Property Type

Colliers Brokers Sale of Former Car Dealership in Palatine, Illinois

by Kristin Harlow April 20, 2018

PALATINE, ILL. — Colliers International has brokered the sale of a former Jaguar car dealership in Palatine, located about 35 miles northwest of Chicago. The sales price was not disclosed, but the asking price was $3.3 million. Studio 41, a kitchen and bath plumbing fixtures manufacturer, purchased the 30,000-square-foot property with plans to convert it into a home design showroom. Upon completion, the property will be open to homeowners, contractors, designers and architects. Anne Dempsey of Colliers represented the seller, Morries Automotive Group.

April 20, 2018

Acquisitions Industrial Michigan Midwest

Marmo Meccanica Purchases 13,519 SF Industrial Building in Pontiac, Michigan

by Kristin Harlow April 20, 2018

PONTIAC, MICH. — Marmo Mecccanica NA has purchased a 13,519-square-foot industrial building in Pontiac for an undisclosed price. The company, which specializes in the manufacturing of edge polishing and bridge cutting machines used in granite fabrication, will relocate to the space at 1590 E. Highwood Blvd. Built in 1990, the building features overhead cranes and a flexible floor plan to accommodate expansion. Tom Jablonski of L. Mason Capitani CORFAC International represented Marmo Meccanica in the sales transaction. The seller was not disclosed.

April 20, 2018

Industrial Leasing Activity Michigan Midwest

Anytime Restoration Signs 10,500 SF Industrial Lease in Warren, Michigan

by Kristin Harlow April 20, 2018

WARREN, MICH. — Anytime Restoration Service Inc. has signed a 10,500-square-foot industrial lease in Warren. The disaster restoration company that specializes in both commercial and residential projects involving water, fire and mold cleanup will occupy the space at 6655 Chicago Road. Matthew Farrell and Kevin Tamer of CORE Partners represented the tenant in the five-year lease transaction. Brad Hitch of Deco Properties represented the undisclosed landlord.

April 20, 2018

California Development Office Western

HFF Arranges $145M Construction Loan for Office Building Renovation, Expansion in San Francisco’s SOMA District

by Amy Works April 20, 2018

SAN FRANCISCO – HFF has arranged $145 million in construction financing for 633 Folsom, a seven-story office building located in the SOMA submarket of San Francisco. The Swig Co. will use the loan proceeds to complete a full-building renovation and expansion, which will add five floors to the property. Once completed, the 171,632-square-foot building will become a 12-story, 266,053-square-foot Class A office building. Originally built in 1967 by The Swig Co., 633 Folsom has been fully leased for the past 20 years, most recently to California Pacific Medical Center. The project is scheduled to commence this summer. Bruce Ganong and Bercut Smith of HFF secured the financing for Swig.

April 20, 2018

Arizona Development Multifamily Seniors Housing Western

BridgeWater Opens 140-Unit Affordable Seniors Community in Midtown Phoenix

by Amy Works April 20, 2018

PHOENIX – BridgeWater Assisted Living has opened BridgeWater Assisted Living Midtown, a 140-unit affordable seniors housing community in Phoenix. This is BridgeWater’s second affordable community in the Phoenix metro. The property is seven stories tall and offers assisted living and memory care services using the Medicaid ALTCS program, which allows Medicaid to pay for services that are normally private pay. Veterans eligible for Wartime Pension may also qualify for supplemental aid and benefits.

April 20, 2018

Acquisitions Office Washington Western

Spire Real Estate Acquires 68,766 SF Office Building in Bellevue, Washington

by Amy Works April 20, 2018

BELLEVUE, WASH. – Spire Real Estate has purchased Swift Gateway, a multi-tenant office building located in Bellevue. The three-story, 68,766-square-foot building was renovated in 2016. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured a five-year, $14.5 million acquisition loan with a 30-year amortization schedule on behalf of Spire. Newmark will service the non-recourse financing.

April 20, 2018

Acquisitions Colorado Retail Western

Pinnacle Brokers $5M Sale of 8,318 SF Retail Property in Castle Rock, Colorado

by Amy Works April 20, 2018

CASTLE ROCK, COLO. – Pinnacle Real Estate Advisors has arranged the sale of a multi-tenant retail property located at 1341 New Beale St. in Castle Rock. A Colorado-based developer sold the property to a California-based private investor for $5 million, or $601 per square foot, in a 1031 exchange. The newly built property features 8,318 square feet of retail space. At the time of sale, the property was fully occupied by Potbelly Sandwich Shop, Smoothie King, European Wax Center, Fine Nails and Beau Thai.

April 20, 2018

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of Super 8 Hotel in Port Angeles, Washington

by Amy Works April 20, 2018

PORT ANGELES, WASH. – Crystal Investment Property (CIP) has brokered the sale of a Super 8 hotel located at 2104 E. First St. in Port Angeles. An undisclosed buyer acquired the 63-key hotel. The fully staffed, turn-key hotel features a large lot with ample truck and RV parking. Joseph Kennedy of CIP represented the buyer and undisclosed seller in the sale. The acquisition price was not released.

April 20, 2018

Development Florida Hospitality Mixed-Use Southeast Top Stories

Strategic Property Partners to Develop 173-Room EDITION Hotel Within $3B Water Street Tampa Project

by Kristin Harlow April 20, 2018

TAMPA, FLA. — Strategic Property Partners LLC (SPP) has unveiled plans to develop a 173-room EDITION hotel in Tampa. The hotel will be part of a 26-story tower in the heart of Water Street Tampa, a $3 billion mixed-use development from SPP. EDITION is a modern luxury brand that Marriott International (NASDAQ: MAR) launched in fall 2013. There are currently EDITION hotels in New York, Miami, London and China, with seven new properties scheduled to open this year. The Tampa EDITION will feature multiple social and amenity spaces for guests, including a rooftop pool, bar and restaurant, spa and fitness center. The ground-floor space will house several restaurants and shops, which have yet to be announced. Water Street Tampa will also include a JW Marriott luxury hotel, which is slated to open in 2020. Furthermore, SPP has unveiled plans to fully renovate an existing 727-room Marriott Waterside Hotel & Marina. Combined, these three properties will account for 1,419 hotel rooms and over 150,000 square feet of meeting and event space. Water Street Tampa is a multi-phase, 50-acre project that will include more than 9 million square feet of commercial, residential, hospitality, educational, entertainment, cultural and retail space, with the first …

April 20, 2018

Industrial Market Reports Texas Texas Market Reports

Industrial Vacancy Tightens in El Paso Despite Heavy Construction

by Taylor Williams April 20, 2018

Trade and politics are nothing new for El Paso, Texas and its sister city Ciudad (Cd.) Juarez, Mexico. The history of the region is rooted in the interrelationship between two countries, three states and a trading route that originally ran from Mexico City to Santa Fe along the Camino Real. Today, international trade and political fights from elsewhere still have a considerable influence on what locals are talking about. But the regional industrial market continues to thrive by staying well below the radar. Despite concerns of imminent steel tariffs, restructuring of North American Free Trade Agreement (NAFTA) and the construction of an expanded border wall, the regional industrial economy keeps humming along, bringing the real estate market along with it. For industrial real estate tenants, the lure of a globally competitive workforce in Cd. Juarez and a link to the U.S. transportation infrastructure in El Paso makes this region a beacon for industrial users across the world. Triangle of Trade Take a two-hour drive along the loop highway circling El Paso, Cd. Juarez and Santa Teresa, New Mexico, and you will find an eye-opening list of international companies with industrial footprints. Foxconn from Taiwan, Polygroup from China, Bosch from Germany …

April 20, 2018

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