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AcquisitionsIllinoisMidwestMultifamily

JVM Purchases 146-Unit, Townhouse-Style Apartment Property in North Aurora, Illinois

by Kristin Harlow

NORTH AURORA, ILL. — JVM Realty Corp. has purchased Randall Highlands in North Aurora for an undisclosed price. JVM Management Inc. will manage the community. Built in 2013, the property is comprised of 146 rental townhome units. Amenities include a pool, clubhouse, business center, playground and fitness center. The seller was not disclosed. JVM owns and operates three other rental communities in the Chicago metro area and is set to close on the acquisition of a fifth property in the market later this year.

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IllinoisLeasing ActivityMichiganMidwestMissouriRetail

Metro Commercial Brokers New Midwest Locations for Edge Fitness Clubs

by Kristin Harlow

ILLINOIS, MICHIGAN AND MISSOURI — Metro Commercial Real Estate has brokered several leases on behalf of The Edge Fitness Clubs for new locations across the Midwest. The properties include: Windmill Plaza in in Sterling Heights, Mich.; West River Centre in Farmington Hills, Mich.; an unnamed center at Avon and Rochester roads in Westland, Mich.; Cave Springs in St. Peters, Mo.; Mackenzie Point in Shrewsbury, Mo.; and Westridge Court in Naperville, Ill. There are also three new locations in Pennsylvania. The fitness centers are all expected to open later this year or in 2020. Brandon Anapol and Scott Benson of Metro led the leasing team. With these new leases, Metro has brokered 16 locations totaling approximately 640,000 square feet for Connecticut-based Edge over the last 12 months. Edge currently operates 25 locations across Connecticut, Delaware, Pennsylvania and New Jersey.

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KansasLeasing ActivityMidwestOffice

DashNow Opens 5,407 SF Office at City Center Lenexa in Kansas

by Kristin Harlow

LENEXA, KAN. — DashNow has opened a 5,407-square-foot office at The District at City Center Lenexa in Kansas. The company has leased an entire floor of the office building known as Penn I. DashNow offers an app that enables restaurant customers to pay their bills at the table through their smartphones. The app improves efficiency for restaurants and servers. Todd Weltmer of Parkway Realty represented DashNow in the lease transaction. Ryan Biery of Copaken Brooks represented the landlord, Copaken Brooks. When fully developed, City Center Lenexa will span more than 2 million square feet with office, retail and residential space.

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Deer-Valley-Financial-Center-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Joint Venture Sells 127,612 SF Deer Valley Financial Center in Phoenix for $22.1M

by Amy Works

PHOENIX — A joint venture between Phoenix-based ViaWest Group and New York-based Taconic Capital Advisors has completed the disposition of Deer Valley Financial Center, an office property located at 2260 N. 19th Ave. in Phoenix. The Rodriguez Family Trust of Los Angeles acquired the asset for $22.1 million. Barry Gabel, Chris Marchildon and Will Mast of CBRE Institutional Properties in Phoenix and Geoff Turbow, Matt Pourcho and Anthony DeLorenzo of CBRE Investment Properties-SoCal/Phoenix represented the ViaWest Group in the transaction. Built in 2001, the two-story building features 127,612 square feet of Class A office space, including a common area and lobby, new tenant amenity lounge, an on-site café and bank. Additionally, the property features a parking ratio of 4.6 spaces per every 1,000 square feet.

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The-Boulders-Boulder-CO
AcquisitionsColoradoMultifamilyWestern

Heitman Purchases 161-Unit Multifamily Community in Boulder, Colorado

by Amy Works

BOULDER, COLO. — Heitman has purchased The Boulders, an apartment community located at 2850 Kalmia Ave. in Boulder. Broadshore Capital Partners sold the asset for an undisclosed price. Shane Ozment, Terrance Hunt, Justin Hunt and Andy Hellman of Newmark Knight Frank Multifamily represented the seller in the deal. Constructed in 1993, The Boulders features 161 apartments and offers access to the city’s 155-mile trail system. The buyer plans to renovate the property’s units to stay competitive in the market.

