Property Type

Weiss Development Sells Los Angeles County Retail Portfolio for $35M

by Amy Works January 10, 2019

LOS ANGELES — Beverly Hills, Calif.-based Weiss Development has completed the sale of a four-property retail portfolio located in Los Angeles’ Northridge and South Bay neighborhoods. A mix of private and institutional investors acquired the portfolio for $35 million. Totaling more than 65,400 square feet, the properties include a Petco-occupied asset in Northridge and a Petco-occupied, an Office Depot-occupied and a multi-tenant property in South Bay. Tenants at the multi-tenant property include Starbucks Coffee, Subway, Flame Broiler and Sushi Boy. Bill Bauman, Kyle Miller and Dan Samulski of Newmark Knight Frank represented the seller in the transaction.

January 10, 2019

Acquisitions California Industrial Utah Western

Nearon Adds 730,000 SF of Industrial Space to its California, Utah Holdings

by Amy Works January 10, 2019

SACRAMENTO, CALIF., AND SALT LAKE CITY — Nearon has added 730,000 square feet of industrial space to its portfolio of industrial properties through two separate transactions. In the first deal, Nearon acquired three buildings, totaling 521,000 square feet, in Sacramento, for an undisclosed price. American Building Supply, a subsidiary of Jeld-Wen Holding, occupies and utilizes the properties for manufacturing, distribution and headquarters functions. The portfolio includes a 196,267-square-foot asset at 8360 Elder Creek Road, a 217,500-square-foot building at 6300 S. Watt Ave. and a 108,000-square-foot property at 8920 43rd Ave. Nick Rini of Nearon directed the Sacramento portfolio acquisition, while Kevin Partington and Matt Cologna of Cushman & Wakefield represented the undisclosed seller. In the second transaction, the company completed a sale-leaseback with Regis Corp. for an 210,000-square-doot distribution center located at 5300 W. Harold Gatty Drive within Salt Lake International Center in Salt Lake City. Upon close of escrow, Regis leased the property, which was developed as a build-to-suit for the tenant in 2001, for 15 years. Chang Soo Lee of Nearon orchestrated the off-market acquisition and sale-leaseback, while Wick Udy and Andrea Robb of JLL sourced the transaction on behalf of Nearon. With these acquisitions, Nearon’s industrial portfolio …

January 10, 2019

California Loans Retail Western

CBRE Facilitates $25.9M Acquisition Loan for North Ranch Gateway in Westlake Village

by Amy Works January 10, 2019

WESTLAKE VILLAGE, CALIF. — CBRE has arranged $25.9 million in debt financing Palm Beach, Fla.-based Sterling Organization’s acquisition of North Ranch Gateway, a retail center in Westlake Village. The vertically integrated private equity real estate firm purchased the 86,520-square-foot property for $35 million in 2018 on behalf of its managed funds. Located at 30805-30895 Thousand Oaks Blvd., the property is anchored by TJ Maxx and was 78 percent occupied at the closing of financing. Shaun Moothart, Dana Summers, Bruce Francis, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the floating-rate financing.

January 10, 2019

Acquisitions California Hospitality Western

Marcus & Millichap Directs $8.6M Sale of 82-Room Hotel in Patterson, California

by Amy Works January 10, 2019

PATTERSON, CALIF. — Marcus & Millichap has arranged the sale of Best Western Plus Villa Del Lago Inn, a hospitality property located at 2959 Speno Drive in Patterson. A limited liability company sold the property for $8.6 million. Built in 2000, the property features 82 interior corridor rooms and a restaurant, Francesca’s Restaurant and Lounge. Gordon Allred and Kelly Hansen of Marcus & Millichap represented the seller and the buyer, a limited liability company, in the deal.

January 10, 2019

Acquisitions Office Oregon Western

Compass Commercial Real Estate Negotiates $3.4M Sale of Office Building in Bend, Oregon

by Amy Works January 10, 2019

BEND, ORE. — Compass Commercial Real Estate has brokered the sale of The Scanlon Building, an office property located at 300 SW Columbia St. in Bend. Clise Realty sold the property to Paul and Tanya Alston for $3.4 millon. The two-story property features 12,395 square feet of office space. Jay Lyons and Grant Schultz of Compass Commercial Real Estate represented the seller, while Lyons, Schultz and Peter May, also of Compass Commercial, represented the buyer in the transaction.

