Property Type

Resort Lifestyle Communities Opens Sky Pointe Independent Living Community in Colorado

by Amy Works January 7, 2020

LITTLETON, COLO. — Resort Lifestyle Communities has opened Sky Pointe, an independent living community in the Denver suburb of Littleton. Sky Pointe offers 128 apartments for rent in studio, one-, two- and three-bedroom options. “From our research, we found that Denver’s metro was in great need of additional independent senior living options,” says Phil Benjamson, COO of Resort Lifestyle Communities. Based in Lincoln, Neb., Resort Lifestyle Communities has 45 independent living communities either open or under construction throughout the country.

January 7, 2020

Industrial Leasing Activity Midwest Missouri

Distribution Management Signs 375,200 SF Industrial Lease in St. Peters, Missouri

by Kristin Harlow January 7, 2020

ST. PETERS, MO. — Distribution Management Inc. has signed an industrial lease to occupy an entire 375,200-square-foot warehouse within Premier 370 Business Park in St. Peters. The building is situated at 1001 Premier Parkway, about 30 miles west of St. Louis. The landlord and developer, Duke Realty Corp., has now completed the lease-up of the five buildings within the 2.5 million-square-foot park. Art Leichner and Andrew Crites of Newmark Knight Frank along with Kevin McLaughlin and Dan Lesinski of Newmark Grubb Zimmer represented the tenant in the lease transaction. Geoff Orf of Colliers International served as the property’s listing agent. Distribution Management is an imaging supplies distributor and order fulfillment company.

January 7, 2020

Acquisitions Illinois Industrial Midwest

Stream Capital Partners Brokers $16.8M Sale-Leaseback of Industrial Facility in Buffalo Grove, Illinois

by Kristin Harlow January 7, 2020

BUFFALO GROVE, ILL. — Stream Capital Partners LLC has brokered the sale-leaseback of a 161,976-square-foot industrial facility in Buffalo Grove for $16.8 million. The property, occupied by Safco Dental Supply Co., is located at 1111 Corporate Grove Drive. Chelsea Mandel and Phil DiGennaro of Stream represented Safco, a national distributor of dental supplies, in the sale. A REIT acquired the property and simultaneously entered into a long-term lease agreement with Safco.

January 7, 2020

Acquisitions Indiana Midwest Multifamily Seniors Housing

ESI Negotiates $9M Sale of Skilled Nursing Facility in Lawrenceburg, Indiana

by Kristin Harlow January 7, 2020

LAWRENCEBURG, IND. — Evans Senior Investments (ESI) has negotiated the sale of Shady Nook Care Center, a 94-bed skilled nursing facility in Lawrenceburg, located along the Ohio River near the Kentucky and Ohio borders. An independent owner-operator was the seller. A national owner-operator group bought the property for $9 million, or $96,000 per bed. Built in 1983, Shady Nook Care Center is located in a tertiary submarket of Cincinnati. The facility was 79 percent occupied at the time of sale.

January 7, 2020

Illinois Loans Midwest Office

JLL Arranges $6M Refinancing for Boutique Office Property in Chicago’s Streeterville

by Kristin Harlow January 7, 2020

CHICAGO — JLL has arranged a $6 million loan for the refinancing of 200 East Ohio in Chicago’s Streeterville neighborhood. The 27,000-square-foot boutique office property rises five stories and is nearly 90 percent occupied by multiple tenants. Christopher Carroll and Lucas Borges of JLL represented the borrower, Tishman Realty. A Chicago-based financial institution provided the loan, terms of which were undisclosed. Boutique office buildings are smaller than traditional office buildings, typically under 150,000 square feet.

January 7, 2020

Acquisitions Michigan Midwest Retail

Marcus & Millichap Brokers $2.8M Sale of Net-Leased Childcare Property in Michigan

by Kristin Harlow January 7, 2020

NEW HUDSON, MICH. — Marcus & Millichap has brokered the $2.8 million sale of a 9,451-square-foot property net leased to KinderCare in New Hudson, about 40 miles northwest of Detroit. The building is located at 30786 Lyon Center Drive. KinderCare has signed a new 15-year lease. Dominic Sulo and Chad Lieber of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Andrean Angelov, Chad Lieber, Dominic Sulo, Ryan Engle and Timothy Stephenson Jr. of Marcus & Millichap represented the buyer, a limited liability company.

