Property Type

Marcus & Millichap Arranges $12.7M Bridge Loan for Purchase of 100,224 SF Retail Center in Southern California

by Amy Works August 9, 2019

RANCHO CUCAMONGA, CALIF. — Marcus & Millichap Capital Corp. has secured a $12.7 million bridge loan for the acquisition of Sunrize Center, a shopping center in Rancho Cucamonga. Located at 8639 Baseline Road, the property features 100,224 square feet of retail space. Rick Judge and Preston Davey of Marcus & Millichap Capital Corp. arranged the financing for the undisclosed borrower. The debt placement is a floating-rate program starting at 6 percent with a five-year term and 12 months of interest-only payments and a loan-to-value ratio of 71 percent.

August 9, 2019

California Development Leasing Activity Retail Western

Carmel Partners Inks Lease with Whole Foods Market at Cumulus District in Los Angeles

by Amy Works August 9, 2019

LOS ANGELES — San Francisco-based Carmel Partners has executed a lease with Whole Foods Market for an approximately 50,000-square-foot flagship grocery store at Cumulus District, an urban, mixed-use development located at 3321 La Cienega Blvd. in Los Angeles’ Westside neighborhood. Located at the corner of Jefferson and La Cienega boulevards, the transit-oriented development is slated to open in late 2020. When completed, Cumulus will feature 1,210 apartments, a one-acre public park and plaza and 100,000 square feet of grocery-anchored retail and restaurant space. Timothy Bower and Zachary Card of CBRE are handling the leasing efforts for Cumulus. Terms of the Whole Foods Market lease were not released.

August 9, 2019

Loans Midwest Missouri Multifamily

NorthMarq Arranges $54.5M Construction Financing for Multifamily Property in Chesterfield, Missouri

by Kristin Harlow August 9, 2019

CHESTERFIELD, MO. — NorthMarq has arranged debt and joint venture equity financing for the construction of Wildhorse, a 188-unit multifamily property in Chesterfield. Located at Wildhorse Creek Road and I-64, the $80 million development will also include 12,500 square feet of retail space and 10,500 square feet of restaurant space. Construction is set to begin this month with completion slated for early 2021. Brinkmann Constructors is the contractor. NorthMarq arranged the $38 million debt financing with a three-year term on behalf of the developers, Pearl Cos. and Great Lakes Capital. Canadian Imperial Bank of Commerce (CIBC) provided the financing. ReCap Real Estate Investment, on behalf of Reinsurance Group of America Inc., served as the joint venture partner for the remaining $16.5 million.

August 9, 2019

Acquisitions Development Illinois Industrial Midwest

Logistics Property Co. Acquires Infill Site in DuPage County, Plans 274,855 SF Industrial Development

by Kristin Harlow August 9, 2019

ADDISON, ILL. — Logistics Property Co. (LPC) has acquired a 15-acre infill site in Addison within DuPage County. LPC plans to develop two industrial facilities totaling 274,855 square feet. Known as Swift & Lake, the site is situated on the southeast corner of Swift Road and Lake Street. Construction will commence immediately with delivery slated for the second quarter of 2020. Doug Pilcher of Cushman & Wakefield will market the properties for lease.

August 9, 2019

Acquisitions Iowa Midwest Missouri Retail

Disney Investment Group Brokers Sales of Five Retail Centers in Missouri, Iowa

by Kristin Harlow August 9, 2019

MISSOURI AND IOWA — Disney Investment Group (DIG) has brokered the sales of five retail centers in Missouri and Iowa. Sales prices were not disclosed. The properties total 438,861 square feet and are 91 percent occupied on average. Major tenants include Aldi, Gerbes, County Market, Orscheln, Fresenius Medical, Dollar Tree and Dollar General. David Disney and Adam Crockett of DIG brokered the sales on behalf of the seller, a private investment partnership. The team also procured the buyers for each property.

August 9, 2019

Acquisitions Hospitality Michigan Midwest

Marcus & Millichap Negotiates $2.1M Sale of Days Inn & Suites in Michigan

by Kristin Harlow August 9, 2019

BENTON HARBOR, MICH. — Marcus & Millichap has negotiated the $2.1 million sale of the Days Inn & Suites in Benton Harbor in southwest Michigan. The 49-room hotel is located at 1598 Mall Drive near the Southwest Michigan Regional Airport. Robert Marro, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap brokered the transaction. Buyer and seller information was not disclosed.

