Property Type

ARUP Engineering Moves to Downtown Los Angeles in $57M Lease Transaction

by Amy Works June 11, 2018

LOS ANGELES — ARUP Engineering has inked a deal to occupy 66,000 square feet of space at Wilshire Grand Building, a newly constructed office building in downtown Los Angeles. The value of the transaction is $57 million with an initial lease term of 15 years. The company plans to relocate from to the new location from Playa Vista, Calif., at year’s end. ARUP will occupy three floors of the 73-story building, which also include a five-star hotel, conference facilitates, a full gymnasium and a variety of restaurants. Nathan Pellow and Terence Kirk of Colliers represented the Los Angeles office of the London-based engineering firm in the lease negotiations, while Steve Marcussen and John Cushman III of Cushman & Wakefield represented the landlord, Hanjin/Korean Air.

June 11, 2018

California Development Hospitality Western

BPM Real Estate Group To Build 326-Key Radisson Blu in Anaheim

by Amy Works June 11, 2018

ANAHEIM, CALIF. — The Anaheim Planning Commission has approved BPM Real Estate Group’s plan to develop a Radisson Blu on a 3.3-acre site at Interstate 5 and South Anaheim Boulevard. The 12-story hotel will feature 326 guest rooms; a 353-stall garage; an outdoor rooftop deck bar, restaurant and social pool; a fitness facility; small conference facility; gift shop; and game room. Additionally, the property will be within walking distance of Disneyland Resort’s main entrance. Designed by GBD Architects, the hotel is slated for completion in spring 2020.

June 11, 2018

Arizona Loans Seniors Housing Western

Capital One Provides $20.8M HUD Refinancing for Seniors Housing Community in Tucson

by Amy Works June 11, 2018

TUCSON, ARIZ. — Capital One has provided a $20.8 million loan for the refinancing of a seniors housing community in Tucson. The facility opened in 1964, with expansions added in 1977 and 1990. It currently features 24 independent living units, 19 assisted living units and 270 skilled nursing beds distributed across 132 units, making it one of the largest facilities in the Tucson area. The fixed-rate HUD 232/223(f) loan will replace bank debt with low-rate, long-term financing, allowing the owner-operators to recoup capital expenditures and retire partner debt. The operators have invested in newly redesigned therapy center and are installing LED lighting to reduce energy consumption.

June 11, 2018

Acquisitions Office Washington Western

Norris & Stevens Negotiates $6.1M Purchase of Office Complex in Vancouver, Washington

by Amy Works June 11, 2018

VANCOUVER, WASH. — Norris & Stevens has arranged the acquisition of The Timbers, an office complex located at 9120 N.E. Vancouver Mall Loop in Vancouver. An undisclosed buyer purchased the property for $6.1 million in a 1031 exchange. Built in 1978 as a theatre complex, the 32,502-square-foot property was converted into a multi-tenant office complex in 2006. At the time of sale, the property was 98 percent occupied by 16 tenants, including DaVita-Total Renal Care, Mission International, Home Instead Senior Care and Columbia Commercial Properties. Thomas McDowell and Raymond Duchek of Norris & Stevens represented the buyer, while Steve Mack of MAJ Commercial Real Estate represented the undisclosed seller in the deal.

June 11, 2018

Loans Michigan Midwest Multifamily

Arbor Provides $10.6M Bridge Loan for Multifamily Property in Roseville, Michigan

by Kristin Harlow June 11, 2018

ROSEVILLE, MICH. — Arbor Realty Trust Inc. has provided a $10.6 million bridge loan for a multifamily property in Roseville, about 20 miles northeast of Detroit. The 266-unit property is comprised of two adjoining apartment communities built between 1965 and 1972. Amenities include laundry facilities, on-site management, a playground and swimming pool. Ari Short of Arbor originated the three-year loan. The borrower was not disclosed.

