Property Type

IRA Capital Purchases Element Office Campus in Aliso Viejo for $73.5M

by Amy Works June 17, 2020

ALISO VIEJO, CALIF. — IRA Capital has acquired Element, a corporate office campus located at 26600, 26650 and 26700 Aliso Viejo Parkway in Aliso Viejo. A joint venture between CrossHarbor Capital Partners and Waterford Property Co. sold the asset for $73.5 million. The buyer purchased the property through its joint venture with a Middle East-based capital partner. Consisting of three two-story buildings, the asset offers 160,000 square feet of office space. In 2019, Glaukos Corp., a publicly traded ophthalmic medical technology and pharmaceutical company, signed a 13-year, triple-net lease to occupy the property for its corporate and R&D headquarters. Additionally, the company purchased excess land surrounding the building for future development and expansion. Bryon Foss, Nick Cary and Curtis Ellmore of JLL, along with Kevin Shannon, Paul Jones, Ken White and Brandon White of Newmark Knight Frank’s Capital Markets team, represented the seller in the transaction.

June 17, 2020

Arizona Development Loans Office Western

NorthMarq Arranges $73.5M in Financing for Spec Office Development in Chandler, Arizona

by Amy Works June 17, 2020

CHANDLER, ARIZ. — NorthMarq has arranged a $46 million construction loan and $27.5 million mezzanine equity investment for a Class A speculative office project in Chandler. Bank OZK provided the loan to an affiliate of Douglas Allred Co. An insurance company, with NorthMarq as correspondent, provided the mezzanine equity. Situated within Park Place, a 200-acre master-planned business park assembled and developed by Douglas Allred Co., the new project will feature two three-story buildings totaling 300,000 square feet and an 800-stall parking structure. The concrete tilt-up buildings will offer 10- to 12-foot ceiling heights, high-quality finishes and a 6/1,000 parking ratio. Completion slated for October 2021. San Diego-based Douglas Allred Co. begin assembling and developing Park Place in 2007 and to-date has completed 1.5 million square feet of office, manufacturing and retail space within the assemblage. The office buildings total 1.2 million square feet and are 95 percent leased to mostly national companies.

June 17, 2020

Acquisitions California Net Lease Retail Western

NKF, Highland Partners Negotiate $14M Sale of Single-Tenant Retail Property in Hawthorne, California

by Amy Works June 17, 2020

HAWTHORNE, CALIF. — Newmark Knight Frank (NKF) and Highland Partners have arranged the sale of a retail building located at 14351 Hindry Ave. in Hawthorne. A private family office acquired the property from Hawthorne Gateway, a private Los Angeles-based partnership, for $14 million. Bed, Bath & Beyond occupies the property. Bill Bauman, Kyle Miller, Michael Fogel and Matt Schwartz of NKF and Michael Grannis of Highland Partners represented the seller in the transaction.

June 17, 2020

Acquisitions Multifamily Oregon Seniors Housing Western

Cadence Living, Dylan Investments Acquire Tanner Spring Seniors Housing Asset Near Portland

by Amy Works June 17, 2020

WEST LINN, ORE. — Owner-operator Cadence Living has partnered with boutique investment firm Dylan Investments to acquire Tanner Spring, an assisted living and memory care community in the affluent Portland suburb of West Linn. The community comprises 62 assisted living units and 26 memory care units. The partnership also acquired the adjacent vacant land and has plans to add 100 residential units in the future. Orix Securities advised the seller on the transaction and Blueprint Healthcare Real Estate advised the buyer. “We have been focused on the northwest for our growing portfolio,” says Rob Leinbach, Cadence principal. “Tanner Spring has a terrific reputation and we love the West Linn neighborhood. It is a unique property with sweeping views of the Willamette River valley that we believe is well positioned for the long term.” Cadence Living is currently developing, owns and/or operates communities throughout the South and West.

June 17, 2020

Acquisitions California Industrial Mixed-Use Retail Self-Storage Western

Colliers Brokers $7.2M Sale of Big Oaks Center Mixed-Use Property in Northern California

by Amy Works June 17, 2020

CLEAR LAKE OAKS, CALIF. — Colliers International has brokered the sale of Big Oaks Center, a mixed-use property located in Clear Lake Oaks in Northern California. Las Vegas-based Crystal View Capital sold the property to Redding, California-based Berg Family for $7.2 million. Totaling 98,811 square feet, Big Oaks Center features 78,845 square feet of self-storage space, 17,086 square feet of retail space and a 2,880-square-foot United States Postal Service location. Tom de Jong of Colliers International National Self Storage Group represented the seller in the deal. The purchase was partially completed via a 1031 exchange, with the balance financed by Five Star Bank.

