Property Type

Home Chef to Move Headquarters to Chicago’s Old Post Office

by Kristin Harlow April 30, 2019

CHICAGO — Home Chef has unveiled plans to move its headquarters into the redeveloped Old Post Office in Chicago this year. Home Chef, which merged with The Kroger Co. in 2018, will use the new space to accelerate growth, develop new products and expand its offerings. The company, which produces meal kits, will occupy 74,000 square feet. Home Chef currently has more than 750 employees in the Chicago area at its corporate offices in the Wrigley Building, satellite offices and distribution center in Bedford Park. The renovation of the Old Post Office Building is an $800 million project currently underway by owner 601W Cos. to transform the property into office space. Other tenants who have recently signed leases include Walgreens, Ferrara Candy Co. and AbelsonTaylor.

April 30, 2019

Development Indiana Midwest Multifamily Seniors Housing

Vermillion, HED Open 119-Unit Affordable Seniors Housing Community in Fort Wayne

by Kristin Harlow April 30, 2019

FORT WAYNE, IND. — Vermillion Development, a Chicago-based real estate firm, has opened Silver Birch Fort Wayne, an affordable seniors housing community in Fort Wayne. Design and engineering firm HED partnered on the project. The 97,000-square-foot community sits on 4.2 acres and features 119 units. The assisted living facility offers studio and one-bedroom units for older adults in need of supportive housing. Silver Birch Fort Wayne is the eighth facility opened by Silver Birch Living, which is the operational arm of Vermillion. The property is adjacent to a golf course, which was recently acquired by a nearby university to be repurposed as a fitness center.

April 30, 2019

Loans Michigan Midwest Multifamily

Arbor Provides $4M Refinancing for Multifamily Property in Detroit

by Kristin Harlow April 30, 2019

DETROIT — Arbor Realty Trust Inc. has provided a $4 million Freddie Mac small-balance loan for the refinancing of Van Dyke Apartments located at 1780 Van Dyke St. in Detroit. The 40-unit multifamily property was built in 1928 and renovated in 2018. Michael Jehle of Arbor originated the 20-year loan, which features a 30-year amortization schedule.

April 30, 2019

Leasing Activity Michigan Midwest Restaurant Retail

The Donut Conspiracy to Open Two New Locations in Michigan

by Kristin Harlow April 30, 2019

GRAND RAPIDS AND GRANDVILLE, MICH. — The Donut Conspiracy is opening two new locations in Grand Rapids and Grandville in western Michigan. The Grand Rapids store will span 1,500 square feet and include an industrial kitchen for production. The Grandville store, formerly home to Orange Leaf Frozen Yogurt, spans 1,800 square feet. The Donut Conspiracy was founded in 2017. Each location features vintage décor and themes around historic conspiracy theories.

April 30, 2019

Acquisitions Illinois Midwest Restaurant Retail

Boulder Group Brokers $1.7M Sale of Property Net Leased to Culver’s in Lincolnshire, Illinois

by Kristin Harlow April 30, 2019

LINCOLNSHIRE, ILL. — The Boulder Group has brokered the sale of a single-tenant property net leased to Culver’s in Lincolnshire for $1.7 million. The building is situated on three acres at 401 Milwaukee Ave. Randy Blankstein and Jimmy Goodman of Boulder brokered the transaction. A Chicago-based real estate company sold the asset to a private investor. Culver’s is a fast-casual restaurant chain that operates primarily in the Midwest and is known for its frozen custards and burgers.

