Property Type

CIGNA Investment Management, The Muller Co. Buy Century Plaza in San Jose for $63.4M

by Amy Works February 7, 2019

SAN JOSE, CALIF. — A joint venture between CIGNA Investment Management and The Muller Co. has acquired Century Plaza, a six-story office building located at 550 S. Winchester Blvd. near Santana Row in San Jose. New York Life Real Estate Investors sold the property for $63.4 million. The new ownership plans to rebrand the 103,622-square-foot property and invest approximately $4.1 million to upgrade the façade, landscaping, lobby, restrooms and corridors. At the time of sale, the property was 82 percent leased. Eric Fox and Nick Lazzarina of Cushman & Wakefield’s San Jose office, along with Steven Hermann, Seth Siegel and Adam Lasoff of Cushman & Wakefield’s San Francisco office, represented the buyer and seller in the deal.

February 7, 2019

Acquisitions Midwest Office Wisconsin

TPG Real Estate, Crestlight Capital Purchase Schlitz Park Office Campus in Milwaukee

by Kristin Harlow February 7, 2019

MILWAUKEE — TPG Real Estate and Crestlight Capital have purchased the Schlitz Park office campus in Milwaukee for an undisclosed price. The joint venture acquired the 32-acre office property from The Brewery Works Inc., the development and ownership group led by the Grunau and Sampson families. After a $30 million, multi-year renovation, Schlitz Park reached full occupancy in mid-2018. Tenants include US Bank, UMB Fund Services, HSA Bank, Aurora Health Care and the Milwaukee Bucks. The property originally served as the brewery for Joseph Schlitz Brewing Co.

February 7, 2019

Hawaii Hospitality Loans Western

Phillips Realty Capital Structures $63M Financing for OHANA Waikiki Malia Hotel in Honolulu

by Amy Works February 7, 2019

HONOLULU — Bethesda, Md.-based Phillips Realty Capital has secured $63 million in financing on behalf of Lucky Hotels USA. Benefit Street Partners provided fixed-rate, permanent financing secured by the OHANA Waikiki Malia Hotel in Honolulu. John Sieber Jr. of Phillips Realty Capital structured the financing, while Aaron Derby at Benefit Street Partners represented the lender. Situated at 2211 Kuhio Ave. within the Waikiki Resort District, the hotel features two towers built in 1960 and 1980 and underwent a $6.2 million renovation in 2010 to update the rooms, lobby and common areas. Outrigger Hotels and Resorts manages the 327-room hotel.

February 7, 2019

Loans Midwest Multifamily Nebraska

NorthMarq Arranges $21M Refinancing of Apartment Property in Omaha

by Kristin Harlow February 7, 2019

OMAHA, NEB. — NorthMarq Capital has arranged a $21 million Freddie Mac loan for the refinancing of Tranquility Pointe Apartments in Omaha. The 230-unit apartment property is located at 4202 N. 126th Court. Amenities include a fitness center, pool, playground, basketball court and storage space. John Reed of NorthMarq arranged the 10-year loan, which features a 30-year amortization schedule.

February 7, 2019

California Development Multifamily Retail Western

Shea Properties, Ivanhoé Cambridge Begin Construction of Mixed-Use Property in San Jose

by Amy Works February 7, 2019

SAN JOSE, CALIF. — Shea Properties and Ivanhoé Cambridge have broken ground on a two-property mixed-use project in San Jose’s Japantown. Situated on a 3.8-acre parcel, the project will include Facet, a two-building, 518-unit apartment community, and 6th and Jackson, a 19,000-square-foot retail area with restaurants, shops and services. Additionally, the project will feature a community park situated between the residential structures. Being built by San Jose-based Swenson, the residential component will feature units ranging from 512-square-foot studios to 1,537-square-foot three-bedroom units. Units will include stainless steel appliances, full-size washers/dryers, quartz countertops and smart home technology. Community amenities will include swimming pool/spa, poolside BBQ grills, outdoor gaming areas, fitness room, indoor kitchen/lounge, rooftop deck, pet spa and large dog run area. Additionally, the North building will offer flexible work options, including work pods, collaborative work lounges and multimedia rooms, for residents. The South Building will feature amenities for an active lifestyle, including large, gym-quality fitness areas, as well as shopping and dining options on the ground level. Facet is slated to begin leasing in Spring 2021, with the retail space at 6th and Jackson scheduled to open at the same time.

