Property Type

Franklin Street Arranges $17.3M Sale of Multifamily Community in South Atlanta Suburb

by Alex Tostado April 16, 2020

JONESBORO, GA. — Franklin Street has arranged the $17.3 million sale of Chase Village Apartments, a 168-unit multifamily community in Jonesboro. The property offers two- and three-bedroom floor plans that were 94 percent occupied at the time of sale. The community, which was originally built in 1986, features communal amenities such as a pool, playground and a dog park. Chase Village is situated at 100 Chase Village Drive, 15 miles south of downtown Atlanta. Chad DeFoor, Jake Reid, Dan Phelan, Royce Baptist, Alex Croy and Roger Schoerner of Franklin Street represented both the seller, Peak Capital Partners, and the buyer, Oak Residential Partners, in the transaction.

April 16, 2020

Acquisitions Office Southeast Virginia

Colliers Negotiates $14.7M Sale of Medical Office Building in Stafford, Virginia

by Alex Tostado April 16, 2020

STAFFORD, VA. — Colliers International has negotiated the $14.7 million sale of 50 Teach Parkway, a 94,064-square-foot medical office building in Stafford. The property was 94.5 percent leased at the time of sale to tenants including the United States government, BAE Systems and Space Dynamics Laboratory. The building is situated within the North Stafford Center for Business & Tech, a three-building office park adjacent to Quantico Marine Corp Base. The asset is situated 43 miles southwest of downtown Washington, D.C. Will Bradley, Mark Williford and Lee Cherwek of Colliers represented the seller, Golden Eagle Group.

April 16, 2020

Arizona Development Multifamily Western

Partnership Prepares to Open 96-Unit Senderos at South Mountain Apartment Community in Phoenix

by Amy Works April 16, 2020

PHOENIX — A partnership between Leon Endres and Nick Conzemius, along with Ron Cuttler as project manager, is developing Senderos at South Mountain, a multifamily property located at 9700 S. Central Ave. in Phoenix at the base of South Mountain. Slated to open in May, the 156,888-square-foot community will feature 10 buildings offering a total of 96 units in a mix of one-, two- and three-bedroom layouts with decks/patios for each unit. Apartments will feature personal electric car-charging stations in each attached garage; smart technology including thermostats, keyless door locks and light switches; and gourmet kitchens. Community amenities will include a swimming pool, spa, fire pit, fitness center/yoga studio, package lockers, clubhouse with Wi-Fi access, barbecue grills, pet wash stations, backyard pet runs and ample green space. MEB Management Services will manage the property.

April 16, 2020

Ontario-Ranch-Logistics-Uline-Ontario-CA

California Industrial Leasing Activity Western

Uline Signs 1.2 MSF Lease at Ontario Ranch Logistics Center in Inland Empire

by Amy Works April 16, 2020

ONTARIO, CALIF. — Uline, a distributor of shipping, industrial and packaging materials, has signed a lease to occupy 1.2 million square feet of industrial space at Ontario Ranch Logistics Center in Ontario. Newport Beach, Calif.-based REDA and Clarion Partners, co-landlords and co-developers, are building the 124-acre multi-phase industrial property. The family-owned business will consolidate several of its locations throughout the Inland Empire into the new facility. Speculative construction of Building 2, which will house Uline, was initiated in January. Vertical construction is slated to begin in July with completion set for September 2021. Dave Desper and Joey Sugar of CBRE represented Uline in the lease transaction. Construction of the first phase of Ontario Ranch Logistics Center started in January 2019 and featured a 1.2 million-square-foot facility, which sanitary products manufacturer Kimberly-Clark now occupies. The next phase of speculative development at the campus is a 115,000-square-foot building, which is slated for delivery in early 2021. Upon completion, the entire logistics campus will encompass 2.6 million square feet of industrial space in six buildings. Ontario Ranch Logistics Center features state-of-the-art buildings that include ESFR sprinkler systems, 32-foot to 40-foot minimum clear heights, LED warehouse lighting and concrete truck courts greater than 180 …

April 16, 2020

Acquisitions California Net Lease Retail Western

Marcus & Millichap Brokers $9.3M Sale of Former Walgreens Property in Reseda

by Amy Works April 16, 2020

LOS ANGELES — Marcus & Millichap has arranged the sale of a retail property located on North Tampa Avenue in Los Angeles’ Reseda neighborhood. A partnership acquired the asset for $9.3 million. The 13,000-square-foot property is net-leased to Yogurtland and Walgreens. At the time of sale, Walgreens had vacated the premises, but the retailer still has a lease in place through 2034. Brandon Michaels and Lior Regenstreif of Marcus & Millichap represented the undisclosed seller and buyer in the deal.

