Property Type

RAF Pacifica Buys 121,541 SF Office Building in Southern California for $20.2M

by Amy Works June 25, 2019

CARLSBAD, CALIF. — San Diego-based RAF Pacifica Group has acquired an office building, located at 1950 Camino Vida Roble in Carlsbad, from an institutional investor for $20.2 million. The buyer plans to rebrand the 121,541-square-foot property as fu*sion, an office/industrial building with a large amenity space. Constructed in 1996 and situated on 10.9 acres, the one-story property features a mezzanine space and loading capabilities. Amenities planned for the new space include a full basketball court, volleyball court, an amphitheater, outdoor seating and dining areas, a fire pit, barbecue grills, hammock space, a wall mural and drought-resistant landscaping. REF has retained Aric Starck of Cushman & Wakefield as the leasing broker for the property.

June 25, 2019

Acquisitions Arizona Retail Western

Weingarten Realty Investors Sells 39,763 SF Laveen Village Marketplace in Arizona

by Amy Works June 25, 2019

LAVEEN, ARIZ. — Houston-based Weingarten Realty Investors has completed the disposition of Laveen Village Marketplace, a retail center located at the intersection of 51st and Baseline avenues in Laveen. The name of the buyer and acquisition price were not released. At the time of sale, the 39,763-square-foot property was fully leased to Fry’s Food & Drug, Chipotle, Wing Stop, Jersey Mikes Subs, Med Post Urgent Care and Starbucks Coffee, as well as McDonald’s and Wells Fargo on outparcels. Ryan Schubert and Michael Hackett of Cushman & Wakefield represented the seller in the deal.

June 25, 2019

California Leasing Activity Retail Western

Chuze Fitness Signs 45,000 SF Lease in Fontana, California

by Amy Works June 25, 2019

FONTANA, CALIF. — Progressive Real Estate Partners has signed Chuze Fitness to a 45,000-square-foot lease with Morningside Marketplace in Fontana. Chuze Fitness will occupy the space of a former Ralphs Grocery, leaving 12,000 square feet of space for a yet-to-be-named co-tenant. Morningside Marketplace is a 90,000-square-foot retail center located at 14574 Baseline Ave. The center is fully leased to tenants including Chase Bank, Great Clips, Chevron, KFC, Pizza Hut, Baskin Robbins, Togo’s and Wienerschnitzel. The new Chuze Fitness is scheduled to open early next year. Paul Su of Progressive represented the undisclosed landlord, while Chad Ifrate of Cushman & Wakefield represented the tenant in the lease negotiations.

June 25, 2019

Acquisitions California Retail Western

Marcus & Millichap Arranges $2.5M Sale of Retail Asset in Anaheim

by Amy Works June 25, 2019

ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at the intersection of Lemon Street and Orangethorpe Avenue in Anaheim. An undisclosed developer acquired the asset from a private investor for $2.5 million. The buyer plans to make improvements to the 5,752-square-foot property. At the time of sale, six local tenants occupied the two-building asset. Michael Matter and Nicholas Phillips of Marcus & Millichap’s South Bay, Calif., office represented the seller in the deal.

June 25, 2019

Development Multifamily New Jersey Northeast

Prism, Northwestern to Develop 232-Unit Multifamily Project in Woodbridge, New Jersey

by Taylor Williams June 25, 2019

WOODBRIDGE, N.J. — A joint venture between Prism Capital Partners and Northwestern Mutual Insurance Co. has acquired land in Woodbridge, located south of Newark, for the development of a 232-unit apartment project. The transit-served community will also include 12,000 square feet of retail space. Construction will begin in July with the demolition of the former Lucas Chevrolet dealership that is located on the site. Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Kyle Schmidt and Ryan Dowd of Cushman & Wakefield represented the joint venture in the land sale. Northwestern is also providing construction financing for the project, which has a construction schedule of about 20 to 24 months.

June 25, 2019

Development Michigan Midwest Mixed-Use

Detroit Pistons Ownership, Schostak Brothers Form Joint Venture to Redevelop Palace of Auburn Hills

by Kristin Harlow June 25, 2019

AUBURN HILLS, MICH. — Detroit Pistons owner Tom Gores and Schostak Brothers & Co. have formed a joint venture to redevelop the Palace of Auburn Hills and its surrounding land. Schostak will serve as the lead partner and manage the future mixed-use development, which is expected to include research & development companies, technology firms, as well as corporate offices. Neither financial terms nor a timeline was disclosed. The Pistons organization is preparing to move its remaining team and business operations from The Palace to the new Henry Ford Detroit Pistons Performance Center, which is scheduled to be complete this fall. The Pistons played at The Palace from 1988 until they began playing at Little Caesars Arena in downtown Detroit in 2017.