June 11, 2018

Acquisitions Hospitality Iowa Midwest

Condor Hospitality Trust Under Contract to Sell Super 8 Hotel in Creston, Iowa for $5.1M

by Kristin Harlow June 11, 2018

CRESTON, IOWA — Condor Hospitality Trust Inc. is under contract to sell its 121-room Super 8 hotel in Creston, about 70 miles southwest of Des Moines, for $5.1 million. The transaction is expected to close in the third quarter. Condor is a REIT based in Maryland that specializes in the investment and ownership of select-service, extended stay and limited-service hotels. The company currently owns 17 hotels in nine states.

June 11, 2018

Acquisitions Iowa Midwest Net Lease Retail

Boulder Group Arranges $4.7M Sale of Property Net Leased to Walgreens in Bettendorf, Iowa

by Kristin Harlow June 11, 2018

BETTENDORF, IOWA — The Boulder Group has arranged the $4.7 million sale of a single-tenant property net leased to Walgreens in Bettendorf near Davenport. The 14,490-square-foot property is located at 830 Middle Road near a Home Depot, Hobby Lobby and Hilton Garden Inn. Walgreens has more than five years remaining on its lease, which expires in December 2023. Randy Blankstein and John Feeney of The Boulder Group represented the buyer, a Midwest-based 1031 exchange investor. A Northeast-based real estate fund was the seller.

June 11, 2018

Acquisitions Midwest Minnesota Office

Marcus & Millichap Brokers $2.1M Sale of Office Building in Burnsville, Minnesota

by Kristin Harlow June 11, 2018

BURNSVILLE, MINN. — Marcus & Millichap has brokered the $2.1 million sale of River Ridge Circle in Burnsville, about 15 miles south of Minneapolis. The 23,138-square-foot office property is located at 190 S. River Ridge Circle. Constructed in 1994, the three-story building originally served as the Minnesota River School of Fine Arts. In 2009, the school closed and the property was transitioned into an office building. Marc Paylor and Claire Roberts of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The undisclosed buyer plans to occupy space at the property.

June 11, 2018

Acquisitions Industrial Michigan Midwest

NKF Negotiates Sale of 22,000 SF Industrial Warehouse in Troy, Michigan

by Kristin Harlow June 11, 2018

TROY, MICH. — Newmark Knight Frank (NKF) has negotiated the sale of a 22,000-square-foot industrial warehouse in Troy for an undisclosed price. The property is located at 1875 Stephenson Highway. Built in 1965, the warehouse is situated on two acres and features LED lighting, storage and office space. Geoff Hill and Paul Gyarmati represented the seller, National Print and Mail. SourceHub, an online distributor of warehousing and facility equipment, purchased the property and plans to take occupancy in July.

June 11, 2018

Northern-Virginia-Industrial-Park-Springfield-Virginia

Acquisitions Industrial Southeast Top Stories Virginia

PS Business Parks Acquires 1.1 MSF Industrial Portfolio in Northern Virginia for $143.3M

by Taylor Williams June 11, 2018

SPRINGFIELD, VA. — PS Business Parks Inc. (NYSE: PSB), a California-based office and industrial REIT, has acquired a portfolio of industrial properties totaling roughly 1.1 million square feet in northern Virginia. The purchase price was $143.3 million. The portfolio consists of the 19 buildings located within the 813,725-square-foot Northern Virginia Industrial Park and the 241,000-square-foot Fullerton Industrial Park. Both of these developments, which span a combined 65 acres, are located in Springfield, about 15 miles southwest of Washington, D.C. PS Business Parks already owns three industrial parks totaling 606,000 square feet in this area. Those properties have posted a historical average occupancy of 95 percent since 2000. With the acquisition of these two properties, the company’s footprint in the Springfield/Newington submarket totals approximately 1.7 million square feet, roughly 11 percent of the submarket supply. “We are confident that these properties will achieve the same occupancy and rent growth we have accomplished in our other locations in this market,” says Maria Hawthorne, president and CEO of PS Business Parks. “The location is superb as it is adjacent to Fort Belvoir and just south of the Pentagon in a densely populated area with excellent access to transportation.” The average lease size at …

June 11, 2018

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