Property Type

IPA Brokers $18.8M Sale of Willowcrest Apartments in West Seattle

by Amy Works November 26, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Willowcrest, an apartment property in West Seattle. Investco sold the property to Raymond Capital Advisors for $18.8 million, or $251,000 per unit. Built in 1988 on two acres, Willowcrest features 75 units in a mix of one- and two-bedroom apartments averaging approximately 780 square feet. All units have a wood-burning fireplace, full-size washer and dryer, and private patio or balcony. Philip Assouad, Giovanni Napoli, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in deal.

November 26, 2019

Loans Office Oregon Western

Clarity Real Estate Receives $18.2M in Refinancing for Creative Office Asset in Portland

by Amy Works November 26, 2019

PORTLAND, ORE. — Canada-based Clarity Real Estate and its affiliated private equity fund received an $18.2 million bridge loan for the refinancing of 1500, a five-story creative office building located at 1500 NE Irving St. in Portland. Originally built in 1965, the 73,274-square-foot building was fully renovated into creative office space this year. The repositioned property features 10-foot windows, exposed ceilings, polished concrete floors and full-floor availability on the second floor. On-site amenities include a fitness center with shower facilities, conference room, bike room, tenant lounge and 100 parking stalls. Zack Holderman, Zach Kersten and Daniel Pinkus of JLL arranged the 36-monnth, floating-rate loan for the borrower.

November 26, 2019

Acquisitions Colorado Office Western

Pinnacle Negotiates Sale of 7,514 SF Office Building in Denver for $2.3M

by Amy Works November 26, 2019

DENVER — Pinnacle Real Estate Advisors has arranged the sale of an office building located at 1666 S. University Blvd. in Denver. An undisclosed seller sold the asset to 1666 S University LLC for $2.3 million. The building features 7,514 square feet of office space. Darrin Revious of Pinnacle Real Estate Advisors represented the buyer in the deal.

November 26, 2019

Development Illinois Midwest Office

North Wells Capital Begins Expansion of 45,000 SF Office Building in Chicago’s River North

by Kristin Harlow November 26, 2019

CHICAGO — North Wells Capital, the investment affiliate of Urban Innovations Ltd., has begun expansion of 306 W. Erie, a 45,000-square-foot office building in Chicago’s River North. North Wells Capital acquired the building in May 2017 with plans to more than double its size. The expansion, designed by NORR Architects, integrates the existing brick and timber loft structure with a modern five-story addition, which will include an outdoor terrace and amenity space. Upon completion, the project will span 93,535 square feet. ARCO/Murray is the general contractor and JLL is the leasing agent. Urban Innovations will continue providing property management services.

November 26, 2019

Industrial Leasing Activity Midwest Missouri

Honeywell Signs 275,000 SF Industrial Lease in Kansas City

by Kristin Harlow November 26, 2019

KANSAS CITY, MO. — Honeywell has signed a 275,000-square-foot industrial lease at the multi-building CenterPoint Intermodal Center in Kansas City. Honeywell joins tenant A4 at a 450,000-square-foot building located at 14901 Andrews Road. It is now fully leased. Joe Accurso and Whitney Kerr Jr. of Cushman & Wakefield represented owner and developer, CenterPoint Development, in the lease with Honeywell.

November 26, 2019

Development Illinois Midwest Multifamily

LMC Breaks Ground on 212-Unit Apartment Building in Elmhurst, Illinois

by Kristin Harlow November 26, 2019

ELMHURST, ILL. — LMC, a wholly owned subsidiary of Lennar, has broken ground on The Flynn, a 212-unit apartment building in Elmhurst. First move-ins are slated for January 2021. Situated at 183 N. Addison Ave., the eight-story development is less than three miles from interstates 290 and 294. Floor plans will range from 565 to 1,745 square feet. Amenities will include a sky deck terrace, clubroom, dog run, fitness center and bike lounge. This is LMC’s seventh community in the greater Chicago area, joining properties such as The Marlowe and The Emerson.

November 26, 2019

Acquisitions Iowa Midwest Retail

Marcus & Millichap Brokers $1.2M Sale of Property Net Leased to Dunkin’ in Des Moines

by Kristin Harlow November 26, 2019

DES MOINES, IOWA — Marcus & Millichap has brokered the sale of a 2,168-square-foot property net leased to Dunkin’ Donuts in Des Moines for $1.2 million. The building is located at 3611 SE 14th St. Zach Turner, Scott Wiles, Craig Fuller and Erin Patton of Marcus & Millichap represented the seller, a limited liability company. Ray Germain of Marcus & Millichap’s Las Vegas office secured the buyer, a limited liability company. The sales price represents a cap rate of 6.59 percent.

November 26, 2019

Acquisitions Industrial Midwest Wisconsin

Dickman Co./CORFAC International Arranges Sale of 16,000 SF Industrial Building in Wisconsin

by Kristin Harlow November 26, 2019

HARTFORD, WIS. — The Dickman Co./CORFAC International has arranged the sale of a 16,000-square-foot industrial building in Hartford, about 40 miles northwest of Milwaukee. The property is located at 1024-26 Western Drive. Nick Keys and TJ Huenerbein of Dickman represented the seller, WB Investments LLC. Endpoint Group LLC purchased the building. Tenants were not disclosed.

November 26, 2019

Acquisitions Industrial New Jersey Northeast

CenterPoint Properties Acquires 315,389 SF Industrial Asset in Jersey City

by Alex Patton November 26, 2019

JERSEY CITY, N.J. — CenterPoint Properties has acquired a 315,389-square-foot industrial property in Jersey City, a western suburb of New York City. Situated on 44 acres at 1049 Secaucus Road, the property features 36-foot clear heights, 99 dock doors and 371 trailer parking spots. The location offers close access to the New Jersey Turnpike, New York City and nearby ports. Brian Fiumara of CBRE represented the seller, which was undisclosed.

November 26, 2019

Industrial Leasing Activity New Jersey Northeast

Peloton Signs 156,068 SF Industrial Lease in Carteret, New Jersey

by Alex Patton November 26, 2019

CARTERET, N.J. — Fitness platform Peloton Interactive has signed a 156,068-square-foot industrial lease in Carteret, a western suburb of New York City. Located at 1500 Blair Road, the property features 36-foot ceilings and close access to Midtown Manhattan, Newark Liberty International Airport and the Ports of Newark and Elizabeth. Peloton began utilizing the space as a warehouse and distribution center starting in October 2019. Scott Belfer and Lou Belfer of CBRE Peloton Interactive represented Peloton in the lease negotiations. Thomas Monahan, Stephen D’Amato, Larry Schiffenhaus, Anastasia Lazarides, Lauren Griffith and Gerard Monahan of CBRE represented the landlord, AEW.

November 26, 2019

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