April 16, 2020

Acquisitions California Retail Western

NAI Capital Negotiates $2.9M Sale of Retail Asset in Lawndale, California

by Amy Works April 16, 2020

LAWNDALE, CALIF. — NAI Capital has directed the sale of a retail property located at 16711-16725 Hawthorne Blvd. in Lawndale. The asset sold for $2.9 million, or $252 per square foot. The names of the seller and buyer were not released. Built in 1955, the 11,700-square-foot asset was renovated in 2002 with contemporary architectural features. The building features two restrooms, HVAC, high ceilings, 34 parking spaces, a fenced and gated parking lot, two double doors and approximately 800 amps of electric power. At the time of sale, the property was owner occupied. Sheri Messerlian of NAI Capital’s Retail Services Group represented both parties in the transaction.

April 16, 2020

Midwest Minnesota Retail

Best Buy Furloughs 51,000 Hourly Employees, Cuts Executive Salaries

by Kristin Harlow April 16, 2020

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) has taken additional steps in response to the COVID-19 pandemic. Beginning April 19, the Minnesota-based company will temporarily furlough approximately 51,000 domestic hourly store employees, including nearly all part-time employees. Best Buy is retaining approximately 82 percent of its full-time store and field employees on its payroll, including the vast majority of in-home advisors and Geek Squad agents. Furloughed employees will maintain their health benefits at no cost to them for a minimum of three months. Also beginning April 19, some corporate employees will participate in voluntary reduced work weeks or voluntary furloughs. CEO Corie Barry will forego 50 percent of her base salary and the members of the board of directors will forego 50 percent of their cash retainer fees through at least Sept. 1. Company executives reporting directly to the CEO will take a 20 percent reduction in base salary through at least Sept. 1. Best Buy is also suspending its 401(k) company matching program. In order to assist employees financially impacted by the pandemic, Best Buy has partnered with its founder, Dick Schulze, to establish a $10 million employee assistance fund, available to all part- and full-time employees …

April 16, 2020

Loans Michigan Midwest Multifamily

Berkadia Provides $15.1M Fannie Mae Loan for Apartment Community in Grand Rapids

by Kristin Harlow April 16, 2020

GRAND RAPIDS, MICH. — Berkadia has provided a $15.1 million Fannie Mae loan for Lofts on Alabama in Grand Rapids. Aaron Moll of Berkadia secured the permanent financing on behalf of the undisclosed borrower. The new loan lowered the borrower’s rate by over 100 basis points, extended the amortization and interest-only period and removed recourse, according to Moll. Lofts on Alabama, located on Alabama Avenue, is a 100-unit apartment community situated in the West Side neighborhood of Grand Rapids. It features a rooftop patio, outdoor area and community gathering space.

April 16, 2020

Illinois Industrial Leasing Activity Midwest

American Tire Distributors Renews 233,669 SF Industrial Lease in McCook, Illinois

by Kristin Harlow April 16, 2020

MCCOOK, ILL. — American Tire Distributors Inc. has renewed its 233,669-square-foot industrial lease at 9450 Sergo Drive in McCook, about 15 miles southwest of Chicago. Chris Mason of Newmark Knight Frank represented the tenant in the lease transaction. ML Realty Partners is the property landlord. American Tire Distributors provides tires, wheels and supplies for the automotive industry.

April 16, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Arranges $2.2M Sale of Andigo Credit Union Ground Lease in Streamwood, Illinois

by Kristin Harlow April 16, 2020

STREAMWOOD, ILL. — The Boulder Group has arranged the $2.2 million sale of an Andigo Credit Union ground lease in Streamwood, a northwest suburb of Chicago. Built in 2019, the single-tenant, net-leased property is located at 990 S. Barrington Road. Andigo has a 15-year lease at the building. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate group. A Southwest-based private real estate company was the buyer. There are currently seven Andigo branches across metro Chicago. Andigo intends to merge with Consumers Credit Union later this year.

April 16, 2020

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