Property Type

Providence Capital Group Divests of Rincon Corporate Plaza in Inland Empire for $11.8M

by Amy Works November 21, 2019

CORONA, CALIF. — San Diego-based Providence Capital Group has completed the sale of Rincon Corporate Plaza, an office building located at 355 E. Rincon St. in Corona. ZHOPE LLC acquired the asset for $11.8 million, or $200 per square foot. At the time of sale, the 58,850-square-foot property was 100 percent leased to 17 tenants, including Lennar Homes, Wells Fargo and Verizon. Anthony DeLorenzo, Gary Stache, Doug Mack, Sammy Cemo and Bryan Johnson of CBRE represented the seller. Shaun Moothart and Jenifer Ansari, also of CBRE, arranged financing for the Corona-based buyer in the transaction.

November 21, 2019

Acquisitions Multifamily Washington Western

IPA Arranges Sale of 129-Unit Orion Apartment Community in Seattle’s South Lake Union

by Amy Works November 21, 2019

SEATTLE — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Orion, an apartment asset located in the South Lake Union neighborhood of Seattle. Vulcan Real Estate sold the property to Belkorp Holdings for an undisclosed price. Completed this year, Orion features 129 apartments and more than 6,000 square feet of street-level retail space. The property is located on the same block as the new Amazon Unicorn building and within blocks of Facebook, Google and Apple. Giovanni Napoli, Philip Assouad, Ryan Dinius and Sidney Warsinske of IPA represented the seller and procured the buyer in the deal.

November 21, 2019

Development Massachusetts Multifamily Northeast Retail

Austin Street Partners Completes 68-Unit Multifamily, Retail Development in Metro Boston

by Alex Patton November 21, 2019

NEWTON, MASS. — Austin Street Partners, a joint venture between Oaktree Development and Dinosaur Capital Partners, has completed 28 Austin, a 68-unit multifamily development with 5,000 square feet of ground-floor retail space in Newton, a western suburb of Boston. Resident amenities include a fitness room, dog park, resident lounge and rooftop seating with a fire pit. Residents have already moved in. Caffé Nero, a bakery and café, is expected to open in early 2020.

November 21, 2019

Acquisitions California Retail Western

JLL Brokers Sale of 49,149 SF Aliso Creek Shopping Center in Laguna Beach

by Amy Works November 21, 2019

LAGUNA BEACH, CALIF. — LaSalle Investment Management has completed the disposition of Aliso Creek Shopping Center, a retail asset located at 30814-30936 Pacific Coast Highway in Laguna Beach. Although the sale price was not released, it marked the highest price-per-square-foot sold for an anchored shopping center in Orange County, according to JLL, which brokered the deal. Situated on 4.2 acres, Aliso Creek Shopping Center features 49,149 square feet of retail space and was fully leased at the time of sale. Tenants include CVS/pharmacy, as anchor, Yoga Works, Starfish Laguna, Fantastic Sam’s, Pure Pilates, Chase Bank, Hand & Stone, Aliso Beach Animal Clinic and Z-Pizza. Gleb Lvovich, Bryan Ley and Daniel Tyner of JLL Capital Markets represented the seller in the transaction. The name of the buyer was not released.

November 21, 2019

Development Illinois Midwest Restaurant Retail

Starbucks Opens 35,000 SF Reserve Roastery in Chicago

by Kristin Harlow November 21, 2019

CHICAGO — Starbucks Coffee Co. has opened its Reserve Roastery in downtown Chicago. The 35,000-square-foot, five-story roastery opened to the public on Friday, Nov. 15 and is the largest Starbucks location. The store is located on the Magnificent Mile in a space formerly occupied by Crate & Barrel. All of the coffee beans roasted at the facility are served and sold on site. There are three coffee bars at the roastery. Baristas make classic espresso beverages at the coffee bar on the main floor. An experiential bar can be found on the third floor where customers can learn more about the art and science of coffee. A barrel-aged coffee bar can be found on the fourth floor where guests can enjoy cocktail-inspired coffee creations exclusive to the Chicago roastery. In addition to beverages, visitors can purchase food at Princi, a boutique bakery and café. The Chicago roastery joins locations in Seattle, Shanghai, Milan, New York and Tokyo.

