Property Type

Nazareth Enterprises Buys Ice Rink for $11.5M in San Mateo After Public Campaign

by Amy Works May 9, 2019

SAN MATEO, CALIF. — Nazareth Enterprises has purchased the ice rink facilities and retail building at BridgePointe Shopping Center, a 55,000-square-foot asset located at 2200-2202 BridgePointe Parkway in San Mateo. SPI Holdings sold the property for $11.5 million in an off-market transaction. SPI Holdings, the previous owner, wished to convert the property into retail-only space, but the City of San Mateo and the public mounted a “Save the Rink” campaign. In 2017, Nazareth Enterprises leased the space from the seller and reopened — and later acquired — the ice rink.

May 9, 2019

Industrial Loans Massachusetts Northeast

EagleBridge Capital Arranges $2.1M Acquisition Loan for Industrial Building in Metro Boston

by Taylor Williams May 9, 2019

HINGHAM, MASS. — Boston-based mortgage banking firm EagleBridge Capital has arranged $2.1 million in acquisition financing for a 23,600-square-foot industrial building located at 80 Sharp St. in Hingham, a southern suburb of Boston. The borrower, Yankee Trader Seafood, which prepares and sells frozen prepackaged seafood meals, will occupy and renovate the space. Ted Sidel of EagleBridge Capital secured the loan, specific terms of which were not disclosed, through a Massachusetts thrift institution.

May 9, 2019

Acquisitions California Retail Western

Progressive Real Estate Partners Brokers $2.6M Sale of Retail Building in Inland Empire

by Amy Works May 9, 2019

APPLE VALLEY, CALIF. — Progressive Real Estate Partners has arranged the sale of a multi-tenant retail building at Rancherias Plaza, located at 20162 Highway 18 in Apple Valley. A private Los Angeles-based investor sold the property to a private San Diego-based investor for $2.6 million. Built in 1991, the asset features 15,105 square feet of retail space. At the time of sale, the shopping center was 92 percent occupied. CVS/pharmacy and 99 Cents Only Stores anchor the property. Greg Bedell and Chris Lindholm of Progressive Real Estate Partners represented the seller in the transaction.

May 9, 2019

Acquisitions Hospitality Midwest Wisconsin

Hospitality Properties Trust Acquires Milwaukee-Area Hotel for $30M

by Kristin Harlow May 9, 2019

WAUWATOSA, WIS. — Hospitality Properties Trust has acquired the 198-room Crowne Plaza Milwaukee West in Wauwatosa for $30 million. The full-service hotel, built in 2008, includes 6,100 square feet of meeting space, a health and fitness center, indoor pool, restaurant and lounge. IHG operates the property. Atlanta-based Peachtree Hotel Group was the seller, according to local media.

May 9, 2019

Acquisitions Kansas Midwest Multifamily Student Housing

Cushman & Wakefield Negotiates Sale of 888-Bed Student Housing Community Near University of Kansas

by Kristin Harlow May 9, 2019

LAWRENCE, KAN. — Cushman & Wakefield has negotiated the sale of The Connection at Lawrence, an 888-bed student housing community located near the University of Kansas campus in Lawrence. Travis Prince, Victoria Marks, Gib Kerr and Jeffrey Bentz of Cushman & Wakefield represented the unnamed seller in the transaction. University Partners acquired the property for an undisclosed price. The Connection at Lawrence was built in 2010 and features 14 three-story buildings offering one-, two-, three- and four-bedroom, fully furnished units. Shared amenities include a 24-hour fitness center, charcoal grills, lighted basketball and sand volleyball courts, a tanning bed, two resort-style swimming pools, a heated spa, game room, computer lounge, clubhouse, private study rooms, an outdoor fireplace and a private shuttle to campus.

May 9, 2019

Healthcare Iowa Loans Midwest

Marcus & Millichap Arranges $15M Acquisition Loan for Medical Facility in Hiawatha, Iowa

by Kristin Harlow May 9, 2019

HIAWATHA, IOWA — Marcus & Millichap Capital Corp. has arranged a $15 million loan for the acquisition of an 80,000-square-foot medical facility in Hiawatha. Mercy Medical Hospital has a 20-year lease at the property while Wolf Eye Clinic has a 14-year lease. The five-year loan features a 30-year amortization schedule, a 70 percent loan-to-value ratio and a fixed rate of 4.58 percent. Borrower information was not disclosed.

