Property Type

Kroger Introduces Additional Safety Measures Amid Coronavirus Outbreak

by Kristin Harlow April 7, 2020

CINCINNATI — Kroger will limit the number of customers to 50 percent of the international building code’s calculated capacity to allow for proper social distancing in every store. The standard building capacity for a grocery store is one person per 60 square feet. Under Kroger’s new reduced capacity limits that begin today, April 7, the number will be one person per 120 square feet. Cincinnati-based Kroger will monitor the number of customers by using QueVision technology, which already provides a count of the customers entering and exiting stores. Kroger’s new customer capacity limits joins other measures the retailer has established over the last few weeks to promote social distancing, including the addition of plexiglass partitions and floor decals. Kroger is also encouraging associates to wear protective masks and gloves. All locations are expected to have these supplies by the end of the week.

April 7, 2020

Civic Healthcare Michigan Midwest

TCF Center Hospital Conversion in Detroit Running Ahead of Schedule

by Kristin Harlow April 7, 2020

DETROIT — The conversion of TCF Center in Detroit into a 1,000-bed field hospital is ahead of schedule and slated for completion by Wednesday April 8, according to the Detroit Free Press. Members of the Michigan National Guard assisted the Federal Emergency Management Agency with logistics support and inventory of equipment and supplies. The transformation of the convention center into a federal medical station is in effort to treat COVID-19 cases during a period of surge demand. On April 1, Gov. Gretchen Whitmer signed an executive order formally declaring a state of disaster. As of Monday, April 6, there were 17,221 confirmed cases of COVID-19 in the state of Michigan and 727 deaths.

April 7, 2020

Midwest Ohio Retail

Washington Prime Group Launches Small Business Support Initiative to Help Businesses Affected by COVID-19

by Kristin Harlow April 7, 2020

COLUMBUS, OHIO — Washington Prime Group, in partnership with the Institute for Justice Clinic on Entrepreneurship and members of the University of Chicago faculty, has launched the Open for Small Business initiative to address the unprecedented business closures resulting from the coronavirus pandemic. In order to address the issues small businesses face concerning near-term cash flow, Open for Small Business has provided a lease modification as well as other relevant templates that enable the deferral of payments until these local entrepreneurs get back on their feet. Open for Small Business is also hosting educational webinars about how to access U.S. Small Business Administration (SBA) guaranteed loans as well as public and nonprofit agency programs. Columbus-based retail REIT Washington Prime Group hosted its first webinar this past week and more than 300 small business owners participated. The IJ Clinic on Entrepreneurship provides free legal assistance, support and advocacy for low-income entrepreneurs in Chicago.

April 7, 2020

Acquisitions California Multifamily Seniors Housing Western

Blueprint Brokers Sale of 207-Unit Seniors Housing Asset in Riverside, California

by Amy Works April 7, 2020

RIVERSIDE, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 207-unit independent living, assisted living and memory care community in Riverside, approximately 50 miles east of Los Angeles. The seller, a joint venture between Capitol Seniors Housing and Welbrook Senior Living, completed an $8 million renovation at the property in 2014. The buyer and price were not disclosed.

April 7, 2020

Acquisitions Midwest Minnesota Retail

Upland Negotiates Sale of Pep Boys-Occupied Property in Lakeville, Minnesota

by Kristin Harlow April 7, 2020

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has negotiated the sale of a 6,480-square-foot property net leased to Pep Boys in Lakeville, about 25 miles south of Minneapolis. The sales price was undisclosed, but the asset sold at a cap rate of 6.37 percent. The tenant, a franchisee known as The Pep Boys-Manny Moe & Jack of California, has more than eight years remaining on the lease and operates roughly 236 stores. There are approximately 1,000 Pep Boys locations nationwide.

April 7, 2020

Kansas Leasing Activity Midwest Office

Oak River Farms to Move Headquarters to City Center Lenexa in Kansas

by Kristin Harlow April 7, 2020

LENEXA, KAN. — Oak River Farms is moving its headquarters from Louisiana to The District at City Center Lenexa. The agribusiness will occupy 4,595 square feet on the fourth floor of Penn II beginning this summer. Founded in 2016, Oak River Farms works within farming, land management and onsite storage of grain. Travis Gage of CBRE represented the tenant in the lease transaction. John Coe and Ryan Biery of Copaken Brooks represented ownership, Copaken Brooks. When fully developed, City Center Lenexa will consist of more than 2 million square feet, including civic components for the city of Lenexa, nearly 1 million square feet of office and retail space, and 375 residential units.

