Property Type

BRW Floors Sells Industrial Warehouse in Metro Miami for $9.7M

by Alex Tostado August 7, 2019

MEDLEY, FLA. — BRW Floors Inc. has sold a 69,834-square-foot industrial warehouse in Medley for $9.7 million. The facility includes 7,000 square feet of office space, 15 dock doors with room to add more, 24-foot ceilings and a 120-foot fenced and secured truck court. The warehouse is located at 12800 N.W. South River Drive, about 15 miles northwest of downtown Miami and next to U.S. Highway 27. Nick Wigoda and Steve Medwin of Newmark Knight Frank represented both the seller and the buyer, Denver-based Black Creek Group, in the transaction.

August 7, 2019

Matter-Logistics-West-Cheyenne-North-Las-Vegas-NV

Development Industrial Nevada Western

Matter Real Estate Group Breaks Ground on 725,000 SF Industrial Project in North Las Vegas

by Amy Works August 7, 2019

NORTH LAS VEGAS — Development firm Matter Real Estate Group has broken ground on Matter Logistics Center @ West Cheyenne, a light industrial and warehouse project at the northeast corner of West Cheyenne Avenue and Valley Drive in North Las Vegas. Slated for completion in February 2020, the $70 million, modern master-planned project spans more than 41 acres. Matter Logistics Center @ West Cheyenne will feature five buildings varying in scope and size offering warehouse, distribution, office and showroom space, as well as ample parking and trailer storage. Ranging from 11,000 square feet to 478,000 square feet, units will also feature ample dock and at-grade loading with 36-foot clear heights. The units will be available for sale, lease and build-to-suit, with Matter Real Estate Group offering customized build-outs.

August 7, 2019

Federal-Way-Industrial-Portfolio-Federal-Way-WA

Acquisitions Industrial Washington Western

BKM Capital Partners Buys 133,595 SF Industrial Portfolio in Metro Seattle for $14.7M

by Amy Works August 7, 2019

FEDERAL WAY, WASH. — BKM Capital Partners has purchased Federal Way Industrial Portfolio, a two-property portfolio in Federal Way. A private investor sold the eight-building portfolio for $14.7 million in an off-market transaction. Totaling 133,595 square feet, the properties are located at 34004-34016 Ninth Ave. South, 33623-33799 Ninth Ave. South and 801-815 S. 336th St. At the time of sale, the multi-tenant asset was 75 percent occupied. BKM plans to invest $3 million in capital improvements to renovate and reposition the properties, including the conversion of one building from office to industrial. Max White and Nicholas Ratzke of Nail Walter Co. represented both parties in the transaction.

August 7, 2019

Acquisitions California Industrial Western

Mid Cal Industrial Properties Directs Purchase of 21.3 Acres of Industrial Land in Tracy, California

by Amy Works August 7, 2019

TRACY, CALIF. — Mid Cal Industrial Properties has arranged the acquisition of 21.8 acres of industrial land in Tracy. Bigge Crane & Rigging Co. purchased the land parcel from Shimmick Construction/AECOM as a potential future site for its central valley heavy equipment yard. No date has been set for starting development on the site, which is currently being held for future expansion. Tim Pryor of Mid Cal Industrial Properties represented the seller, while Redwood Property Investors represented the buyer in the deal.

August 7, 2019

Acquisitions Nevada Office Western

Marcus & Millichap Arranges $9.5M Sale of 48,607 SF Office Building in North Las Vegas

by Amy Works August 7, 2019

NORTH LAS VEGAS, NEV. — Marcus & Millichap has arranged the sale of City Centre Plaza, an office complex located in North Las Vegas. A California-based limited liability company sold the property to a California-based investor for $9.5 million. Tina Taylor of Marcus & Millichap’s Las Vegas office represented the seller and secured the buyer in the transaction. Located at 2225 and 2241 Civic Center Drive and 2290 McDaniel St., the three-parcel asset features 48,607 square feet of office space. At the time of sale, the office complex was 75 percent occupied by national and statewide tenants, with a large percentage being medical.

August 7, 2019

California Loans Multifamily Seniors Housing Western

Greystone Provides $8M Refinancing for Age-Restricted Community in Hemet, California

by Amy Works August 7, 2019

HEMET, CALIF. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured property that is age-restricted in Hemet. Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. Matt Stevens in Greystone’s San Diego office, on behalf of James Vance DiMaria and Casa Del Rey Estates LLC, originated the 10-year loan, which features a 30-year amortization period at a low fixed rate with interest-only payments for the first three years. The proceeds enable the borrower to continue making ongoing capital improvements and monetize its existing equity in the property.

August 7, 2019

Acquisitions Connecticut Northeast Office Retail

CBRE Arranges $67M Sale of Retail, Office Property in Greenwich, Connecticut

by Alex Patton August 7, 2019

GREENWICH, CONN. — CBRE has arranged the $67 million sale of a retail and office property in Greenwich, located about 30 miles north of New York City. The 62,850-square-foot property is located at 200 Greenwich Ave. on a retail corridor that also includes Tiffany, Gucci and Vineyard Vines. Jeffrey Dunne, David Gavin, Jeremy Neuer and Travis Langer of CBRE represented the landlord, 200 Greenwich Avenue LLC, in the transaction, and procured the buyer, Kensico Properties.

August 7, 2019

Illinois Midwest Retail

Walgreens to Close 200 Stores Nationwide

by Kristin Harlow August 7, 2019

DEERFIELD, ILL. — Walgreens plans to close approximately 200 stores across the U.S. starting this fall as part of a cost-management program. Specific store locations have not been disclosed, but the new closures represent less than 3 percent of Walgreens’ U.S. footprint. The announcement was made in a Walgreens Boots Alliance regulatory filing Tuesday. The Deerfield, Ill.-based company had previously unveiled plans to close 200 stores in the United Kingdom. Currently, Walgreens operates more than 18,500 stores in 11 countries.

August 7, 2019

Acquisitions Hospitality Michigan Midwest

GFI Sells 198-Room Hilton Garden Inn in Downtown Detroit

by Kristin Harlow August 7, 2019

DETROIT — GFI Capital Resources Group has sold the Hilton Garden Inn Detroit Downtown, a 198-room hotel. Inland Realty Group purchased the property for $51.4 million. GFI had purchased the 10-story hotel in October 2016 and subsequently implemented a $4 million improvement plan. The hotel site is located within a designated Opportunity Zone and includes a 30,000-square-foot parking surface. Management of the Hilton Garden Inn will be transferred from Crescent to SuperHost Enterprise, which operates 18 properties.

August 7, 2019

Development Multifamily Texas

Stillwater Capital, Wexford Break Ground on 300-Unit Multifamily Project in Midland

by Taylor Williams August 7, 2019

MIDLAND, TEXAS — A partnership between Dallas-based Stillwater Capital Investments and affiliates of Connecticut-based Wexford Capital LP has broken ground on a 300-unit multifamily project in the West Texas city of Midland. Located in the Adobe Meadows area on the city’s north side, the property will offer a pool, grilling stations, a fitness center and a resident lounge. Units will feature stainless steel appliances, quartz countertops and custom cabinetry. Completion is scheduled for summer 2021, with the first units expected to be available for occupancy in spring 2021.

August 7, 2019

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