Property Type

Blueprint Negotiates Sale of 145-Bed Seniors Housing Community in Lodi, California

by Amy Works February 25, 2019

LODI, CALIF. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Ashley Place, a 145-bed assisted living community in Lodi, located south of Sacramento and east of San Francisco. A single-asset owner-operator seeking to exit seniors housing sold the property for an undisclosed price. The buyer was a joint venture between a Northern California-based operator and Atlantis Senior Living. The property does not currently offer memory care, so was marketed as a value-add opportunity for prospective buyers. Blueprint’s Jacob Gehl and Scott Frazier led the transaction.

February 25, 2019

Acquisitions Hospitality Oregon Western

Crystal Investment Property Directs Sale 69-Key Howard Johnson in Oregon

by Amy Works February 25, 2019

SALEM, ORE. — Crystal Investment Property has arranged the sale of Howard Johnson by Wyndham Salem, located at 2250 Mission St. SE in Salem. Terms of the sale were not released. The interior-corridor hotel features 69 guest rooms and a one-bedroom/one-bath owner’s quarters unit. On-site amenities include an outdoor pool, breakfast area, exercise room, guest laundry facilities, truck/bus/RV parking and a business center. Joseph Kennedy of Crystal Investment Property handled the transaction for undisclosed seller and buyer.

February 25, 2019

Acquisitions California Restaurant Retail Western

SRS Brokers $3M Sale of Del Taco-Occupied Restaurant in Chatsworth, California

by Amy Works February 25, 2019

CHATSWORTH, CALIF. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant restaurant asset, located at 21920 Lassen St. in Chatsworth. A private investor acquired the property for $3 million, or $1,540 per square foot. Del Taco occupies the approximately 1,961-square-foot property, which features a 24-hour drive-thru, on a long-term absolute triple-net, corporate-guaranteed lease with more than 12 years remaining. Built in 1989, the property is situated on 0.4 acres. Matthew Mousavi and Patrick Luther of SRS, in cooperation with Brandon Trevellyan of Capital Real Estate Ventures, represented the seller, a privately held partnership, while Warren Berzack of Lee & Associates represented the buyer in the deal.

February 25, 2019

Development Industrial Midwest Missouri

US Capital Development Breaks Ground on $32M Build-to-Suit for Leonardo DRS in Bridgeton, Missouri

by Kristin Harlow February 25, 2019

BRIDGETON, MO. — US Capital Development has broken ground on an engineering and light manufacturing facility for Leonardo DRS Inc. in Bridgeton. The $32 million build-to-suit project will accommodate the company’s growing land systems line of business. The company is a defense contractor that integrates a wide range of systems for the U.S. Army, Air Force and Marine Corps. This includes a variety of systems in ground vehicles, including recon and surveillance, mission support, vehicle survivability and lethality. Brinkmann Constructors is serving as the general contractor for the 171,500-square-foot facility. Completion is slated for early 2020.

February 25, 2019

Loans Michigan Midwest Multifamily Student Housing

Hunt Real Estate Capital Provides $15.5M Refinancing for Student Housing Property in Michigan

by Kristin Harlow February 25, 2019

BIG RAPIDS, MICH. — Hunt Real Estate Capital has provided a $15.5 million Fannie Mae loan for the refinancing of Campus Creek Cottages in Big Rapids. The 368-bed student housing property is comprised of several two-story buildings. Phase I opened in April 2017 and Phase II is scheduled to open in August. The borrower, GFJ BR Cottages LLC, developed the property. Ben Greemann of Greemann Capital arranged the loan. The property mainly serves students at Ferris State University.

February 25, 2019

Acquisitions Midwest Minnesota Retail

Hanley Investment Group Brokers $8.2M Sale of Two-Tenant Retail Building in Edina, Minnesota

by Kristin Harlow February 25, 2019

EDINA, MINN. — Hanley Investment Group Real Estate Advisors has brokered the sale of a two-tenant retail building in Edina for $8.2 million. The newly constructed, 6,702-square-foot property is located at 3901 W. 70th St. E*Trade and Roti Modern Mediterranean restaurant occupy the building. Jeff Lefko and Bill Asher of Hanley represented the seller, OneCorp Real Estate. Jim Seabold of Coldwell Banker Burnet represented the buyer, a Denver-based private investor. The sales price represented a 6 percent cap rate.

