CHICAGO — Wintrust Bank has provided a $21 million loan for the acquisition of a five-property industrial portfolio totaling 665,903 square feet in metro Chicago. The portfolio includes: 550-600 North Commons in Aurora; 710-854 Foster Ave. in Bensenville; 1400-1538 Elmhurst Road in Elk Grove Village; 3456 North Ridge Ave. in Arlington Heights; and 8220 North Austin Ave. in Morton Grove. Christopher Carroll and Jason Bond of HFF arranged the financing on behalf of the borrower, Clear Height Properties. The seller was not disclosed.
SIOUX FALLS, S.D. — The Boulder Group has arranged the sale of a single-tenant property net leased to Shopko in Sioux Falls for $11.7 million. The 90,585-square-foot building is located at 1601 W. 41st St. The property is near big box retailers such as Walmart Supercenter, Target, Costco and Menards. There are over 17 years remaining on Shopko’s lease, which expires in December 2035. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Texas-based REIT. A local real estate investor purchased the asset.
WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,440-square-foot industrial building in West Chicago for an undisclosed price. The property, constructed in 2008, is located at 310-330 Charles Court. The buyer, Tag Fitness, plans to occupy a portion of the building while generating rental income from the remainder of the property. The company warehouses and distributes fitness equipment to health clubs and home gyms. Mike Antonelli represented both the buyer and the seller, a private investor.
TORRANCE, CALIF. — NKF Capital Markets has arranged the sale of L3 Technologies Torrance Tech Campus, an office/R&D campus located at 3100 Lomita Blvd. in Torrance. A partnership between Platform Ventures and PMRG sold the property to FRM Associates for $124 million. Situated on 26.7 acres, the five-building campus features 574,010 square feet of space. The campus is 91 percent occupied by L3 Technologies and Torrance Memorial Medical Center. L3 Technologies, which leases 80 percent of the property, recently executed a 15-year lease extension and expanded operations at the facility. Kevin Shannon, Ken White, Scott Schumacher, Eric Lastition and Geoff Ludwig of NKF Capital Markets represented the seller in the deal. NKF Capital Markets’ David Milestone and Brett Green arranged financing for the buyer.
SEATTLE — LaSalle Investment Management has purchased 202 Westlake, an office building located in Seattle’s South Lake Union neighborhood, for an undisclosed price. Developed in 2013, the six-story, 131,000-square-foot property is a multi-tenant building that caters to technology and life science users. Amazon occupies the building’s entire office component. The balance of the property is leased to four ground-floor retail tenants, including Chipotle Mexican Grill, Umpqua Bank, Kigo Kitchen and Homegrown. On-site amenities include subterranean parking, bike storage, showers, lockers and quick-service food retailers.
SOUTH PASADENA, CALIF. — Genton Cockrum Partners has completed the disposition of Six25 Fair Oaks, a creative office building located at 625 Fair Oaks Ave. in South Pasadena. Greenbridge Investment Partners acquired the property for $31 million. Genton Cockrum Partners originally acquired the property in 2014 for $20 million and repositioned the three-story, 92,547-square-foot property into a creative office space. Chalvis Evans of CBRE handled the transaction.
PORTLAND, ORE. — ScanlanKemperBard Cos., in partnership with Tryba Architects and the principals of Lorentz Brunn Construction, has acquired a vintage industrial property located at 1805 SE MLK Blvd. in Portland’s Central Eastside district. The partnership purchased the property for $6.3 million, or $136 per square foot, and it plans to invest $8.9 million in renovations for a total project cost of $15.2 million. Originally the home of Morehouse Glass, the two-story, 46,000-square-foot property is 1960s vintage concrete construction with 20-foot ceilings, original glulam beams and concrete floors. The project will be rebranded The Glass Lab.
MEDFORD, ORE. — Savills Studley has brokered the sale of WinCo Plaza, a regional shopping center located in Medford. Larkspur, Calif.-based Argonaut Investments purchased the 147,943-square-foot property from a private family office for an undisclosed price. Located at Barnett Road and Interstate 5 Freeway, the property is anchored by WinCo Foods, which occupies 94,500 square feet. Additional tenants include Dollar Tree, McDonald’s, Payless ShoeSource and Valley Immediate Care. Maurice Nieman of Savills Studley handled the transaction.
ORLANDO, FLA. — Orlando Student Housing DST, an entity related to Inland Real Estate Group of Cos. Inc., has sold the Retreat at Orlando, an 894-bed student housing property located roughly two miles southwest of the University of Central Florida (UCF) in Orlando. Inland Private Capital Corp. (IPC) facilitated the sale of the property on behalf of one of its 1031 investment programs. The name of the buyer and the sales price were not disclosed, but the Orlando Business Journal reports the company originally acquired the off-campus asset in 2015 for $72.5 million, or $80,376.94 per bed. Constructed in 2014 by Athens, Ga.-based Landmark Properties, the Retreat at Orlando includes 143 apartment buildings with a mix of two- to six-bedroom floor plans. Units feature private bathrooms, nine-foot ceilings, full-size washer and dryer units and a front porch or back patio. Community amenities include a resort-style, multi-tiered swimming pool with cabanas and hammocks, 24-hour fitness center, clubhouse with catering kitchen, computer lab, pool tables, golf simulator, sand volleyball court, tennis court, picnic area with barbecue grills and shuttle service to the UCF campus. At the time of sale, the community was 99.6 percent occupied.
MARIETTA, GA. — StoneBridge Investments has acquired Avia East Cobb, a 200-unit apartment community located in the northwest Atlanta suburb of Marietta, for $23.5 million. Kevin Geiger of CBRE arranged the transaction on behalf of the seller, an entity controlled by Harbor Group International. The community includes a mix of one- to three-bedroom units and features a resort-style pool, outdoor grills and a renovated clubhouse in a historic stone mill. In addition, the community is located roughly three miles from SunTrust Park, the home ballpark of the Atlanta Braves. StoneBridge will invest $3.2 million in capital improvements, renaming the property Landry at East Cobb Apartments. Planned renovations include enhanced community amenities, conversion of the existing dog park into an artificial grass sport court, exterior paint, façade renovation and upgraded unit interiors. ZRS Management will manage the community.