Property Type

NAI Hanson Negotiates Sale of 10,761 SF Office, Residential Building in Hawthorne, New Jersey

by Alex Patton March 20, 2020

HAWTHORNE, N.J. — NAI James Hanson has negotiated the sale of a 10,761-square-foot office and residential building in Hawthorne, a northwestern suburb of New York City. Located at 297-301 Lafayette Ave., the property includes 7,381 square feet of office space and two apartments. Andrew Somple and Justin Allessio represented the seller, a private investor, in the transaction. The team also procured the buyer, Lighthouse Pregnancy Resource Center, which will use the property as its headquarters. The sales price was undisclosed.

March 20, 2020

Charlotte Rent and Occupancy, RED Capital

Content Partner Features Lument Multifamily North Carolina RED Capital Group Southeast

Charlotte Surges into the First Rank of U.S. Growth Markets

by Sarah Daniels March 20, 2020

Charlotte is America’s second-largest commercial banking center, home to one of the country’s biggest financial institutions, Bank of America; soon the headquarters site of another when BB&T and SunTrust merge; and host to more employees of Wells Fargo than call its San Francisco base home. It would be hard to exaggerate the economic benefits the local market secures from this status. One growing but not widely appreciated benefit is the Queen City’s emergence as one of the world’s hotbeds of innovation in fintech, the space in which digital technology and financial services intersect. With support from local financial services giants, well-funded fintech incubators (like Queen City Fintech, hired by IBM to build and run their Hyper Protect accelerators) and a burgeoning start-up community, Charlotte has hatched a small army of successful fintech firms capitalized with more than $2 billion to date. Lately, entrepreneurs in other disciplines have come to appreciate Charlotte’s virtues. Nascent disruptors in the healthcare and electric power sectors are setting down roots in the city, attracted by its low operating and living costs, quality of life, deep well of talent and uniquely collaborative style. The injection of start-up energy into Charlotte’s thriving Fortune 500 business foundation catalyzed …

March 20, 2020

Acquisitions Industrial Utah Western

NKF Arranges $30.1M Sale of Industrial Property in Salt Lake City

by Amy Works March 20, 2020

SALT LAKE CITY — Newmark Knight Frank (NKF) has arranged the sale of an industrial property located at 9669 S. Prosperity Road in Salt Lake City. KPFN Properties sold the asset to ARKA Properties Group for $30.1 million. Visible SCM Logistics, a supply chain management company, occupies the single-tenant, 363,996-square-foot facility. The property is located near Mountain View Corridor, a phased transportation infrastructure project that when complete will offer a 35-mile freeway spanning from Interstate 80 in Salt Lake City to State Route 73 in Utah County. Bryce Blanchard, Kyle Roberts and Lucas Burbank of represented the seller and buyer in the deal.

March 20, 2020

Colorado Development Loans Office Western

JV Receives $29.4M Construction Loan for S’PARK Railyards Office Project in Boulder

by Amy Works March 20, 2020

BOULDER, COLO. — A joint venture between The John Buck Co., Kinship Capital and Element Properties has secured a $29.4 million construction loan for the development of S’PARK Railyards, a Class A office project in Boulder. Located at 3401 Bluff St., the four-story Railyards building will feature 64,000 square feet of office space and 5,263 square feet of ground-floor retail space. The office layouts have been designed with 25-foot spans between columns, offering nearly column-free floor plates. Slated for completion in March 2021, the project is 92.4 percent pre-leased. The Railyards project is located within S’PARK, a master-planned community that will offer 288 multifamily units, 106,029 square feet of office space, 31,363 square feet of ground-floor retail space and approximately 350 parking spaces across six separate buildings. Railyards is the fourth of six planned buildings to be built by the joint venture. Construction of the last two projects are scheduled to start by the end of the year. JLL Capital Markets arranged the five-year, floating-rate construction loan through Wintrust Financial Corp. Keith Largay, Brian Walsh and Leon McBroom of JLL Capital Market represented the borrower in the financing.