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Cardenas-Marketplace-Ontario-CA
AcquisitionsCaliforniaRetailWestern

Reliable Properties Acquires 28,131 SF Retail Asset in California’s Inland Empire

by Amy Works

ONTARIO, CALIF. — Los Angeles-based Reliable Properties has purchased a retail property located in Ontario. Terms of the transaction were not released. Cardenas Market, an Ontario-based grocery chain, occupies the single-tenant asset. Located at the intersection of Holt Boulevard and Campus Avenue, the property features 28,131 square feet of retail space.

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CaliforniaIndustrialLoansWestern

Ready Capital Provides $11M Acquisition Loan for Two-Building Industrial Portfolio Near Los Angeles

by Amy Works

MONTEBELLO, CALIF. — Ready Capital has closed an $11 million loan to fund the acquisition of a two-building industrial property located in Montebello, approximately eight miles east of downtown Los Angeles. The undisclosed borrower executed a single-tenant lease with a large multi-national industrial company prior to acquisition close. Ready Capital closed the non-recourse, fixed-rate loan that features a 36-month term, 24-months of interest-only payments and no prepayment penalties.

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2972-S-Rainbow-Blvd-Las-Vegas-NV
AcquisitionsNevadaRetailWestern

Colliers Brokers $1.6M Sale of 10,400 SF Retail Property in Las Vegas

by Amy Works

LAS VEGAS — Colliers International has negotiated the sale of a retail property in Las Vegas. The Gail M. Buy Trust sold the asset to Rainbow Coley LLC for $1.6 million. Located at 2972 S. Rainbow Blvd., the property features 10,400 square feet of retail space. Chris Connell and Grant Traub of Colliers International represented the seller in the deal.

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Company NewsIndustrialTop Stories

Blackstone Agrees to Acquire Colony Industrial For $5.9B

by Taylor Williams

NEW YORK CITY AND DALLAS — Blackstone Real Estate Partners IX, an affiliate of New York City-based global investment firm Blackstone (NYSE: BX), has agreed to acquire Colony Industrial, the Dallas-based industrial arm of Colony Capital Inc. (NYSE: CLNY). The deal is valued at approximately $5.9 billion. Terms of the deal call for Blackstone to purchase Colony Capital’s logistics portfolio, which consists of approximately 60 million square feet across 465 light industrial buildings in 26 U.S. markets. The transaction is expected to close during the fourth quarter. The sale also includes Colony’s 51 percent ownership interest in a 4 million-square-foot portfolio of distribution assets and the affiliated operating platform that manages those properties. “This acquisition of high-quality warehouses demonstrates our continued strong conviction in logistics and positive e-commerce trends,” says Nadeem Meghji, head of real estate Americas at Blackstone. “As retailers continue to shorten delivery times and expand their last-mile footprints, we believe warehouses in dense population centers will continue to experience outsized demand growth.” Willkie Farr & Gallagher served as legal counsel; Morgan Stanley and Eastdil Secured served as financial advisors; and CBRE National Partners served as real estate advisor to Colony Capital. Simpson Thacher & Bartlett served as …

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Market ReportsRetailSoutheastSoutheast Market ReportsVirginia

Retail Demand in Richmond Strengthens as Vacancy Nears Lowest Level This Cycle

by Alex Tostado

Virginia’s capital city added more jobs in 2018 than in 2017 and 2016 combined. The addition of 11,000 jobs in 12 months aided a 7 percent population growth since 2010 and a median household income increase of $10,000 since 2016. With only 2.9 percent unemployed, residents now have more disposable income to shop. Richmond’s rapid growth brought vacancies to the lowest they’ve been in almost 15 years. At 4.7 percent, vacancy is near the cycle’s lowest trough of 4.5 percent in late 2005. Grocery store competition and limited speculative construction are driving down vacancies. In January, Food & Wine magazine published that Richmond  was “Secretly the Supermarket Capital of America.” Publix’s takeover of Martin’s gave the Florida-based grocer a foothold, and new Publix stores are coming by the fourth quarter of 2019 in Westpark Shopping Center, Swift Creek and The Village Shopping Center. Kroger retains the highest market share despite operating only 18 stores compared to Food Lion’s 48. At last count, Aldi stores number 11, The Fresh Market four and Lidl six. With only two stores, however, Wegmans is the per-store average sales leader. Besides grocers, other expanding big box users include Launch Trampoline Park, Burlington, Conn’s HomePlus and …

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