Property Type

OCC-Language-Arts-Social-Science-Costa-Mesa-CA

COSTA MESA, CALIF. — C.W. Driver Cos. has broken ground on Orange Coast College’s new $50 million Language Arts and Social Science Building in Costa Mesa. Slated for completion in summer 2021, the three-story, 107,760-square-foot building is part of a larger initiative to modernize the campus and accommodate its expanding enrollment. The building’s first floor will house classrooms, labs, an English as a Second Language computer lab, facilities for the Speech, Debate and Theater Team and a journalism newsroom. The second floor will feature classrooms and connect to the existing Mathematics Business and Computer Center Building, while the third floor will encompass division and faculty offices. Additionally, the building will include two elevators, a lactation room and gender-neutral restrooms on every floor. tBP Architecture is serving as architect on the project. The building is being financed through a combination of funding from California Proposition 51 and Measure M, a $698 million general obligation bond provided to construct education facilities for Coast Community College District.

FacebookTwitterLinkedinEmail
Tenzing-Westminster-CO

WESTMINSTER, COLO. — A fund sponsored by CBRE Global Investors has purchased The Tenzing, a 297,615-square-foot apartment property located in Westminster, approximately 25 minutes north of downtown Denver. Terms of the transaction were not released. Located at 11674 N. Pecos St., The Tenzing features 320 apartments in a mix of one-, two- and three-bedroom floor plans. Community amenities include a fitness center, yoga studio, saltwater pool, outdoor barbecue grills, dog wash station, outdoor dog park, bike repair shop and business center. At the time of sale, the property was 90 percent occupied.

FacebookTwitterLinkedinEmail
Chandler-Distribution-Center-Phoenix-AZ

PHOENIX — JLL Income Property Trust has acquired Chandler Distribution Center, a Class A industrial asset located in the Southeast submarket of Phoenix. An undisclosed seller sold the property for $31 million. Located immediately off Arizona State Route 202, Chandler Distribution Center features two newly developed Class A warehouses designed to accommodate a wide range of tenant sizes including those under 35,000 square feet. At the time of sale, the property was 97 percent occupied. Jones Lang LaSalle Income Property Trust Inc. is a REIT that owns and manages a diversified portfolio of apartment, industrial, office and retail properties.

FacebookTwitterLinkedinEmail
Parker-Apts-Beaverton-OR

ALOHA, BEAVERTON AND TIGARD, ORE. — Trion Properties has acquired a three-property multifamily portfolio in metro Portland for a total consideration of $26 million. NBP Capital sold the portfolio, which offers a total of 162 apartments. The transaction included Aster Parc Townhomes in Aloha; Parker Apartments in Beaverton, and York Apartments in Tigard. Located at 18745 Farmington Road, Aster Parc features 62 units in a mix of townhome and garden-style flats ranging from studio to three-bedroom layouts. Amenities include in-unit washers/dryers, private courtyards, landscaping and ample parking. Parker Apartments, located at 17135 SW Heritage Court, features 48 two- and three-bedroom units with private decks or patios and garage parking. Located at 7582 SW Hunziker St., York Apartments offers 52 one- and two-story flats ranging from studio to four-bedroom layouts. Continental Partners arranged a $19.1 million loan to finance the acquisition. Rob Marton of HFO Investment Real Estate represented Trion Properties in the deal.

FacebookTwitterLinkedinEmail

ST. LOUIS — Chesapeake Hospitality has opened an 88-room Hotel Indigo in downtown St. Louis. Located at 501 Olive St., the boutique hotel property features a restaurant, rooftop bar and event spaces. The project involved the redevelopment of the former LaSalle Building, an office building dating back to the early 1900s. Each guest room pays homage to the building’s history and location within its décor. Guests have access to mini-refrigerators, complimentary Wi-Fi and USB charging ports.

FacebookTwitterLinkedinEmail

NEWBURGH, IND. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.7 million loan for the acquisition of Bell Oaks in Newburgh, a suburb of Evansville. Schnucks grocery store anchors the 95,000-square-foot shopping center. Dan Rosenberg and Matt Terpstra of Cohen arranged the 10-year, fixed-rate loan with Goldman Sachs. Midland Atlantic Properties was the borrower.

FacebookTwitterLinkedinEmail

DETROIT — Hunt Real Estate Capital has provided a $7.5 million Fannie Mae loan for the refinancing of East Jefferson Portfolio, a three-property, 131-unit multifamily portfolio in Detroit. The 10-year loan features a fixed rate. Hibbard Tower is a nine-story building with 44 units; the Kean Building is a 15-story tower with 49 units; and Trombley Lodge is a four-story property with 38 units. The properties were constructed between 1926 and 1931. The current owners purchased the portfolio in April 2017 and subsequently invested $1.6 million in upgrades.

FacebookTwitterLinkedinEmail

FAIRBORN, OHIO — NorthMarq has secured a $6.1 million loan for the refinancing of Wright Executive Center in Fairborn near Dayton. The 119,473-square-foot office building is located on Presidential Drive. Susan Branscome of NorthMarq arranged the 10-year, fixed-rate loan with a life insurance company. The borrower was undisclosed.

FacebookTwitterLinkedinEmail

INNER GROVE HEIGHTS, MINN. — The Cooper Commercial Investment Group has brokered the $2.1 million sale of Inner Grove Market II, an 8,955-square-foot retail property in Inner Grove Heights, about 20 miles southeast of Minneapolis. Caribou Coffee anchors the building, constructed in 2005. Bob Havasi and Dan Cooper of Cooper Group represented the seller, an East Coast-based private investment group. A North Dakota-based private investment group purchased the asset at a cap rate of 7.28 percent.

FacebookTwitterLinkedinEmail

Southern California’s Inland Empire region has enjoyed a sustained period of growth in the retail real estate sector. Good spaces in quality centers are leasing quickly. Although new developments have slowed, there is still about 1.2 million square feet of new space under construction. These are all top-tier projects that will very much enhance the communities where they are being built. Projects include a Sprouts-anchored center in Eastvale, a Grocery Outlet/Planet Fitness center in Beaumont, an Aldi-anchored center in Hesperia, a Stater Bros. center in Calimesa, AMC Theaters at Montclair Place in Montclair and a Cardenas grocery market center in Montclair. Conversely, apart from the Inland Empire, there are likely few other areas that were as impacted by the recent store closure announcements from Sears and Forever 21. Closings will occur in Montclair, San Bernardino, Victorville, Moreno Valley, Palm Desert, Riverside, Temecula and Rancho Mirage. All told, more than 900,000 square feet of big box space just hit the market. The Inland Center Mall in San Bernardino, which has been a very healthy property over the past few years, is dealing with both a Sears and Forever 21 closure. Macy’s and JC Penney (opened in 2016) still remain at the …

FacebookTwitterLinkedinEmail