Property Type

Greystar Acquires 150-Unit Griffis at Lowry Apartment Community in Denver for $45.7M

by Amy Works August 30, 2019

DENVER — Irvine, Calif.-based Greystar has purchased Griffis at Lowry, a multifamily property located at 9649 E. Fifth Ave. in Denver’s Lowry neighborhood. Denver-based Griffis Residential sold the asset for $45.7 million. Built in 2011, Griffis at Lowry consists of eight rental buildings situated on 6.2 acres. Originally planned as a condominium development, the 150 units feature an average size of 1,130 square feet, in-unit full-size washers/dryers, at least nine-foot ceilings and attached garages in select floorplans. Approximately 40 percent of the units were renovated prior to the community’s sale. At the time of sale, occupancy was more than 97 percent. The property is located within the redevelopment of the former Lowry Air Force Base, an 1,800-acre site that includes 500 acres of residential use, 800-plus acres of recreational and open space, 1.8 million square feet of office space, 130,000 square feet of retail space and a 160-acre educational campus. David Potarf, Dan Woodward, Matt Barnett and Jake Young of CBRE represented the seller in the transaction.

August 30, 2019

Acquisitions California Retail Western

HP Investors, FABRIC Buy Antique Mall on State Street in Carlsbad for Redevelopment

by Amy Works August 30, 2019

CARLSBAD, CALIF. — HP Investors and FABRIC have acquired Antique Mall on State Street, a commercial property located in downtown Carlsbad. Bill Ostrie sold the property for an undisclosed price. The team plans to redevelop and rebrand the nearly 70-year-old property as State Street Commons. Located at 2742-2742 State St., the renovated property will provide more than 22,000 square feet of retail and creative office space. The $15 million renovation will maintain the asset’s architectural integrity, character and charm, while increasing safety and providing modern upgrades to the facades, storefronts and interiors. Additionally, the two steel-framed Butler Buildings with 28-foot ceilings and Quonset hut (an arch-shaped steel military structure popular in the 20th century) will be preserved and updated. Renovations are scheduled to begin in mid-November and continue until summer 2020. G Coleman Architect and FieldXStudio will serve as architects, while C2 Building Group will serve as general contractor for the project.

August 30, 2019

Development Illinois Midwest Office

Briar Meads Capital Begins Renovation of 300,000 SF Office Property in Lisle, Illinois

by Kristin Harlow August 30, 2019

LISLE, ILL. — Briar Meads Capital has begun a renovation of The Westwood in Lisle. Located at 2441 and 2443 Warrenville Road, the Class A office property spans 300,000 square feet. It currently has approximately 150,000 square feet available for lease. Plans call for a café, fitness center, conference center, tenant lounge and lobby renovations. The project team includes Wright Heerema Architects and J.C. Anderson Construction. Completion is slated for the end of the year. Dan Svachula, Adam Showalter and Allyson Yates of Cushman & Wakefield serve as leasing agents alongside the NAI Hiffman property management team of Dawn Cothern and Sara Bruno.

August 30, 2019

Acquisitions Illinois Industrial Midwest

ML Realty Partners Acquires Two Chicagoland Industrial Buildings Totaling 101,405 SF

by Kristin Harlow August 30, 2019

HANOVER PARK AND WILLOWBROOK, ILL. — ML Realty Partners has acquired two single-tenant industrial buildings in metro Chicago totaling 101,405 square feet. The first is 1565 Hunter Road in Hanover Park within the Central DuPage County submarket. The second is 7100 S. Madison St. in Willowbrook within the I-55 Corridor submarket. Both properties are fully leased. Jeffrey Devine and Steven Disse of Colliers International represented the undisclosed seller. The purchase price was not disclosed.

August 30, 2019

Acquisitions Midwest Minnesota Retail

Upland Arranges $3.5M Sale of U.S. Bank Ground Lease in Lakeville, Minnesota

by Kristin Harlow August 30, 2019

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $3.5 million sale of a U.S. Bank ground lease in Lakeville, approximately 20 miles south of Minneapolis. The 3,636-square-foot property is located at 20191 Iberia Ave. There are 11 years remaining on the ground lease. Upland represented the undisclosed seller. A 1031 exchange investor purchased the asset. U.S. Bank operates 3,106 branches throughout the country.

