DUBLIN, OHIO — Colliers International has brokered the sale of Stoneridge Medical Center in Dublin for $2.3 million. The 46,500-square-foot medical office building is located at 4015-4059 W. Dublin Granville Road. Current tenants include OSU Obstetrics and Gynecology and OSU Radiology. Jaimine Johnson, Christopher Potts, George Stecz and John Underman of Colliers represented the seller, LNR Partners. A Columbus, Ohio-based real estate investor was the buyer.
GREEN BAY, WIS. — Architecture, engineering, environmental and planning firm ISG is moving into the WaterMark building in downtown Green Bay. The firm will occupy 14,000 square feet. ISG is currently designing its new space on the third floor and anticipates a September 2018 move-in. After acquiring Raasch Associates in September 2016, ISG has grown its Green Bay presence by more than 40 percent. Three Sixty Real Estate Solutions LLC developed the six-story WaterMark building, which anchors the CityDeck, a community venue for dining and outdoor concerts.
IRVINE, CALIF. — American Campus Communities and the University of California, Irvine, have broken ground on a 1,441-bed, on-campus residential building and a bike storage facility. This marks the beginning of Phase IV of the partnership’s on-campus development plan. The past three phases of development have brought a total of 5,162 units to the campus. Benchmark Contractors, a subsidiary of Morley Builders, was the general contractor for the past three phases on UCI’s campus, and is moving forward with a design-assist approach for the new large development. KTGY is the architect for the project. The development is set to open at the end of summer 2019.
COSTA MESA, CALIF. — Pacific Industrial, along with a private equity fund advised by Crow Holdings Capital, has acquired a two-building industrial asset in Costa Mesa for $33 million. Located at 3030 and 3080 Airway Ave. and adjacent to John Wayne Airport, the 157,204-square-foot asset comprises one building occupied by the U.S. headquarters of RipCurl, and a second building that was recently vacated by Karma. The buyer plans to make interior and exterior upgrades to the vacant building. Trent Walker and Carl Johnson of Voit Real Estate Services represented the buyer in the off-market transaction.
LAGUNA NIGUEL, CALIF. — Steadfast Senior Living has started pre-leasing at Crestavilla, a 201-unit, $95.5 million independent living, assisted living and memory care community in the Los Angeles suburb of Laguna Niguel. Atria Senior Living has been brought on to manage the 215,000-square-foot, three-story community. A luxury community located on 11.5 acres, rents will range from $6,600 to $15,000 per month. Santa Ana-based William Hezmalhalch Architects designed the community, which Bernards is building. Steadfast is pursuing LEED certification for Crestavilla, which would make it Atria’s 11th LEED-certified community.
PHOENIX — SVN Desert Commercial Advisors has brokered the sale of Mountain View Plaza, a neighborhood shopping center located at 9812-9832 N. Seventh St. in Phoenix. Local restaurateurs Robert Brescia and Dino Brescia sold the property to Hawaii-based Rajan Watumull of Watumull Enterprises for $5.2 million. Situated on 2.7 acres, the property features 26,000 square feet of retail space. Justin Horwitz and Paul Borgesen of SVN Desert Commercial Advisors represented the seller, while Brian Kocour of Kocour Cos. represented the buyer in the deal.
LOS ANGELES — Commercial Asset Group has brokered the sale of a retail building located at 5520 San Vicente Blvd. in Los Angeles. A Burbank-based family partnership acquired the property from Wilshire Vista of Hollywood for $4.2 million. Built in the 1930s, the 4,200-square-foot, single-tenant property was renovated in 2014. Yummy.com Neighborhood Market, a chain of grocery stores with a large online/delivery presence, occupies the freestanding building. David Aschkensay of Commercial Asset Group represented the buyer and seller in the transaction.
GREENVILLE, S.C. — RocaPoint Partners, an affiliate of The Georgetown Co., has unveiled plans to develop a $1 billion mixed-use project in downtown Greenville. The Atlanta-based development firm has received unanimous approval from Greenville County Council to redevelop 37 acres along University Ridge. The land currently houses administrative offices at County Square, along with offices across the street including the South Carolina Department of Motor Vehicles and the Greenville County Public Health Department. The redevelopment will add approximately 3 million square feet of new Class A office, retail, hotels, residential and public spaces, as well as a new build-to-suit county government building. In addition, the project will be located within walking distance to Falls Park, located in downtown Greenville’s Historic West End; Fluor Field, home of Greenville’s minor league baseball team; and the Greenville Health System Swamp Rabbit Trail, a 20.6-mile multi-use greenway system. “The project is going to have a $1.1 billion impact on the local economy and create a more walkable environment to further support local business growth, as well as providing a distinct gathering place for residents and visitors,” says Phil Mays, principal of RocaPoint Partners. The development team for the project includes local partner KDS Commercial …
SAN DIEGO — Marcus Buckingham has a rather simple yet effective piece of advice for seniors housing operators: stop focusing on the negative. “We have strengths and we have weaknesses. What should you spend more time on?” he asked. “Most people are way more focused on the weaknesses and identifying flaws and fixing them. It has a lot to do with fear. We should be honoring strengths.” Buckingham, a leadership and management expert, delivered the comments to more than 2,500 seniors housing executives on May 15 at the 2018 Argentum Senior Living Executive Conference & Expo held at the San Diego Convention Center. There are currently 93,300 people working in seniors housing in the U.S., according to Argentum, an inadequate number Buckingham said. Experts note there should be a one-to-one ratio of employees to residents. Compounding matters is that more exciting industries like technology and creative professions draw the younger generations away from traditional career roles, resulting in a jobs crisis. While seniors housing may not be as sexy as the tech sector, Buckingham believes a change in attitude can do wonders for employee retention. “There is a lot of turnover in the first 90 days, but people don’t measure …
Detroit’s economy is reinventing itself and slowly gaining its footing after the Great Recession and the city’s bankruptcy. Low interest rates supported record auto sales in 2016 and another strong showing last year, adding some stability to the metro area’s bellwether industry. A rejuvenated downtown and new, growing industries are invigorating the retail market. The story of retail in Detroit closely follows the overall narrative of the market — out with the old and in with the new. Because of this, well-known national retailers such as John Varvatos and Lululemon have made their way into downtown, while international retailer Zara established a presence in Troy, reiterating the market’s strengthened retail sector. Job growth is closely aligned with retail sales, and payrolls in the Motor City have been expanding, on and off, since mid-2009. At times, the snail’s pace of growth has proven frustrating for a market that bore an above- average burden due to population declines and the auto industry’s collapse. The outlook is positive, however, and total nonfarm payroll employment in metro Detroit eclipsed the 2 million mark last year for the first time since 2006. Manufacturing and professional and business services have provided the foundation for the local …