Property Type

Pioneer Construction Builds 202-Unit Apartment Complex in Downtown Grand Rapids

by Kristin Harlow July 2, 2019

GRAND RAPIDS, MICH. — Pioneer Construction has completed construction of 601 Bond Apartments in downtown Grand Rapids. Ghafari Associates provided architecture and interior design services for the 16-story, 202-unit development. Time Equities is the developer and KMG Prestige is the property manager. The property includes covered parking and 4,000 square feet of retail space. Additional amenities include a rooftop deck, fitness center, lounge and pet grooming station. Monthly rental rates start at $1,399.

July 2, 2019

Acquisitions Illinois Midwest Multifamily

Essex Brokers $5.3M Sale of 41-Unit Multifamily Building in Chicago’s Logan Square

by Kristin Harlow July 2, 2019

CHICAGO — Essex Realty Group has brokered the sale of a 41-unit multifamily building in Chicago’s Logan Square neighborhood for $5.3 million. The property is located at 1627 N. Humboldt Blvd., near the 606 Bloomingdale Trail. The 33 studios and eight one-bedroom units are fully renovated. Doug Imber, Kate Varde and Clay Maxfield represented the seller, a venture of 1627 N. Humboldt HHI LLC. The seller purchased the property for $2.8 million in 2015. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, 1627 Humboldt LLC.

July 2, 2019

Industrial Leasing Activity Midwest Wisconsin

Founders 3 Arranges 28,930 SF Flex Industrial Lease in Wisconsin

by Kristin Harlow July 2, 2019

NEW BERLIN, WIS. — Founders 3 Real Estate Services has arranged a 28,930-square-foot flex industrial lease in New Berlin. Brett Deter and Scott Revolinski of Founders 3 represented the landlord, LCM Funds 50 Tennis LLC. The tenant, GWI Ventures LLC, is a company founded to expand opportunities for youth and adult sports in Southeast Wisconsin. It intends to develop an indoor sport court facility for operating leagues and providing training space.

July 2, 2019

Illinois Leasing Activity Midwest Office

Cawley Chicago Negotiates Three Lease Transactions at Suburban Chicago Office Building

by Kristin Harlow July 2, 2019

DES PLAINES, ILL. — Cawley Chicago has negotiated three lease transactions totaling 17,432 square feet at 1111 E. Touhy Ave. in Des Plaines. Cawley represented the landlord, Siete7 LLC in each lease. Architectural and engineering firm Kellermeyer, Godfryt Hart signed a lease for 10,153 square feet. Andrew Kaplan of CBRE represented the tenant. RelaDyne, a distributor of packaged and bulk oils, lubricants and fuels, leased 6,346 square feet. Kevin Segerson and Dan Graham of CBRE represented the tenant. Ryan Freed, Tony Russo and Rawly Lantz of Cawley also arranged a nearly 1,000-square-foot lease with an undisclosed tenant. Siete7 plans to roll out new amenities and property enhancements at the five-story building this summer.

July 2, 2019

Acquisitions Colorado Multifamily Western

Nexus Negotiates $2.6M Sale of Multifamily Property in Metro Denver

by Jeff Shaw July 2, 2019

WESTMINSTER, COLO. — Nexus Commercial Realty LLC has closed on the $2.6 million sale of The Abbey at Westminster, a 16-unit multifamily property at 7120 Hooker St. in Denver. Austin Smith and Sean Holamon of Nexus represented the seller, 7120 Hooker LLC. Gunnar Wilson, Brandon Kaufman and Nik McCarter represented the buyer, Claude and Tiffany Cismaru. The Abbey at Westminster totals 11,888 square feet and offers a mix of one- and two- bedroom units.

July 2, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $2.3M Sale of Two-Tenant Retail Property in California

by Jeff Shaw July 2, 2019

RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $2.3 million sale of a two-tenant retail property occupied by a Jack in the Box restaurant with a drive-thru and a Verizon cell tower at 1115 W. La Cadena Drive in Riverside. The sale was made at a 4.52 percent capitalization rate. Hanley’s Austin Blodgett and Eric Wohl represented the seller, Greens Capital Ventures LLC, an affiliate of Irvine, Calif.-based Greens Group Inc. Allen Park of Packo Investments represented the unnamed buyer. Built in 2018, the 1,869-square-foot Jack in the Box building sits on a 0.49-acre lot.

