Property Type

Law Firm Signs Full-Floor Office Lease in Downtown Chicago

by Kristin Harlow December 24, 2019

CHICAGO — Law firm Schoenberg Finkel Newman & Rosenberg LLC has signed a full-floor lease at The 300, an office building located at 300 S. Wacker Ave. in downtown Chicago. The law firm will occupy the entire 15th floor for a total of 15,460 square feet. The lease commences in September 2020. Founded in 1946, the firm currently resides at 222 South Riverside. Golub & Co. owns The 300 and completed a renovation of the 536,000-square-foot property last year. Deborah Frank and Sandy Macaluso of Golub & Co. represented the landlord in the lease with the law firm. Tony Karmin and Corby Marx of Colliers International represented the tenant.

December 24, 2019

Acquisitions Industrial Midwest Ohio

IPB Negotiates $4.6M Sale of Steel Processing Plant in Ohio

by Kristin Harlow December 24, 2019

PIONEER, OHIO — Industrial Property Brokers (IPB) has negotiated the $4.6 million sale of a 157,000-square-foot steel processing plant in Pioneer in northwest Ohio. Tim Echemann of IPB and Ronald Jurgenson of Reichle Klein Group represented the seller, the Kidtson Family. Toledo Tool and Die purchased the property, which was formerly occupied by ArcelorMittal. Toledo Tool and Die is a supplier to the automotive industry that specializes in stamped parts.

December 24, 2019

Acquisitions Industrial Midwest Missouri

Marcus & Millichap Arranges Sale of 26,894 SF Industrial Building in St. Louis

by Kristin Harlow December 24, 2019

ST. LOUIS — Marcus & Millichap has arranged the sale of a 26,894-square-foot industrial building in St. Louis for an undisclosed price. The property sits on 3.9 acres at 373 Marshall Ave. It was built in 2005 and expanded in 2016. ICL North America Inc., a chemical and fertilizer company, occupies the building. Adam Abushagur and Tyler Sharp of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The duo also secured the private buyer.

December 24, 2019

Acquisitions Office Washington Western

KKR Enters Seattle Market With Acquisition of 1.4 MSF Office Portfolio for $1.2B

by Amy Works December 24, 2019

SEATTLE AND BELLEVUE, WASH. — KKR, a global investment firm, has closed on two real estate transactions totaling more than $1.2 billion. The firm purchased Summit in downtown Bellevue and F5 Tower in downtown Seattle, both office assets. Located in Bellevue’s central business district, Summit features 915,000 square feet of Class A office space. The complex is 99 percent leased and comprises two existing LEED Platinum office buildings and a third building that is currently under construction, with completion slated for third-quarter 2020. Recently completed, F5 Tower is a 43-story office tower in Seattle’s central business district. The property includes a fully leased, 516,000-square-foot office condominium acquired by KKR alongside a separate 189-room luxury hotel. The building is architecturally significant to the Seattle skyline and home to F5 Networks as its global headquarters. Urban Renaissance Group, a Seattle-based real estate investor, developer and manager of real estate, will operate the properties. The company also assisted with the acquisition. These investments are being funded by accounts co-advised by KKR and KKR’s balance sheet. The names of the sellers were not released.

December 24, 2019

Acquisitions Multifamily Nevada Western

Marcus & Millichap Arranges $26M Sale of 348-Unit Multifamily Portfolio in Las Vegas

by Amy Works December 24, 2019

LAS VEGAS — Marcus & Millichap has brokered the sale of Town & Country I & II, two apartment communities located in Las Vegas. An undisclosed buyer acquired the assets for $26 million. The name of the seller was not released. Michael Shaffner and Michael LaBar of Marcus & Millichap’s Las Vegas office represented the buyer in the deal. Located at 4311 Boulder Highway, Town & Country I features 143 units, while Town & Country II, located at 5390 Boulder Highway, offers 205 units. The Town & Country Manor brand caters to the weekly/monthly tenant profile on the Boulder strip corridor and offers fully furnished one-bedroom suites, full kitchens with microwaves and walk-in closets.

