CHICAGO — Hot dog maker Vienna Beef has leased a 42,000-square-foot distribution center located at 2501 W. Fulton in Chicago’s Kinzie Corridor for its new headquarters. The company will relocate from 2501 N. Damen Ave. this quarter. All office and warehouse employees will make the move to the new building while manufacturing will remain at the company’s Southside facility. The new headquarters features a clear height of 16 feet, two loading docks, one drive-in door, parking for 50 cars and 8,000 square feet of office space. Dayton Street Partners acquired the property in September 2018 and recently completed several upgrades, including warehouse updates, a newly paved parking lot and LED lighting. Scott Duerkop and Dominic Carbonari of JLL represented Dayton Street in the lease with Vienna Beef. Chris Gary of NAI Hiffman represented the tenant. Vienna Beef was founded in Chicago in 1893.
COLORADO SPRINGS, COLO. — Griffis/Blessing has acquired Lion Village, a student housing complex in Colorado Springs, from a local developer for $34 million. Colorado Springs-based Griffis/Blessing has served as property manager for the asset since its opening in 2015. With its third construction phase completed last year, Lion Village features 141 units totaling 508 student housing beds in a mix of two-, three- and four-bedroom layouts averaging 1,021 square feet. Each apartment comes fully furnished, including housewares and a washer and dryer, and with utilities, including internet and cable. Additionally, each bedroom has its own private bathroom and closet. Community amenities include a heated swimming pool, business center, fitness center and 24-hour maintenance. Nick Steele, John Laratta, Tyler King, Nate Moyer of Berkadia’s Denver brokered the transaction.
LAKE OSWEGO, ORE. — JLL has brokered the sale of Crowne Plaza Portland-Lake Oswego, a full-service hotel located at 14811 Kruse Oaks Drive in Lake Oswego. BHG Hotels, an owner, developer and operator in the Pacific Northwest, purchased the asset for an undisclosed price. Situated 10 miles south of Portland, the six-story hotel features 161 guest rooms, 5,670 square feet of meeting and event space, Oswego Atrium Restaurant & Bar, a 24-hour business center, 24-hour fitness center, indoor/outdoor pool and IHG Wellness Center with for-purchase snacks and refreshments. Opened in 1989, the hotel underwent a comprehensive renovation in 2018. Melvin Chu of JLL Hotels & Hospitality team represented the undisclosed seller in the deal. Casey Davidson and Aaron Lapping of JLL Capital Markets debt placement team arranged a floating-rate loan with First Interstate Bank for the buyer.
AMCAL Starts Construction of 61-Unit Affordable Housing Community for Veterans in Pomona, California
POMONA, CALIF. — AMCAL Multi-Housing has started construction of Veterans Park Apartments, an affordable apartment community for veterans. Located at 444 W. Commercial St. in Pomona, Veterans Park Apartments will feature 61 units ranging in size from 600 square feet to 1,000 square feet. The project will offer 25 one-bedroom/one-bath apartments, 15 two-bedroom/two-bath units and 20 three-bedroom/two-bath apartments. Additionally, one apartment will be reserved as an unrestricted manager’s unit. Designed by WHA, the architectural design will draw from the surrounding mission architecture and nearby historic Pomona train depot. On-site amenities will include a 1,725-square-foot children’s center offering tutoring, mentoring, homework help, art, educational games, after-school programs and recreational activities for residents. The project will also offer on-site social services for residents, including programs on transitioning to civilian life and how to navigate the Veterans Affairs system, delivered in the community’s 1,052-square-foot Veterans Center. Rancho Cucamonga, Calif.-based Hope Through Housing Foundation will serve as the on-site coordinator. The development was awarded $1.8 million in annual federal tax credits by the California Tax Credit Allocation Committee. Rents will range from $545 a month for a one-bedroom unit to $1,519 for a three-bedroom apartment, offering affordable housing options to households earning between 30 …
TEMPE, ARIZ. — Oregon-based Pinnacle Healthcare has purchased 1860 West University, a creative office building located in Tempe. iT1 Source sold the asset for $8.4 million, or $314 per square foot. The seller, an IT solutions company, will continue to occupy the property through a long-term lease. Geoff Turbow, Matt Pourcho, Anthony DeLorenzo, Gary Stache, Bryan Johnson and Doug Mack of CBRE Investment Properties – SoCal/Phoenix, along with Colton Trauter and Bill Blake of Lee & Associates in Phoenix represented the seller in the deal. Renovated in 2018, the single-story, 26,750-square-foot building features open/collaborative floor plans, superior-quality interior finishes, a rooftop solar power system, excellent ingress/egress and a parking ratio of 4.3 spaces per 1,000 square feet.
