Property Type

Weiss Realty Arranges 47,000 SF Industrial Relocation for T-Shirt Company in Miami

by Camren Skelton April 19, 2018

MIAMI — Weiss Realty has arranged the relocation of Hard Ten Tree Shirt Cos.’ production operations from Brooklyn, N.Y., to Miami. The one-story industrial building is located at 3360 N.W. 110th St. Jaime Weiss of Weiss Realty, along with Fred Meyer of NAI Mertz and Mike Waite of The Easton Group, arranged the 10-year, 47,000-square-foot lease on behalf of Hard Ten. Edison Vasquez of Com-Real Miami-Doral represented the landlord, Calico 2017 LLC. The T-shirt company will move into the new space this spring.

April 19, 2018

Acquisitions Midwest Minnesota Office

CBRE Arranges Sale of 101,568 SF Office Building in Edina, Minnesota for $14.4M

by Kristin Harlow April 19, 2018

EDINA, MINN. — CBRE Capital Markets has arranged the sale of Edinborough Corporate Center in Edina for $14.4 million. The seven-story, 101,568-square-foot office building was built in 1986 as part of a mixed-use development that includes Edina’s Edinborough Park, a one-acre indoor city park. The office building is also connected to the 135-room Marriott Residence Inn and Brookdale Edina, a 203-unit luxury senior apartment complex. The Class A building was 91 percent occupied at the time of sale. Ryan Watts, Sonja Dusil, Tom Holtz and Judd Welliver of CBRE represented the seller, EverWest Real Estate Partners. Altus Properties purchased the asset.

April 19, 2018

Development Illinois Midwest Multifamily Seniors Housing

Pathway to Living, Caddis Open 96-Unit Seniors Housing Community in Orland Park, Illinois

by Kristin Harlow April 19, 2018

ORLAND PARK, ILL. — Pathway to Living and Caddis Healthcare Real Estate have opened Heartis Village of Orland Park, a 96-unit assisted living and memory care community. The 89,622-square-foot property is located at 7420 W. 159th St. The community’s 72 assisted living units range in size from 371 to 1,032 square feet, while the 24 memory care studios measure approximately 260 to 360 square feet. Amenities include a dining room, movie theater, chapel, salon and spa, fitness center, doctor’s suite and courtyard with a walking path. McShane Construction Co. was the general contractor.

April 19, 2018

Indiana Loans Midwest Retail

NorthMarq Secures $7.7M Construction Loan for Retail Property in Jeffersonville, Indiana

by Kristin Harlow April 19, 2018

JEFFERSONVILLE, IND. — NorthMarq Capital has arranged a $7.7 million construction loan for Jeffersonville Town Center in southern Indiana. The 64,855-square-foot retail property will be located at 1450 Veterans Parkway. The project is the first phase of a 160-acre mixed-use development. Randall Waddell of NorthMarq arranged the three-year loan with a local bank. The borrower was not disclosed.

April 19, 2018

Acquisitions Illinois Midwest Multifamily Seniors Housing

Blueprint Brokers Sale of Two Skilled Nursing Facilities in Southern Illinois for $5.5M

by Kristin Harlow April 19, 2018

EDWARDSVILLE, ILL. — Blueprint Healthcare Real Estate Advisors has brokered the sale of University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation, both located in Edwardsville and totaling approximately 232 beds, for $5.5 million. The purchase price equates to approximately $24,000 per bed. The sale was prompted by the operator’s motivation to reduce its overall exposure to the state’s challenging reimbursement environment relating to delayed payments of Medicaid and its initial intention to not operate the facilities in the long term, according to a news release. Combined, the facilities were operating at approximately breakeven on nearly $12 million in total revenues. Josh Salzman, Michael Segal and Ben Firestone of Blueprint led the transaction. A St. Louis-based investor purchased the asset. A publicly traded REIT was the seller.