February 25, 2019

Acquisitions Indiana Midwest Multifamily

Marcus & Millichap Negotiates Sale of 548-Site Manufactured Home Community in Avon, Indiana

by Kristin Harlow February 25, 2019

AVON, IND. — Marcus & Millichap has negotiated the sale of Avon Lakes Estates, a 548-site manufactured home community in Avon, about 15 miles west of Indianapolis. The sales price was not disclosed. The community includes a pool, clubhouse, walking paths and management offices. John Bailey, Bill Bailey and Ross Bailey of Marcus & Millichap represented the seller, Avon Lakes Ventures LLC, an Indiana-based company that has owned and operated the community for more than 10 years. Kyle Baskin and Jonathon McClellan of Marcus & Millichap procured the buyer.

February 25, 2019

Acquisitions Illinois Industrial Midwest

Cawley Chicago Arranges Sale of 31,059 SF Industrial Building in Elk Grove Village, Illinois

by Kristin Harlow February 25, 2019

ELK GROVE VILLAGE, ILL. — Cawley Chicago has arranged the sale of a 31,059-square-foot industrial building in Elk Grove Village for an undisclosed price. The property is located at 1001 Fargo Ave. Andrew Maletich of Cawley Chicago represented the buyer. Sam Durkin of JLL represented the seller.

February 25, 2019

Acquisitions Georgia Industrial New Jersey Northeast Pennsylvania Southeast Texas Top Stories

Colony Industrial Sells Four-State, 2.3 MSF Industrial Portfolio for $136M

by Kristin Harlow February 25, 2019

DALLAS — Colony Industrial has sold a light industrial portfolio spanning 2.3 million square feet across four states for $136 million. Nuveen Real Estate, a subsidiary of TIAA, purchased the properties. The sale includes 18 buildings in Atlanta, five in Dallas, five in Houston and six buildings spread across Pennsylvania and New Jersey. CBRE National Partners represented Dallas-based Colony Industrial in the sale. Colony Industrial is the industrial platform of Colony Capital Inc. (NYSE: CLNY), a real estate investment firm with $44 billion of assets under management. “We’ve owned and operated these assets for some time and the portfolio value had achieved Colony Industrial’s targets,” says Lew Friedland, managing director at Colony Capital and head of Colony Industrial. “We reevaluate the portfolio as opportunities arise, and this sale to Nuveen enables us to rebalance our property mix to align with our long-term strategic plans.” Nuveen is an investment manager that maintains its international headquarters in New York. — Kristin Hiller

February 25, 2019

Market Reports North Carolina Office Southeast Southeast Market Reports

Raleigh-Durham’s Strong Job Growth Lifts Office Fundamentals, Investment Sales

by Alex Tostado February 25, 2019

The Raleigh-Durham region’s continued strong job growth is fueling sustained demand from tenants, keeping the office market firmly in favor of landlords despite a notable increase in construction activity in recent months. The region added 26,500 jobs between October 2017 and October 2018 for a growth rate of 3 percent. Unemployment fell from 3.8 percent to just 3.0 percent during this time, hitting its lowest level since 2000. Despite not making the final cut for massive headquarters expansions from Amazon and Apple, Raleigh-Durham experienced significant economic development wins in 2018. Major job announcements came from office-using tenants such as Advance Auto Parts (435 jobs), Pendo (590 jobs), Arch Capital Services (365 jobs), Ipreo (250 jobs) and LabCorp (422 jobs). As in many markets across the United States, co-working operators significantly increased their presence in the region in 2018. Spaces has signed leases at five Raleigh-Durham properties, and WeWork committed to two locations and has stated that it plans to triple its local footprint in the near term. In November 2018, Forbes ranked North Carolina the nation’s No. 1 state in which to do business, and Urban Land Institute and PricewaterhouseCoopers named Raleigh-Durham the No. 3 U.S. market in their Emerging …

February 25, 2019

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