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17229-Lemon-St-Hesperia-CA
AcquisitionsCaliforniaIndustrialWestern

Avison Young Brokers $8.9M Sale of Lemon Street Industrial Center in Inland Empire

by Amy Works

HESPERIA, CALIF. — Avison Young has brokered the sale of Lemon Street Industrial Center, a multi-tenant industrial business park located at 17229 Lemon St. in Hesperia. Arcadia, Calif.-based Positive Investments sold the property to Los Angeles-based Gofermor LLC for $8.9 million. Built in 1986 on 11 acres, the six-building property totally 102,400 square feet of industrial space, which 17 tenants fully occupy. The asset features 20-foot clear heights, 200 parking spaces, 23 percent office build-out space and prominent monument signage. The business park is located within the High Desert submarket of the Inland Empire. Al Pekarcik and Chris Smith of Avison Young’s Irvine, Calif., office represented the seller in the transaction.

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2935-Main-St-Mammoth-Lakes-CA
AcquisitionsCaliforniaRestaurantRetailWestern

Hanley Investment Group Negotiates $4.7M Sale of Starbucks-Occupied Asset in Mammoth Lakes, California

by Amy Works

MAMMOTH LAKES, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail property located in Mammoth Lakes. A Los Angeles-based private partnership sold the to a San Diego-based private investor for $4.7 million, or $1,065 per square foot. Built in 1984 and renovated in 2018, the 4,435-square-foot, single-tenant building is situated on 1.22 acres at 2935 Main St. Starbucks Coffee occupies the drive-thru property on a long-term lease with rent increases every five years. Bill Asher, Kevin Fryman and Jeff Lefko of Hanley Investments represented the seller, while Blake Tagmyer of Cushman & Wakefield’s San Diego office represented the buyer in the deal.

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convene-nyc
DevelopmentNew YorkNortheastRetail

Convene to Open 73,000 SF Event Venue at Brookfield Place in Manhattan

by Alex Patton

NEW YORK CITY — Flex and meeting-space provider Convene has opened a 73,000-square-foot event venue at Brookfield Place, an office and retail center in Manhattan. Commonly referred to as the World Financial Center, Brookfield Place is situated across the street from the World Trade Center and houses numerous retail, restaurant and entertainment tenants. Convene’s new event space is located at 225 Liberty St., backfills the vacant Saks Fifth Avenue store and contains two large event spaces with capacity for 500 people each, as well as a coffee shop and café. Brookfield Properties is the landlord.

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DevelopmentMultifamilyNew YorkNortheast

Ariel Property Advisors Brokers Sale of 16,500 SF Residential Development Site in Brooklyn

by Alex Patton

NEW YORK CITY — Ariel Property Advisors has brokered the $3.3 million sale of 99-103 Grove Street, a 16,500-square-foot development site in the Bushwick neighborhood of Brooklyn. The site is zoned for residential construction and offers close access to several transportation nodes, including the J, L and M subway lines. The Buren café and Sunrise Sunset wine bar are also located nearby. Sean Kelly, Shimon Shkury and David Khukhashvili of Ariel represented the seller, Brookland Capital, in the transaction. The team also procured the buyer, which was undisclosed.

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AcquisitionsIndianaIndustrialMidwest

Colliers Arranges Sale of 1.8 MSF Industrial Portfolio in Metro Indianapolis

by Kristin Harlow

INDIANAPOLIS — Colliers International has arranged the sale of three-building industrial portfolio located in the Plainfield and Whitestown submarkets of Indianapolis. The sales price was undisclosed. The 1.8 million-square-foot portfolio includes AllPoints Midwest Building 8, AllPoints at Anson 8A and AllPoints at Anson 7B. Tenants include Brooks Sports, Ryder Logistics, Kuehne + Nagel and TF Distributing. Newly developed in 2017 and 2018, the buildings feature clear heights of 36 feet. Alex Cantu, Steve Disse and Jeff Devine of Colliers represented the seller, a joint venture including Browning Development. CBRE Global Investors purchased the portfolio. There is one remaining vacancy of 154,665 square feet. Jimmy Cohoat and Jason Speckman of Colliers will market the vacancy for lease.

