Property Type

ACC, UC Irvine Open 1,441-Bed Plaza Verde Residential Tower

by Amy Works October 22, 2019

IRVINE, CALIF. — A public-private partnership between American Campus Communities (ACC) and the University of California – Irvine has opened Plaza Verde, a 1,441-bed, on-campus residential tower. The community offers fully furnished units and shared amenities including state-of-the-art fitness centers, multi-purpose rooms, outdoor pavilions, an academic success center and group and private study spaces. The community is seeking LEED Platinum status, and features an all-electric system that eliminates the need for natural gas. “In addition to being a healthy and dynamic student community, Plaza Verde is the greenest large-scale student community that has been developed,” says Bill Bayless, CEO of ACC. “We have gone to extensive lengths to ensure sustainability and student-focused design are at the forefront, from initially designing and testing systems for an efficient and comfortable community, then arranging a sizable offset for energy that will actually be achieved.”

October 22, 2019

California Development Multifamily Seniors Housing Western

R.D. Olson Completes $24M Seniors Housing Development in Los Angeles

by Amy Works October 22, 2019

LOS ANGELES — R.D. Olson Construction has completed The Curve at West Angeles, a 70-unit, 80,000-square-foot affordable mixed-use community in the Park Mesa Heights neighborhood of Los Angeles. The art deco-style project is a joint venture between Related California and West Angeles Community Development Corp., and features 2,000 square feet of retail space in addition to 50,000 square feet of affordable housing reserved for residents over age 62. The five-story community features 24 studios and 45 one-bedrooms ranging from 400 to 630 square feet, as well as one manager’s apartment. The first-floor retail portion of the project can accommodate up to three tenants, and West Angeles Community Development Corp. has a boardroom and leasing office onsite. The development is just blocks away from Destination Crenshaw, a new 1.3-mile art and cultural experience that celebrates the area’s heritage as the largest black community west of the Mississippi River. The Crenshaw/LAX light rail line, which is currently under construction, will have a stop less than a block away. R.D. Olson Construction worked with KFA Architects and Mannigan Design on the project.

October 22, 2019

Development Illinois Midwest Multifamily

Lathrop Community Partners Revitalizes Public Housing Project in Chicago

by Kristin Harlow October 22, 2019

CHICAGO — Lathrop Community Partners, a development partnership between Related Midwest, Heartland Housing and Bickerdike Redevelopment Corp., has revitalized the Julia C. Lathrop Homes public housing project in Chicago. Originally built in 1938 as part of the nation’s New Deal public housing effort, the project now consists of a mixed-income residential property. The rehabilitated North Campus includes the original administration building and updated apartment buildings along the re-activated riverfront. The 35-acre project features 16 buildings. Design firm HED served as the executive architect for Phase I of the redevelopment, which is now open. The firm helped with modernizing historic structures, addressing accessibility challenges and coordinating new technology and HVAC systems. When all phases are complete, Lathrop will comprise a total of 1,116 residences, with 494 units leased at market rates, 222 offered to working families that meet affordable housing guidelines and 400 reserved for Chicago Housing Authority households. The flagship amenity at Lathrop is the five-acre riverfront park, reimagined by landscape architectural firm Michael Van Valkenburgh Associates. The project team also included Farr & Associates, JGMA, McGuire Igleski & Associates and Terra.

October 22, 2019

Acquisitions Illinois Industrial Midwest

Darwin Realty Arranges Sale of 90,000 SF Industrial Building in Elgin, Illinois

by Kristin Harlow October 22, 2019

ELGIN, ILL. — Darwin Realty has arranged the sale of a 90,000-square-foot industrial building located at 501 Davis Road in Elgin. Consideration for the sale was in excess of $5 million. The property features seven loading docks, three drive-in doors, 5,000 square feet of office space and a clear height of 24 feet. Noel Liston of Darwin brokered the transaction. Chicago Logistic Service owned and occupied the building. Navis Industries, which provides plastic packaging films, purchased the building and plans to relocate from a 25,000-square-foot facility in Elgin.

October 22, 2019

Illinois Industrial Leasing Activity Midwest

Pacific Surfaces Signs 40,000 SF Industrial Lease in Elk Grove Village, Illinois

by Kristin Harlow October 22, 2019

ELK GROVE VILLAGE, ILL. — Pacific Surfaces LLC has signed a 40,000-square-foot industrial lease in Elk Grove Village. The India-based granite distributor has maintained a sales office in Chicago for several years, but this is the company’s first warehouse in the United States. Located at 1300 Mark St., the single-story facility features six docks, several bridge cranes and a clear height of 22 feet. It is situated in Elk Grove Industrial Park. The new property will enable Pacific Surfaces to sell smaller quantities to a broader market. John D’Orazio of Colliers International represented Pacific Surfaces in the lease transaction.