August 9, 2019

Acquisitions Industrial Michigan Midwest

Reichle Klein Group Arranges $1.3M Sale of Industrial Building in Dearborn, Michigan

by Kristin Harlow August 9, 2019

DEARBORN, MICH. — Reichle Klein Group has arranged the sale of a 57,846-square-foot industrial building in Dearborn for $1.3 million. The manufacturing facility sits on 3.5 acres at 6340 Miller Road. Lynette Reichle and Wyen Koan of Reichle Klein Group represented the seller, Nopac LLC. Hussein Bazzi of Real Estate One represented the buyer, Dearborn-based Dabazzi Properties LLC.

August 9, 2019

Acquisitions Office Oregon Western

Norris & Stevens Arranges $2.6M Sale of 12,000 SF Office Asset in Oregon

by Amy Works August 9, 2019

HILLSBORO, ORE. — Norris & Stevens Inc. has brokered the acquisition of an office building, located at 5625 NE Elam Young Parkway in Hillsboro. Pioneer Utility Resources, formerly known as Ruralite Services Corp., purchased the building for $2.6 million. The buyer plans to move its corporate offices into the building vacancy. The remainder of the building is occupied by medical and professional tenants. Tim Budelman of Norris & Stevens represented the buyer in the transaction.

August 9, 2019

Market Reports Multifamily Washington Western Western Market Reports

Seattle’s Multifamily Market Is Firing on All Cylinders

by Taylor Williams August 9, 2019

Notions of Seattle as a grunge-rock town with logging roots are in the rear-view mirror. While Seattle’s past is marked by the 1850s Klondike Gold Rush, 1970s Boeing Bust and 1990s Microsoft Millionaires run, today’s economy is dotted with news of exceptional growth from Apple, Amazon, Facebook, Google and Salesforce. To say that Seattle’s economy is both booming and diversified is an understatement. A benefactor of such continued growth is the regional rental market. Jobs, Jobs, Jobs Ecommerce juggernaut Amazon has assembled 12 million square feet of Class A office space in Downtown Seattle over the past several years. Now, Bellevue — not more than 10 miles from Downtown Seattle — is receiving attention from Amazon with commitments for 2 million square feet. Adding to that, Apple is committing to more than 625,000 square feet of office space; Facebook’s footprint is around 2.7 million square feet; and Salesforce has chosen Seattle as its second global headquarters. Given high wages and more economical for-rent and for-sale office and housing space (on a relative basis), it’s no surprise Seattle still has runway for sustainable economic growth. Development Pipeline Apartment developers seized upon Seattle’s modern day Gold Rush. Developers added 55,000 apartment units …

August 9, 2019

Company News Restaurant Retail Top Stories

Pizza Hut to Close 500 Stores Over Next 24 Months

by Taylor Williams August 9, 2019

LOUISVILLE, KY. — Pizza Hut will close as many as 500 dine-in stores over the next 24 months as part of a broader strategy to bolster its delivery and carryout services, company executives said during the second-quarter earnings call. Food Business News first reported the announcement. Pizza Hut, which is owned by Louisville, Ky.-based YUM! Brands (NYSE: YUM), operates about 7,500 locations across the United States and 18,000 worldwide. In the United States, roughly 6,100 of the company’s locations are dine-in restaurants. The remaining locations are express units, which feature limited menus and minimal to no in-store seating to prioritize delivery and takeout services. All shuttered stores will be dine-in locations. “We plan to accelerate the transition of our Pizza Hut assets to a more modern delivery carryout and delivery asset base,” YUM! Brands CEO Greg Creed said on the call. “We are excited about collaborating with franchisees who have a growth mindset to accelerate the closure of underperforming dining stores and replacement with new delivery or fast-casual delivery assets.” YUM! Brands owns Pizza Hut and several other restaurant chains, including Kentucky Fried Chicken, Taco Bell and Wingstreet. Pizza Hut express units sometimes share building space with these concepts. All …

August 9, 2019

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