SOUTHFIELD, MICH. — Secure 24 has signed a 100,000-square-foot office lease for its new headquarters in Southfield. The cloud services provider will occupy space at 4000 Town Center. Robert Badgero and Steve Badgero of Colliers International represented the tenant in the lease transaction. The landlord was not disclosed. Secure 24, which currently operates at 26955 Northwestern Highway in Southfield, expects to occupy its new space in the first quarter of 2020.
COLUMBUS, OHIO — Three new retailers have opened at Easton Town Center in Columbus, including Brandy Melville, Peloton and 7 For All Mankind. Brandy Melville is an Italian clothing and accessories brand geared toward teenage girls and young women. The brand has locations in 12 states. Peloton is an indoor cycling company with over 80 showrooms across the United States, United Kingdom and Canada. Customers can try out the bike and mobile classes firsthand. Los Angeles-based 7 For All Mankind is a denim retailer with more than 100 retail locations in North America, Europe, Asia and the Middle East. Easton Town Center, developed by The Georgetown Co., L Brands and Steiner + Associates, is a 1,300-acre mixed-use development for shopping, dining and entertainment. It is undergoing a $500 million expansion set to open late this year and early 2020.
LOS ANGELES — Decron Properties has purchased Alura, a multifamily property located in the Los Angeles neighborhood of Woodland Hills, for $79 million. Situated in the Warner Center district, Alura features 250 apartments in a mix of studio, one-, two- and three-bedroom layouts. Los Angeles-based Decron plans to implement a capital improvements plan to modernize the property, which was built in 1977. Renovations will include upgrades to interior units and exterior common areas. Gregory Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.
SAN JOSE, CALIF. — San Francisco-based Drawbridge Realty has completed the disposition of an office campus, located at 5300-5350 Hellyer Ave. in San Jose. An affiliate of the Empire Square Group acquired asset for $55.5 million. Cobham Advanced Electronic Solutions occupies utilizes the 160,000-square-foot campus as its corporate headquarters. Scott Prosser, Joe Moriarty and Jack DePuy of CBRE represented Drawbridge in the transaction.
American Street Capital Arranges $9.6M Refinancing for Multifamily Portfolio in Oak Forest, Illinois
OAK FOREST, ILL. — American Street Capital (ASC) has arranged $9.6 million in permanent debt for the refinancing of a 149-unit multifamily portfolio in Oak Forest, a suburb of Chicago. The portfolio comprises three separate properties, each with one-, two- and three-bedroom units. Igor Zhizhin of ASC arranged three nonrecourse loans with a correspondent agency lender. The borrower was not disclosed.
DENVER — Griffin Capital Essential Asset REIT has completed the sale of a Class A office building located at 7601 Technology Way in Denver. An undisclosed real estate investment trust acquired the property for $48.8 million. The seven-story, 191,368-square-foot property was 95 percent occupied at the time of sale. Jackson National Life Insurance Co. renewed a long-term lease and Zoom Video Communications executed a long-term lease for approximately 58,000 square feet of space at the asset. Mike Winn and Tim Richey of CBRE Capital Markets represented the seller in the deal.
BLUE ISLAND, ILL. — Marcus & Millichap has brokered the $5.8 million sale of Islander Apartments in Blue Island, about 16 miles south of Chicago. The 84-unit apartment building is located at 1900 Broadway St. Randolph Taylor of Marcus & Millichap’s Oak Brook office marketed the property on behalf of the seller, an individual trust. Kellan Moll, Mitchell Loofburrow and Scott Morasch of Marcus & Millichap’s Seattle office represented the buyer, also an individual trust.
CLACKAMAS, ORE. — McMillin LLC has purchased Courtyard by Marriott Portland Southeast/Clackamas, a hotel located at 9300 SE Sunnybrook Blvd. in Clackamas, 12 miles southeast of Portland. An institutional seller sold the property for an undisclosed sum. Renovated in 2016, the four-story hotel features 136 guest rooms and suites, three meeting rooms, an on-site bistro, indoor swimming pool and whirlpool, fitness center, business center, 24-hour sundry shop and a boarding pass station. Scott Hall, Tim Wright, Casey Davidson, Nick Kassab, Aaron Lapping and Blake Malecha of JLL represented the seller in the deal.
SEATTLE — A joint venture between Holland Partner Group and North America Sekisui House LLC (NASH) has broken ground on 2019 Boren, a planned 44-story, 410-unit multifamily tower in downtown Seattle. Located at 2019 Boren Ave., the 484-foot tower will also offer three floors of commercial space as well as a ground-floor performing arts hall and art gallery created exclusively for Cornish College of the Arts, located across the street. “This started with a meeting with the leadership of Cornish College of the Arts in May of 2016 to think about what might be possible with this incredible location in the heart of Seattle,” says Tom Parsons, executive managing director of Vancouver, Wash.-based Holland Partner Group. “Cornish is a vital part of our community, and we have really enjoyed being on this journey with them. The groundbreaking is a significant milestone for all of us and we couldn’t be any more excited about what’s to come,” adds Parsons. The building will serve as the gateway to the Cornish College of the Arts campus, according to Raymond Tymas-Jones, president of the college. “The gallery and performing arts space, inside and outside, will create an environment for learning that provides a public …
Student housing amenities used to have a reputation in the popular press and in most multifamily circles for over-the-top extravagance. “Millennials came into the space when it was an all-out amenities war,” says Madison Meier, vice president of business development at Austin, Texas-based Campus Advantage. “Everyone was on standby wondering, ‘What’s going to be the next big thing? Lazy river? Climbing wall? Golf simulator? It felt like every developer was grasping at straws to find their unique, defining amenity.” A generational changing of the guard, along with rising construction costs, has muted some of those larger-than-life community perks. The New York Times recently interviewed Campus Advantage about this very topic, having caught wind of the company’s promotion of its intangible “success amenities.” The article, published on June 25, says student housing amenities today directly support the gig economy through shared study spaces, sophisticated digital networks and well-planned fitness centers. Mental, social and financial health are the main aspirations of Gen Z, where extravagance takes the form of Peloton bikes and creatively designed, high-tech study nooks that do double duty as flexible social space. Campus Advantage’s success amenities are provided by its Students First residence life program, which preps students to …