January 7, 2020

Company News Retail Texas Top Stories

Pier 1 Imports to Shutter Up to 450 Stores

by John Nelson January 7, 2020

FORT WORTH, TEXAS — Pier 1 Imports Inc., a home goods retailer based in Fort Worth, has announced its intention to shutter up to 450 stores, which represents nearly half of its current store count of 936. The retailer also plans to close a select number of distribution centers and reduce its corporate expenses, which includes corporate layoffs. Pier 1 says that its efforts will help right-size the company’s omni-channel operations and allow it to move forward with an “appropriately sized store footprint.” Pier 1 has hired a third-party liquidator to help manage the store closings. The locations of the closing stores and distribution centers were not disclosed. Pier 1 (NYSE: PIR) reported that its net sales are down 13.3 percent year-over-year in its most recent quarter ending Nov. 30, 2019. (The company’s fiscal calendar traditionally runs from early March to late February.) Pier 1 also reported a 15.3 percent reduction in its inventory compared to this time last year. Robert Riesbeck, CEO and CFO of Pier 1, says that the company has been seeking to clear out its “non go-forward” merchandise. “Looking ahead, we believe that we will deliver improved financial results over time as we realize the benefits …

January 7, 2020

Acquisitions Multifamily Top Stories Washington Western

Security Properties, Pacific Life Acquire Anthology Multifamily Asset in Metro Seattle for $163.3M

by Jeff Shaw January 6, 2020

ISSAQUAH, WASH — Seattle-based Security Properties and Newport Beach, Calif.-based Pacific Life Insurance Co. have purchased Anthology, a 398-unit new construction multifamily property in Issaquah for $163.3 million. Located at 1610 Anthology Ave. NW, Anthology is situated 14 miles southeast of Seattle in the Puget Sound region. Anthology offers studio, one-, two- and three-bedroom apartments. Amenities include a two-story clubhouse featuring a game room with shuffleboard and billiards, conference room and community kitchen. The complex also features a fitness center with yoga studio and bike room, a pool, barbecues, package access, bicycle storage and repair station, a park and easy access to nature trails. Security Properties Residential, an affiliate of Security Properties, will manage the property. The Issaquah Reporternotes that Anthology is one of three similar residential projects along Newport Way NW. The Puget Sound area as whole has experienced a housing crisis with growth of tech companies and Amazon creating a booming population and a scarcity of affordable housing. Bisected by Interstate 90, Issaquah allows commuters access to downtown Seattle and nearby employers, including Microsoft, Amazon and Costco. The Issaquah suburb has grown rapidly since 2000, nearly quadrupling its population, which is now almost 40,000. The area is affluent, …

January 6, 2020

Acquisitions Connecticut Multifamily Northeast

AJH Management Acquires 242-Apartment High-Rise in Stamford, Connecticut

by Alex Patton January 6, 2020

STAMFORD, CT. — AJH Management has acquired Infinity Harbor Point, a 242-unit high-rise apartment building in Stamford, for $90 million. Completed in 2012, the building features one- and two-bedroom floor plans with amenities including a fitness center with Peloton cycles and an outdoor area with a fire pit and barbecue grills. Jeffrey Dunne, Gene Pride, Jeremy Neuer led a CBRE team that procured AJH Management as the buyer. The CBRE team also represented the seller, an undisclosed institutional owner.

January 6, 2020

Industrial Leasing Activity New Jersey Northeast

Modell’s Sporting Goods Signs 312,373 Industrial Lease in Bordentown, New Jersey

by Alex Patton January 6, 2020

BORDENTOWN, N.J. — Modell’s Sporting Goods has signed a 312,373-square-foot industrial lease in Bordentown, a southeastern suburb of Trenton. The retailer will house its logistics and distribution operations at the facility, which is located at 201 Old York Road. Bill Waxman, Mindy Lissner and Steven Beyda of CBRE worked with Brett Weinblatt of Compass Commercial to represent Modell’s in the lease negotiations. Matrix Development owns the facility.

January 6, 2020

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