Property Type

Opus Breaks Ground on 152,000 SF Spec Industrial Development in Eagan, Minnesota

by Kristin Harlow August 28, 2019

EAGAN, MINN. — The Opus Group has broken ground on Dodd Road Business Center, a 152,000-square-foot industrial development in Eagan. Construction of the building is slated for the first quarter of 2020. The speculative project will sit on 10 acres and include 180 parking stalls, a clear height of 32 feet, 35 dock doors, two drive-in doors and an outdoor patio. Opus is the developer, design-builder, architect and engineer of record. Eric Rossbach and Bill Ritter of Colliers International will market the property for lease.

August 28, 2019

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Brokers $4.6M Sale of Multifamily Property in Naperville, Illinois

by Kristin Harlow August 28, 2019

NAPERVILLE, ILL. — Marcus & Millichap has brokered the sale of Maple Court Apartments in Naperville for $4.6 million. The 48-unit multifamily property is located at 1135 W. Ogden Ave. Eric Bell of Marcus & Millichap marketed the property on behalf of the seller. Andrean Angelov and Ryan Engle of Marcus & Millichap secured and represented the buyer.

August 28, 2019

Acquisitions Arizona Office Western

Black Salmon Acquires U.S. Bank Center in Phoenix for $93M

by Amy Works August 28, 2019

PHOENIX — Black Salmon, a national commercial real estate investment firm, has purchased U.S. Bank Center in Phoenix. Local news reports an acquisition price of $93 million, while Black Salmon claims a total capitalization of more than $107 million, inclusive of other costs. The buyer engaged in a joint venture with ScanlanKemperBard Cos., a privately held real estate merchant bank, for the transaction. Centrally located at 101 N. First Ave., the 375,862-square-foot, Class A office building is located in Phoenix’s downtown submarket. Currently, the high-rise building is 83 percent leased to a variety of tenants, including U.S. Bank, WeWork and Jacobs Engineering Group. The transaction also includes a separate, seven-story parking structure that sits in a designated Opportunity Zone. Additional terms of the transaction were not released.

August 28, 2019

Colorado Development Industrial Western

NorthPoint Development Buys 185 Acres for Stafford Logistics Center in Colorado

by Amy Works August 28, 2019

AURORA, COLO. — NorthPoint Development has closed on 185 acres of land that will be part of the site for Stafford Logistics Center, a 350-acre, 4.4 million-square-foot industrial and mixed-use development in Aurora. The property is located at the confluence of Interstate 70, Expressway 470, East Colfax Avenue and Picadilly Road. NorthPoint has already started construction on a 598,500-square-foot warehouse that is slated for delivery in the second quarter of 2020. Building 1 at Stafford Logistics Center will feature 136 trailer spaces, approximately 134 dock-high doors, four drive-in doors/ramps, 36-foot clear heights and ESFR sprinklers. Aaron Valdez, Tyler Smith and Alec Rhodes of Cushman & Wakefield Denver’s industrial team represented the undisclosed seller in the deal. Additionally, the Cushman & Wakefield team has been retained to handle the leasing efforts of Stafford Logistics Center.

August 28, 2019

Acquisitions Arizona Multifamily Western

IPA Arranges $58.5M Sale of Remington Ranch Multifamily Property in Metro Phoenix

by Amy Works August 28, 2019

LITCHFIELD PARK, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Remington Ranch, an apartment community in Litchfield Park, a western suburb of Phoenix. BRIO Investment Group sold the asset to JB Partners for $58.5 million, or $192,434 per unit. Remington Ranch is a two-story, low-density multifamily community featuring 304 apartments. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.

