LOS ANGELES AND LONG BEACH, CALIF. — Goodman Group has acquired two industrial estates totaling 127 acres in Southern California. The acquisitions are the 90-acre former Boeing C-17 manufacturing plant in Long Beach, which has been renamed Goodman Commerce Center Long Beach, and a 37-acre former distribution center in Los Angeles renamed Goodman Commerce Center Los Angeles. Brett Hardy, Todd Anderson and Jeff Read of Newmark Knight Frank represented Boeing in the Long Beach deal. David Norrie of CBRE brokered the transaction of the Los Angeles property. The prices were not disclosed.
SANTA TERESA, N.M. — JLL has arranged the sale of 150 Earhardt Way, a 92,325-square-foot, three-tenant industrial building located in Santa Teresa, 13 miles northeast of El Paso, Texas. JLL’s Zane Marcell and Dustin Volz led efforts on behalf of the seller, GBP Santa Teresa LLC. JLL retained Adin Brown of Sonny Brown Real Estate as a local market expert in the transaction. The asset is 100 percent leased to three tenants and was sold to investment group BRI Earhardt LP. The price was not disclosed. The property is located in the Santa Teresa Intermodal Park adjacent to the Doña Ana International Airport and the Union Pacific Intermodal Terminal.
APACHE JUNCTION, ARIZ. — The NAI Horizon Manufactured Housing Investments team of Russ Warner, Andrew Warner and Victoria Filice has negotiated the $5.4 million sale of Palms Mobile Home Park, located at 1050 E. Broadway Ave. in Apache Junction. NAI Horizon represented the seller, Christine G. Weech Testamentary Trust & Hyrum Newell Weech Testamentary Trust of Safford, Ariz. Built in 1970, Palms Mobile Home Park is an age-restricted community with 89 spaces. Amenities include a clubhouse with meeting space and a kitchen, shuffleboard courts and lighted streets. The price equates to a 2.6 percent capitalization rate using 2018 actual income and expenses. The buyer was First Exchange Co., operating as a qualified intermediary for White Sands MHC LLC c/o MHC Management Services LLC of Tampa, Fla.
MINNEAPOLIS — Lingerfelt CommonWealth Partners LLC has acquired 222 South Ninth Street, a 42-story office tower in downtown Minneapolis. The purchase price was $81 million, according to the Minneapolis/St. Paul Business Journal. Principal Real Estate Investors sold the 727,170-square-foot tower, which will be rebranded as Two22. The new name stems from the property’s street address. Built in 1985, the building was originally known as the Piper Jaffray Tower and most recently the Campbell Mithun Tower. The property is 51 percent occupied. Lingerfelt plans to immediately implement an estimated $20 million comprehensive renovation, including modernization of the elevators, Skyway renovations, additional amenities, a lobby renovation and addition of an outdoor terrace. Lingerfelt will own the tower via its vertically integrated investment platform. Commonwealth Commercial Partners, the company’s affiliated real estate operating firm, will handle day-to-day property management for Two22 and open its first office in the Twin Cities. Atlantic Real Estate Capital arranged acquisition financing for the transaction. Ryan Watts, Judd Welliver, Sonja Dusil and Tom Holtz of CBRE arranged the sale on behalf of the seller.
CHICAGO — Greystone has provided $70.4 million in permanent financing through Fannie Mae for Morningside North Apartments in Chicago. Under a 20-year Section 8 Housing Assistance Payments (HAP) contract, all of the units at the 256-unit community are reserved for very-low income families making up to 60 percent of the area median income. The Fannie Mae refinancing has a 17-year term. Financed under the Fannie Mae MBS (Mortgage-Backed Securities) as Tax-Exempt Bond program, the borrower received tax-exempt financing from the Illinois Housing Development Authority in the form of long-term bonds. Additionally, Aegon is providing $30.5 million in tax credit equity that will be utilized for planned renovations. The transaction qualifies for the Fannie Mae Green Rewards Program, as the borrower plans to reduce water usage by 30 percent and energy use by greater than 15 percent. Built in 1981, Morningside North Apartments is an 18-story community made of primarily one-bedroom units. Amenities include a library, clubroom, community room, laundry room and storage space.
CHICAGO — Old Second Bank has awarded NAI Hiffman the management of 28 branches spanning 18 suburbs and the city of Chicago. Old Second Bank is a full-service banking business that provides customary consumer and commercial banking products. Its flagship bank, Old Second National Bank, was founded in 1871. The parent entity, Old Second Bancorp Holding Co., was founded in 1982 and is headquartered in Aurora, Ill.
HUTCHINSON, MINN. — The Cooper Commercial Investment Group has brokered the sale of County Fair Marketplace in Hutchinson, located 61 miles west of Minneapolis, for $5.6 million. The Aldi-anchored shopping center spans 60,208 square feet. Other tenants include PetSmart and Pizza Ranch. Dan Cooper of Cooper Commercial represented the Illinois-based institutional seller. A California-based private investor purchased the asset. The cap rate was 7.68 percent.
MILWAUKEE — Dave’s Guitar Shop LLC has signed a 5,209-square-foot retail lease in Milwaukee. The guitar store will occupy the space at 914 S. 5th St. Max Jacobson and Drew Speth of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction. The landlord was not disclosed. Dave’s Guitar Shop first opened in La Crosse, Wis. in 1982.
NEW YORK CITY — The neighborhood and community shopping center retail vacancy rate fell 10 basis points to 10.1 percent in the second quarter, according to New York-based commercial real estate data firm Reis. This is the first time in which vacancy has declined since the first quarter of 2016. For context, in the second quarter of 2018, the rate had risen 20 basis points to 10.2 percent and remained flat at that rate through the first quarter of this year. The tightening of available space is in contrast to the larger talking points about U.S. retail, which often claim a “retail apocalypse” is upon us as e-commerce continues to cause a sea change in how Americans shop. Reis information comes from its database of commercial real estate property information, spanning 77 primary metro areas. Both the national average asking rent and effective rent, which nets out landlord concessions, increased 0.4 percent in the second quarter. At $21.39 per square foot (asking) and $18.73 per square foot (effective), the average rents have both increased 1.7 percent since the second quarter of 2018. Mall outlook The regional mall vacancy rate rose 30 basis points in the first quarter to 9.3 percent, …
BELLEVUE, WASH. — Hines has broken ground on Summit 3, a 17-story office tower located in downtown Bellevue, a suburb of Seattle situated on the shores of Lake Washington. The Houston-based development firm has preleased the Class A, 374,220-square-foot office building to a tenant it did not disclose, but the Puget Sound Business Journal reports that Amazon has leased the entire tower with plans to grow its Bellevue employee base to 2,500 by 2020. The Seattle Times reported last week that the Seattle-based tech giant has also begun the permitting process for a new 43-story tower at 600 108th Ave., about two blocks north of Summit 3. Situated at the corner of 108th Ave. NE and N.E. 4th St., general contractor JTM Construction will build Summit 3 atop an existing subterranean parking garage that spans seven levels. Hines will develop the office space to accommodate high-density tech operations. The property is the third building within The Summit office campus, which includes Café Pogacha and a Bright Horizons childcare facility. Other onsite amenities at the Summit campus include a fitness center, conference center and The Summit Room, which functions as a combination of a lobby, lounge and meeting area. The U.S. …