Property Type

Hanley Investment Group Brokers $3.1M Sale of Two-Tenant Retail Building in Palatine, Illinois

by Kristin Harlow January 9, 2020

PALATINE, ILL. — Hanley Investment Group Real Estate Advisors has brokered the sale of a newly constructed, two-tenant retail building in Palatine for $3.1 million. Aspen Dental and T-Mobile occupy the 5,250-square-foot property, which is located on East Dundee Road about 30 miles northwest of Chicago. Completed in 2019, the building is situated near other retailers such as Walmart, Home Depot and Target. Jeff Lefko and Bill Asher of Hanley, along with Greg Dietz and Danny Spitz of Greenstone Partners, represented the seller, a Chicago-based real estate investment and development firm. RML Management represented the buyer, a California-based private investor.

January 9, 2020

Acquisitions California Industrial Top Stories Western

Molson Coors to Halt Production at Metro Los Angeles Brewery, Sell Property for $150M

by Alex Tostado January 9, 2020

IRWINDALE, CALIF. — Molson Coors Beverage Co. (NYSE: TAP; TSX: TPX) will cease production at its Irwindale brewery by September. The Denver- and Montreal-based beer company has simultaneously entered into a purchase option agreement with Pabst Brewing Co. for the 40-year-old facility. Pabst has 120 days to exercise its purchase option, according to a filing with the Securities and Exchange Commission. The sales price was undisclosed, but multiple media outlets report the property will trade for $150 million. The brewery, which features iconic beer tanks highly visible from Interstate 210, opened in 1980 and houses 470 employees. The property is located at 15801 W. First St., 23 miles east of downtown Los Angeles. Until September, products produced in Irwindale will be transitioned to other breweries, primarily in Golden, Colo.; and Fort Worth, Texas. The company did not address the status of the 470 employees who currently work at the brewery. “This move will allow us to optimize our brewery footprint while streamlining our operations for greater efficiency across the network,” says Brian Erhardt, chief integrated supply chain officer for Molson Coors. “While it was a very difficult decision, we have extra capacity in our system, and Irwindale’s production can be …

January 9, 2020

Features Heartland Feature Archive Industrial Self-Storage

Strong User Demand, High Returns Keep Self-Storage Buyers Hungry

by Kristin Harlow January 9, 2020

The self-storage industry started its upswing during the Great Recession as more and more Americans turned to storage units as a result of being forced to downsize or foreclose on their home, recalls Alec Pacella, president with NAI Pleasant Valley in Medina, Ohio. “That’s when the industry sparked, but it’s never stopped,” he says. There are three main reasons that the self-storage sector has continued to perform well as a commercial real estate property type, according to Pacella. First, an increase in consumer spending has left Americans with more goods to store. Second, there’s been an influx in larger institutional investors and regional aggregators looking to acquire self-storage properties. Lastly, the advent of technology has enabled operators to run properties remotely and offer services such as automatic payment systems and 24-hour access. While the industry has long been dominated by the local mom-and-pop type operators, there are examples of regional players expanding their portfolios today. One such company that Pacella cites is Valley Storage, which has entered the Ohio market from its headquarters in Maryland. The company now has five locations in Northeast Ohio in addition to facilities in Pennsylvania, Virginia and North Carolina. Oversupply concerns The supply of new …

January 9, 2020

Market Reports Midwest Midwest Market Reports Missouri Multifamily

Dynamic St. Louis Multifamily Real Estate Market Is on a Roll

by Kristin Harlow January 9, 2020

The greater St. Louis metropolitan statistical area (MSA) includes the city of St. Louis, St. Louis County, Franklin, Jefferson, Lincoln, Warren and St. Charles County, as well as various counties in Illinois collectively known as the Metro East. The MSA ranks as the 21st largest in the country with a population of approximately 2.8 million residents and features many Fortune 500 and Fortune 1000 companies. St. Louis has a very diverse economy with the largest categories of employment base in transportation, utilities, education, healthcare, defense and professional/business services. The per capita income for approximately 1.5 million workers in the MSA is approximately $60,000 per year. With an unemployment rate of 3.6 percent, the MSA has had almost 11 quarters of sub-4 percent unemployment. In 2019 alone, payrolls across the MSA expanded 1.7 percent with a net gain of 23,100 jobs created. Of these, 1,500 jobs alone were created with the 2019 completion of Amazon’s first Missouri fulfillment center in St. Peters, which is a western suburb of St. Louis. Other major job creators include the 295-acre redevelopment project called Fenton Logistics Park in Fenton, which is at the forefront of transforming the logistics and manufacturing industries with 2.5 million square …

January 9, 2020

Acquisitions New Jersey Northeast Office

CBRE Brokers $123M Sale of Office Plaza in Hackensack, New Jersey

by Alex Patton January 8, 2020

HACKENSACK, N.J. — CBRE has brokered the $123 million sale of Continental Plaza, a 647,947-square-foot office complex in Hackensack, a northwestern suburb of New York City. The three-building complex was 91 percent leased at the time of sale and offers amenities including a fitness center, conference center, cafeteria and close access to two retail centers. Jeffrey Dunne, Jeremy Neuer and Steve Bardsley led a CBRE team that represented the seller, Capstone Realty Group and JD Companies, in the transaction. The team also procured the buyer, Lionstone Capital.