June 17, 2020

Development Industrial Midwest Ohio

CRG Underway on 320,000 SF Spec Distribution Warehouse in Columbus, Ohio

by Kristin Harlow June 17, 2020

COLUMBUS, OHIO — CRG is developing the Cubes at Rickenbacker, a 320,000-square-foot speculative distribution warehouse in Columbus, on behalf of an affiliate of Lexington Realty Trust. Contegra Construction Co. is the general contractor. Completion is slated for the fourth quarter of this year. Situated in the Rickenbacker submarket of Columbus, the project is four miles from the Rickenbacker International Airport. The development will feature a clear height of 36 feet, 32 dock doors, two drive-in doors, a trailer lot and parking for 132 cars. Jeff Lyons and Joseph Kimener of CBRE will serve as leasing agents.

June 17, 2020

Development Illinois Midwest Retail

GBT Realty to Develop 53,000 SF Retail Center Near St. Louis

by Kristin Harlow June 17, 2020

O’FALLON, ILL. — GBT Realty Corp. will develop Shoppes at Richland Creek, a 53,000-square-foot retail center in O’Fallon, an eastern suburb of St. Louis. In March, GBT purchased the 17-acre site from Vantage Credit Union for an undisclosed price. Shoppes at Richland Creek is approximately 70 percent pre-leased to tenants such as Smoothie King, Chicken Salad Chick, Pacific Dental, Five Guys Burgers + Fries, Taco Bell, Burger King, Popeyes and Tidal Wave Luxury Car Wash. Completion is slated for summer 2021. “The area’s growing population and solid workforce, combined with the city’s willingness to assist us in the development process, made this site — and this community — the ideal place for GBT’s next shopping center,” says Jeff Pape, managing director with GBT. O’Fallon has experienced significant growth over the past two decades with nearly 2,000 new homes and over $400 million in residential and commercial development, according to GBT. Tennessee-based GBT currently has more than $1 billion of commercial development totaling 5 million square feet in the pipeline or under construction.

June 17, 2020

Development Illinois Midwest Retail

Cannabis Facility Construction Breaks Ground on Dispensary in Northbrook, Illinois

by Kristin Harlow June 17, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has broken ground on a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the nearly 10,000-square-foot dispensary will serve as a flagship location for the brand. The design ensures all points of sale are six feet apart in order to accommodate social distancing. In addition to the retail space up front, there will be back office space and a vault for inventory storage. A timeline for completion was not disclosed. Greenhouse currently operates four dispensaries in Illinois. CFC, a division of Mosaic Construction, is a cannabis design-build firm based in Northbrook.

June 17, 2020

Acquisitions Industrial Michigan Midwest

Cushman & Wakefield Brokers Sales of Two Industrial Buildings in Suburban Detroit

by Kristin Harlow June 17, 2020

LIVONIA, MICH. — Cushman & Wakefield has brokered the sales of two industrial buildings totaling nearly 250,000 square feet in Livonia, a western suburb of Detroit. Sales prices were undisclosed. In the first transaction, Anthony Avendt of Cushman & Wakefield represented Country Fresh in the sale of 31770 Enterprise Drive to Caresoft Global LLC. The 148,000-square-foot property, partially renovated in 2004, will be upgraded to meet the needs of the global technology and solutions company. In the second transaction, Avendt and colleague Evan Miller represented Livonia East Corporate Center in the disposition of 12622-645 Inkster Road, a 101,089-square-foot building. MobilityTRANS acquired the asset for its assembly and manufacturing operations. The property underwent renovations beginning last year.

June 17, 2020

Healthcare Indiana Leasing Activity Midwest

Indiana Physical Therapy Opens 4,200 SF Facility in Huntington

by Kristin Harlow June 17, 2020

HUNTINGTON, IND. — Indiana Physical Therapy Inc. has signed a retail lease for 4,200 square feet at the Huntington Forum Shops in Huntington, about 25 miles southwest of Fort Wayne. The shopping center is located at 2880 Walmart Drive. Stanley Phillips and Dave Horacek of Bradley Co. represented the landlord, SHIV Huntington LLC, in the lease negotiations. Indiana Physical Therapy now operates 19 locations across the state.

June 17, 2020

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