August 30, 2019

Acquisitions Industrial Michigan Midwest

Moghul Foods Purchases 28,339 SF Industrial Facility in Madison Heights, Michigan

by Kristin Harlow August 30, 2019

MADISON HEIGHTS, MICH. — Moghul Foods LLC has purchased a 28,339-square-foot industrial facility located at 32007-32011 Stephenson Highway in Madison Heights, a northern suburb of Detroit. The South Asian and Middle Eastern food distributor will move its operations from neighboring Troy. Garry Rogers and Jason Capitani of L. Mason Capitani CORFAC International brokered the sale. The seller and sales price were not disclosed.

August 30, 2019

Acquisitions District of Columbia Office Southeast Top Stories

Spanish Investor Buys 216,786 SF Office Building in D.C. for $231.3M

by Alex Tostado August 30, 2019

WASHINGTON, D.C. — Ponte Gadea has acquired 815 Connecticut Ave. NW, a 216,786-square-foot office building in Washington, D.C., for $231.3 million. The sale was recorded with the D.C. Recorder of Deeds on Thursday, Aug. 29. The Blackstone Group (NYSE: BX) was the seller. According to multiple media reports, Blackstone bought the building in late 2016 for $190 million. The asset was built in 1964 and is situated across the street from The White House. In 2011, former presidents Barack Obama and Bill Clinton visited 815 Connecticut Ave. as part of Obama’s Better Building Initiative, according to the Washington Business Journal. Under the initiative, the building’s owner at the time, an affiliate of Swedish pension fund Alecta Real Estate Investment LLC, and general contractor Forrester Construction Co. completed a $30 million renovation. That project included an extensive update to the building’s mechanical systems, common areas and exterior facade that earned the building a LEED Gold certification, the Business Journal reported at the time. Ponte Gadea also purchased an 800,000-square-foot office building in Seattle for $740 million in March. Miami-based Ponte Gadea is led by Spanish billionaire Amancio Ortega, a fashion mogul whose company is parent to retail brand Zara. Ortega’s net …

August 30, 2019

Loans Massachusetts Mixed-Use Northeast

Urban Spaces Secures $71M Construction Loan for Mixed-Use Development in Metro Boston

by Alex Patton August 30, 2019

CAMBRIDGE, MASS. — Urban Spaces, a locally based developer, has secured a $71 million construction loan for Kendall East, a mixed-use development in Cambridge, a northeastern suburb of Boston. People’s United Bank provided the long-term loan. The development will house120 multifamily units, including 16 affordable apartments, and 15,000 square feet of retail space. Across the street, the CambridgeSide shopping center is slated for redevelopment with new office, lab and residential space. Designed by New York-based architectural firm Perkins Eastman, Woburn-based Tocci Building Corp. in building Kendall East.

August 30, 2019

Acquisitions Industrial New Jersey Northeast

Colliers Brokers Sale of Five Industrial Buildings totaling 130,435 SF in Pennsauken, New Jersey

by Alex Patton August 30, 2019

PENNSAUKEN, N.J. — Colliers International has brokered the sale of five industrial buildings totaling 130,435 square feet in Pennsauken, an eastern suburb of Philadelphia. The buildings are located within the Pennsauken Industrial Park on Bethel Ave., including Buildings 841, 845, 851, 959 and 965. Ian Richman and Marc Isdaner of Colliers represented the undisclosed seller in the transaction. The team also represented the buyer, a private investor.

August 30, 2019

Leasing Activity Massachusetts Northeast Office

Dräger Medical Systems Signs 128,000 SF Office Lease Renewal in Andover, Massachusetts

by Alex Patton August 30, 2019

ANDOVER, MASS. — Dräger Medical Systems, a German manufacturer of medical equipment, has signed a 128,000-square-foot office lease renewal for its headquarters at 6 Tech Drive in Andover, a northern suburb of Boston. Over the next 18 months, Dräger will complete a full renovation of the facility. Michael Dalton, Blake Baldwin, Sharon Joyce, Deanne Munger and Joel Schur of Cushman & Wakefield represented Dräger in the lease negotiations. Matt Adams of Newmark Knight Frank represented the landlord, a partnership between Novaya Real Estate Ventures and Wheelock Street Capital.

August 30, 2019

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