October 22, 2019

Acquisitions Arizona Development Office Western

George Oliver Acquires Office Asset in Metro Phoenix for $38.8M, Plans $14M Redevelopment

by Amy Works October 22, 2019

CHANDLER, ARIZ. — Phoenix-based developer George Oliver has purchased a two-building office asset in downtown Chandler for $38.8 million. The buyer plans to invest nearly $14 million of additional capital to redevelop the property into a creative office portfolio. George Oliver purchased the 1987-built Plaza 25 from long-time owner and tenant First Credit Union for $16.3 million. First Credit Union signed a sale-leaseback agreement to continue to occupy the property for a 10-year lease. Including First Credit Union, the building is 79 percent occupied. The new owner will rebrand the property as The Alexander. Additionally, George Oliver acquired the adjacent, 107,510-square-foot Chandler City Center from Tryperion Partners and Griffin Partners for $22.5 million. Located at 55 N. Arizona Place, the property will be rebranded as The Johnathan after undergoing an almost $3 million initial capital investment plan. The rebranding are named for the city’s namesake, Alexander Johnathan (A.J.) Chandler. The Alexander will commence a $5 million shell building transformation in the first quarter of 2020, creating a 112,000-square-foot, five-story, modernized office building at 25. S. Arizona Place. The renovations will improve the building from Class B to a Class A office space, enclosing a current ground-floor plaza and adding shared …

October 22, 2019

Acquisitions Illinois Industrial Midwest

Barber Murphy Brokers Sale of 21,000 SF Industrial Building Near St. Louis

by Kristin Harlow October 22, 2019

MILLSTADT, ILL. — Barber Murphy has brokered the sale of a 21,000-square-foot industrial building in Millstadt, about 17 miles southeast of St. Louis. The sales price was not disclosed. The property is located at 600 S. Breese St. In-Land Management Group LLC sold the asset to East Washington Street Property LLC. Barber Murphy represented both parties in the sale.

October 22, 2019

Development Michigan Midwest Restaurant Retail

Taco Bell to Open 2,710 SF Location in Caledonia, Michigan

by Kristin Harlow October 22, 2019

CALEDONIA, MICH. — Taco Bell will open a 2,710-square-foot location at 6445 Cherry Meadow Drive SE in Caledonia, about 20 miles southeast of Grand Rapids. The restaurant is expected to open in November and create 40 jobs. Mike Murray of Colliers International assisted Taco Bell in securing land for the new-construction building. Wolverine Building Group was the general contractor. There are 55 Taco Bell locations across West Michigan, according to Colliers.

October 22, 2019

Development Office Texas

KDC Tops Out 100,000 SF Headquarters for SRS Distribution in McKinney

by Taylor Williams October 22, 2019

MCKINNEY, TEXAS — Locally based developer KDC has topped out the new 100,000-square-foot office headquarters building in McKinney for SRS Distribution Inc., a provider of building products and supplies. The four-story, Class A property is located on the corner of the Sam Rayburn Tollway and Alma Road on the northern outskirts of Dallas. The new headquarters features an array of indoor and outdoor amenities, as well as conference and meeting space. Completion is scheduled for spring 2020. Gensler is serving as the design architect, and Adolfson & Peterson is the general contractor. SRS plans to add about 150 new jobs to the local economy over the next decade.

October 22, 2019

Acquisitions Arizona Multifamily Western

Rincon Partners Sells 202-Unit Centerra Apartments in Scottsdale for $36.2M

by Amy Works October 22, 2019

SCOTTSDALE, ARIZ. — Phoenix-based RP 115 LLC, an entity formed by Rincon Partners, has completed the sale of Centerra Apartments, a multifamily property located at 111000 N. 115th St. in Scottsdale. Phoenix-based Tanbic Edgehill Centerra Apartments acquired the asset for $36.2 million, or $179,455 per unit. Built in 1986, Centerra features 202 apartments in a mix of one- and two-bedroom layouts, averaging 746 square feet. The newly renovated units feature stainless steel appliances, granite countertops, new cabinetry in the kitchens and baths, walk-in closets, wood-style flooring, washesr/dryers and private patios/balconies. Community amenities include two resort-style swimming pools and spas, a fire pit with surrounding seating, barbecue/picnic area, new fitness center, new leasing/business center and an off-leash dog park. David Fogler and Steven Nicoluzakis of Cushman & Wakefield represented the seller in the transaction.

October 22, 2019

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