Property Type

ColRich Multifamily Sells Plaza 550 Multifamily Asset in Phoenix for $11.8M

by Amy Works October 28, 2019

PHOENIX — San Diego-based ColRich Multifamily has completed the disposition of Plaza 550, an apartment property located at 550 E. Earll Drive in Phoenix. B&R Capital Partners acquired the asset for $11.8 million. Constructed in 1973, Plaza 550 consists of 92 one-bedroom units, 15 of which have undergone interior renovations to include energy-efficient appliances, modern lighting and plank flooring, as well as upgraded kitchen and bath countertops, backsplashes and hardware. Brad Goff, Brett Polacheck and Chris Canter of Newmark Knight Frank represented the seller in the deal.

October 28, 2019

Acquisitions Office Oregon Western

Marcus & Millichap Arranges $1.4M Sale of 10,500 SF Office Building in Portland, Oregon

by Amy Works October 28, 2019

PORTLAND, ORE. — Marcus & Millichap has brokered the sale of MLK Office, an office property located in Portland. An undisclosed buyer acquired the asset for $1.4 million. Located at 2627 NE Martin Luther King Jr. Blvd., the building features 10,500 square feet of office space. Joseph P. Blatner and Scott Logan of Marcus & Millichap’s Portland office represented the undisclosed seller in the transaction.

October 28, 2019

Development Industrial Midwest Missouri

LANE4 to Break Ground on Three-Building Industrial Development in Liberty, Missouri

by Kristin Harlow October 28, 2019

LIBERTY, MO. — LANE4 Property Group has unveiled plans to develop a three-building, speculative industrial project in Liberty known as Liberty Logistics Center. Situated on a 68-acre tract of land at Missouri Highway 69 and Liberty Parkway, the project is adjacent to the Ford assembly plant and visible from I-35. Construction is expected to begin within a month and the first building, spanning 741,000 square feet, is slated for completion in late 2020. The two smaller buildings will measure 80,000 and 132,000 square feet. The project will also include a retail portion known as Liberty Parkway Plaza, containing eight pad sites fronting I-35 and the industrial buildings. LANE4 serves as developer for the entire project and leasing agent for the retail component. Joe Orscheln of CBRE will market the industrial portion for lease. Davidson Architecture & Engineering is providing architectural and engineering services.

October 28, 2019

Acquisitions Illinois Midwest Multifamily Student Housing

Greystar Acquires 388-Bed Student Housing Community in Chicago’s South Loop

by Kristin Harlow October 28, 2019

CHICAGO — Greystar has acquired 30 East, a 388-bed student housing community located in Chicago’s South Loop neighborhood. Columbia College Chicago holds a 10-year, 340-bed master lease at the community. The remaining 48 beds are open to students at any of the more than 20 colleges and universities located within two miles of the property. The 17-story community offers studio, one-, two-, three- and four-bedroom units. Shared amenities include a third-floor terrace and dog park, state-of-the-art fitness center and a sky lounge. The purchase price and seller were not provided, but Crain’s Chicago Business reports that Philadelphia-based Gilbane Development sold the asset for $60 million.

October 28, 2019

Acquisitions Hospitality Illinois Midwest

Marcus & Millichap Arranges $6M Sale of Hotel Property in Suburban Chicago

by Kristin Harlow October 28, 2019

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has arranged the sale of a 134-room Red Roof Inn property in Arlington Heights for $6 million. Built in 1984, the hotel is located at 22 W. Algonquin Road, nine miles from the Chicago O’Hare International Airport. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also represented the buyer, a partnership.

October 28, 2019

Acquisitions Illinois Midwest Office

Recreation Association Buys 30,000 SF Property in Highland Park, Illinois

by Kristin Harlow October 28, 2019

HIGHLAND PARK, ILL. — The Northern Suburban Special Recreation Association (NSSRA) has purchased a 30,000-square-foot property at 1221 Lake Cook Road in Highland Park for an undisclosed price. NSSRA provides recreation programs and services to people with disabilities in 13 North Shore communities. The new property will enable the organization to expand and offer additional programing and services onsite. Larry Serota, Cece Conway and John Marquardt of Transwestern represented NSSRA. The facility previously belonged to the Lakeside Congregation for Reform Judaism.

