Property Type

Tishman Speyer Set to Break Ground on 270,000 SF Office Project in Chicago’s Fulton Market

by Kristin Harlow September 19, 2019

CHICAGO — Tishman Speyer has released renderings for 320 N. Sangamon, a 13-story, 270,000-square-foot office project in Chicago’s Fulton Market District. Along with its co-developer Goodman & Associates, Tishman Speyer plans to break ground on the project on Thursday, Sept. 26. Completion is slated for the first quarter of 2021. The building will feature floor plates ranging from 25,000 to 28,000 square feet. Employees at the property will have access to ZO, Tishman Speyer’s offering of lifestyle services and amenities. Solomon Cordwell Buenz is the project architect. Ellen May and Joe Gordon of Tishman Speyer will market the property for lease.

September 19, 2019

Development Industrial Midwest Ohio

PCCP, Pizzuti to Develop 539,094 SF Spec Industrial Development in Columbus, Ohio

by Kristin Harlow September 19, 2019

COLUMBUS, OHIO — PCCP has formed a joint venture with The Pizzuti Cos. to develop a two-building industrial complex in Columbus totaling 539,094 square feet. Known as Rickenbacker West II and III, the speculative project will be situated adjacent to CreekSide Industrial Center. Completion is slated for mid-2020. The 277,692-square-foot Rickenbacker II will be situated on 16.9 acres while the 261,402-square-foot Rickenbacker III will be situated on 22.9 acres. Both facilities will feature a clear height of 32 feet, secure truck courts, LED warehouse lighting and ample parking.

September 19, 2019

Iowa Loans Midwest Multifamily

Dougherty Provides $26.7M Refinancing for Apartment Complex in Des Moines

by Kristin Harlow September 19, 2019

DES MOINES, IOWA — Dougherty Mortgage LLC has provided a $26.7 million Fannie Mae loan for the refinancing of Soll Apartments in Des Moines. Constructed in 2018, the 165-unit apartment complex rises four stories and includes 12,996 square feet of retail space. Amenities include a fitness center, community room, rooftop patio, pool and bike storage. The 15-year loan features a 30-year amortization schedule. 2301 Ingersoll LLC was the borrower.

September 19, 2019

Acquisitions Healthcare Midwest Ohio

Cooper Group Brokers $4.3M Sale of Two-Building Medical Asset in Toledo, Ohio

by Kristin Harlow September 19, 2019

TOLEDO, OHIO — Cooper Commercial Investment Group has brokered the sale of a two-building medical asset anchored by Bon Secours Mercy Health in Toledo for $4.3 million. The property is fully leased. Dan Cooper of Cooper Group represented the seller, a private investment group. Cooper also procured the buyer, a Texas-based medical real estate company. The sales price represents a cap rate of 8.1 percent.

September 19, 2019

Illinois Leasing Activity Midwest Office

Coworking Concept Offix Opens in Chicago’s Pilsen Neighborhood

by Kristin Harlow September 19, 2019

CHICAGO — International coworking company Offix has opened its first U.S. office at Catalyst Lofts in Chicago’s Pilsen neighborhood. Offix occupies 6,394 square feet at 917 W. 18th St. Besides flexible workspace and private offices, Offix members have access to meeting rooms, business lobbies, a fully equipped kitchen and event lounge. Chad Schroedl and Adam Thomas of SVN Chicago Commercial represented the undisclosed landlord in the lease transaction. Leibel Moscowitz of Vandon Forbes Real Estate represented the tenant.

September 19, 2019

Acquisitions Industrial New York Northeast

JLL Brokers $44.1M Sale of Warehouses, Land in Brooklyn

by Alex Patton September 19, 2019

NEW YORK CITY — JLL has brokered the $44.1 million sale of an industrial development site with three adjacent warehouses in Brooklyn. The property consists of three adjacent, single-story warehouses totaling 51,155 square feet and can support an additional 97,910 square feet of new development. Brendan Maddigan, Stephen Palmese, Winfield Clifford, Michael Mazzara and Ethan Stanton of JLL represented the seller, EcoRise Development LLC. The JLL team also represented the buyer, 473 President LLC.

