CHICAGO — Skender has topped out a new 36,000-square-foot, six-story housing facility for nonprofit Sarah’s Circle in Chicago’s Uptown neighborhood. The project includes a basement, 38 units for long-term housing, an emergency overnight space with 50 nonpermanent beds and a food hall. Skender is collaborating with architect Perkins+Will and Brinshore Development. Sarah’s Circle serves women who are homeless or in need of a safe space. It provides food, clothing, shelter, housing and clinical services for domestic violence and trauma.

May 11, 2020

Acquisitions Industrial Midwest Ohio Self-Storage

Marcus & Millichap Arranges Sale of 193-Unit Self-Storage Facility in Norwalk, Ohio

by Kristin Harlow May 11, 2020

NORWALK, OHIO — Marcus & Millichap has arranged the sale of an Action Mini Storage facility in Norwalk, about 55 miles west of Cleveland. The sales price was undisclosed. The property, located at 3837 Laylin Road, features 193 non-climate-controlled units and totals 28,850 net rentable square feet. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the facility on behalf of the seller, a limited liability company. The duo also secured and represented the buyer, a limited liability company.

May 11, 2020

Leasing Activity Midwest Office Wisconsin

JTL Carriers Renews 3,230 SF Office Lease at Franklin Corporate Center in Wisconsin

by Kristin Harlow May 11, 2020

FRANKLIN, WIS. — JTL Carriers, a trucking company, has renewed its 3,230-square-foot office lease at Franklin Corporate Center in Franklin, a suburb of Milwaukee. The property is located at 9809 S. Franklin Drive. Jenna Maguire and Ned Purtell of Founders 3 Real Estate Services represented the landlord, SARA Investment Real Estate. With offices in Madison, Milwaukee, Minneapolis and St. Louis, SARA Investment Real Estate acquires, develops, leases, finances and manages properties throughout the Midwest. The company manages assets valued at more than $350 million.

May 11, 2020

California Market Reports Office Western Western Market Reports

The Changing Face of the Inland Empire Office Market

by Jeff Shaw May 11, 2020

An hour east of downtown Los Angeles, the Inland Empire office market contains about 25 million square feet of office product in San Bernardino and Riverside counties. This market has undergone tremendous growth over 10 years, and a more diverse stable of occupiers has moved in since the area was decimated by the housing crisis of 2007. At times overlooked, the Inland Empire’s office market is more than just the low-cost alternative to Southern California’s LA and Orange counties. With a sector vacancy rate of just 9 percent (lower than neighboring submarkets) the Inland Empire’s economic engine is supporting one of the fastest job growth areas in the country over the past decade, boasting an unemployment rate of only 3.6 percent. The fourth quarter of 2019 witnessed the first speculative general office building development in more than eight years. Average asking rates have also increased to $2.05 per square foot, the highest level since 2009. With sustained positive absorption and continued rising rental rates, this area has shifted to become a landlord market over the past couple years and, with this, concessions will continue to evaporate. Education and health services, government, and professional and business services have all seen recent …

May 11, 2020

3300-3390-Horseless-Carriage-Dr-Norco-CA

California Industrial Leasing Activity Lee & Associates Western

Goli Nutrition Leases 422,432 SF of Industrial Space in Norco, California

by Amy Works May 11, 2020

NORCO, CALIF. — Goli Nutrition, a vitamin manufacturer, has inked a deal to occupy 422,432 square feet of industrial space spread across four industrial buildings located at 3300-3390 Horseless Carriage Drive in Norco, approximately 45 miles east of Los Angeles. Goli Nutrition plans to use the multi-building campus, located within Saddle Business Center, to expand its operations, including its distribution efforts. The landlord is CapRock Partners. Jeff Ruscigno of Lee & Associates Riverside, Calif., along with Paul Earnhart, Ryan Earnhart and Brian Pharriss of Lee & Associates Ontario, Calif., represented both the landlord and the tenant in the transaction.

May 11, 2020

Acquisitions California Office Western

BPS Bioscience Purchases Office Building in San Diego for $8.5M

by Amy Works May 11, 2020

SAN DIEGO — BPS Bioscience has acquired an office property located in San Diego’s Sorrento Mesa submarket for $8.5 million. The seller was Canada-based Ledcor Group. Located at 6405 Mira Mesa Blvd., the 37,991-square-foot, two-story building was originally built in 1990. The buyer plans to occupy the majority of the building, while leasing back a portion of the building to the seller. Matt Pourcho, Anthony DeLorenzo, Doug Mack and Bryan Johnson of CBRE represented the seller, while an outside firm represented the buyer in the transaction.

May 11, 2020

Acquisitions Net Lease Restaurant Retail Utah Western

SRS Real Estate Partners Negotiates $1M Sale of Starbucks-Occupied Asset in Salt Lake City

by Amy Works May 11, 2020

SALT LAKE CITY — SRS Real Estate Partners has arranged the $1 million leasehold sale of a newly constructed, single-tenant retail property in Salt Lake City. Wadsworth Development sold the asset to a Washington-based investor for $1 million. Starbucks Coffee occupies the 1,920-square-foot, drive-thru building, which is located at 421 E. 400 S. The coffee retailer signed a corporate-guaranteed, 10-year triple-net lease for the property when it opened its doors in late 2019. Sabrina Kortland, Kyle Fant, Jack Cornell and Britt Raymond of SRS National Net Lease Group represented the seller in the deal.

May 11, 2020

Davies Pacific Center Office Building Honolulu

Hawaii Leasing Activity Office Western

Swinerton Builders Signs Office Lease at Davies Pacific Center in Honolulu

by Amy Works May 11, 2020

HONOLULU — Swinerton Builders has signed a 91-month lease to occupy office space at Davies Pacific Center, a 23-story office tower located at 841 Bishop St. in Honolulu. The lease is valued at $3.2 million. The Hawaii-based contractor will relocate its local headquarters to a 12,000-square-foot space on the office tower’s fifth floor. Swinerton provides commercial construction and construction management services throughout the United States. Built in 1972 and renovated in 2006, Davies Pacific Center features 375,742 square feet of commercial office and retail space. San Diego-based Parallel Capital Partners, in partnership with Honolulu-based The Shidler Group, took over asset management of the property last year and has completed nearly $4 million in elevator modernizations and speculative suite upgrades. Additionally, another $1 million in renovations, including lobby improvements, is currently underway. Keenan J.S. Sue of JLL brokered the deal.

May 11, 2020

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