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AcquisitionsIllinoisMidwestMultifamily

Redwood Acquires 236-Unit Luxury Multifamily Complex in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Redwood Capital Group LLC has acquired Deer Park Crossing, a 236-unit luxury multifamily complex in Deer Park. The purchase price was undisclosed. Constructed in 2018 by REVA Development Partners, the property consists of seven two-story townhomes and three four-story apartment buildings. Units average 1,252 square feet. Amenities include a fitness center, pool, sundeck, dog park, media lounge and concierge services. REVA was the seller.

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IllinoisIndustrialLoansMidwest

Maverick Commercial Arranges $13.5M First Mortgage for Industrial Property in Niles, Illinois

by Kristin Harlow

NILES, ILL. — Maverick Commercial has arranged a $13.5 million first mortgage loan for a 360,000-square-foot industrial property in Niles. A partnership between Harley Kahn of REA Commercial Real Estate and JDI Realty was the borrower. The partnership purchased the property in spring 2018. At that time, it was 70 percent occupied. The borrowers have since increased occupancy to 92 percent. A national lender provided the nonrecourse, fixed-rate loan which has a term of 10 years, an interest rate below 4 percent and one year of interest-only payments followed by a 29-year amortization schedule. Proceeds from the loan paid off the existing lender, covered closing costs, funded real estate tax and returned equity to the borrowing entity.

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DevelopmentIllinoisMidwestOffice

Skender Starts Interior Construction of AbelsonTaylor’s New Headquarters in Chicago’s Old Post Office

by Kristin Harlow

CHICAGO — Skender has begun interior construction of the new 85,000-square-foot headquarters for AbelsonTaylor in Chicago’s Old Post Office building. AbelsonTaylor, a health and wellness advertising agency, is relocating from its current offices at 33 W. Monroe St. The new space will accommodate private offices, workstations, an open collaboration area and break room. Skender is working in collaboration with HED, Syska Hennessy Group and Cushman & Wakefield to complete the project by March 2020. Skender is the contractor for nearly 500,000 square feet of office space at the Old Post Office project, including buildouts for Walgreens and PepsiCo. Owner and developer 601W Cos. is redeveloping the 2.8 million-square-foot former post office in an $800 million project.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Brokers $2.5M Sale of Net Leased CVS Property in Ohio

by Kristin Harlow

WASHINGTON COURT HOUSE, OHIO — Marcus & Millichap has brokered the $2.5 million sale of a 10,125-square-foot property net leased to CVS Pharmacy in Washington Court House, located between Columbus and Cincinnati. The building is located at 1795 Columbus Ave. CVS recently extended its lease for 15 years. Dan Yozwiak and Nathan Coe of Marcus & Millichap secured the buyer, a partnership completing a 1031 tax-deferred exchange. Doug Brooks of Marcus & Millichap Capital Corp. arranged long-term, fixed-rate acquisition financing.

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AcquisitionsCaliforniaOfficeTop StoriesWestern

ING Capital Provides $402M Acquisition Loan for Market Center Office Complex in San Francisco

by Taylor Williams

SAN FRANCISCO — ING Capital LLC, an American subsidiary of ING Groep N.V. (NYSE: ING), has provided a $402 million loan for the acquisition of Market Center, a 753,000-square-foot office complex in San Francisco. Market Center is a two-building, Class A asset located in San Francisco’s Financial District. The 22-story building at 555 Market St. was completed in 1964 and the 40-story building at 575 Market St. was completed in 1975. The complex served as the headquarters of Chevron Corp. until 2001, when the energy giant relocated to San Ramon, Calif. The borrower was a joint venture led by Paramount Group Inc. (NYSE: PGRE), a New York City-based development and investment firm that acquired an interest of about 67 percent in the property. The joint venture partners were not disclosed, but the total price of the sale was $722 million. The acquisition loan was structured with a fixed interest rate and a five-year term with two one-year extension options. Paramount also used proceeds from the sale of Liberty Place, a 172,000-square-foot office building in Washington, D.C., to help pay for the acquisition of Market Center. Paramount’s $153.5 million sale of Liberty Place closed in late September. The seller of the …

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