January 8, 2020

Loans Mixed-Use New York Northeast

Progress Capital Arranges $85M Refinancing Loan for Bronx Mixed-Use Development

by Alex Patton January 8, 2020

NEW YORK CITY — Progress Capital has arranged an $85 million loan to refinance Union Crossing, a 275,000-square-foot mixed-use development in the Port Morris neighborhood of the Bronx. LibreMax Capital provided the floating-rate loan, which will be used to replace the original construction loan and fund potential tenant improvements and leasing commissions during lease-up. Located at 825 East 141st St., the building was originally constructed in 1916 as a major baking facility for the Great Atlantic & Pacific Tea Company. A partnership of the Bluestone Group, the Altmark Group, Madison Realty Capital and Galil Management purchased and redeveloped the property in 2016 to include retail, office and industrial space. Nonprofit affordable housing developer Westhab is the property’s first office tenant, taking 8,233 square feet of space. Brad Dominico of Progress Capital arranged the loan.

January 8, 2020

Loans Multifamily New Jersey Northeast Seniors Housing

M&T Realty Capital Provides $79.5M Financing for Seniors Housing Facility in Blackwood, New Jersey

by Alex Patton January 8, 2020

BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a southeastern suburb of Philadelphia. The 30-year loan is fully amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.

January 8, 2020

Acquisitions New York Northeast Office

Avison Young Negotiates Sale of 10,438 SF Office Condominium in Manhattan

by Alex Patton January 8, 2020

NEW YORK CITY — Avison Young has arranged the sale of a 10,438-square-foot office condominium in Manhattan to education union Local 372 for $9.2 million. The space is located on the 8th floor of a 13-story office building at 20 W. 33rd St. between Fifth Avenue and Broadway, walking distance from Penn Station, Herald Square and the Port Authority Grand Central Tunnel. Local 372 will use the office as its headquarters. James Nelson, David Lawrence and Carter Lovejoy represented the sellers, which included 60 Guilders.

January 8, 2020

Development North Carolina Office Southeast

FCP, Strategic Capital Break Ground on Forty540 II Office Building in Triangle

by Alex Tostado January 8, 2020

MORRISVILLE, N.C. — FCP and Indianapolis-based Strategic Capital Partners (SCP) have broken ground on the Forty540 II office building, located at 710 Slater Road in Morrisville, almost equidistant between Durham and Raleigh. Forty540 II will be a five-story, 198,535-square-foot office building near the intersection of Interstates 40 and 540. FCP and SCP, which previously co-developed the adjacent Forty540 I office building, also announced that SolarWinds software company has preleased 40 percent (80,000 square feet) of Forty540 II. SolarWinds is also a tenant at Forty540 I, which was sold by FCP and SCP in April 2019 at full occupancy. Forty540 II will feature prominent building signage opportunities, a fitness center, showers and an internet café. Delivery of Forty540 II is anticipated in mid-2021, with SolarWinds expected to occupy its new facility in summer 2021. CBRE|Raleigh’s Investor Leasing group will manage leasing responsibilities for the development.

January 8, 2020

Acquisitions Georgia Loans Retail Southeast

JLL Arranges $34.6M Acquisition Loan for Barrett Pavilion Shopping Center in Metro Atlanta

by Alex Tostado January 8, 2020

KENNESAW, GA. — JLL has arranged $34.6 million in acquisition financing for Barrett Pavilion, a 458,740-square-foot retail center in Kennesaw, 22 miles northwest of downtown Atlanta in Cobb County. The borrower and buyer is a partnership between Lincoln Property Co. and Stockbridge. Tarik Bateh and Jennifer Swanson of JLL negotiated the four-year, floating-rate loan through Prime Finance. Margaret Caldwell and Margaret Jones of JLL represented the seller, a partnership between Nuveen Real Estate and SITE Centers Corp., in the sale. Barrett Pavilion is situated on approximately 55 acres near the interchange between Ernest W. Barrett Parkway and Interstate 75 near Kennesaw State University. Barrett Pavilion’s anchor tenants include Target, AMC Theatres, Jo-Ann Fabric and Crafts, Best Buy, buybuy BABY, Old Navy, Ulta Beauty, Total Wine & More and REI.

January 8, 2020

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