Property Type

UBM Signs 203,000 SF Industrial Lease in Itasca, Illinois

by Kristin Harlow June 15, 2018

ITASCA, ILL. — United Business Mail (UBM) has signed a 203,000-square-foot industrial lease in Itasca. The company will fully occupy the space at 801 Bryn Mawr Ave. UBM’s former facility in Bensenville is under contract to an undisclosed buyer. The new Itasca property will serve as UBM’s Midwest hub and features a clear height of 24 feet, 15 exterior docks, one drive-in door and 6,100 square feet of office space. At 2,500 amps, the building has more than five times the power typically found in these types of properties. UBM will use the increased power capacity to run dozens of mail sorting machines and air conditioning systems. Steve Kohn of Colliers International represented UBM in the lease transaction. The landlord was not disclosed. UBM provides commingle services, which involves presorting mail to maximize savings on postage.

June 15, 2018

Acquisitions Iowa Midwest Multifamily Student Housing

Arrimus Capital Sells 518-Bed Student Housing Property in Ames, Iowa for $44M

by Kristin Harlow June 15, 2018

AMES, IOWA — Arrimus Capital has sold the 518-bed Stadium View in Ames for $44 million. The Class A student housing property is located adjacent to Iowa State University. The property, which features 197 units with a mix of two-, three- and four-bedroom floor plans, is currently 99 percent occupied and more than 80 percent pre-leased for the 2018-2019 academic year. Amenities include a fitness center, clubhouse, study lounge and fire pit. Arriumus used a Delaware Statutory Trust to sell the property to 1031 exchange buyers who otherwise might not have been able to purchase it on their own, according to the company. The buyer was not disclosed. Arrimus acquired the asset in December 2017.

June 15, 2018

Illinois Industrial Leasing Activity Lee & Associates Midwest

Lee & Associates Negotiates 75,539 SF Industrial Lease in West Chicago

by Kristin Harlow June 15, 2018

WEST CHICAGO, ILL. — Lee & Associates has negotiated a 75,539-square-foot industrial lease on behalf of MAPEI Corp. in West Chicago. The property is located at 1701 W. Hawthorne Lane. Wise Plastics occupies the remaining portion of the 150,000-square-foot facility. Michael Androwich Jr. and Nick Eboli of Lee & Associates represented MAPEI, an international manufacturer of adhesives, sealants and other chemical products for the building industry. Michael Magliano of Cushman & Wakefield represented the owners, Cabot Properties and Blackstone Group.

June 15, 2018

Leasing Activity Midwest Office Wisconsin

National General Insurance Signs 31,315 SF Lease, Brings Office Complex to Full Occupancy in Milwaukee

by Kristin Harlow June 15, 2018

MILWAUKEE — National General Insurance has signed a 31,315-square-foot office lease at Schlitz Park in Milwaukee. The 800,000-square-foot office complex is now fully leased. In 2011, Schlitz Park began undergoing a $30 million renovation. Since then, more than 20 new or expanded leases feature tenants such as the Milwaukee Bucks, UMB Fund Services, Infosys, AECOM, Badger Liquor, HSA Bank and Trusted Media Brands. Ned Purtell and Jenna Maguire of Founders 3 Real Estate Services represented Schlitz Park in the lease transaction. Chris Richards of Oakbrook Corp. represented National General Insurance, a personal lines insurance company headquartered in New York City. Schlitz Park is owned and managed by The Brewery Works Inc., the organization formed by the families that purchased the property in 1983.

June 15, 2018

California Development Retail Western

Primestor Development Breaks Ground on 115,000 SF Shopping Center in Los Angeles

by Amy Works June 15, 2018

LOS ANGELES — Primestor Development is breaking ground today for Jordan Downs Plaza, a shopping center located within the Jordan Downs project in the Watts area of Los Angeles. As part of the Jordan Downs revitalization project, the shopping center will bring 115,000 square feet of retail space to the area. Situated on 9.5 acres, the open-air project will include a full-service supermarket, fitness center and a variety of local and national retailers. Jordan Downs Plaza is a public/private partnership, and the project would not be possible without a financial investment of the federal government through its New Market Tax Credit Program and the conveyance of property by ground lease from the U.S. Department of Housing and Urban Development and the Housing Authority of the City of Los Angeles. Financing for the project is provided by Federal Realty Investment Trust, Genesis LA, Chase, California Statewide Communities Development Corp. and Los Angeles Development Fund.

