Property Type

Stan Johnson Co. Arranges $6.7M Sale of Office Building in East Atlanta

by Alex Tostado May 4, 2020

ATLANTA — Stan Johnson Co. has arranged the $6.7 million sale of a 25,416-square-foot office building in the Kirkwood neighborhood of east Atlanta. The single-tenant building, located at 200 Arizona Ave. NE, serves as mobile and web app development company Big Nerd Ranch’s headquarters. The property was originally built in 1955 and was renovated in 2014. The building sits on two acres, four miles east of downtown Atlanta. A private California-based investor completing a 1031 exchange bought the property from a Dallas-based private investor. Mollie Alteri, Joey Odom, Mike Sladich and Maggie Holmes of Stan Johnson represented the seller in the transaction.

May 4, 2020

Acquisitions Colorado Multifamily Western

CBRE Brokers $90.7M Sale of Caliber at Flatirons Apartments in Broomfield, Colorado

by Amy Works May 4, 2020

BROOMFIELD, COLO. — CBRE has facilitated the $90.7 million sale of Caliber at Flatirons, an apartment property located at 13892 Del Corso Way in Broomfield. Greenwood, Indiana-based The Garrett Cos. sold the community to Oakmont Properties for $90.7 million. Dan Woodward, David Potarf and Matt Barnett of CBRE’s Denver office represented the seller, while Marc Ross and CBRE’s Sacramento multifamily team represented the buyer in the deal. Andrew Behrens of CBRE Capital Markets Debt & Structured Finance arranged financing for the transaction. Completed in 2019, Caliber at Flatirons offers 288 units in a mix of one-, two- and three-bedroom layouts. Situated on 16 acres, the property features 308,478 rentable square feet, a swimming pool, grilling locations, an outdoor fireplace with seating areas, a fitness center and yoga studio.

May 4, 2020

Development Midwest Missouri Multifamily

$41M Apartment Development to Open in Kansas City’s Stockyards District This Month

by Kristin Harlow May 4, 2020

KANSAS CITY, MO. — The Yards, a $41 million luxury apartment development, is scheduled to open in Kansas City’s Stockyards District this month. Located at 1660 Genessee St. in downtown Kansas City, the project features 232 apartment units and 3,150 square feet of retail space. The amenities, spread over approximately 9,500 square feet, includes a saltwater pool, outdoor area, community kitchen, activity lounge, fitness center and dog park. Residents can also use kayaks to access the Kansas River. Plans also call for a partnership with Amigoni Winery to create the first vineyard within an apartment community in Kansas City. Prospective residents can now schedule virtual tours and take advantage of two months of free rent and reduced fees. Monthly rental rates range from $825 to $1,650. Flaherty & Collins is the developer and KEM Studio is the architect.

May 4, 2020

Development Illinois Midwest Multifamily Seniors Housing

Skender Completes Construction of 60-Unit Senior Living Facility in Crystal Lake, Illinois

by Kristin Harlow May 4, 2020

CRYSTAL LAKE, ILL. — Skender has completed the construction of Residences of Crystal Lake, an affordable independent senior living facility in Crystal Lake. Turnstone Development owns the 60-unit, 63,000-square-foot property. Residents have access to a fitness area, theater room, community rooms, computer rooms, a gazebo and outdoor spaces. Residents must be age 55 or older and meet the annual income restriction. The project team included UrbanWorks, Groundwork, DKI and TH Associates. Turnstone is a nonprofit that has developed more than 1,680 affordable housing units in Illinois and Florida since 1998.

