Property Type

Dermody Properties Buys 121,836 SF Logistics Center in Southern California

by Amy Works May 1, 2020

ONTARIO, CALIF. — Dermody Properties has purchased a logistics center located at 3120 E. Mission Blvd. in Ontario for an undisclosed price. The name of the seller was not released. Dermody Properties plans to renovate the 121,836-square-foot property by enhancing the loading, upgrading the fire suppression system to ESFR and improving the aesthetic of both the interior and exterior of the building. The facility will be available for lease beginning July 1. The asset is located within a few miles of major freeways, including Interstates 10 and 15 and State Route 60. Additionally, the facility is 2.2 miles from the Ontario International Airport and approximately 60 miles from the ports of Los Angeles and Long Beach, Calif. Dan de la Paz of CBRE represented Dermody Properties in the acquisition.

May 1, 2020

Acquisitions Affordable Housing California Multifamily Western

TMG Brokers $15.5M Sale of Affordable Housing Property in California’s Inland Empire

by Amy Works May 1, 2020

ONTARIO, CALIF. — The Mogharebi Group (TMG) has directed the sale of Cinnamon Ridge, a 101-unit affordable housing community located at 1051 E. Fourth St. in Ontario. A Southern California-based private investor acquired the property for $15.5 million. Alex Mogharebi and Otto Ozen of TMG represented the seller, also a Southern California-based investor, in the transaction. Built in 1989, Cinnamon Ridge features 101 one- and two-bedroom units restricted to residents age 55 or older. The property consists of a two-story and a three-story residential building, totaling 48,520 rentable square feet. Situated on 2.3 acres, the community features a clubhouse with full kitchen, leasing office, controlled access, solar panels, laundry facilities and covered parking.

May 1, 2020

Acquisitions California Multifamily Western

Levin Johnston Negotiates Sale of 30-Unit Multifamily Complex in Fremont, California

by Amy Works May 1, 2020

FREMONT, CALIF. — Levin Johnston of Marcus & Millichap has brokered the sale of 4001 Nicolet, a fully upgraded multifamily community in Fremont. The property traded for $12.2 million. Adam Levin, Robert Johnston and Eymon Binesh of Levin Johnston represented the undisclosed seller and procured the undisclosed buyer in the deal. Originally constructed in 1972, the property features 30 units in a mix of one- and two-bedroom floor plans. The units were recently upgraded with fully remodeled bathrooms and kitchens, stainless steel appliances, granite countertops, new carpets and hardwood flooring. Community amenities include private balconies, private storage and an on-site laundry facility.

May 1, 2020

Acquisitions California Restaurant Retail Western

Hanley Investment Group Brokers $2.9M Sale of Starbucks-Occupied Retail Asset in El Centro

by Amy Works May 1, 2020

EL CENTRO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly built, single-tenant retail property located at 2033 N. Imperial Ave. in El Centro. Encinitas, Calif.-based Becker Development sold the building to a Los Angeles-based private investor for $2.8 million, or $1,089 per square foot. Starbucks Coffee occupies the 2,625-square-foot, drive-thru property, which was built in 2019. The asset is located at the signalized entrance to a Target- and Lowe’s Home Improvement Warehouse-anchored shopping center. Bill Asher, Jeff Lefko and Ed Hanley of Hanley Investment Group represented the seller, while John Kerrigan, a Sherman Oaks, Calif.-based real estate broker, represented the buyer.

May 1, 2020

Acquisitions Colorado Mixed-Use Western

AQYRE Real Estate Advisors Arranges Sale of 45,580 SF Land Parcel in Colorado

by Amy Works May 1, 2020

ENGLEWOOD, COLO. — AQYRE Real Estate Advisors has negotiated the sale of an opportunity zone development site located at 3560-3590 S. Clarkson St. in Englewood. Terms of the transaction were not released. The 45,580-square-foot opportunity zone site is zoned M2, which allows for mixed-use medical, office, high-density residential and limited retail development. Joe Hornstein, Scott Fetter and David Barocas of AQYRE represented the buyer and seller in the deal.

