Property Type

CBRE Secures $20M Acquisition Loan for Jamboree Promenade Shopping Center in Irvine

by Amy Works November 1, 2018

IRVINE, CALIF. — CBRE has arranged a $20 million refinancing for Jamboree Promenade, a shopping center located at 2626-2646 Dupont Drive in Irvine. Pole Capital USA, the U.S. division of a Singaporean real estate investment company, is the borrower. The property was purchased earlier this year for $42.5 million in all cash, and the debt financing will recapitalize the site. The 56,878-square-foot shopping center is 97 percent occupied by tenants including CorePower Yoga, The Melting Pot and Daily Grill. Shaun Moothart, Bruce Francis, Dana Summers, Bob Ybarra and Doug Birrell of CBRE’s Debt and Structured Finance team arranged the seven-year loan for the borrower.

November 1, 2018

Acquisitions California Office Western

Dunhill Partners West Acquires 89,457 SF Office Property in Novato, California

by Amy Works November 1, 2018

NOVATO, CALIF. — A buying group led by Mark Hutchinson and Doug Twillman of San Francisco-based Dunhill Partners West has purchased Woodside Office Center, a suburban office property in the Marin enclave of Novato. A joint venture between Artemis Real Estate Partners and Ellis Partners sold the property for an undisclosed price. Whitney Strotz and Steven Leonard of Cushman & Wakefield, in collaboration with Michel Seifer, Rob Hielscher, Kristina Wollan and Erik Hanson of JLL, represented the seller in the deal. Located at 7250 Redwood Blvd., the three-story, 89,457-square-foot property was 92 percent leased at the time of sale.

November 1, 2018

Acquisitions Maryland Retail Southeast

KLNB Negotiates Sale of 190,211 SF Shopping Center Near D.C.

by Amy Works November 1, 2018

LANHAM, MD. — KLNB Investment Sales Group has arranged the sale of Enterprise Plaza Shopping Center, a retail property situated on 16.7 acres in Lanham, a suburb of Washington, D.C. An affiliate of Combined Properties sold the asset to East Coast Acquisitions for an undisclosed price. Aldi and T.J. Maxx anchor the 190,211-square-foot property. Aldi recently exercised a five-year renewal option on its lease to extend its occupancy until 2023. Additional tenants include Verizon Wireless, Advance Auto Parts, Dollar Tree, SunTrust Bank, Shell, Taco Bell and Wendy’s. Andy Stape and Vito Lupo of KLNB Investment Sales represented the seller and procured the buyer. Matt Skalet and Matt Copeland of KLNB were retained by the buyers as the leasing agents for the property, which is the buyer’s first acquisition in the Mid-Atlantic region.

November 1, 2018

Company News Development Retail Utah Western

Best Buy to Open its First New U.S. Store in Seven Years in Farmington, Utah

by Amy Works November 1, 2018

FARMINGTON, UTAH — Best Buy has opened its first new U.S. store in seven years at Station Park in Farmington. The 36,000-square-foot retail property features a variety of appliances, premium audio and home theater technology, and other products. The store employs 91 people and plans to hire additional employees for the holiday season. The company operates more than 1,000 stores across the United States, Canada and Mexico.

November 1, 2018

Acquisitions California Industrial Western

Faris Lee Investments Negotiates $1.5M Acquisition of Industrial Property in Costa Mesa

by Amy Works November 1, 2018

COSTA MESA, CALIF. — Faris Lee Investments has arranged the acquisition of an industrial property located within the Mesa West Bluffs Urban Redevelopment Plan in Costa Mesa. A private investor purchased the property for $1.5 million. Thomas Chichester, Joseph Chicester and Matt Brooks of Faris Lee represented the buyer, while Lee & Associates represented the undisclosed seller in the deal. Built in 1961 and located at 789 W. 20th St., the multi-tenant property features 5,228 square feet of industrial space.

November 1, 2018

Healthcare Loans Office South Carolina Southeast

Capital One Provides $11M Acquisition Loan for Medical Office Building in Upstate South Carolina

by Amy Works November 1, 2018

SPARTANBURG, S.C. — Capital One has provided an $11 million adjustable-rate loan to Altera Development, a Dallas-based real estate development company. The company used the loan proceeds to acquire a 109,000-square-foot medical office building located on the campus of Mary Black Hospital in Spartanburg. The loan consists of $6.5 million in initial funding, a holdback for tenant improvements/leasing commissions and an earnout.

