MICHIGAN — Craft beer has become big business in Michigan, especially in the Detroit area, where breweries have expanded by 680,000 square feet since 2010, according to a report from CBRE. In 2017, the craft brewing industry contributed $76.2 billion to the U.S. economy. Of that amount, the total craft beer industry in Michigan contributed nearly $2.5 billion — ninth highest in the nation. In total, the state is home to 330 craft breweries, ranking it fourth in the nation by the number of establishments. From 2008 to 2016, Michigan added 1,600 jobs in breweries, accounting for sector employment growth of more than 760 percent.
HOUSTON — Empyrean Benefits Solutions Inc., a software provider for human resource departments, has signed a 108,109-square-foot office lease at Pinnacle Westchase, located at 3010 Briarpark Drive in Houston. David Husid, Derek Myers and Taylor Scheps of Newmark Knight Frank represented the tenant in the lease negotiations. Stream Realty Partners represented the landlord, Pinnacle Tenant LLC.
PENNSAUKEN, N.J. — Colliers International has brokered the $3.6 million sale of 6910-6930 Central Highway, a 58,000-square-foot industrial warehouse in Pennsauken, an eastern suburb of Philadelphia. The building features three loading doors and a 24-foot ceiling height. Ian Richman and Marc Isdaner of Colliers represented the seller, 6910-30 Central Highway LLC, in the transaction. Hair care and tool manufacturer Heat Makes Sense Inc. was the buyer.
DALLAS — Bluebeam Inc., a California-based software developer for the construction industry, has inked a 20,000-square-foot office lease at One McKinney, a 15-story office building in Uptown Dallas. Robbie Baty, Shannon Nehrig, Shaun Stiles and Katie Cowan of Cushman & Wakefield represented the tenant in the lease negotiations. Elliot Prieur and Allison Johnston Frizzo represented the landlord, Gaedeke Group, on an internal basis.
DENVER — Estero, Fla.-based TerraCap Management, a privately held investment firm, has purchased Denver Corporate Center II & III, two eleven-story office buildings located within the Denver Tech Center in Denver. A joint venture between Bridge Investment Group Partners and DPC Cos. sold the assets for $71.7 million. Situated along Interstates 25 and 225 and Belleview Light Rail Station, the property offers a total of 381,466 rentable square feet. TerraCap plans to continue the capital upgrade program that is currently underway at the asset. Tim Richey and Charley Will of CBRE represented the seller. Citizens Bank provided debt financing for the buyer.
HUNTINGTON BEACH AND CULVER CITY, CALIF. — Marcus & Millichap has arranged the sales of two multifamily properties located in Southern California. The assets sold for a total of $41.6 million in two separate transactions. Undisclosed buyers acquired The Lamplighter, a 63-unit property located at 16102 Springdale St. in Huntington Beach, for $20 million, and The Sheffield Apartments, a 57-unit asset located at 5800 Green Valley Circle in Culver City, for $21.6 million. Tyler Leeson, Matt Zeigler and Matthew Kipp of Marcus & Millichap represented the seller and procured the buyers in both transactions.
SEATTLE — Knighthead Funding has originated two separate loans totaling $29.8 million in first mortgage debt structured by a micro-unit apartment asset and a student housing property in Seattle. In the first financing, Knighthead provided an affiliate of Barcelo Homes with a $25.2 million loan secured by a 178-unit micro studio apartment project in Seattle’s Roosevelt neighborhood. Community amenities include a courtyard, lounge, fitness center, rooftop deck, bike storage, common laundry area and controlled access entry. The financing takes out the existing construction loan. Additionally, Knighthead provided a $4.6 million loan to Vekst Development. The loan was secured by a new 28-unit studio apartment development located four blocks from the University of Washington. The financing will allow the sponsor to complete a rooftop deck and list items on the newly constructed four-story building.
GRAND JUNCTION, COLO. — Pinnacle Real Estate Advisors has brokered the purchase of a single-tenant retail property, located at 2742 U.S. Highway 50 in Grand Junction. A Denver-based investor acquired the property for $1.6 million in a 1031 exchange transaction. The seller was a Denver-based developer. Built this year, the asset consists of a 10,038-square-foot building on a 1.3-acre lot. Dollar Tree occupies the building on a net-lease basis. Justin Krieger of Pinnacle Real Estate Advisors represented the buyer in the deal.
HOLLYWOOD, CALIF. — Avison Young has brokered the sale of a two-building retail property located in Hollywood. A New York-based family office sold the asset to a Los Angeles-based family-owned company for $8.1 million. Located at 7611-7623 Sunset Blvd., the property features a 3,725-square-foot building that was built in 1934 and an 8,843-square-foot building, which includes an outdoor patio space. At the time of sale, the asset was 63 percent occupied by five retail tenants. Chris Maling and David Maling of Avison Young represented the seller, while South Park Group represented the buyer in the all-cash transaction.
ROCHESTER, N.Y. — Broadstone Net Lease (BNL) has acquired 23 industrial properties in 14 states and British Columbia, Canada for $735.7 million. The portfolio was fully leased at the time of sale and comprises a mix of warehouse, distribution, cold-storage, manufacturing and flex properties. The 23 buildings total 6.9 million square feet and are leased to 19 tenants. When the sale closes, Rochester-based BNL’s portfolio will consist of 41 percent industrial properties, 27 percent retail and 18 percent healthcare. The company will own 668 net-leased commercial properties totaling approximately 27.2 million rentable square feet of operational space. The seller and a list of the properties were not disclosed. “This portfolio benefits from attractive real estate and tenant fundamentals and represents a diverse and accretive addition to our net lease real estate portfolio,” says Chris Czarnecki, BNL’s chief executive officer. The new portfolio has a weighted average remaining lease term of 11.5 years and weighted average annual rent increases of about 2.2 percent. The acquisition was funded through a combination of proceeds from BNL’s ongoing private offering of shares of common stock; $150 million from BNL’s $450 million, seven-year, unsecured term loan that matures in February 2026; $300 million from a new …