October 28, 2019

Leasing Activity Michigan Midwest Restaurant Retail

Vitality Bowls to Open First Location in Michigan

by Kristin Harlow October 28, 2019

GRAND RAPIDS, MICH. — Vitality Bowls is set to open its first location in Michigan. The café, slated to open on Saturday, Nov. 2, is located within the 575,000-square-foot Shops at CenterPoint. Vitality Bowls specializes in acai bowls, including the acai berries and a variety of other superfoods. The restaurant will be open for breakfast, lunch and dinner. There are currently more than 140 Vitality Bowls locations open or in development across the United States. Stonemar Properties owns Shops at CenterPoint.

October 28, 2019

Acquisitions California Industrial Northeast Pennsylvania Top Stories Western

Prologis to Acquire Liberty Property Trust in $12.6B All-Stock Deal

by Taylor Williams October 28, 2019

SAN FRANCISCO AND MALVERN, PA. — San Francisco-based Prologis Inc. has entered into a definitive agreement to acquire Pennsylvania-based Liberty Property Trust in an all-stock transaction valued at approximately $12.6 billion, inclusive of outstanding debt. The deal between the two industrial REITs is expected to close in the first quarter of 2020. Under the terms of the agreement, Prologis (NYSE: PLD) will acquire roughly 107 million square feet of stabilized logistics space, 5.1 million square feet of logistics product in various stages of development and 1,684 acres with a future build-out potential totaling 19.7 million square feet. In addition, Liberty (NYSE: LPT) shareholders will receive 0.675 in shares of Prologis common stock for each Liberty share they own. Both the board of directors of Prologis and the board of trustees of Liberty have unanimously approved the transaction. Prologis plans to dispose of $3.5 billion in assets, including $2.8 billion of non-strategic logistics properties and $700 million of office properties, to help finance the acquisition. “The joining of these two platforms at this moment, when industrial logistics has become so pivotal to the new economy, will further the industry’s ability to support the nation’s supply chain and enhance value creation for …

October 28, 2019

California Development Loans Multifamily Western

Z&L Properties Receives $330M in Financing for 640-Unit Condo Project in San Jose, California

by Amy Works October 25, 2019

SAN JOSE, CALIF. — Z&L Properties has received $330 million in financing for the development of 188 West St. James, a two-tower condominium project in downtown San Jose. Brandon Roth, Charles Halladay and Taylor Gimian of JLL arranged the five-year, floating-rate construction loan with Mack Real Estate Credit Strategies for the borrower. Currently under construction, 188 West St. James will consist of 20- and 22-story towers totaling nearly 629,000 square feet of residential space, approximately 30,000 square feet of ground-floor retail space and more than 650 parking stalls. The 640 condominiums will feature kitchens equipped with stainless steel Bosch appliance packages, custom quartz countertops and white oak cabinetry, as well as bathrooms with custom floating vanities and porcelain tile flooring. Additionally, units will have hardwood flooring throughout the main living areas. Community amenities will include an outdoor pool, spa, grilling area, fitness center, business conference center, pet wash and clubroom with catering kitchen.

October 25, 2019

Acquisitions California Office Western

Meridian Buys 100,000 SF Office Building in San Francisco Bay Area

by Amy Works October 25, 2019

SAN MATEO, CALIF. — Meridian has closed escrow on the acquisition of a six-story office building located at 1300 S. El Camino Real in San Mateo. DivcoWest sold the asset for an undisclosed price. Situated near downtown San Mateo, the 100,000-square-foot property was 72 percent occupied at the time of sale. Current tenants include Charles Schwab, LendingTree and the Silicon Valley Community Foundation. The property was built in 1987. Tyler Meyerdirk of Newmark Knight Frank’s San Francisco office represented the buyer and seller in the deal.

October 25, 2019

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