Property Type

Westcore Sells West80 Industrial Property in Phoenix to KKR

by Amy Works September 22, 2020

PHOENIX — Westcore has completed the disposition of West80, an industrial property located at 8001 W. Buckeye Road in southwest Phoenix. Affiliates of KKR acquired the asset for an undisclosed price. Totaling 380,000 square feet, West80 features an ESFR sprinkler system, 36-foor clear heights, cross-dock loading, an office suite and a fully secured property with drive-around capabilities. At the time of sale, the property was fully leased to ABB Inc., which signed a lease this spring to occupy the asset. The facility is near Phoenix’s main east-west transportation node, Interstate 10, as well as Loop 202. Will Strong, Greer Oliver, Mike Haenel and Andy Markham of Cushman & Wakefield represented the seller, while KKR was self-represented in the deal. Westcore originally purchased the property from a joint venture between Phoenix-based Wentworth Property Co. and a private real estate fund managed by Dallas-based Crow Holdings Capital when construction was completed in August 2019.

September 22, 2020

Acquisitions Multifamily Oregon Western

Gelt Buys Silverwood Apartments in Gresham, Oregon for $30M

by Amy Works September 22, 2020

GRESHAM, ORE. — Los Angeles-based Gelt has purchased Silverwood Apartments, a multifamily community located at 4777 SW 11th St. in Gresham, for $30 million. The seller was not disclosed. Built in 1991 on nine acres, Silverwood Apartments features 164 units in a mix of one-, two- and three-bedroom layouts spread across 32 garden-style buildings. On-site amenities include a pool, playground, walking/biking trails and a picnic area. Gelt plans to upgrade the interior of the units to include vinyl-plank flooring, stainless steel appliances, new cabinet faces, backsplashes, ceiling fans and other cosmetic improvements. Additionally, the firm will rebrand the property, create new signage, paint the exterior of the building and refresh the pool and playground areas.

September 22, 2020

Acquisitions Arizona Multifamily Western

Praedium Group Acquires 385-Unit Liv North Valley Multifamily Property in Phoenix for $90M

by Amy Works September 22, 2020

PHOENIX — New York-based The Praedium Group has purchased Liv North Valley, an apartment community in Phoenix, and immediately implemented a process to rebrand the asset as Nova North Valley. An undisclosed seller sold the asset for $90 million, or $233,766 per unit. Constructed in 2019, the 385-unit property features outdoor fitness stations, a community garden, sports court, sand volleyball court, playground, bark park, barbecue grills, lounge areas, heated saltwater pool, spa, clubhouse and gym. Units offer modern gourmet kitchens with GE Energy Star appliances, granite countertops, pendent lighting and wood-style plank flooring. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.

September 22, 2020

Development Industrial Midwest Ohio

VanTrust Breaks Ground on 1 MSF Warehouse Near Rickenbacker International Airport

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — VanTrust Real Estate has broken ground on a 1 million-square-foot speculative warehouse near the Rickenbacker International Airport in Columbus. VanTrust will build the project on land that it acquired from K-Nova LLC earlier this year. The master-planned industrial park will be known as Rickenbacker Exchange at Commercial Point and encompasses more than 900 acres of shovel-ready logistics and manufacturing ground. VanTrust says it can accommodate an additional 1.2 million square feet of warehouse space at the site. Jack Tzagournis of Fortress Real Estate Cos. assisted K-Nova in the sale. Pepper Ohio, a subsidiary of Pepper Construction Group, will lead construction. RED Architecture designed the building. Michael Linder of Colliers International has been retained as listing agent.

September 22, 2020

Affordable Housing Development Midwest Multifamily Ohio

Herman & Kittle Properties Opens $50.6M Affordable Housing Property in Columbus

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — Herman & Kittle Properties Inc. has opened Riverside Trail, a $50.6 million affordable housing property in Columbus. The community’s 248 units are available to residents who earn at or below 60 percent of the area median income. Located on Chatterton Road, the project features one-, two-, three- and four-bedroom layouts that range from 809 to 1,453 square feet. Amenities include a pool, fitness center, game room, dog park and outdoor grilling area.