May 4, 2020

Acquisitions Hospitality Midwest Wisconsin

Marcus & Millichap Arranges $2.7M Sale of Quality Inn & Suites Hotel in Wisconsin

by Kristin Harlow May 4, 2020

EAST TROY, WIS. — Marcus & Millichap has arranged the $2.7 million sale of the Quality Inn & Suites in East Troy, about 35 miles southwest of Milwaukee. Built in 1999, the 51-room hotel is located at 2921 O’Leary Lane. The property spans 38,660 square feet. Ebrahim Valliani, John Yurich, Allan Miller and Chris Gomes of Marcus & Millichap’s Chicago Oak Brook office marketed the hotel on behalf of the seller, a private investor. The team also secured and represented the buyer, a private investor. Todd Lindblom assisted on the transaction as the broker of record in Marcus & Millichap’s Wisconsin office.

May 4, 2020

Illinois Leasing Activity Midwest Office

Melinta Therapeutics Signs Four-Year Office Lease Renewal in Lincolnshire, Illinois

by Kristin Harlow May 4, 2020

LINCOLNSHIRE, ILL. — Melinta Therapeutics, an antibiotics company, has signed a four-year office lease renewal at Tri State International in Lincolnshire. The company occupies 8,876 square feet on the second floor. Dan Fernitz, Matt Alexander and Milan Gacanovic of Bradford Allen represented ownership in the lease transaction. Henry Lee and Max Zwolan of JLL represented the tenant.

May 4, 2020

Arizona Development Multifamily Western

Hines Acquires 11 Acres in Phoenix for 325-Unit Multifamily Development

by Amy Works May 4, 2020

PHOENIX — Hines has purchased approximately 11 acres near the northwest corner of Happy Valley Road and 35th Avenue in Phoenix’s West Valley market. The Pederson Group sold the development site for $6.7 million. The buyer plans to develop a 325-unit multifamily property on the site. Totaling 318,000 square feet, the community will feature 161 one-bedroom, 140 two-bedroom and 24 three-bedroom apartment units. Chaz Smith, John Finnegan and Ramey Peru of Colliers International in Arizona represented the seller, while Hines represented itself in the transaction.

May 4, 2020

Indiana Leasing Activity Midwest Office

Waterfield Capital Renews 4,030 SF Office Lease in Fort Wayne, Indiana

by Kristin Harlow May 4, 2020

FORT WAYNE, IND. — Waterfield Capital LLC has renewed its 4,030-square-foot office lease at 7221 Engle Road in Fort Wayne. The investment company occupies space at 7221 Engle Road. Brady Gardner and Kevin Ellis of Sturges Property Group represented both the tenant and the landlord, Midwestern Office Park Acquisition LLC, in the lease transaction.

May 4, 2020

Acquisitions California Industrial Lee & Associates Western

Stos Partners Buys 228,912 SF Coronavirus Test Distribution Site in Temecula, California

by Amy Works May 4, 2020

TEMECULA, CALIF. — San Diego-based Stos Partners has purchased an industrial asset located at 42301 Zevo Drive in Temecula. A private investor sold the facility for $28.9 million in an off-market transaction. Currently, a global, publicly traded healthcare company occupies the entire 228,912-square-foot property. The tenant plans to utilize the facility as part of its distribution network for COVID-19 tests. Scott Stewart of Lee & Associates represented Stos Partners, while Alisa Lovas of Lee & Associates represented the seller in the deal.

May 4, 2020

Colorado Development Loans Multifamily Western

Green Pace Financial Arranges $44.5M in Construction Financing for Multifamily Project in Los Angeles

by Amy Works May 4, 2020

LOS ANGELES — Green Pace Financial, along with its affiliate Hoover Financial, has arranged $44.5 million in PACE-approved construction financing for Live, Work, Create Equity LLC. The loans will be used for the development of an apartment community in the Koreatown neighborhood of Los Angeles. The combined 80 percent loan-to-cost, non-recourse financing included $14.5 million in C-PACE energy saving financing. The balance of the C-PACE-approved financing for the project was a $30 million senior construction loan. One of Green Pace Financial’s private equity construction lenders provided those funds. Construction on the 126-unit multifamily property is slated to begin this summer.

May 4, 2020

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