December 24, 2019

Acquisitions Multifamily Texas

Tradewind Properties Buys 270-Unit Apartment Community in Corpus Christi

by Taylor Williams December 24, 2019

CORPUS CHRISTI, TEXAS — Tradewind Properties has acquired Camden South Bay, a 270-unit apartment community in Corpus Christi. Built in 2007, the property offers one-, two- and three-bedroom layouts ranging in size from 642 to 1,500 square feet. Amenities include a 24-hour fitness center with a children’s play area, gaming lounge with billiards, pool and outdoor kitchen, business center, sand volleyball court and a dog park. Ryan Epstein, Jennifer Ray and Scott Bray of Berkadia represented the seller, Fund South Bay, in the transaction. Cutt Ableson of Berkadia arranged floating-rate acquisition financing through Freddie Mac on behalf of Tradewind.

December 24, 2019

Rocky-Point-Distribution-Center-Oceanside-CA

Acquisitions California Industrial Western

Black Creek Group Sells 226,691 SF Rocky Point Distribution Center in Metro San Diego

by Amy Works December 24, 2019

OCEANSIDE, CALIF. — Denver-based Black Creek Group has completed the disposition of Rocky Point Distribution Center, a new, Class A, multi-tenant industrial facility located in Oceanside, a suburb of San Diego. Jackson, Miss.-based EastGroup Properties acquired the property for an undisclosed price. Bryce Aberg, Jeffrey Cole, Jeff Chiate, Mike Adey and Zach Harman of Cushman & Wakefield’s San Diego and Orange County, Calif., offices represented the buyer in the off-market transaction. Situated on 14.3 acres at 1291 and 13122 Rocky Point Drive, the two-building asset includes a 109,163-square-foot building and a fully leased 117,528-square-foot building. The complex was approximately 52 percent leased overall at the time of sale to an industrial mix that includes Wayfair Logistics. The two-building project is a part of a larger group of five buildings originally known as the Pacific Coast Collection.

December 24, 2019

Development Hospitality Oklahoma Texas

Plains Management to Develop 120-Room Ellison Hotel in Oklahoma City

by Taylor Williams December 24, 2019

OKLAHOMA CITY — Locally based firm Plains Management Group will develop a 120-room hotel in Oklahoma City’s Nichols Hills neighborhood that will be named after the city’s literary icon Ralph Ellison. Set to open in 2021, the Ellison hotel will feature a rooftop pool and bar and 7,000 square feet of meeting space. Washington Prime Group sold the land on which the hotel will be developed.

December 24, 2019

Arizona Loans Multifamily Western

Greystone Provides $18.8M in Fannie Mae Financing for Multifamily Asset in Tucson

by Amy Works December 24, 2019

TUCSON, ARIZ. — Greystone has provided an $18.8 million Fannie Mae DUS loan to refinance a multifamily property in Tucson. Judah Rosenberg in Greystone’s Los Angeles office originated the transaction. Greystone represented the property owners — GJP Financial, Berger Investment Group and Robson Communities — in the transaction. The $18.8 million loan, which refinances a bridge loan that was used to purchase the property in 2017, carries a 10-year term, fixed rate and 30-year amortization with two years of interest-only payments. Located near the University of Arizona and Pima Community College’s West Campus, The Ledges at West Campus was originally built and operated as student housing. The current owners began converting the property to conventional multifamily housing when it acquired the asset in 2017. Today, the Ledges offers pet-friendly units in a mix of one- to four-bedroom layouts, stainless steel appliances, in-unit laundry and private patios and balconies. On-site amenities include two pools, spa, clubhouse, business center and on-site storage.

December 24, 2019

Development Multifamily Seniors Housing Texas

Architectural Firm Three Completes Design of Seniors Housing Expansion Project in Dallas

by Taylor Williams December 24, 2019

DALLAS — Locally based architecture firm “three” has designed an expansion project at Presbyterian Village North, a seniors housing community in Dallas that is owned and operated by Presbyterian Communities and Services. The project will add 112 independent living units and a 30,000-square-foot commons building at the core of the campus. The project is expected to be complete by 2021.

December 24, 2019

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