CHICAGO — Summit Design + Build LLC has completed the renovation of a 13,000-square-foot retail building located at 1504 N. Fremont St. in Chicago. The project added space for up to three retail tenants and the creation of 11 new openings for storefront windows. Summit also poured new concrete floors for a future retail tenant and completed landscaping with a new sidewalk. L3 Capital LLC is the property owner. OKW Architects served as project architect.
FORT WAYNE, IND. — HREC Investment Advisors has arranged the sale of the 127-room Comfort Suites in Fort Wayne for $7.1 million. The limited-service hotel is located at 5775 Coventry Lane. Tom Sommer, Zane Varvel and James Robinson of HREC represented the seller, Condor Hospitality Trust (NYSE American: CDOR). Akram Namou of Fort Wayne Hotel Group purchased the asset. He owns three other full-service and extended-stay hotels in the Fort Wayne market.
LENEXA, KAN. — Rudy’s Tenampa Taqueria has signed a lease to open its second location at 8710 Lackman Road in Lenexa. The Mexican restaurant will occupy 4,678 square feet at Country Hill Shopping Center. Other tenants at the property include Rimann Liquors, Ace Hardware, Panera Bread and Sherwin Williams. The original Rudy’s opened in Kansas City in 1993. The opening for the new restaurant is scheduled for mid-August. David Block and Rob Epstein of Block & Co. Inc. Realtors negotiated the lease transaction. Block & Co. is the leasing and property management company for the shopping center.
ADDISON AND GLENDALE HEIGHTS, ILL. — Darwin Realty has brokered the sale of two industrial buildings in Illinois. Westwind Industrial, a general contractor specializing in medical, industrial and commercial property reutilization, purchased a 37,560-square-foot property in Addison for $2 million. The seller, AIM Inc., will leaseback the facility. Noel Liston and Nick Krejci of Darwin brokered the transaction. The duo also represented Comtelco Industries in its sale of a 13,500 square-foot facility in Glendale Heights. IVM Chemicals Inc. purchased the property for just under $1 million. G. Pat Ryan of Combined Commercial Realty represented IVM, which is a European-based distributor of industrial chemicals and pesticides.
BOCA RATON, FLA. — Cushman & Wakefield has brokered the $42.1 million sale of ADT Inc.’s 171,489-square-foot global headquarters located at 1501 Yamato Road in Boca Raton. ADT provides security and automation solutions for homes and businesses in the United States and Canada. Scott O’Donnell, Dominic Montazemi, Mike Davis, Greg Miller, Rick Brugge and Michael Lerner of Cushman & Wakefield arranged the transaction on behalf of the seller, Philadelphia-based RAIT Financial Trust. A joint venture between Boca Raton-based PEBB Enterprises and Chicago-based Tortoise Properties LLC acquired the office asset. Cushman & Wakefield’s Jason Hochman arranged a $28.6 million, non-recourse acquisition loan on behalf of the new ownership. The building is located within The Park at Broken Sound, a 700-acre mixed-use park. Constructed in 1983, the office building features a skylit atrium, water feature, golf course views and a structured parking garage. The building is fully leased to ADT and was fully renovated in 2011 before the tenant took occupancy.
BOYNTON BEACH, FLA. — Berkadia has arranged a $29 million acquisition loan for Verona Boynton Beach, a 216-unit multifamily community in South Florida’s Boynton Beach. Mitch Sinberg, Matt Robbins and Wesley Moczul of Berkadia originated the 10-year loan through Freddie Mac’s Green Advantage program on behalf of the borrower, Robbins Property Associates. The floating-rate loan features seven years of interest-only payments. Verona at Boynton Beach, formerly known as Aventine, includes a mix of one- to three-bedroom units with nine-foot ceilings, crown molding, black stainless steel appliances, wood plank flooring and granite countertops. Community amenities include barbecue areas, a cardio room, conference room, putting green, business center and a clubhouse.
