Property Type

Los-Alamitos-Corporate-Center-Los-Alamitos-CA

Pension Fund Advisors Acquires 685,588 SF Industrial Complex Near Los Angeles for $128.5M

by Amy Works July 22, 2019

LOS ALAMITOS, CALIF. — Alere, a pension fund advisor, has purchased Los Alamitos Corporate Center, an industrial complex located in Los Alamitos. Northwestern Mutual sold the asset for $128.5 million. Situated on 36.9 acres, the 17-building complex is located at 4332-4478 Cerritos Ave., 10541-10681 Calle Lee and 4392-4465 Corporate Center Drive. At the time of sale, the 685,588-square-foot asset was 98 percent leased to 82 tenants. The buildings range in size from 11,788 square feet to 134,186 square feet. Darla Longo, Barbara Perrier, Brett Hartzell, Rebecca Perlmutter Finkel, Eric Cox and Laird Perkins of CBRE represented the seller in the transaction.

July 22, 2019

Acquisitions Colorado Office Western

Cushman & Wakefield Brokers $14.3M Office Asset Sale in Metro Denver

by Amy Works July 22, 2019

HIGHLANDS RANCH, COLO. — Cushman & Wakefield has negotiated the sale of two office buildings located at 200 and 300 Plaza Drive within Highlands Ranch Business Park in Highlands Ranch, a southern suburb of Denver. A private partnership acquired the assets for $14.3 million, or $192 per square foot. Aaron Johnson and Jon Hendrickson of Cushman & Wakefield Denver’s Capital Markets Group facilitated the transaction. Combined the properties offer 74,778 square feet of multi-tenant office space. At the time of sale, the two buildings were 99 percent occupied. The buildings were constructed in 1997/1999 and renovated in 2008..

July 22, 2019

Illinois Loans Midwest Multifamily

KeyBank Provides $43M Refinancing for Multifamily Portfolio in Chicago

by Kristin Harlow July 22, 2019

CHICAGO — KeyBank Real Estate Capital has provided a $43 million Fannie Mae loan for the refinancing of a portfolio of nine multifamily buildings in Chicago known as Maynard at Elaine. The portfolio includes two adjacent parking lots comprising 101 spaces. The borrower, CLK Properties, purchased the portfolio in 2015 and completed a $9 million capital improvement plan. CLK’s management company manages the buildings. Erik Storz of KeyBank originated the loan. CLK is participating in the Fannie Green Rewards program, which provides financial incentives for owners that make water or energy conservation improvements to their properties within 12 months of the loan closing.

July 22, 2019

Acquisitions Arizona Multifamily Seniors Housing Western

Blueprint Arranges Sale of 103-Bed Skilled Nursing Facility in Tucson

by Amy Works July 22, 2019

TUCSON, ARIZ. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Santé of Tucson, a 103-bed short-term rehabilitation and transitional care facility in Tucson. The property was built in 2017, but struggled with occupancy and was placed into SEC receivership under the supervision of Thomas Seaman and Associates. Blueprint was brought on to market the property as a turnaround opportunity with a HUD assumption. A Chicago-based owner-operator that recently had success with another turnaround opportunity in Tucson bought the asset for an undisclosed price. The new owners rebranded the community as Sapphire Estates Rehab Centre. HUD approval for the loan assumption took approximately two months to complete, despite the government shutdown for part of the year. The Blueprint transaction team consisted of Amy Sitzman, Jacob Gehl and Humair Sabir.

July 22, 2019

Acquisitions Arizona Mixed-Use Multifamily Retail Western

LJ Mainstreet Holdings Acquires 45-Unit Apartment Property in Arizona

by Amy Works July 22, 2019

BUCKEYE, ARIZ. — Mesa, Ariz.-based LJ Mainstreet Holdings has purchased Main Street Lofts at Verrado, a multifamily property located at 21068 W. Main St. in Buckeye, a suburb of Phoenix. Omaha, Neb.-based Waitt Verrado LLC sold the asset for $5.2 million. Situated within the Verrado master-planned community, Main Street Lofts features 45 units averaging 994 square feet, as well as a CVS/pharmacy and Basha’s grocery on the ground floor. Matt Kolano and Charlie Steele of Jones Lang LaSalle of Phoenix represented the seller, while Chris Roach and Matt Roach of Colliers International in Arizona represented the buyer in the deal.

