Property Type

Bolour Associates Sells Multifamily Development Site in Metro Los Angeles for $8.5M

by Amy Works December 13, 2019

EAST PASADENA, CALIF. — Bolour Associates has completed the disposition of an entitled land site in East Pasadena for $8.5 million. Los Angeles-based APPA Real Estate acquired the land parcel for the development of a transit-oriented, mixed-use project. The parcel is the first development under Los Angeles County’s updated zoning supporting high-density development near metro retail sites. From 2015 to 2018, Bolour worked with county officials to re-entitle the site, located at 3768 E. Colorado Blvd., under the new zoning code. Upon completion, the project will feature 5,800 square feet ground-floor commercial space, 100 multifamily units, a private gym, co-working space, rooftop barbecue, decks, courtyards, a dog run and on-site parcel lockers. Additionally, the property will offer two levels of subterranean parking. Construction is scheduled to begin in early 2020, with an opening slated for early to mid-2022. The land transaction was a direct sale between Bolour and APPA, with all details handled in-house by both parties.

December 13, 2019

Acquisitions California Development Loans Multifamily Retail Western

Parkview Financial Funds $7M Acquisition, Development Loan for 28-Story Mixed-Use Project in San Diego

by Amy Works December 13, 2019

SAN DIEGO — Parkview Financial has provided a $7 million loan to San Francisco-based India & Beech for the acquisition of a land parcel and the first phase of construction funding for a high-rise residential and retail tower in downtown San Diego. Located at 1460 India St. within the Little Italy neighborhood, the 10,019-square-foot site is currently being used as a parking lot. The borrower recently acquired the property for $7.1 million, using Parkview’s loan in conjunction with cash on hand. The buyer plans to develop a fully entitled, 28-story, mixed-use urban infill project. The proposed development will feature 150 apartments, 11,724 square feet of retail space and two levels of above-grade parking totaling 150 spots. Construction is slated to begin in 2020, with completion scheduled for 2022.

December 13, 2019

Acquisitions Colorado Industrial Western

NKF Arranges $5.9M Purchase of 46,612 SF Industrial Asset in Aurora, Colorado

by Amy Works December 13, 2019

AURORA, COLO. — Newmark Knight Frank (NKF) Colorado has arranged the sale of Majestic Commercenter, an industrial property in Aurora. Delco Properties-Colorado acquired the building from Majestic Lisbon Buildings LLC for $5.9 million. Located at 3350 N. Lisbon St., the building features 46,612 square feet of industrial space. Chris Nordling of Newmark Knight Frank represented the buyer in the transaction.

December 13, 2019

Acquisitions California Development Retail Western

UTRC Acquires 7.53-Acre Land Site for Village Center Development in Chino, California

by Amy Works December 13, 2019

CHINO, CALIF. — United Trust Realty Corp. (UTRC) has purchased 7.53 acres of commercially zoned land within College Park Master Planned Community in Chino. Lennar Homes sold the land parcel for $2.9 million. The site is the last remaining piece to be developed within the 710-acre community that includes 2,500 residential units featuring a mix of single-family and multifamily residences, a clubhouse, fitness center, picnic areas and trails. Chino Hills, Calif.-based UTRC plans to develop Village Center, a mixed-use project, at the site. The development will include 15,000 square feet of retail and food uses, a day care and a church. In addition to the residents of College Park and neighboring communities, the property is positioned to serve the adjacent Chaffey College satellite campus and the 140-acre Ruben S. Ayala Park. UTRC plans to request development permits from the City of Chino and Chaffey College in the upcoming months. Chris Lindholm of Progressive Real Estate Partners represented the buyer and seller in the deal.

December 13, 2019

Development Industrial Midwest Missouri

Panattoni Begins Development of Two Speculative Industrial Buildings at Missouri’s Aviator Business Park

by Kristin Harlow December 13, 2019

HAZELWOOD, MO. — Panattoni Development is developing two new industrial buildings at Aviator Business Park in Hazelwood. Construction is underway on the speculative buildings, which will total 640,182 square feet. Aviator 8 will span 224,089 square feet and Aviator 9 will measure 416,093 square feet. Both buildings are slated for completion in summer 2020. The Class A distribution facilities will feature clear heights of 32 feet and can be occupied by a single tenant or divided into spaces as small as 38,000 square feet. Aviator Business Park, located one mile north of St. Louis-Lambert International Airport, is served by Norfolk Southern Railroad. The park is 90 percent leased to tenants such as International Foods, Weekends Only and Silgan Plastics. Katie Haywood and John Frith of CBRE will market the properties for lease on behalf of Panattoni. St. Louis-based Kadean Construction is the general contractor. Kadean previously constructed buildings 3, 4, 7 and 10 in Aviator Business Park.