September 22, 2020

Illinois Industrial Loans Midwest

Wool Finance Partners Arranges $6.2M Construction Loan for Industrial Building in Vernon Hills, Illinois

by Kristin Harlow September 22, 2020

VERNON HILLS, ILL. — Wool Finance Partners has arranged a $6.2 million loan for the construction of a 95,245-square-foot speculative industrial building at Corporate Woods Business Park in Vernon Hills. The borrower, Forest Edge TH LLC, will acquire and demolish a vacant 48,100-square-foot office building at the site. Martin Siegel of Wool arranged the loan with a Chicago-based bank. The three-year loan features a floating rate starting at 3.5 percent. The project is led by Cary Goldman of Timber Hill Group and Jim Woldenberg. Brett Kroner of Cushman & Wakefield will serve as leasing agent and Premier Design + Build Group is the general contractor. A timeline for construction was not disclosed.

September 22, 2020

Leasing Activity Midwest Ohio Restaurant Retail

LemonShark Poké & Makai Grill to Open at Easton Town Center This Fall

by Kristin Harlow September 22, 2020

COLUMBUS, OHIO — LemonShark Poké & Makai Grill is opening its first Ohio restaurant at Easton Town Center in Columbus. The Hawaiian-themed establishment, which offers sushi, hibachi-style grilled meats and seafood, is scheduled to open in late fall. A staple of Hawaiian cuisine, Poké incorporates variations of marinated seafood typically over sticky rice with vegetables and sauces. Guests at the restaurant will also enjoy a bar and island-themed drinks. Developed by The Georgetown Co., L Brands and Steiner + Associates, Easton Town Center is a component of the larger Easton, a 1,300-acre mixed-use destination.

September 22, 2020

Development Industrial Maryland Southeast

Matan Starts Construction on 556,800 SF Industrial Park in Suburban Maryland

by Alex Tostado September 22, 2020

FREDERICK, MD. — Matan Cos. has broken ground on the first two buildings of Center 85, a speculative, 556,800-square-foot industrial park in Frederick. The company has started on Buildings I and II, which will span 116,000 square feet and 64,000 square feet, respectively. The locally based developer expects to deliver the two buildings in July 2021 with tenant improvements slated to begin in May 2021. Matan will break ground on Building III dependent on leasing activity on the first two buildings. Matan is available to begin construction on the 276,000-square-foot asset and have the same timetable as the other two buildings. The buildings will feature 30-foot clear heights, a 120-foot truck court, 50-foot speed bay and two drive-in dock doors. Morgan Keller is the general contractor of Center 85, and Powers Brown in the architect.

September 22, 2020

Alabama Development Multifamily Southeast Student Housing

Spaces Management Opens 251-Bed Student Housing Complex in Tuscaloosa

by Alex Tostado September 22, 2020

TUSCALOOSA, ALA. — Spaces Management has opened The Walk Tuscaloosa, a 251-bed student housing complex serving the students at the University of Alabama. The four-story building is located one block from Bryant-Denny Stadium and Tutwiler Hall. Unit interiors are fully furnished and feature quartz countertops, tile bathroom flooring, walk-in showers, vinyl plank wood-grain flooring and stainless steel appliances. Communal amenities include three fitness centers, private and group study spaces, a tanning bed, lounge area, pool, pool deck, firepit and below-grade parking. Elite Building was the general contractor, and Poole & Co. and Southpark Interiors were the architects. Function First Furniture furnished the units. The University of Alabama is currently offering in-person classes.

September 22, 2020

Development Florida Retail Southeast

Miller Construction Breaks Ground on 114,000 SF Showroom for City Furniture in Metro Orlando

by Alex Tostado September 22, 2020

ALTAMONTE SPRINGS, FLA. — Miller Construction has broken ground on a 114,000-square-foot, two-story showroom for Florida-based City Furniture in Altamonte Springs. The property is situated at 555 Douglas Ave., overlooking Interstate 4 and 10 miles north of downtown Orlando. Miller is constructing the asset to achieve LEED certification. The property will include interior and exterior LED lighting, a water-conserving HVAC system and seven electric car-charging stations. Deerfield Beach, Fla.-based Gallo Herbert Architects is the designer. Orlando-based Dewberry is the civil engineer. A timeline for construction was not disclosed. City Furniture operates 20 showrooms in Florida as well as 14 Ashley HomeStore showrooms in southern Florida.

September 22, 2020

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