June 25, 2019

Development Multifamily New Jersey Northeast

Woodmont Properties Opens 220-Unit Apartment Community in Bayonne, New Jersey

by Taylor Williams June 25, 2019

BAYONNE, N.J. — Woodmont Properties, a development firm based in Fairfield, New Jersey, has opened Woodmont Bay Club, a 220-unit apartment community in Bayonne, located across from Brooklyn. The waterfront property offers studio, one-, two- and three-bedroom units. The apartments feature quartz countertops, 9-foot ceilings and private balconies. Amenities include a pool, outdoor grilling area, fitness center, business center, game room, pet spa, golf simulator and a sky lounge. Residents can also enjoy access to a waterfront walkway and a network of nature trails.

June 25, 2019

Development Illinois Midwest Multifamily Seniors Housing

Evergreen Real Estate Group Completes $4M Renovation of Affordable Seniors Housing Community in Chicago

by Kristin Harlow June 25, 2019

CHICAGO — Evergreen Real Estate Group has completed a $4 million renovation of Bethel Terrace Apartments, a 123-unit affordable seniors housing community in Chicago’s Englewood neighborhood. Evergreen Construction Co., the firm’s full-service construction arm, managed the six-month project. Evergreen also helped secure the renewal of the HUD Section 8 HAP (Housing Assistance Payment) contract, which provides tenant-based assistance, for an additional 20 years. Updates to the residential units at Bethel Terrace included new flooring and paint; new appliances, cabinetry and countertops in kitchens; new vanities and plumbing fixtures in baths; energy-efficient baseboard heaters with programmable thermostats; and LED lighting. Improvements to common areas included new paint, flooring, lighting, elevator upgrades, shared Wi-Fi and an enhanced security system. Outside, Evergreen Construction Co. completed a façade restoration and roof replacement, installed new lighting and landscaping, replaced fencing, repaired sidewalks, repaved the parking lot, and added a new garden patio with accessible seating. The Illinois Housing Development Authority (IHDA) provided financing for the rehabilitation. The community’s nonprofit owner is Englewood Cooperative Apartments. Bethel Terrace is connected by a ground-level corridor to the adjacent Sangamon Terrace Apartments, a four-story affordable seniors housing development that Evergreen is currently building.

June 25, 2019

Illinois Industrial Leasing Activity Midwest

Illinois Lift Equipment Signs 29,000 SF Industrial Lease in Cary, Illinois

by Kristin Harlow June 25, 2019

CARY, ILL. — Illinois Lift Equipment Inc. has signed a 29,000-square-foot industrial lease at 675 Industrial Drive in Cary. The 53,944-square-foot facility was built in 1987. The equipment dealer, which provides forklifts and scissor lifts, currently occupies more than 75,000 square feet at 640 Industrial Drive and was seeking additional space for overflow storage. Dan Brown of Brown Commercial Group represented the landlord, DOD Technologies Inc. Brian Lindgren of Brown represented the tenant.

June 25, 2019

Leasing Activity New York Northeast Office

Flatiron Health Signs 252,452 SF Office Lease Renewal, Expansion in Manhattan

by Taylor Williams June 25, 2019

NEW YORK CITY — Flatiron Health, a healthcare technology firm that specializes in cancer research, has signed a 252,452-square-foot office lease renewal and expansion at One SoHo Square. The newly renovated, 15-story office building is located in Manhattan. In addition to renewing the 130,384 square feet it currently leases, the firm will take an additional 122,068 square feet, bringing its total footprint to nine full floors. Zev Holzman, Brad Wolk and Herman Dodson of Savills Inc. represented Flatiron Health in the lease negotiations, along with Roswell Hobbs, the tenant’s head of real estate. Brent Ozarowski, David Malawer, Andy Peretz and Brian Waterman of Newmark Knight Frank represented the landlord, Imperium Capital.

June 25, 2019

Newer Posts

Older Posts