June 15, 2018

Acquisitions California Office Western

NKF Negotiates $49M Sale of Office Building in San Francisco’s Van Ness Corridor

by Amy Works June 15, 2018

SAN FRANCISCO — NKF Capital Markets has brokered the sale of an office building located at 939 Ellis St. in the Van Ness Corridor of San Francisco. A joint venture between Seattle-based Columbia Pacific Advisors and San Francisco-based Long Market Property Partners sold the property to The Seavest Investment Group for $49 million. The seven-story building features 87,190 square feet of rentable office space, 53 parking stalls and a 4,460-square-foot patio roof deck with views of downtown San Francisco. Kyle Kovac, Michael Taquino, Daniel Cressman and Mandy Lee of NKF Capital Markets represented the seller, while the buyer, assisted by Meridian, was self-represented in the transaction.

June 15, 2018

Acquisitions Arizona Office Western

Cushman & Wakefield Brokers Sale of 162,640 SF Office Building in Tempe, Arizona

by Amy Works June 15, 2018

TEMPE, ARIZ. — Cushman & Wakefield has arranged the sale of Tempe City Center, an office building located at 1400-1470 E. Southern Ave. in Tempe. Tempe CC Hui LLC purchased the 162,640-square-foot property from Tempe City Center Limited Partnership for an undisclosed price. At the time of acquisition, the property was more than 90 percent leased to a variety of tenants, including National Bank of Arizona, Fresensius Medical Care and regional law firm Carpenter, Hazelwood, Delgado & Bolen. Chris Toci and Chad Littell of Cushman & Wakefield represented the seller in the deal. The members of the acquisition group, who are principally from Hong Kong and Honolulu, were introduced to the asset by Brandon Holdings Inc., the investment’s sponsor, and IX Advisors, an investment advisory based in Seattle.

June 15, 2018

Acquisitions California Office Retail Western

Frontier Group Acquires Office, Retail Building in Downtown San Francisco for $14.5M

by Amy Works June 15, 2018

SAN FRANCISCO — Frontier Group has purchased 570 Market Street, a retail and office building located in downtown San Francisco. An undisclosed seller sold the property for $14.5 million. Built in 1922, the two-story building is occupied by a variety of retail and office tenants, including Daiso Japan, Creative Marketing Concepts, ABC Cleaners, Lucky Nails, Mercury Maintenance and Jack’s Shoe Repair. Frank Chiu of Starboard Commercial Real Estate represented the buyer in the deal.

June 15, 2018

Acquisitions California Retail Western

Hanley Investment Group Arranges $3.5 Million Sale of Starbucks Near University of Southern California

by Amy Works June 15, 2018

LOS ANGELES — Hanley Investment Group Real Estate Advisors has arranged the $3.5 million sale of a single-tenant building triple-net-leased to Starbucks Coffee in Los Angeles. The newly constructed building is located less than one mile from the University of Southern California (USC) campus. Bill Asher, Jeremy McChesney and Jeff Lefko of Hanley Investment Group arranged the transaction on behalf of both the seller, an undisclosed private developer, and the buyer, a Los Angeles-based private investor. Starbucks has 19 years remaining on its lease.

June 15, 2018

Grocers-Supply-Distribution-Center-Houston

Development Industrial Texas

Liberty Begins Work on 727,600 SF Distribution Center for Grocers Supply in North Houston

by Taylor Williams June 15, 2018

HOUSTON — Liberty Property Trust (NYSE: LPT) has begun work on a 727,600-square-foot distribution center in north Houston. The project is a build-to-suit for Grocers Supply, a division of C&S Wholesale Grocers, which has signed a long-term lease. The property will feature 40-foot clear heights, 65-foot speed bays, 75 dock doors and parking for 211 trailers and 667 cars. Completion is slated for the second quarter of 2019. Liberty Property Trust has also sold 34 acres located adjacent to the project site to the tenant.

June 15, 2018

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