Property Type

Facebook Signs 35,900 SF Office Lease in Atlanta’s Atlantic Station

by Alex Tostado March 19, 2020

ATLANTA — Facebook Inc. has signed a 35,900-square-foot office lease within Hines’ T3 West Midtown in Atlanta’s Atlantic Station. The social media company will occupy an entire floor, bringing the seven-story office building to 65 percent occupancy. The 203,000-square-foot building features ground-level social workspace, a fitness center, outdoor terraces on each floor, rooftop terrace and an adjacent pocket park. Hines and Invesco Real Estate developed T3 West Midtown in 2017-18. The building sits within Atlantic Station, a 138-acre mixed-use development in Atlanta’s West Midtown neighborhood.

March 19, 2020

Acquisitions Company News Retail Washington Western

Costco Wholesale Acquires Innovel Solutions for $1B to Expand Last-Mile Capacity

by Amy Works March 19, 2020

ISSAQUAH, WASH. — Issaquah-based Costco Wholesale Corp. has acquired Innovel Solutions, a provider of third-party logistics solutions with nationwide capabilities, for $1 billion. Innovel was a subsidiary of Transform Holdco, which operates Sears and Kmart stores. The acquisition was funded with the company’s existing cash balances. Innovel provides last-mile delivery, complete installation and white glove capabilities for large and/or bulky products. Its network offers coverage to nearly 95 percent of the United States and Puerto Rico. Products served through Innovel include major appliances, furniture, mattresses, televisions, grills, patios, fitness equipment and wine cellars. Innovel employs over 1,500 people and operates 11 distribution and fulfillment center, as well as more than 100 final-mile, cross-dock centers with over 15 million square feet of warehouse space. The company also operates dedicated call centers. Costco has been a customer of Innovel since 2015, and under Costco’s ownership Innovel will continue to serve Sears and other existing third-party customers. “We have a great relationship with Innovel and share a philosophy of taking care of our members,” says Craig Jelinek, Costco’s CEO, “We believe the acquisition will allow us to grow our e-commerce sales of ‘big and bulky’ items at a faster rate.” Costco currently operates …

March 19, 2020

Acquisitions Colorado Office Western

TerraCap Acquires Cherry Creek Office Plaza in Glendale for $54M

by Amy Works March 19, 2020

GLENDALE, COLO. — Estero, Fla.-based TerraCap Management has purchased Cherry Creek Plaza, an office complex located in Glendale’s Cherry Creek submarket, for $54 million. Cherry Creek Plaza comprises two 13-story buildings offering a total of 335,000 square feet of Class A office space. On-site amenities include a newly renovated lobby, fitness center and conference room. Additionally, the property is adjacent to Glendale 180, a proposed $175 million mixed-used development. Occupancy at Cherry Creek Plaza will drop to 73 percent in the coming months with the exit of a full-floor tenant, allowing the buyer to offer suites ranging in size from 1,000 square feet to in excess of 19,000 square feet. Tim Richey, Mike Winn and Chad Flynn of CBRE-Denver represented the undisclosed seller in the deal. Chicago-based NXT Capital provided debt financing for TerraCap, with assistance from both CBRE Denver and Atlanta debt teams. TerraCap has retained Lincoln Property Co. to handle leasing and Corum Real Estate Group as property manager.

March 19, 2020

Acquisitions California Office Western

Dornin Investment Group Sells 63,760 SF Office Building in Riverside, California

by Amy Works March 19, 2020

RIVERSIDE, CALIF. — Orange County, Calif.-based Dornin Investment Group has completed the disposition of an office building located at 2300 Market St. in Riverside. A Los Angeles-based private investor acquired the property for an undisclosed price. Originally constructed in 2006, the three-story, 63,760-square-foot office building was fully occupied at the time of sale. The County of Riverside occupies 89 percent of the rentable area and recently signed a five-year lease extension that expanded its footprint at the property. Anthony DeLorenzo, Gary Stache, Doug Mack, Bryan Johnson, Will Cole and Sammy Cemo of CBRE represented the seller in the transaction.

March 19, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

SLIB Arranges Sale of 143-Bed Skilled Nursing Facility in Yuma, Arizona

by Amy Works March 19, 2020

YUMA, ARIZ. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional operator. The price was not disclosed. Jeff Binder, Jason Punzel and Brad Goodsell of SLIB handled the transaction.