April 7, 2020

Leasing Activity Retail Washington Western

Sprouts Farmers Market Opens New Store in Silverdale, Washington

by John Nelson April 7, 2020

SILVERDALE, WASH. — Sprouts Farmers Market, a Phoenix-based natural foods grocery, has opened a new store at 11066 Pacific Crest Place NW in Silverdale, about 33 miles west of Seattle. The Silverdale location will be the third Sprouts in Washington and will operate from 7 a.m. to 8 p.m. daily, in line with the grocer’s adjusted hours during the COVID-19 pandemic. The new Sprouts will feature a large produce section, deli, fresh sushi, olive bar, sandwich bar, salad bar and beer and wine. The new store will be the grocery anchor of Trails at Silverdale, a 200,000-square-foot shopping center housing tenants including HomeGoods, Ulta Beauty, Old Navy, Verizon Wireless, Sierra Trading Post, Sleep Number, Total Wine, Carter’s/OshKosh, DSW, MOD Pizza, Jersey Mike’s, Chipotle Mexican Grill, Habit Burger and Marshalls. El Segundo, Calif.-based CenterCal Properties LLC is the owner of the 30-acre shopping center. Sprouts employs more than 30,000 team members and operates over 340 stores in 23 states. According to its website, Sprouts is looking to fill approximately 2,000 roles across its network of stores, distribution centers and support offices.

April 7, 2020

Colorado Development Multifamily Top Stories Western

AMLI Buys Multifamily Development Site on South Broadway in Denver

by Amy Works April 7, 2020

DENVER — AMLI Residential, a multifamily developer and owner based in Chicago, has purchased 2.7 acres of land on South Broadway in Denver for a new 300-unit apartment community. The property is situated within Broadway Park, a mixed-use, infill redevelopment totaling 75 acres and entitled for up to 10 million square feet of development. Denver-based D4 Urban is the master developer of Broadway Park and sold the land to AMLI. Chris Cowan and Mackenzie Walker of Newmark Knight Frank (NKF) Multifamily represented D4 Urban in the land sale. The sales price was not disclosed. Community amenities at the project, named AMLI Broadway Park, will include a rooftop deck; two-story fitness and clubhouse area; pool; barbecue and lounge area; dog run; and several courtyards. The property is designed to achieve LEED Gold certification, which is a hallmark of AMLI communities nationwide. The new community is the second vertical development within the Northwest District at Broadway Park. The site is adjacent to Price Development Group’s 345-unit multifamily property currently under construction, as well as a public plaza developed by D4 Urban on behalf of the Broadway Park North Metropolitan District, according to Dan Cohen, development partner at D4 Urban. The property will …

April 7, 2020

Development Loans Multifamily North Carolina Southeast

Hall Group Receives $77M in Construction Debt, Equity for Two Apartment Complexes in North Carolina

by Alex Tostado April 6, 2020

ASHEVILLE AND KANNAPOLIS, N.C. — Hall Group has received $77 million in construction financing for The Reserve at Gashes Creek in Asheville and Graces Reserve in Kannapolis, both of which are under construction. Highland Mortgage Co. provided a $62 million HUD 221 (d)(4) construction loan and Morrison Avenue Capital Partners provided $15 million of equity. Multifamily Select Inc. arranged the loan on behalf of Hall Group and will manage both properties upon completion. The Reserve at Gashes Creek will include 190 units offering one-, two- and three-bedroom floor plans along with 12 garages and 16 storage units. Six of the 22 acres are preserved by a conservation easement. The property is situated along U.S. Highway 74, about six miles southwest of downtown Asheville. Graces Reserve is situated on 17 acres at 2200 Roxie St. NE, 25 miles north of downtown Charlotte. The property will offer 240 one-, two- and three-bedroom floor plans along with 36 garages and 48 storage units. Communal amenities at both properties will include pools, sundecks with cabanas, electric vehicle charging stations, grilling areas, fire pits, car care centers, dog parks, playgrounds and clubhouses. Clubhouses will include concierge package delivery systems, pet spas, designer kitchen spaces, cyber …

April 6, 2020

Alabama Development Multifamily Southeast

Dobbins Group Breaks Ground on 204-Unit Multifamily Community Near Birmingham

by Alex Tostado April 6, 2020

GARDENDALE, ALA. — Dobbins Group LLC has broken ground on a yet-to-be-named multifamily community in Gardendale. The Birmingham, Ala.-based developer says the 204-unit community will offer one-, two- and three-bedroom floor plans averaging 977 square feet and expects rent to range from $1,175 to $1,800 per month. All units will have nine-foot ceilings, granite countertops, oversized soaking tubs, walk-in closets in every bedroom, custom cabinetry and appliances. Communal amenities will include a saltwater pool, fitness center, fire pits, multiple grilling stations, walking trail and a dog park. Capstone Building Corp. is the general contractor, and Williams Blackstock Architects is the architect. Synovus Financial is financing the project, which has a budget of more than $30 million. Dobbins Group expects to complete the complex by the end of 2021.

April 6, 2020

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