August 28, 2019

Acquisitions Office Washington Western

Schnitzer West, RMA Sells Four-Building Bellevue 520 Corridor Office Portfolio in Washington

by Amy Works August 28, 2019

BELLEVUE, WASH. — A joint venture between Schnitzer West and RMA has completed the disposition of Bellevue 520 Corridor Office Portfolio, two multi-tenant office assets located in Bellevue. Swift Real Estate Partners acquired the portfolio for $59 million. Totaling 185,930 square feet, the assets are known as Bel-Kirk 520 and Centra Office Park. At the time of sale, the portfolio was 93 percent leased. Situated on 7.2 acres at 11120 and 11130 NE 33rd Place, Bel-Kirk 520 consists of two two-story buildings offering a total of 94,221 square feet. Built in 1988, the property underwent a renovation in 2016 and features indoor and outdoor work spaces and an Avanti Market. Located at 11808 and 11820 Northrup Way, Centra Office Park consists of two three-story office buildings totaling 91,709 square feet on 4.7 acres. Built in 1983 and renovated in 2016, the property features an Avanti Market, outdoor plaza with seating areas, new monument signage and a renovated lobby. Kevin Shannon, Nick Kucha, Michael Moll, Rob Hannan and Bill Delacy of Newmark Knight Frank (NKF) represented the seller, while the buyer was self-represented in the deal. David Milestone and Brett Green, also of NKF, represented the buyer in securing new acquisition …

August 28, 2019

Development Florida Mixed-Use Southeast

CIM Group Breaks Ground on Mixed-Use Development in Miami

by Alex Tostado August 28, 2019

MIAMI — CIM Group has broken ground on a mixed-use development in Miami’s Wynwood neighborhood. The project will feature 27,000 square feet of street-level retail and studio space, about 60,000 square feet of office space, 257 apartment units and approximately 480 parking stalls. The yet-to-be-named project will span a city block from NE 22nd and NE 23rd streets, four miles north of downtown Miami. Three office floors will be situated above the street-level retail and studio space and extend across the full city block. Set above are two eight-story apartment buildings, one each at the northern and southern ends of the block. The residential units will offer studio to three-bedroom floor plans. The retail, office and apartments feature floor-to-ceiling windows. The project is anticipated to be complete in mid-2021. CIM acquired the fully entitled site in October 2018.

August 28, 2019

Acquisitions Multifamily Southeast Tennessee

CBRE Arranges Sale of Historic Multifamily Community in Nashville

by Alex Tostado August 28, 2019

NASHVILLE, TENN. — CBRE has arranged the sale of Hayes House, a 201-unit multifamily community in Nashville’s Hillsboro Village neighborhood. Hayes House was built in two phases in 1924 and 1997. Hayes House offers studio through three-bedroom floor plans and communal amenities such as a swimming pool, fitness center, business center and clubhouse. Russ Oldham, Brett Kingman and Steve Massey of CBRE represented the seller, Nicol Investment Co., in the transaction. An undisclosed buyer acquired the property. The sales price was not disclosed.

August 28, 2019

Acquisitions Multifamily Utah Western

CBRE Negotiates Sale of 293-Unit The Zeller Apartments in Salt Lake City

by Amy Works August 28, 2019

SALT LAKE CITY — CBRE has arranged the sale of The Zeller, a transit-oriented multifamily development in Salt Lake City. A joint venture partnership between Watt Investment Partners and certain funds managed by Westport Capital Partners sold the property for an undisclosed price. Completed in 2018, The Zeller features 293 apartment units, a 25-meter lap pool and rooftop lounge with a fire pit. Located at 2255 S. 300 East, the mid-rise community was 94 percent occupied at the time of sale. Eli Mills and Patrick Bodnar of CBRE’s Salt Lake City office represented the seller in the transaction. The buyer was not disclosed.

August 28, 2019

Acquisitions Florida Office Southeast

RealOp Purchases Office Buildings in Tampa for $15.1M

by Alex Tostado August 28, 2019

TAMPA, FLA. — RealOp Investments has purchased Grand Plaza Office Center, a twin, two-story office center totaling 134,843 square feet in Tampa. The purchase price was $15.1 million. The property was 83 percent leased at the time of sale and is located at 14497-14499 N. Dale Mabry Highway, 13 miles north of downtown Tampa. RealOp plans to invest in capital improvements across the two buildings, including cosmetic and mechanical renovations to the lobbies, common areas and exterior of the buildings to create modern spaces. The seller was not disclosed.

August 28, 2019

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