May 9, 2019

Development Michigan Midwest Multifamily Seniors Housing

Pathway to Living Completes Renovation of Assisted Living Community in Kentwood, Michigan

by Kristin Harlow May 9, 2019

KENTWOOD, MICH. — Pathway to Living has completed a $2.1 million renovation of Azpira Place of Breton, an 81-unit assisted living and memory care community in Kentwood near Grand Rapids. Pathway acquired the property, formerly known as Elmcroft of Kentwood, in February 2018. Pathway’s improvements to the property included upgraded common areas with new paint, carpeting and furniture; a remodeled community room and the addition of a fireplace in the dining room. Pathway also added an exercise room. All units received new paint, carpet and remodeled kitchenettes. The memory care portion received new windows, artwork and furniture.

May 9, 2019

Industrial Leasing Activity Midwest Wisconsin

Menasha Packaging Renews 113,778 SF Industrial Lease in Cudahy, Wisconsin

by Kristin Harlow May 9, 2019

CUDAHY, WIS. — Menasha Packaging Co. has renewed its 113,778-square-foot industrial lease in Cudahy, about seven miles south of Milwaukee. The property is located at 6185 S. Ace Industrial Drive. Bill Langhoff of Colliers International brokered the lease transaction. The landlord was not disclosed. Menasha Packaging is an independent, retail-focused packaging and merchandising solutions provider.

May 9, 2019

Acquisitions California Development Mixed-Use Top Stories Western

Joint Venture Acquires Mixed-Use Development Site in Beverly Hills for $130M

by Alex Tostado May 9, 2019

BEVERLY HILLS, CALIF. — A joint venture between SHVO, Bilgili Group and Deutsche Finance has acquired 9200 Wilshire Boulevard, a surface parking lot in the upscale, first-ring Los Angeles suburb of Beverly Hills, for $130 million. The seller was New Pacific Realty Corp. The venture plans to build a 307,397-square-foot condominium and retail building on the site. The seven-story building will feature a glass exterior, 54 residential units and 6,650 square feet of retail space adjacent to the Golden Triangle, Beverly Hills’ famed shopping district. Exclusive amenities for residents will include a rooftop swimming pool and courtyard. The Beverly Hills City Council has already approved the project. Since 2018, SHVO, Bilgili Group and Deutsche Finance have partnered to buy two other properties, the Raleigh Hotel in Miami and 685 Fifth Ave. in New York City, an office building being converted into Mandarin Oriental Residences. The joint venture’s investors include Bayerische Versorgungskammer, one of the largest institutional investors in Germany. Lotus Capital Partners arranged a $51 million acquisition loan from California-based Acore Capital for the transaction. “We are thrilled to add 9200 Wilshire to our portfolio of luxury assets in prime locations,” says Michael Shvo, chairman of SHVO. “Our new residential concept will offer the highest quality …

May 9, 2019

Market Reports Midwest Midwest Market Reports Multifamily Wisconsin

Construction Is Booming for Milwaukee Multifamily Market

by Kristin Harlow May 9, 2019

It is widely acknowledged among commercial real estate professionals in the Milwaukee market that we are in the midst of a renaissance of sorts — certainly the most exciting period in the past few decades to be actively involved in the industry. From the Harbor District to the Deer District (the newly branded area around Fiserv Forum), new neighborhoods and exciting destinations are sprouting up. This resurgence continues to attract residents and developers who are quickly creating the critical mass necessary to make Milwaukee a viable 18-hour city. On the multifamily front, new supply that has come online in the past few years is driving both average rental rates and overall vacancy higher. As of the first quarter of 2019, the average rental rate in the metro Milwaukee market increased 0.8 percent from the previous quarter to $1,075, continuing an upward trend that saw a 2.2 percent annual increase at year-end 2018, according to real estate data provider CoStar. The vacancy rate hovered around 5.9 percent during this same period, slightly higher than the year-end 2018 level of 5.6 percent, but lower than the recent high of 6.1 percent established in 2017. The average rental rate in the first quarter …

May 9, 2019

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