March 20, 2020

Acquisitions Colorado Office Western

Bancroft Capital Buys Union Terrace Office Building in Colorado for $11.3M

by Amy Works March 20, 2020

LAKEWOOD, COLO. — Manhattan Beach, Calif.-based Bancroft Capital Advisors has acquired Union Terrace, an office building located at 12596 W. Bayaud Ave. in Lakewood. San Diego-based Presidio Property Trust sold the asset for $11.3 million. Built in 1982 on 3.9 acres, the four-story Union Terrace features 84,145 square feet of office space. At the time of sale, the property was 86 percent occupied by 13 tenants. The buyer plans to add amenities and upgrade the property’s common area. Patrick Devereaux, James Brady and Campbell Davis of CBRE Capital Markets in Denver represented the seller in the transaction.

March 20, 2020

Acquisitions Healthcare Nevada Office Western

Capovilla Management Sells McFarlane Medical Center in Las Vegas for $10.4M

by Amy Works March 20, 2020

LAS VEGAS — Capovilla Management has completed the sale of McFarlane Medical Center in Las Vegas. An undisclosed buyer acquired the property for $10.4 million. Located at 8352 W. Warm Springs Road, the property features 39,279 square feet of medical office and office space. Lisa Hauger and Timothy Erickson of Sun Commercial Real Estate represented the seller in the deal.

March 20, 2020

Development Industrial Leasing Activity Washington Western

Bertch Capital Secures Tenant for 116,572 SF Industrial Asset Under Construction in Washington

by Amy Works March 20, 2020

SUMNER, WASH. — Bertch Capital Partners has signed CTE Warehousing to occupy Sumner Ridge’s Building A, located at 3400 W. Valley Highway East in Sumner, in a long-term lease agreement. Building A is the second facility at Sumner Ridge, which is home to a 112,100-square-foot industrial property occupied by Automatic Products. The freight management partner will occupy the entire 116,572-square-foot warehouse facility, which is slated for completion at the end of the second quarter. The company plans to relocate from at least one of its existing buildings in the area. Bill Condon and Matt McGregor of Colliers International represented the developer, while Jeff Forsberg of NAI Puget Sound Properties represented CTE Warehousing in the deal.

March 20, 2020

Illinois Leasing Activity Midwest Office

Feeding America to Relocate Headquarters in Chicago with 61,324 SF Lease

by Kristin Harlow March 20, 2020

CHICAGO — Feeding America, a hunger-relief charity, will relocate its headquarters to 161 North Clark in Chicago. The 61,324-square-foot lease represents a 32 percent expansion for the nonprofit, which will move from 35 E. Wacker when the new lease commences in the fourth quarter. Mindy Saffer of Cresa and Rob Schmidt of JLL represented Feeding America in the lease transaction. Newmark Knight Frank represented the landlord. The 50-story office tower is situated in Chicago’s Central Loop and features a conference center and outdoor terrace.

March 20, 2020

Acquisitions Illinois Midwest Retail

Boulder Group Brokers $18.6M Sale of Property Net Leased to Jewel-Osco in Romeoville, Illinois

by Kristin Harlow March 20, 2020

ROMEOVILLE, ILL. — The Boulder Group has brokered the $18.6 million sale of a single-tenant property net leased to Jewel-Osco in Romeoville, located about 30 miles southwest of Chicago. The 67,507-square-foot building sits on 7.5 acres at 20 S. Weber Road. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Southwest-based private real estate investment company. A West Coast-based private investor purchased the asset in a 1031 tax-deferred exchange. Jewel-Osco has operated at the property since 2002 and recently executed a 20-year lease.

March 20, 2020

Acquisitions Iowa Midwest Retail

Crossroads Mall in Iowa Sells for $3.3M, Will Undergo Redevelopment

by Kristin Harlow March 20, 2020

FORT DODGE, IOWA — Mason Asset Management, Namdar Realty Group and CH Capital Group have sold Crossroads Mall in Fort Dodge in central Iowa. The sales price was $3.3 million. The buyer, Crossroads Plaza Development LLC, plans to redevelop the mall into a series of retail and office spaces. The site will also include a new, five-story hotel. Fort Dodge City Council unanimously passed the redevelopment plan and committed up to $18.2 million of public funds to support construction.

March 20, 2020

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