March 19, 2020

Acquisitions California Industrial Lee & Associates Self-Storage Western

San Diego Rescue Mission Divests of 38,610 SF Industrial Property in San Diego

by Amy Works March 19, 2020

SAN DIEGO — San Diego Rescue Mission has completed the sale of an industrial facility located at 5150 University Ave. in San Diego. University Storage acquired the asset for $7.7 million. The 2.2-acre lot features a 38,610-square-foot industrial building. The buyer plans to redevelop the property into a self-storage facility. George Hicker and Michael McFarland of Cardinal Industrial, along with Matt Weaver and Al Apuzzo of Lee & Associates – North County San Diego, represented the seller and buyer in the deal.

March 19, 2020

Kansas Midwest Retail

AMC Theatres to Close All U.S. Locations for Six to 12 Weeks

by Kristin Harlow March 19, 2020

LEAWOOD, KAN. — AMC Theatres (NYSE: AMC) has closed all 630 AMC locations in the United States for at least six to 12 weeks, in compliance with local, state and federal directives, and as a precaution to help ensure the health and safety of moviegoers and theater staff amid the coronavirus pandemic. The company says it will continue to monitor the situation closely and remain flexible on reopening in accordance with the Centers for Disease Control and Prevention recommendations and governmental directives. More than a dozen states and major markets have mandated that movie theaters, bars and restaurants close as a result of the COVID-19 outbreak. The federal government has recommended that no public gatherings take place that are larger than 10 people. AMC customers are encouraged to utilize AMC Theatres on Demand, which enables them to rent or buy movies from a selection of more than 3,500 titles. Kansas-based AMC maintains approximately 1,000 theaters and 11,000 screens worldwide.

March 19, 2020

Hospitality Illinois Midwest

Park Hyatt, Peninsula Hotels to Temporarily Close Doors in Chicago

by Kristin Harlow March 19, 2020

CHICAGO — The Park Hyatt Chicago and Peninsula, both luxury hotels in downtown Chicago, have temporarily closed their doors due to the coronavirus outbreak. The 198-room Park Hyatt will not accept room, restaurant, bar or other reservations until April 30. No reservations will be available until further notice at the 339-room Peninsula, according to the hotel’s website. These properties are the first two downtown Chicago hotels to close because of the coronavirus and other closures will likely follow, according to Crain’s Chicago Business.

March 19, 2020

Civic Development Iowa Midwest

Hannon Armstrong Makes $115M Preferred Equity Investment in University of Iowa Utility System Project

by Kristin Harlow March 19, 2020

IOWA CITY, IOWA — Hannon Armstrong Sustainable Infrastructure Capital Inc. has made a $115 million preferred equity investment in a utility public-private partnership including the University of Iowa, ENGIE and Meridiam. ENGIE is a natural gas distribution company and Meridiam is a global investor and asset manager specializing in the development, financing and management of long-term public infrastructure projects. The partnership will operate, maintain and upgrade the university’s energy and water utilities. Known as the Hawkeye Energy Collaborative, the partnership was awarded a $1 billion, 50-year utility management concession contract in December 2019. The collaborative will support the University of Iowa’s energy, water and sustainability goals for two campuses spanning 1,700 acres in Iowa City.

March 19, 2020

Midwest Multifamily Ohio

Woda Cooper Cos. Creates Interim Rental Assistance Fund, Waives Late Fees for Residents Impacted by COVID-19

by Kristin Harlow March 19, 2020

COLUMBUS, OHIO — Woda Cooper Cos. Inc. has unveiled plans to create an interim rental assistance fund and waive late rent fees for residents whose jobs are directly impacted by the coronavirus pandemic. The company has also halted celebrations commemorating its 30th anniversary later this year to focus on helping residents navigate the financial impacts of the pandemic. As part of the announcement, Woda Cooper will waive all late fees for rent due April 1 for any resident who has been laid off or furloughed. In addition, the company will establish an interim rental assistance fund of $250,000 to assist residents who have been laid off or furloughed, and ask vendors, lenders and investors to help financially in the effort. Woda Cooper will match the first $250,000 of contributions received and add those funds to the rental assistance fund. Columbus-based Woda Cooper owns and operates more than 300 affordable housing communities in 15 states.

March 19, 2020

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