December 13, 2019

Acquisitions Midwest Minnesota Office

CCRP Purchases Three-Building Office Complex in Edina, Minnesota in Sale-Leaseback with Regis

by Kristin Harlow December 13, 2019

EDINA, MINN. — City Center Realty Partners (CCRP), in a joint venture with Contrarian Capital Management, has purchased a three-building office complex in Edina. Seller Regis Corp. will lease back a portion of the 180,000-square-foot campus through part of 2020. The 11-acre property is located on Metro Boulevard. Marc Nanne and Steve Buss of JLL represented CCRP in the transaction. CCRP plans to renovate two of the buildings. The 105,000-square-foot, nine-floor 7201 Metro Boulevard building will be leased back to Regis through May 2020 and thereafter renovated for multi-tenant occupancy. Regis is also leasing back a portion of 7151 Metro Boulevard through March 2020. That three-story building will also undergo a renovation. The third building, 7101 Metro Boulevard, is 85 percent occupied by PCL Construction.

December 13, 2019

Acquisitions Iowa Midwest Multifamily

Four Mile Capital Acquires Multifamily Community in Waukee, Iowa for $25M

by Kristin Harlow December 13, 2019

WAUKEE, IOWA — Four Mile Capital has acquired The Bricks Waukee East, a 216-unit multifamily community in suburban Des Moines, for $25 million in an off-market transaction. Completed in 2017, the property sits on 9.2 acres and features one- and two-bedroom units. Amenities include a pool and fitness center. BH Management will manage the property. The buyer received a nonrecourse, fixed-rate mortgage loan from Luana Savings Bank. Four Mile Capital now owns about 450 units in the Des Moines metro area. The seller was undisclosed.

December 13, 2019

Acquisitions Midwest Missouri Retail

Quantum Brokers $5.4M Sale of Hobby Lobby-Occupied Property in Belton, Missouri

by Kristin Harlow December 13, 2019

BELTON, MO. — Quantum Real Estate Advisors Inc. has brokered the $5.4 million sale of a 55,000-square-foot property occupied by Hobby Lobby in Belton, about 20 miles south of Kansas City. The single-tenant building is located at 520 E. Markey Parkway. Hobby Lobby has approximately 12 years remaining on its lease. Dan Waszak and Zack Hilgendorf of Quantum represented the seller, a Kansas City-based developer. A California-based investment fund purchased the asset.

December 13, 2019

Illinois Leasing Activity Midwest Retail

Mattress Liquidators Opens at Former Bergner’s Department Store in Pekin, Illinois

by Kristin Harlow December 13, 2019

PEKIN, ILL. — Mattress Liquidators has relocated to a former Bergner’s department store at East Court Village in Pekin within central Illinois. The mattress store, previously located at 3518 Court St. within the shopping center, has moved to the former Bergner’s space at 3536 Court St. Mattress Liquidators now occupies the entire 82,100-square-foot space and opened its doors on Thursday, Dec. 12. Mattress Liquidators offers name-brand mattresses at significant discounts by purchasing overstocks and year-end models. The East Court Village store will also sell furniture and major appliances. The store is open Thursday through Sunday each week. Cullinan Properties Ltd. owns and manages East Court Village.

December 13, 2019

Market Reports Multifamily Texas Texas Market Reports

Dallas, Fort Worth Multifamily Markets Continue to Capitalize on New Development

by Taylor Williams December 13, 2019

Known for both its big-city excitement and suburban living options, the Dallas-Fort Worth (DFW) metroplex is now the fourth-largest metropolitan area in the country with 7.5 million residents. At this rate of growth, DFW is poised to surpass Chicago as the third-most populous metroplex in the country within the next two decades. Although DFW is commonly recognized as a shared marketplace, it’s important to understand that Dallas and Fort Worth are two separate cities with separate real estate markets. Fort Worth’s downtown area and Western charm have attracted a total population of about 880,000 compared to Dallas’ international and metropolitan mecca of roughly 1.34 million, according to U.S. Census Bureau. As Dallas and Fort Worth continue to provide a record number of jobs to accommodate this growth, multifamily development is keeping pace. In the past year, 81 multifamily developments with 23,916 units opened in DFW, of which the market absorbed 20,456 units in that same period, reaching an occupancy rate of 91.8 percent. The strong job market and affordable cost of living throughout the metroplex continue to have a positive impact on multifamily development and construction, bringing a plethora of new players to the space. However, we continue to see …

December 13, 2019

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