November 1, 2018

Illinois Market Reports Midwest Midwest Market Reports Multifamily

Legal Considerations for Condominium Deconversions in Chicago

by Kristin Harlow November 1, 2018

With the demand for apartments in Chicago rising, many real estate developers have discovered a previously untapped supply of potential acquisition targets — residential condominium buildings. This includes older condominium properties plagued by large deferred maintenance obligations and stagnating or declining unit sales prices. While the process for converting condominium buildings into rental properties can be more time consuming and labor-intensive than acquiring an existing apartment building, patient investors often see hidden value opportunities. They are able to capitalize on the spread between a building’s higher value as a rental property versus its lower value as an owner-occupied condominium building. Purchasing all of the condominium units in an existing building is not your typical real estate purchase. Because of the unique issues involved and the potential voluminous amount of documents involved, both the condominium association (the Association) and the buyer should be represented by experienced counsel with the bandwidth to handle the simultaneous closing of potentially hundreds of units. The counsel should also have a deep familiarity with condominium law, and in particular, Section 15 of the Illinois Condominium Property Act (the Act). Statutory overview Deconversion is the term that has become widely used in the real estate industry to …

November 1, 2018

Features Heartland Feature Archive Michigan Midwest Mixed-Use

When Done Right, New Stadium Development Can Transform Neighborhoods

by Kristin Harlow November 1, 2018

The practice of building large stadiums and sports arenas in urban areas has long been a hotly debated strategy. Critics cite the civic disruption that comes with unavoidable breakdowns in infrastructure and transportation and the significant parking and logistical requirements. There’s also the difficulty of reconciling the financial bottom line, or the aesthetic and functional disconnect of a grand facility that operates intermittently and towers over its surroundings. Stanford economist Roger Noll, an expert on the economics of sports, has argued persuasively that “NFL stadiums do not generate significant local economic growth, and the incremental tax revenue is not sufficient to cover major financial contributions by the city.” Noll has also suggested in the past that smaller, multi-use facilities, and facilities that are “embedded in larger commercial and residential projects,” make more sense. In recent years, innovators in the world of sports and performance arena design, as well as urban planning and design experts, have embraced such an approach, creating inspired new compact arena concepts that are a better fit for urban environments. They are also figuring out new ways to make smaller, multiuse venues a community asset rather than a liability. As cities like Detroit make difficult decisions …

November 1, 2018

Illinois Midwest Mixed-Use Top Stories

Tribune Media to Start Construction of 8 MSF River District in Chicago

by Katie Sloan November 1, 2018

CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co. (NYSE: TRCO), has received approval from the City of Chicago to begin an 8 million-square-foot mixed-use development at 700 and 777 W. Chicago Ave. The approval was the last step before construction could begin. The development — named The River District — will include 4,100 residential units and 2,000 feet of riverfront pedestrian walkways upon completion. Phase I of development will include 1,250 to 1,500 residential units, a 1.8-acre public park and 560 feet of pedestrian walkways along the river. The remaining phases will be built out based on market demand. The property supports an additional 7 million square feet of development. Chicago-based architectural firm Solomon Cordwell Buenz designed the master plan for the property. “The River District will be a dynamic new neighborhood that will transform the face of the North Branch and serve as a natural extension of Chicago’s downtown, connecting neighborhoods and people,” says Murray McQueen, president of Tribune Real Estate Holdings.“With today’s approval, we can take the next steps to build an in-demand neighborhood that will help the city continue to attract and retain new jobs and talent.” A timeline for development has yet to be …

November 1, 2018

Acquisitions New Jersey Northeast Retail

Hanley Investment Group Negotiates $37.5M Sale of Walmart Ground Lease in New Jersey

by David Cohen October 31, 2018

TETERBORO, N.J. — Hanley Investment Group Real Estate Advisors has negotiated the $37.4M sale of a Walmart ground lease in Teterboro. Ed Hanley of Hanley Investment Group represented the seller, Catellus Development Corp., in the transaction. The buyer was a 1031 exchange private investor. Located at 1 Teterboro Landing Drive, the 159,542-square-foot property was built in 2015. The building is located within the fully leased Teterboro Landing shopping center, which includes a tenant roster of Costco, Chipotle Mexican Grill, BJ’s Restaurant & Brewhouse, Blaze Pizza, Chick-fil-A, CityMD Urgent Care, European Wax Center, GNC, Habit Burger Grill, KicksUSA, Panera, Petco, Texas Roadhouse, The Halal Guys, and T-Mobile.

October 31, 2018

Newer Posts

Older Posts