November 21, 2019

Development Midwest Missouri Multifamily

Clayco Tops Out 316-Unit Apartment Tower in St. Louis

by Kristin Harlow November 21, 2019

ST. LOUIS — General contractor Clayco has celebrated the topping out and final concrete pour for One Hundred Above the Park, a 316-unit apartment tower in the Central West End of St. Louis. Designed by Studio Gang, the 540,369-square-foot, 385-foot project will also include retail space, amenities and parking. Units will be available for rent in summer 2020 with occupancy slated for the third quarter. Mac Properties is the owner and developer. Clayco is working with concrete company Concrete Strategies. Clayco says it has been able to speed up construction by utilizing building information modeling and GPS technology to digitally lay out and check all dimensions of the slab edges and penetrations, reaching the 36th floor in 15 months.

November 21, 2019

Acquisitions Midwest Office Ohio

Mohr Capital Sells 460,000 SF Office Building in Suburban Cleveland for $61.1M

by Kristin Harlow November 21, 2019

MAYFIELD HEIGHTS, OHIO — Mohr Capital has sold a 460,000-square-foot, net leased office building in Mayfield Heights, a suburb of Cleveland, for $61.1 million. The property is fully leased to Rockwell Automation Inc. Mohr acquired the asset two years ago. Rodrigo Godoi and Kyle Campbell of Mohr represented the company in the sale. There were no brokers involved in the transaction. The buyer was undisclosed.

November 21, 2019

Acquisitions Industrial Midwest Minnesota Self-Storage

SkyView Advisors Brokers Sale of 70,914 SF Self-Storage Facility in Metro Minneapolis

by Kristin Harlow November 21, 2019

PRIOR LAKE, MINN. — SkyView Advisors has brokered the sale of a 70,914-square-foot Select Space Storage facility in Prior Lake within metro Minneapolis. The 3.5-acre property is located at 4370 Fountain Hills Drive. Richard Riddle and Ryan Clark of SkyView represented the seller. Self-storage REIT CubeSmart purchased the property.

November 21, 2019

Leasing Activity Michigan Midwest Retail

Planet Fitness Franchisee Leases 24,797 SF in Grand Rapids

by Kristin Harlow November 21, 2019

GRAND RAPIDS, MICH. — PF Michigan Group, a Planet Fitness franchisee, has leased a 24,797-square-foot space at 234 Market St. in Grand Rapids. Planet Fitness will serve as the anchor tenant of the approximately 31,000 square feet of commercial space at the property. Maplegrove Property Management LLC is the landlord. PF Michigan Group currently owns and operates 47 Planet Fitness locations throughout Michigan and northwest Ohio. Todd Leinberger, Mary Anne Wisinski-Rosely and Jason Makowski of NAI Wisinski of West Michigan represented the landlord while Lars Anderson of NorthStar Commercial represented the tenant in the lease transaction. The gym is expected to open in late spring 2020.

November 21, 2019

Features Georgia Retail Southeast

Sports Entertainment Provides a Promising Future for Retail Real Estate

by Jeff Shaw November 21, 2019

ATLANTA — The future of food and beverage retail is…sports? To hear from “The Future of Restaurants & Entertainment” panel at the ICSC Southeast Conference & Deal Making event, sports-centric concepts are a solid bet for retail real estate owners to pursue going forward. Produced by the International Council of Shopping Centers (ICSC), the event was held Nov. 13-15 at the newly renovated Georgia World Congress Center in downtown Atlanta. Justin Amick, president of Painted Hospitality, spoke during the panel about his two venues in Atlanta, The Painted Pin and The Painted Duck. Both locations have an industrial motif and offer an expanded dinner menu, craft beer and cocktails and classic parlor games such as shuffleboard and horseshoes. The differentiator, though, is the boutique bowling alley. Amick said the idea is to attract patrons with the games and provide an experience while making money via food and beverage. “Painted wasn’t the first to invent the high-end bowling concept — the first to do so was probably Lucky Strike — but with our model of gaming, food and beverage, dancing and sports all under one roof, we do it well,” said Amick. His company recently announced a second location of The Painted …

November 21, 2019

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