Property Type

1031 Crowdfunding Acquires Memory Care Facility in Oregon for $14M

by Amy Works May 9, 2018

HILLSBORO, ORE. — 1031 Crowdfunding, through a joint venture with Seasons Management LLC, has acquired Rosewood Specialty Care, a 48-bed memory care facility in Hillsboro, a suburb of Portland. An affiliate of Frontier Management will operate the 44-unit, 22,950 square foot facility. Frontier has managed the property since 2008, with an average occupancy of 93.8 percent. The purchase price was $14 million. “Seniors housing has already outperformed other noted real estate sectors and we believe it will continue to be a favorable opportunity due to impressive demographic fundamentals,” says Edward Fernandez, founder and CEO of 1031 Crowdfunding. “We are particularly excited about the memory care sector.” 1031 Crowdfunding LLC is an online marketplace where real estate investors can find, view and purchase a variety of available, turn-key, investment-grade properties.

May 9, 2018

Acquisitions Industrial Washington Western

Wells Fargo Wealth Management Buys 94,739 SF Industrial Complex in Metro Seattle

by Amy Works May 9, 2018

SEATAC, WASH. — Wells Fargo Wealth Management has purchased Olympic Industrial Park, a two-building, 94,739-square-foot industrial complex located in SeaTac, a suburb of Seattle. Avenue 55, on behalf of an undisclosed 1031 exchange buyer, sold the asset for $12.9 million. At the time of sale, the 75,588-square-foot property located at 19111 Des Moines Memorial Drive was fully leased to a variety of tenants, including Alaska Airlines/Horizon Air, Seattle Air Cargo and BlueStar Refreshment Services. Built in 1983, the building features 26 loading dock doors, seven grade levels and 20-foot clear heights. The second building, located at 1200 S. 192nd St., is a 20,548-square-foot office property built in 1983 and renovated in 2015. At the time of sale, International Rescue Committee, Carmichael International Service, Argent Express Group and Sea & Air Transport occupied the property. Scott Alan and Patrick Mullin of Colliers International represented the seller in the deal.

May 9, 2018

Acquisitions California Retail Western

Sands Investment Group Negotiates $4.1M Sale of Panera Bread-Occupied Property in Fresno

by Amy Works May 9, 2018

FRESNO, CALIF. — Sands Investment Group (SIG) has arranged the sale of a retail property located at 6793 N. Weber Ave. in Fresno. A regional merchant developer sold the property to an undisclosed buyer for $4.1 million. Panera Bread occupies the newly constructed, 4,300-square-foot retail property under a 15-year, triple-net lease. John Cigliano of SIG’s Santa Monica office represented the seller in the transaction.

May 9, 2018

Acquisitions Colorado Office Western

Pinnacle Real Estate Brokers $2.3M Sale of Office Building in Pueblo, Colorado

by Amy Works May 9, 2018

PUEBLO, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office building, located at 720 N. Main St. in Pueblo. An undisclosed buyer acquired the property for $2.3 million, or $55.39 per square foot. The building features 41,524 square feet of office space. Andrew Monette and Jeff Johnson of Pinnacle represented the undisclosed buyer, while Jamie Mitchell and Michael Krebsbach, also of Pinnacle, represented the seller in the deal.

May 9, 2018

Acquisitions Illinois Midwest Office

Real Capital Solutions Acquires Four-Building Office Center in Naperville, Illinois for $38.7M

by Kristin Harlow May 9, 2018

NAPERVILLE, ILL. — Real Capital Solutions has acquired Naperville Corporate Center for $38.7 million. The 420,540-square-foot office complex includes four buildings. Naperville Corporate Center is 83.6 percent leased to tenants such as KeHe, Trizetto Group, Berkley Insurance, Apex and Infogix Inc. Patrick Shields, Bryan Rosenberg, Jaime Fink and Jeff Bramson of HFF represented the seller, a joint venture between TriGate Capital LLC and Pearlmark.