September 19, 2019

Acquisitions Office Washington Western

Goodman Real Estate Sells 300,000 SF Medical Dental Building in Seattle for $113M

by Amy Works September 19, 2019

SEATTLE — Goodman Real Estate has completed the sale of the Medical Dental Building, a historic office/medical office building located in Seattle’s central business district. Menashe Properties acquired the asset for $113 million. Constructed in two phases in 1925 and 1950, the 18-story landmark building was renovated in 2008 and recently underwent more than $25 million in building upgrades, including new lobby finishes and the creation of a winter garden common area. A diverse roster of over 130 professional tenants, including Seattle-based Bartell Drug Co., Deltek and The Polyclinic, occupy the building. Kevin Freels, Logan Greer, Michael Leggett and Gerry Rohm of JLL Capital Markets represented the seller in the deal.

September 19, 2019

California Civic Development Office Western

C.W. Driver Starts Construction of $43.3M Mt. San Jacinto College Temecula Valley Campus in California

by Amy Works September 19, 2019

TEMECULA, CALIF. — C.W. Driver Cos., as general contractor, has started construction of Mt. San Jacinto College’s (MSJC) new $43.3 million, 350,000-square-foot Temecula Valley Campus in Temecula. The project consists of a seismic retrofit and tenant improvement of an existing office building, creating a new campus and addressing current classroom shortages. The building’s twin five-story, 175,000-square-foot towers will be converted from office space into classrooms, laboratories and offices to serve MSJC students. The fifth floor will be entirely lab space. Other upgrades will include a kitchen, fitness center and lounges for students and faculty use. Located at 41888 Motor Car Parkway, the first phase of the 27-acre campus includes all seismic retrofits and full build-out of three floors. The phase is slated for completion in time for the fall 2020 semester. The second phase is scheduled for completion by summer 2021. PMSM/Nineteen Six Architects is serving as architect for the project. MSJC acquired the property from Abbot Laboratories with Measure AA facilities bond funds, which were approved to fund improvements to existing facilities and purchase new assets to accommodate increasing student enrollment.

September 19, 2019

Acquisitions California Office Western

Taiwan-based HCT Logistics Co. Buys 87,210 SF Office Asset in Southern California for $19.9M

by Amy Works September 19, 2019

SAN DIMAS, CALIF. — HCT Logistics Co., a Taiwan-based logistics and investment company, has purchased an office building located at 955 Overland Court in San Dimas. 955 Overland Venture LLC sold the asset for $19.9 million. Totaling 87,210 square feet, the two-story property was fully leased at the time of sale. Current tenants include the County of Los Angeles, United Nurses of California and Med-Legal. Mark Shaffer, Anthony DeLorenzo, Gary Stache, Doug Mack, Mark Perry and Carlene O’Neil of CBRE represented the seller in the all-cash transaction.

September 19, 2019

Industrial Loans Office Oregon Western

Ready Capital Funds $13.8M Loan for Flex Property in Portland, Oregon

by Amy Works September 19, 2019

PORTLAND, ORE. — Ready Capital has provided a $13.8 million loan for the acquisition, repositioning and lease-up of a flex property located in Portland’s Central East Side submarket. The undisclosed sponsor plans to use loan proceeds to convert the current industrial buildings into modern creative office spaces. The transformation will include connecting the building via a modernized tenant entry and common area, complemented by a new elevator system. Additionally, the repositioning will include rooftop access, improved common areas, updated exteriors and additional parking. Upon completion, the asset will offer approximately 57,000 square feet of office space. Ready Capital’s National Bridge Originations Team closed the non-recourse, interest-only, floating-rate loan. The financing features a 36-month term with two extension options and flexible prepayment, while including a facility to provide future funding for capital expenditures, tenant leasing costs and an interest reserve.

September 19, 2019

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