May 1, 2020

Indiana Midwest Retail

Simon Property Group Begins Reopening Malls in Stages, Outlines Safety Protocols

by Kristin Harlow May 1, 2020

INDIANAPOLIS — Simon Property Group (NYSE: SPG) has released plans for reopening several of its malls in the first half of May. The openings are based on current state and/or local stay-at-home orders put in place as a result of the COVID-19 pandemic. Previously scheduled to open today, some properties in Georgia and Indiana have been delayed to a May 4 opening. View the reopening schedule here. Indianapolis-based Simon says its protocols have been reviewed and approved by experts in epidemiology and environmental health and safety. The protocols are in effort to help prevent further spread of COVID-19. Simon employees, contractors and vendors will be required to screen themselves at home prior coming to work. Anyone with a temperature exceeding 100.4 degrees or who exhibits flu-like symptoms will be required to stay home. Employees will be trained in COVID-19 safety guidelines from the Centers for Disease Control and Prevention. They will wear protective face masks while on property and be instructed to maintain six feet of distance from coworkers or shoppers. Simon will ensure that property occupancies do not exceed a targeted level of one person per 50 square feet. Food court seating, as well as common area seating, will …

May 1, 2020

Development Illinois Midwest Office

Vermilion Development to Build 18-Story Office Tower in Evanston, Illinois

by Kristin Harlow May 1, 2020

EVANSTON, ILL. — Vermilion Development has received approval from Evanston’s City Council to build a 210,000-square-foot, 18-story office tower located at 605 Davis St. in Evanston. The Class A property will be the first high-rise office building in Evanston in 20 years, according to Vermilion. Solomon Cordwell Buenz is the architect for the project, which is slated for completion as early as 2022. John Clark and Bill Rolander of Newmark Knight Frank will market the property for lease. Plans call for 15 floors of office space with conference and fitness facilities, a tenant lounge and an outdoor terrace. The building’s ground floor will house two retail suites as well as a lobby and bike room. The top two floors will feature private balcony access.

May 1, 2020

Development Healthcare Illinois Midwest

Clark Construction Completes Transformation of Shuttered Chicago Hospital into Alternate Care Facility

by Kristin Harlow May 1, 2020

BLUE ISLAND, ILL. — Clark Construction Group, in collaboration with the U.S. Army Corps of Engineers, has completed the transformation of the MetroSouth Medical Center, a shuttered hospital just south of Chicago, into an alternate care facility to treat COVID-19 patients. Located in Blue Island, the facility now features 585 beds, including 265 high-acuity beds for critically ill patients. Clark completed the project in 22 days. The project team also included architect Perkins and Will, engineer Salas O’Brien, Hill Mechanical, Titan Electric, RG Construction and Consolidated Flooring. The MetroSouth Medical Center closed in late 2019.

May 1, 2020

Acquisitions Illinois Midwest Multifamily

Berkadia Negotiates $8.7M Sale of Multifamily Property in Milan, Illinois

by Kristin Harlow May 1, 2020

MILAN, ILL. — Berkadia has negotiated the $8.7 million sale of Village Woods in Milan near the Quad Cities. The 96-unit, garden-style multifamily property was built in 1998. Amenities include a pool, fitness center and new leasing center. Ralph DePasquale, Parker Stewart and Alex Blagojevich of Berkadia represented the seller, Minnesota-based Dominium Inc. Pete Benedetto of Berkadia secured acquisition financing on behalf of the buyer, Colorado-based Monarch Investment and Management Group.

May 1, 2020

Loans Midwest Multifamily Wisconsin

Prescient Capital Provides $1.7M Bridge Loan for 132-Unit Multifamily Portfolio in Milwaukee

by Kristin Harlow May 1, 2020

MILWAUKEE — Prescient Capital has provided a $1.7 million bridge loan for a 132-unit multifamily portfolio in Milwaukee. The three properties include 2848 W. Wells St., 2904 W. Wisconsin Ave. and 2625-2635 W. Juneau Ave. The debt yield was 15 percent and the loan-to-value ratio was 37 percent. The borrower was undisclosed.

May 1, 2020

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