BURBANK, CALIF. — SBH Real Estate Group has purchased a single-tenant building located 1750 W. Olive Ave. in Burbank for an undisclosed price. Built in 1974, the asset features a 5,324-square-foot building situated on a 22,406-square-foot land parcel with 24 parking stalls. Formerly occupied by US Bank, the drive-thru building was delivered vacant. Lee Shapiro of Kennedy Wilson handled the transaction. The name of the seller was not released.
Phoenix experienced 1.8 million square feet of absorption and an overall office vacancy rate dipping to 17 percent by the end of 2019. Now that the New Year is here, the city is poised to continue its positive progression as healthcare, science, technology and the professional office service sector continue to show steady employment growth. Arizona ranked third in the U.S. with 2.6 percent job creation, as of the third quarter of 2019. That’s 74,000 new jobs for the year, including 6,900 jobs in the science and technology sector and 14,000 new jobs in the recession-resistant healthcare sector. Companies are focused on finding cost-effective, business-friendly office environments and submarkets with access to top talent, and Phoenix checks all those boxes. Much of the state’s top talent is Millennials and Generation Z who are increasingly willing to move to lower cost of living cities that boast a high quality of life. Arizona ranked No. 1 in inbound state migration in 2018, with 273,714 inbound arrivals. We expect to see similar positive net migration numbers in 2019. The Census Bureau estimates that Phoenix will be the fourth most populous city in the U.S., with a population of 2.2 million, by the end …
ATLANTA — A joint venture between Swedish developer Skanska AB and Atlanta-based H. J. Russell & Co. plans to develop the Center for Advanced Surgical Services (CASS) for Grady Memorial Hospital in Atlanta. Situated adjacent to Grady’s main campus, the new freestanding, 10-story facility will cost $151 million to build. The 576,960-square-foot property will include 264,000 square feet housing several outpatient clinics. Skanska and H. J. Russell expect to deliver CASS in early 2022. The new facility will be the site of all of Grady’s outpatient surgeries and will increase Grady’s operating room capacity by 25 percent and clinical capacity by 45 percent. According to the developers, Grady Memorial Hospital is the fifth busiest public hospital in the country with a Level 1 trauma center designation.
GREENSBORO, N.C. — JLL has brokered the sale of Wendover Commons, a new 151,016-square-foot retail center in Greensboro. JLL’s Thomas Kolarczyk, Ryan Eklund, Travis Anderson and Cory Fowler represented the seller, Hammerford Development Co. CRS Realty purchased the asset. Although the sales price was not disclosed, Triad Business Journal reports that the shopping center sold for nearly $30 million. Situated on approximately 20 acres at 4526 W. Wendover Ave., Wendover Commons is in the western part of Greensboro between Interstates 73 and 40. Constructed between 2017 and 2018, the property was 98 percent leased at the time of sale to tenants including Academy Sports + Outdoors, Havertys Furniture, Cost Plus World Market, First Watch and Outback Steakhouse, as well as medical tenants. Moseley Real Estate Advisors manages Wendover Commons.
BALTIMORE — JLL Capital Markets has arranged the $29.2 million sale of two office properties in downtown Baltimore. An investment group led by Dallas-based Hubris Capital purchased both 100 South Charles-Tower II and 201 North Charles in two separate transactions. Jay Wellschlager, Andrew Finkelstein and Elizabeth Runge of JLL represented both undisclosed sellers in the two deals. 100 South Charles-Tower II is a 160,754-square-foot, eight-story office building situated atop a three-story podium containing the retail space and common lobby of the 100 South Charles development. Tower II was 74.6 percent leased at the time of sale to tenants including Liberty Mutual Group, Jacobs Engineering Group Inc., Behavioral Health System and four federal government departments. The property recently underwent nearly $2 million of capital upgrades, while the complex’s common areas were renovated separately. The 28-story, 251,943-square-foot 201 North Charles office building is one of the tallest office properties in downtown Baltimore. Located within walking distance of the Lexington Market Metro station, the property was 77.2 percent leased at the time of sale. The building features 52 underground parking spaces, a café, fitness center with showers and a locker room and 24-hour building security.