Property Type

Sazerac Purchases Former General Mills Plant in New Albany, Indiana

by Kristin Harlow June 18, 2018

NEW ALBANY, IND. — The Sazerac Company has purchased the former General Mills Pillsbury plant in New Albany near Louisville. The seller was a joint venture between New Mill Capital Holdings LLC and Tiger Group. Sazerac, a distilling company, intends to utilize the 460,000-square-foot plant for expansion of its processing, blending, packaging and distribution capabilities. Sazerac plans to invest $66 million and eventually create more than 100 jobs. The facility, located at 707 Pillsbury Lane, closed in 2016. Sazerac anticipates starting operations as early as this November.

June 18, 2018

Development Illinois Midwest Office

J.C. Anderson Completes 26,000 SF Office Build-Out for Law Firm in Chicago

by Kristin Harlow June 18, 2018

CHICAGO — J.C. Anderson Inc. has completed a 26,000-square-foot office build-out for Fitch, Even, Tabin & Flannery LLP in Chicago. The law firm chose to modernize its space on the 21st floor at 120 S. LaSalle St. The project features a new reception desk, open ceilings and private offices. Renovations also include an open layout and technology upgrades. Partners by Design provided architectural services.

June 18, 2018

Acquisitions Michigan Midwest Retail

Colliers Brokers Sale of 15,067 SF Building Formerly Occupied by Seafood Store in Suburban Detroit

by Kristin Harlow June 18, 2018

ROYAL OAK, MICH. — Colliers International has brokered the sale of a 15,067-square-foot retail building in Royal Oak, a northern suburb of Detroit. Previously owned by the family-run Superior Fish Co., the specialty seafood store was the source of octopus for Detroit Red Wings fans for over seven decades before closing on June 16. The company plans to host a garage sale where fans can purchase signage, memorabilia and frozen foods. Peter E. Kepic and Peter J. Kepic of Colliers represented Superior Fish in the sale. Robert Badgero and Steven Badgero of Colliers represented the buyer, Versa Real Estate, which plans to lease the property as either office or retail space.

June 18, 2018

Acquisitions Arizona Office Western

International Joint Venture Acquires 302,209 SF Office Property in Phoenix

by Amy Works June 18, 2018

PHOENIX — New York Life Real Estate Investors, on behalf of a joint venture between New York Life Insurance Co. and Finland-based Ilmarinen Mutual Pension Insurance Co., has purchased 24th at Camelback, an office property located in Phoenix’s Camelback Corridor submarket. Hines U.S. Office Value Added Venture III sold the property for an undisclosed price. The eight-story property features 302,209 square feet of Class A office space. CBRE represented the seller in the deal.

June 18, 2018

Acquisitions California Office Western

Meridian Sells Multi-Tenant Office Building in Bay Area for $39.5M

by Amy Works June 18, 2018

BRISBANE, CALIF. — Meridian has completed the disposition of a multi-tenant office building located at 1000 Marina Blvd. in Brisbane, just south of San Francisco. Phase 3 Real Estate Partners acquired the property for $39.5 million in an off-market transaction. Built in 1983, the six-story building features 104,000 square feet of office space. CBRE’s Northern California Capital Markets team represented the seller and buyer in the deal.

June 18, 2018

Acquisitions California Office Western

Vanbarton Group Buys 73,835 SF Office Building in Los Angeles for $37.7M

by Amy Works June 18, 2018

LOS ANGELES — Vanbarton Group has acquired an office building located at 6725 Sunset Blvd. in Los Angeles’ Hollywood submarket. Crown Realty & Development sold the property for $37.7 million. The five-story multi-tenant property features 73,835 square feet of office space. At the time of sale, the property was fully leased by 15 tenants. Additionally, the transaction included an adjacent three-level parking structure. Kevin Shannon, Rob Hannan, Ken White, Michael Moll of NKF Capital Markets, along with John Tronson of Avison Young and Kreg Groat of Crown Realty & Development, represented the seller in the sale.

June 18, 2018

Arizona Development Multifamily Seniors Housing Western

Spectrum Opens 159-Unit Seniors Housing Community Near Phoenix

by Amy Works June 18, 2018

CHANDLER, ARIZ. — Spectrum Retirement Communities has opened The Enclave at Chandler Senior Living, an independent living, assisted living and memory care community in the Phoenix suburb of Chandler. The three-story, 165,000-square-foot community features a total of 90 independent living units, 45 assisted living units and 24 memory care units. The property will also offer Spectrum’s Residence Club, which offers a transitional step between assisted living and memory care. Spectrum now owns and operates seven seniors housing communities in the Phoenix metro. The developer is based in Denver.

June 18, 2018

California Loans Retail Western

NorthMarq Capital Secures $8.5M Refinancing for Retail Center in Richmond, California

by Amy Works June 18, 2018

RICHMOND, CALIF. – NorthMarq Capital has arranged $8.5 million in refinancing for Richmond City Center, a shopping center located at 1100-1350 MacDonald Ave. in Richmond. Walgreens, FoodCo and Payless Shoe Source are tenants at the 73,892-square-foot property. Joe Giordani of NorthMarq Capital’s Los Angeles office secured the refinancing, which was structured with an 18-month term on a 30-year amortization schedule.

June 18, 2018

Development Georgia Industrial Southeast

GE Appliances to Build $55M Distribution Facility in Commerce, Georgia

by Camren Skelton June 18, 2018

COMMERCE, GA. — GE Appliances will invest $55 million to build a new Southeast Region Appliance Distribution Center in Commerce, a city roughly 70 miles northeast of Atlanta. Georgia Gov. Nathan Deal announced Thursday, June 14 that the household appliances manufacturer will create 100 new jobs at the new facility upon completion in April 2019. GE Appliances will have the ability to deliver products in three days or less to 90 percent of U.S. homes from the new center. Louisville, Ky.-based GE Appliances already has a strong presence in Georgia, with 1,960 employees at Roper Corp., a wholly owned subsidiary in LaFayette, and 50 employees supporting its Factory Service Operations based out of Atlanta. GE Appliances’ offerings include refrigerators, freezers, cooking products, dishwashers, washers, dryers, air conditioners and water filtration systems.

June 18, 2018

Development North Carolina Office Southeast

Cambridge to Convert Former Kohl’s Store in Charlotte to Transit-Oriented Office Building

by Camren Skelton June 18, 2018

CHARLOTTE, N.C. — Cambridge Properties plans to convert a former Kohl’s department store at 9315 N. Tryon St. in Charlotte into an 87,000-square-foot office building. The transit-oriented development is located across the street from the main entrance to University of North Carolina at Charlotte and near the JW Clay Boulevard light-rail station. In addition, the building is situated within walking distance to more than 30 restaurants. The property features high ceilings and a mezzanine level and has the ability to accommodate a new glass storefront, collaborative meeting space, employee lounge/game area and an outdoor back patio. Alexandra Mann, Barry Fabyan and Charley Leavitt of JLL are handling the building’s leasing assignment. Last year, JLL leased roughly 96,000 square feet of creative office space to Verizon Wireless at the site of a former Super Kmart in east Charlotte.

June 18, 2018

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