CHICAGO — Quantum Real Estate Advisors Inc. has brokered the sale of a single-tenant building net leased to Studio Movie Grill in Chicago for an undisclosed price. The property is located at 210 W. 87th St. Studio Movie Grill has 14 screens as well as a full bar and restaurant. Chad Firsel of Quantum represented the seller, a Chicago-based development company, and the buyer, a Michigan-based private real estate investor.
ST. PAUL, MINN. — NorthMarq has arranged a $2 million Freddie Mac loan for the refinancing of 623 Lofts in St. Paul. The 17-unit multifamily property is situated near three colleges and nine miles from the Minneapolis-St. Paul International Airport. Michael Padilla of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.
TACOMA, WASH. — Kidder Mathews has negotiated the sale of Vista Del Rey, a multifamily property located at 319 N. Tacoma Ave. in Tacoma, a city approximately 35 miles south of Seattle along the banks of the Puget Sound. VDR Investments Homes, led by Rose Stanek-Norbe of Tyroda LLC, acquired the asset from an undisclosed seller for $25.7 million. Situated in Tacoma’s Stadium District, the 17-story Vista Del Rey features 130 apartments. Also included in the sale was the adjoining 0.67-acre land parcel that could accommodate an additional 130 residential units. Targa Property Management will manage the property. Tyler Stanek of Kidder Mathews represented the buyer in the transaction.
COSTA MESA, CALIF. — Space Investment Partners has acquired Westport Plaza & Square, a leasehold retail center located at 369 E. 17th St. in Costa Mesa. Newport Beach, Calif.-based Wohl Investment Co. sold the asset for $18.4 million. Built in 1975 and renovated in 2002 and 2018, the property features 39,000 square feet of retail space. At the time of sale, the property was 100 percent leased to a collection of eateries, restaurants and high-end clothing and furnishing boutiques. Current tenants include Etoile on 17th, Plums Café and Catering, Common Thread and Shunka Sushi. Philip Voorhees, Jimmy Slusher and Sean Heitzler of CBRE’s National Retail Partners-West represented the seller in the deal.
IDAHO FALLS, IDAHO — TYG Commercial Real Estate has negotiated the sale of Sand Creek Apartments, a 73-unit multifamily community located in Idaho Falls. A private investor sold the property to a Utah-based multifamily investor for an undisclosed price. Located at 1250 Ashment Ave., Sand Creek Apartments features 32 one-bedroom units, 17 two-bedroom apartments and 24 three-bedroom units. The property was built in 1978 and renovated in 2004. Richard Bird and Mathew Bird of TYG Commercial Real Estate represented the seller and buyer in the transaction.
DENVER — Forum Real Estate Group has acquired a retail building, formerly occupied by Kmart, in Denver. J&W Management Corp. sold the asset for $10.5 million. Located at 2150 S. Monaco Parkway, the 110,000-square-foot property has been vacant for nearly seven years. Forum Real Estate is planning a more than 300-unit multifamily redevelopment with the possibly of new retail outparcels at the site. Jon Hendrickson, Mitch Veremeychik and Aaron Johnson of Cushman & Wakefield’s Capital Markets Group facilitated the transaction.
SANTA FE SPRINGS, CALIF. — Valore Ventures has purchased a flex industrial facility, located at 15511 Carmenita Road in Santa Fe Springs, from a private seller for an undisclosed sum. Built in 1998, the 28,542-square-foot property features 11,437 square feet of office space spanning two floors in the front of the building, and 17,105 square feet of one-story industrial warehouse space with 22-foot clear heights in the rear of the building. The facility features a gated parking lot, two drive-in docks and two-grade level doors.
The outlook for San Diego’s office market is sunny and bright. Often considered a less costly option for office users as compared to other Southern California markets, San Diego holds consistent appeal for tenants seeking a coastal address where the weather is mild and the vibe is entrepreneurial and business friendly. The market is following the national trend of stronger occupancy rates and robust absorption, buoyed by a healthy economy. At 10.2 percent in the second quarter — the lowest level in nearly 14 years — San Diego’s office vacancy rate beats the national office vacancy rate of 12 percent — the lowest level in 18 years, despite construction. These fundamentals are demonstrating increased tenant demand. We’re continuing to see growth and expansion of office in submarkets throughout San Diego County. Sorrento Valley is one of the stronger office submarkets due to its centralized location and accessibility to major freeways. Other submarkets with heightened demand are Del Mar Heights, which is close to the ocean and suburban areas that house corporate executives, and Kearny Mesa, another major business center for the county. Carlsbad and Oceanside in North County and Chula Vista in South County are also popular choices. Oceanside and …
Amarillo has continued on the path of steady growth with a strong unemployment rate of 2.7 percent. Along with its sturdy economy, Amarillo’s commercial market has followed a path of consistent advancement, but there are clouds on the horizon and hints of a stall are visible. Our core market indicators are showing cracks. There are fewer jobs now than there were a year ago. Commodities have been flat at best. Oil prices have experienced declines in excess of 10 percent from this time last year, with natural gas prices dropping nearly 25 percent from a year ago. Despite some early spells of ample moisture, recent heat and low rain totals have hurt Panhandle farmers and ranchers. The uncertainty regarding tariffs on these natural resources has created anxiety as well. For the city’s industrial and commercial real estate sectors, the collective message of these trends is that the long stretch of economic expansion that has propped up the market, may be in the rearview mirror. New Developments Some new land purchases with plans for industrial developments should help the tax base. Caviness Beef Packers recently purchased 100 acres with plans to build a new facility. In addition, the Amarillo Economic Development …
EDDYSTONE, PA. — JLL has arranged a 186,000-square-foot industrial lease expansion for chocolate product manufacturer Barry Callebaut in Eddystone, a southwestern suburb of Philadelphia. The expansion brings Barry Callebuat’s total lease within the property at 1001 Industrial Highway up to 395,000 square feet. Michael Burns, Trevor Ragsdale and Paul Torosian of JLL represented Barry Callebaut in the transaction. The landlord was Novaya Foxfield Indusutrial LLC.