April 30, 2019

Acquisitions California Industrial Western

Rexford Industrial Buys Two Properties in Southern California for $139M

by Amy Works April 30, 2019

SAN FERNANDO AND SAN DIEGO, CALIF. — Rexford Industrial Realty has acquired two industrial properties, comprising six buildings, for a total of $139 million. The acquisitions were funded using cash on hand and draws on the company’s line of credit. The company purchased San Fernando Business Center within the LA-San Fernando Valley submarket for $118.1 million, or $200 per square foot. At the time of acquisition, the industrial business park was 88 percent occupied. The park consists of three single-tenant industrial buildings and two three-tenant industrial buildings, totaling 591,660 square feet on 28.6 acres of land. The property features 24-foot minimum clear heights, extensive dock-high loading and proximity to four freeways. Additionally, Rexford acquired 10015 Waples Court within the Central San Diego submarket for $21.3 million, or $200 per square foot. Situated on 5.4 acres, the vacant industrial building features 106,412 square feet with 31-foot clear heights and is divisible for two tenants.

April 30, 2019

Arizona Development Industrial Western

PCCP, Hopewell to Develop Three Industrial Buildings Totaling 245,418 SF in Phoenix

by Amy Works April 30, 2019

PHOENIX — PCCP has formed a joint venture with Hopewell Development to develop a three-building speculative industrial project in Phoenix’s Southwest Valley submarket. The buildings will be located on two fully entitled sites and completion is slated for late 2019. Two buildings — offering 78,150 square feet and 84,708 square feet — will be situated on a 10.6-acre parcel along 67th Avenue. The third building will be located on a 4.8-acre site along 43rd Avenue. Each building will feature 28-foot to 32-foot clear heights, between 17 and 25 dock-high doors in addition to grade-level doors, and one speculative office build-out space. Additionally, both sites will feature direct frontage to an intersection, multiple access points and easy freeway access to both the Interstate 10 and the future Loop 202 extension, which is scheduled for completion in late 2019. Bo Mills and Mark Detmer of JLL sourced the joint venture equity for the partnership.

April 30, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $6M Sale of Two Retail Pads Near Los Angeles

by Amy Works April 30, 2019

LANCASTER, CALIF. — Hanley Investment Group Real Estate Advisors has directed the sale of two multi-tenant pads adjacent to the Walmart Supercenter in Lancaster, approximately 70 miles north of downtown Los Angeles. San Diego-based The Niki Group and Costa Mesa, Calif.-based Wood Investment Cos. sold the properties to a Los Angeles-based private buyer for $6 million. Eric Wohl, Ed Hanley and Andrew Cunningham of Hanley Investment Group represented the sellers, while James Chin of Los Angeles-based Realtex Properties represented the buyer in the deal. Built in 2003, the fully occupied buildings total 13,760 square feet. AT&T, Papa John’s, Advance America and Mi Ranchito Mexican Bar & Grill occupy the 7,500-square-foot Pad B building, which is located at 1721 E. Avenue J. Panda Express, Smoke Rings, GameStop and It’s a Grind occupy the 6,260-square-foot Pad G building, located at 44421 20th St. East.

April 30, 2019

Acquisitions Colorado Multifamily Western

Nexus Commercial Brokers $3.8M Sale of Colony House Multifamily Property in Aurora, Colorado

by Amy Works April 30, 2019

AURORA, COLO. — Nexus Commercial Realty has negotiated the sale of Colony House, an apartment building located at 152 Del Mar Circle in Aurora. Colony House Denver LLC sold the property to an undisclosed buyer for $3.8 million. Developed in 1967, the building features 34 one-bedroom units and two two-bedroom units, as well as 36 parking spaces. The buyer plans to take over the operations of the property and make upgrades, while increasing rents to market value. Sean Holamon of Nexus represented the seller in the transaction.

April 30, 2019

Acquisitions Multifamily Oregon Western

Marcus & Millichap Negotiates $1.7M Sale of Stayton Apartments in Oregon

by Amy Works April 30, 2019

STAYTON, ORE. — Marcus & Millichap has arranged the sale of Stayton Apartments, an apartment property located at 1340 W. Locus St. in Stayton. An Oregon-based buyer acquired the property for $1.7 million in an exchange. Built in 1998, the property features 16 two-bedroom/one-bathroom flats. Danalee Corso and Whitney Rhoades of Marcus & Millichap’s Portland, Ore., office represented the seller, a limited liability company, in the deal.

April 30, 2019

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