May 9, 2018

Acquisitions Illinois Industrial Midwest

Phoenix Investors Buys Two Industrial Properties Totaling 1.1 MSF in Illinois, Tennessee

by Kristin Harlow May 9, 2018

MOUNT MORRIS, ILL. AND COVINGTON, TENN. — Milwaukee-based Phoenix Investors has purchased two industrial properties formerly occupied by printing company Quad Graphics, including one in Mount Morris, for a combined $13.5 million. The Mount Morris facility features 586,706 square feet and is located at 404 N. Wesley Ave., about 30 miles southwest of Rockford. The property features 24 loading docks, two drive-in doors and rail access to BNSF. Phoenix also acquired a 523,010-square-foot property in Covington, Tenn. Phoenix purchased the properties from Industrial Realty Group. Both properties have existing tenants in place.

May 9, 2018

Development Illinois Midwest Retail

Missner Completes Construction of 228,000 SF Toyota Dealership in Chicago

by Kristin Harlow May 9, 2018

CHICAGO — The Missner Group has completed construction of the new Chicago Northside Toyota dealership located at 6042 N. Western Ave. The 228,000-square-foot facility is five stories tall. A 30,000-square-foot showroom, surrounded by 28-foot glass panels, is capable of exhibiting 35 vehicles. A 42,000-square-foot service area contains 35 service bays. The facility features a children’s play area and a customer lounge. Axios Architects and Consultants LTD provided the architectural services and Jacob & Hefner Associates provided the engineering services.

May 9, 2018

Loans Midwest Minnesota Multifamily

Dougherty Provides $8.5M HUD Loan for Rehabilitation of Apartment Property in Minneapolis

by Kristin Harlow May 9, 2018

MINNEAPOLIS — Dougherty Mortgage LLC has provided an $8.5 million HUD 221(d)(4) loan for the rehabilitation of Albright Townhomes in Minneapolis. The affordable housing property includes 89 rental units. Originally constructed in 1977, the property underwent renovations in 2000 and 2006. All units are restricted to residents earning 60 percent or less of the area median income. The fully amortized loan features a 40-year term. Albright LP was the borrower.

May 9, 2018

Iowa Leasing Activity Midwest Office

Telemarketing Company Signs 5,260 SF Office Lease in Cedar Rapids, Iowa

by Kristin Harlow May 9, 2018

CEDAR RAPIDS, IOWA — Ross Holdings LLC, a telemarketing company, has signed a 5,260-square-foot office lease in downtown Cedar Rapids. The company will occupy the space on the skywalk level of the 15-story Plaza 425 building. Kirk Hiland of NAI Iowa Realty Commercial brokered the lease transaction. Panda Investments Inc. is the property landlord.

May 9, 2018

Development Multifamily New York Northeast Top Stories

JD Carlisle, Fosun International Receive $350M Loan to Build Luxury Multifamily Tower in Manhattan

by Kristin Harlow May 9, 2018

NEW YORK CITY — JD Carlisle Development Group and Fosun International have received a $350 million loan for the construction of a 66-story luxury condominium project in Manhattan’s NoMad neighborhood. The 199-unit tower will be located at 126 Madison Ave., also known as 15 East 30th St. Once known for its wholesale stores along Broadway Street, NoMad is now a hotbed for luxury condo buildings. Designed by Handel Architects, the project will span 400,408 square feet and include 4,093 square feet of retail space. Amenities will include an indoor pool, private party room, dining room, lounge, fitness center and full-time doorman. The building is slated for completion in 2021. Adam Hakim, James Murad and Andrew Ladeluca of Eastern Consolidated arranged the construction loan, which was provided by Bank of the Ozarks. Jon Mechanic, Nathaniel Lifschitz, Danielle Frank and Shelby Smith of Fried Frank acted as counsel on behalf of the developers. Other recent luxury residential developments for JD Carlisle in Manhattan include 160 Madison Ave., the Beatrice, Centria, Cielo and Morton Square. The New York-based firm was founded in 1946. In addition to 126-132 Madison Ave., Shanghai-based Fosun International owns 28 Liberty St. in Manhattan. — Kristin Hiller

May 9, 2018

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