HUNTSVILLE, ALA. — Eyzenberg & Co. has arranged a $14.4 million bridge loan for the acquisition of two neighboring apartment communities in Huntsville: Hillside Village and Twickenham Village. David Eyzenberg, Jeff Conti and Diana Davidson of Eyzenberg arranged the loan through SunTrust Bank on behalf of the borrower, a partnership between Blue Magma Residential LLC and Auerbach Opportunity Fund I LP. The loan was used to fund a portion of the acquisition and subsequent renovation of the properties. Hillside Village is located at 4515 Bonnell Drive N.W. and includes 223 units. Twickenham Village, located a half-mile away at 5001 Galaxy Drive N.W., comprises 152 units. The communities are situated less than two miles from the University of Alabama at Huntsville and roughly five miles from Huntsville’s central business district.
The industrial market is enjoying a moment in the sun throughout the West. Much of this is due to the retail sector’s continued technological advances, which have placed increasing demand on speedy delivery as manufacturing, distribution and warehousing needs are more important now than ever. “The market fundamentals for industrial properties are the best they have ever been,” says Bob O’Neill, senior vice president of acquisitions at CapRock Partners in Newport Beach, Calif. “Industrial absorption, lease rates and sales prices are at all-time highs, while market vacancies are at historic lows and construction in the Western United States remains in check.” Michael Collins, vice chairman of DAUM Commercial Real Estate Services in Los Angeles, has witnessed a similar trend in his market. He notes industrial assets in LA typically sell for $140 per square foot to $200 per square foot, with a vacancy rate of less than 2 percent in Southern California. “Developable land is becoming more scarce and the Los Angeles County industrial marketplace remains very vibrant,” he notes. “Lease rates throughout Southern California have reached an all-time high and sales values are at unprecedented highs, with actual prices based on building age, location, functionality and amenities.” Those looking …
WASHINGTON, D.C. — Easterly Government Properties (NYSE: DEA) has agreed to purchase a 14-property office portfolio across the United States for $430 million. The nearly 1.5 million-square-foot portfolio is 94 percent leased by the U.S. government and 99 percent leased overall. The seller was undisclosed. “We believe the acquisition of this portfolio is a wonderful opportunity for the company,” says William C. Trimble III, CEO of Easterly. “This acquisition is expected to grow our portfolio by approximately 39 percent on a rentable-square-foot basis, while still maintaining the same high-quality standard of assets Easterly is known for.” The portfolio includes the following assets: • A 267,766-square-foot office building in Buffalo, N.Y., housing Department of Veterans Affairs (VA), Internal Revenue Service (IRS) and a regional office for the National Labor Relations Board • A 239,331-square-foot building next to Chicago O’Hare International Airport that houses the Federal Aviation Administration’s (FAA) Great Lakes Regional Office and the U.S. Department of Agriculture (USDA) • A 225,057-square-foot facility in Portland, Ore.’s Central City Plan District housing the USDA, U.S. Army Corp of Engineers (ACOE), Federal Bureau of Investigation (FBI) and the Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) • A 182,500-square-foot build-to-suit property in Parkersburg, …
Reno’s proximity to the Bay Area is supporting an economy beyond the gaming industry. The area’s lower cost of living is also attractive for Bay Area transplants attempting to further stretch their income. Tesla is the most notable utilizer of the metro’s favorable location and business-friendly environment. The company pulled 112 permits last year to build out internal areas of the factory. The introduction of Tesla’s electric semitruck necessitates a further expansion of production in the coming years. On the supply side, development is ramping up quickly as builders finally move away from primary markets to relieve housing pressure in tertiary metros. Inventory will expand by more than 4 percent this year, representing the largest increase on record. The South Reno submarket contains a majority of the completions slated this year. More than 1,400 units are underway in the submarket, including nearly 1,000 scheduled for delivery in 2019. Builders are also active in the Sparks submarket, where 600 units are underway and scheduled for completion. The introduction of new units has pushed up the percentage of properties offering leasing incentives to 16 percent. Still-tight conditions are limiting the average incentive to just nine days of free rent. An influx of …