January 10, 2019

Acquisitions Illinois Midwest Multifamily

FPA Multifamily Acquires Apartment Building in Chicago’s North Shore

by Kristin Harlow January 10, 2019

VERNON HILLS, ILL. — FPA Multifamily LLC has acquired The Commons at Town Center in the North Shore community of Vernon Hills for an undisclosed price. The property consists of 85 apartment units and more than 10,000 square feet of ground-floor retail space leased to Sam Martirano Salon & Spa, Hawthorn Dental Associates, Design Studio Jewelry, Eight Piece and Giuseppe’s Pizza. Completed in 2010, the six-story property is located just northwest of Highway 45 and North Milwaukee Avenue. Community amenities include a heated parking garage, fitness center, hospitality room and resident lounge. Both the residential and retail components are fully leased. Wick Kirby, Sean Fogarty, Marty O’Connell and Kevin Girard of HFF marketed the property on behalf of the seller, Inland Residential Properties Trust Inc. The team also procured the buyer.

January 10, 2019

Development Hospitality Midwest Ohio

26-Room River Bend Hotel to Open in Ashtabula, Ohio

by Kristin Harlow January 10, 2019

ASHTABULA, OHIO — The Ashtabula City Council has approved a 10-year, 75 percent tax abatement for the development of the city’s first hotel in almost 99 years. The 25,000-square-foot, 26-room River Bend Hotel will be located on a vacant strip of land at the corner of West 6th Street and Goodwill Drive. Erie Bank is providing a $3.1 million loan. The $5 million project will be further financed by public funds from the city and county as well as through funds from the Ashtabula County 503 Corp., whose mission is to promote job creation and economic development in the county. Ashtabula is known for its wineries, lake recreation and covered bridges. The property will include a first-floor wine bar, 500-square-foot conference room, fitness center and lobby with fireplace. Former resident Todd Canter proposed the hotel. Canter formerly served as Asia Pacific CEO for LaSalle Investment Management Securities. Local businesses such as Laurello Vineyards, Delta Railroad, Iten Industries and JCI Contractors are teaming with Canter on the hotel development. Architectural design firm Stephen Berry has been selected for the project. A third-party hotel management firm, yet to be selected, will manage the property. A timeline for completion was not disclosed.

January 10, 2019

Acquisitions Illinois Midwest Multifamily

Interra Brokers $6.6M Sale of Apartment Property in Evergreen Park, Illinois

by Kristin Harlow January 10, 2019

EVERGREEN PARK, ILL. — Interra Realty has brokered the sale of Riviera Apartments for $6.6 million. The 84-unit apartment property is located at 9739 S. Kedzie Ave. in Evergreen Park, approximately 15 miles south of Chicago. Built in 1968, the property includes three buildings. James Clough of Interra represented both the buyer and the seller. The buyer plans to make interior renovations, including new kitchens and baths, in order to boost rents to the market rate.

January 10, 2019

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $2.5M Sale of Retail Property in Bourbonnais, Illinois

by Kristin Harlow January 10, 2019

BOURBONNAIS, ILL. — Marcus & Millichap has arranged the sale of a 6,200-square-foot retail property in Bourbonnais for $2.5 million. The building is fully leased to Five Guys, Firehouse Subs and Lacey’s Place. Located at 1609-1617 N. State Route 50, approximately 54 miles south of Chicago, the property is a newly constructed outparcel to the Water Town Plaza shopping center. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller. A California-based buyer purchased the asset.

January 10, 2019

Acquisitions Industrial Midwest Wisconsin

Dickman Co./CORFAC International Negotiates Sale of 23,100 SF Industrial Building in Milwaukee

by Kristin Harlow January 10, 2019

MILWAUKEE — The Dickman Co. Inc./CORFAC International has negotiated the sale of a 23,100-square-foot industrial building in Milwaukee for an undisclosed price. The property is located at 5800 W. Douglas Ave. Overseas Hardwood Co. Inc. purchased the building from Jonco Properties. Samuel Dickman Jr. and Zach Hansen of Dickman brokered the transaction.

January 10, 2019

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