February 7, 2019

Acquisitions North Carolina Retail Southeast

WRS Acquires 207,542 SF Mayberry Mall in Mount Airy, North Carolina

by Alex Tostado February 7, 2019

MOUNT AIRY, N.C. — WRS Inc. Real Estate Investments has purchased Mayberry Mall, a 207,542-square-foot regional mall located at 338 Frederick St. in Mount Airy. Completed in 1968, Mayberry Mall is the only enclosed regional mall within a 30-mile radius and is anchored by Belk. The seller is longtime owner Kohan Retail Investment Group. WRS plans to redevelop the mall and bring in new uses and retailers. The Mt. Pleasant, S.C.-based owner and developer says it will begin construction and leasing initiatives immediately. Situated five miles south of the Virginia border, the city of Mount Airy is the home of comedian and TV star Andy Griffith and served as the inspiration for the fictional town of Mayberry, the setting of the “Andy Griffith Show.”

February 7, 2019

Acquisitions Illinois Midwest Retail

Joint Venture Acquires Retail Center in Burr Ridge, Illinois for $15M, Plans Renovation

by Kristin Harlow February 7, 2019

BURR RIDGE, ILL. — Edwards Realty Co. and Core Acquisitions have acquired Burr Ridge Village Center in suburban Chicago for $15 million. The joint venture plans to renovate the 200,000-square-foot retail center. Originally constructed in 2007, the property is home to more than 30 national and local retail tenants. Renovation plans call for more entertainment and food options, according to Ramzi Hassan, president of Edwards Realty Co.

February 7, 2019

Development Multifamily New Mexico Seniors Housing Western

MorningStar, Confluent Open 71,000 SF Seniors Housing Community in Santa Fe

by Amy Works February 7, 2019

SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have opened MorningStar Assisted Living & Memory Care of Santa Fe. The 71,000-square-foot senior living community adds 56 assisted living units and 29 memory care units to the Santa Fe market. Nearly one-fifth of the city’s population is 65 or older, according to the developers. Construction of the community began in August 2017. The development represents the second MorningStar Senior Living community in the state. MorningStar and Confluent opened the MorningStar of Albuquerque community in 2016 and are building a third New Mexico community scheduled to open in Rio Rancho in spring 2019. The Santa Fe project represents the ninth completed joint venture between affiliates of Denver-based senior living developer, owner and operator MorningStar, and Confluent Senior Living, a subsidiary of Denver-based real estate investment and development firm Confluent Development. Rosemann & Associates was the architect on the project while New Mexico-based Bradbury Stamm Construction served as general contractor. Confluent is the project owner and MorningStar serves as the operator.

February 7, 2019

Acquisitions Arizona Retail Western

Cushman & Wakefield Arranges Sale of Coyote Station Retail Center in Sedona for $7.7M

by Amy Works February 7, 2019

SEDONA, ARIZ. — Cushman & Wakefield has brokered the sale of Coyote Station, located at northeast corner of State Route 179 and Cortez Drive in Sedona. Cupertino, Calif.-based Brochway LLC acquired the property from Sedona-based Crescent Properties for $7.7 million. Chris Hollenbeck and Shane Carter of Cushman & Wakefield’s Phoenix office represented the seller. Coyote Station is a 10,028-square-foot, multi-tenant retail center. At the time of sale, a variety of tenants fully occupied the center, including Marathon Petroleum, Subway, Wendy’s and Diamond Resorts.

February 7, 2019

Acquisitions Industrial Midwest Nebraska Self-Storage

Marcus & Millichap Brokers Sale of 587-Unit Self-Storage Property in Omaha

by Kristin Harlow February 7, 2019

OMAHA, NEB. — Marcus & Millichap has brokered the sale of I-80 Self Storage, a 587-unit self-storage property in Omaha. The 98,957-square-foot facility is located at 1930 Fletcher Ave. Built in 2013, the five-building property is situated on 5.2 acres. Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.

February 7, 2019

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