July 22, 2019

Development Illinois Industrial Midwest

Conor Commercial Begins Development of 150,000 SF Spec Industrial Building in Prospect Heights, Illinois

by Kristin Harlow July 22, 2019

PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has begun development of Executive Commerce Center in Prospect Heights. The 150,000-square-foot speculative industrial building will sit on 10 acres and feature a 32-foot clear height, 25 truck docks, two drive-in doors and parking for 165 cars. Completion is slated for the end of this year. McShane Construction Co. is the general contractor and Ware Malcomb is the architect. Denise Chaimovitz and Sean Sloan of Paine Wetzel are marketing the property for lease on behalf of Conor.

July 22, 2019

Development Industrial Iowa Midwest Self-Storage

StorageMart Expands Climate-Controlled Facility in Des Moines

by Kristin Harlow July 22, 2019

DES MOINES, IOWA — StorageMart has expanded its facility located at 1800 E. Army Post Road in Des Moines. The self-storage property now includes two climate-controlled buildings with 155 units. Both buildings feature large drive-in loading bays. StorageMart also expanded the office area, which now offers a variety of packing and moving supplies. The expanded facility also includes 25 additional boat, recreational vehicle and car parking spots on newly paved lots.

July 22, 2019

Industrial Leasing Activity Midwest Ohio

Modern Builders Supply Signs 125,000 SF Industrial Lease in Toledo, Ohio

by Kristin Harlow July 22, 2019

TOLEDO, OHIO — Modern Builders Supply Inc. has signed a 125,000-square-foot industrial lease at 4100 Bennett Road in Toledo. The locally based company, which was founded in 1944 and distributes name-brand roofing, siding, windows and doors, has more than doubled its warehouse space with this new lease. Lynette Reichle of Reichle Klein Group represented the tenant in the lease transaction. Ronald Jurgenson of Reichle Klein represented the landlord, I.B.C. Inc.

July 22, 2019

Acquisitions Industrial Michigan Midwest

SVN |Stewart Commercial Negotiates $3.8M Sale of Ann Arbor Industrial Property

by Kristin Harlow July 22, 2019

ANN ARBOR, MICH. — SVN |Stewart Commercial Group LLC has negotiated the sale of a 46,356-square-foot industrial property in Ann Arbor for $3.8 million. The building, located at 5500 S. State St., is net leased to Adaptive Energy LLC, a fuel cell manufacturer. Dan Stewart of SVN |Stewart marketed the property on behalf of the seller, MiPlace LLC. He also procured the buyer, JPL Ventures LLC.

July 22, 2019

Development Industrial Midwest Ohio Top Stories

Amazon to Open Two 700,000 SF Fulfillment Centers in Ohio

by Taylor Williams July 22, 2019

AKRON AND ROSSFORD, OHIO — Amazon (NASDAQ: AMZN) will open two fulfillment centers in Ohio in a move that will bring more than 2,500 new jobs to the northern part of the state. The properties, each of which will span more than 700,000 square feet, will be located in Akron and Rossford, the latter being a suburb of Toledo. The developments will be the e-commerce giant’s seventh and eighth industrial assets in Ohio, and will be used to sort, pack and ship various items to customers in the region. According to the Akron Beacon Journal, the Akron facility will be developed at the site of the former Rolling Acres mall, which was recently foreclosed upon and demolished. Construction is scheduled to begin in September, the paper reports. Amazon did not disclose additional timelines for the openings of the centers. “Ohio has been a great place to do business, serve customers and create jobs,” says Alicia Boler Davis, Amazon’s vice president of global customer fulfillment. “We’re excited to grow our team in the Buckeye state, which now includes more than 8,500 Amazonians.” “Amazon continues to demonstrate confidence in the great workforce and e-commerce business climate we have in Ohio,” adds Ohio …

July 22, 2019

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