July 2, 2019

Features Industrial Texas

Cold Storage Yet to Tap Full Potential

by Taylor Williams July 2, 2019

Across the country, natural population growth is triggering demand for more space for the manufacturing, processing, storing and distributing of food. Cold storage facilities cater to this demand by offering numerous types of warehousing solutions, from chilled spaces for dairy products and dry fruits and vegetables to freezer facilities for meat and seafood. Most major grocers are slowing their paces of new store openings while also developing their online delivery platforms, the latter of which is a key demand generator for cold storage facilities. A 2018 study by Food Marketing Institute and global market research firm Nielsen found that the online grocery shopping market will ensnare 70 percent of consumers to some degree by 2024. The report also projected that the percentage of online grocery shopping relative to total grocery sales would grow significantly in the coming years from its mark of 3 percent in 2017. Total online grocery sales are eventually expected to exceed $100 billion. According to some industry experts, that growth translates to a need for an additional 40-some million square feet of cold storage product — just to meet demand for online groceries. The advent of meal kits — online platforms that provide ingredients and recipes …

July 2, 2019

Acquisitions California Mixed-Use Retail Top Stories Western

Regency Centers Purchases Retail Component of Silicon Valley Mixed-Use Project for $212.5M

by John Nelson July 2, 2019

CAMPBELL, CALIF. — Regency Centers Corp. (Nasdaq: REG) has acquired the retail component of The Pruneyard, a 27-acre mixed-use development in Silicon Valley that dates back to 1969. The Jacksonville, Fla.-based shopping center owner and developer purchased the property from a joint venture between Ellis Partners and investment funds managed by an affiliate of Fortress Investment Group LLC for $212.5 million. Situated in Campbell near State Route 17, The Pruneyard’s 258,000-square-foot shopping center is anchored by Trader Joe’s. The site was formerly a pear and prune orchard before the Brynteson family sold it in 1966, according to the Silicon Valley Business Journal. The recently renovated development also features three office towers spanning 365,000 square feet and a 171-room DoubleTree by Hilton hotel that were not part of the transaction. Other retailers and restaurants at The Pruneyard include Pruneyard Dine-In Cinemas, Marshall’s, Rock Bottom Brewery, Sports Basement, Café Artemis, Buca di Beppo, Peet’s Coffee, Chase Bank and Massage Envy. Coming to the center this fall are fitness concept Row House and DIY workshop retailer Board & Brush. Bryan Ley and Eric Kathrein of HFF represented the sellers in the transaction. San Francisco-based Ellis Partners is retaining a minority interest in the …

July 2, 2019

Acquisitions Nevada Retail Western

Gindi Capital Acquires Las Vegas Strip Property for $172M

by Kristin Harlow July 1, 2019

LAS VEGAS — Gindi Capital, a privately held investment company, has acquired a 9.5-acre property on the Las Vegas strip for $172 million from FX Luxury Las Vegas, an affiliate of Spectrum Group Management. The property is located at 3743-3759 Las Vegas Blvd., adjacent to Gindi’s other holdings on the strip, and contains 700 feet of street frontage. Gindi Capital is working with its development and design teams to plan a new flagship retail, entertainment and dining experience inside the building.

July 1, 2019

California Development Office Western

Adobe Breaks Ground on North Tower at San Jose Headquarters

by Kristin Harlow July 1, 2019

SAN JOSE, CALIF. — Adobe Systems Inc. has broken ground on the Adobe North Tower, which will become the fourth tower at the company’s downtown San Jose headquarters. The all-electric tower will house 4,000 employees for Adobe, which was founded in 1982 and has been headquartered in San Jose since 1994. When completed in 2022, the North Tower will connect to Adobe’s existing campus via a pedestrian bridge extending over San Fernando Street, and will also include retail space.

July 1, 2019

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