April 19, 2018

Development Industrial Midwest Nebraska

Byrne & Jones Construction Completes Asphalt Plant in Greenwood, Nebraska

by Kristin Harlow April 19, 2018

GREENWOOD, NEB. — Byrne & Jones Construction Co. has completed a new asphalt plant in Greenwood, about 20 miles northeast of Lincoln. CMI Roadbuilding Inc., an asphalt plant supplier, assisted with the project. The property is located on eight acres at 13801 238th St. with close proximity to the highway. The St. Louis-based civil site contractor opened an office in Gretna, Neb. in 2014 to provide asphalt and concrete paving services to commercial, retail and institutional customers. The office serves clients in Omaha, Lincoln, southeast Nebraska and surrounding areas. Within the past year, Bryne & Jones has completed a number of asphalt projects in Nebraska, including projects for CarMax, Lowe’s and Lincoln Crossing Shopping Center.

April 19, 2018

Acquisitions California Data Centers Industrial Western

CV Mission Critical REIT II Acquires Two-Building Data Center Portfolio in Sacramento from Digital Realty Trust for $51M

by Amy Works April 19, 2018

SACRAMENTO, CALIF. – Carter Validus Mission Critical REIT II (CV Mission Critical REIT II) has purchased the Rancho Cordova Data Center Portfolio for $51 million, excluding acquisition fees and costs. Located in Sacramento, the portfolio consists of two single-story facilities: a 69,048-square-foot turnkey colocation data center, located at 11085 Sun Center Drive, and a 63,791-square-foot, multi-tenant wholesale data center, located at 3065 Gold Camp Drive. At the time of sale, the portfolio was 82.4 percent occupied. Michael Hochanadel, Raul Saavedra and Jake Wagner of JLL represented the seller, Digital Realty Trust, in the deal.

April 19, 2018

Loans Office Washington Western

Newmark Secures $15M Acquisition Loan for 71,329 SF Office Building in Bellevue, Washington

by Amy Works April 19, 2018

BELLEVUE, WASH. – Newmark has arranged $15 million in acquisition financing for Mercer Pointe, a single-tenant office building located within the Bellevue Office Park in Bellevue. The borrower is Spire Real Estate, a subsidiary of Vancouver-based Nicola Crosby Wealth Management. OfferUp.com occupies the 71,329-square-foot, Class A building. OfferUp is an online, mobile marketplace that gives consumers a platform to buy and sell products locally. Brian Bonipart, Michael Taylor and Skip Slavin of Newmark secured the 25-year, fully amortizing, full-recourse loan, which will be serviced by Newmark.

April 19, 2018

Acquisitions Massachusetts Northeast Office

Colliers Brokers $23M Sale of Two Office Buildings in Downtown Boston

by David Cohen April 19, 2018

BOSTON — Colliers Boston has brokered the sale of two vacant office properties in downtown Boston for $23 million. Hemisphere Development purchased the two buildings, located at 13-21 Congress St. and 27-29 Stuart St., with the intent of redeveloping the properties. Colliers represented the seller, Thibeault Properties, in the transaction and also arranged $21.5 million in acquisition and pre-development financing for the buyer through Knighthead Funding LLC. Thibeault Development added approximately $6.3 million in value to the two assets during its ownership. The 13-21 Congress Street building spans 54,450 square feet and is located in Boston’s Financial District, and 27-29 Stuart Street is a 10,540-square-foot property in Boston’s Theater District.

April 19, 2018

Acquisitions Industrial Washington Western

Colliers Brokers $14.5M Sale of 102,882 SF Industrial Portfolio in Metro Seattle

by Amy Works April 19, 2018

TUKWILA AND KENT, WASH. – Colliers International has arranged the sale of a two-building industrial portfolio located in Tukwila and Kent, two southern suburbs of Seattle. LBA Realty purchased the portfolio from a private investor for $14.5 million. The portfolio includes the 72,882-square-foot Andover Park East, located at 720-790 Andover Park E. in Tukwila, and the 30,000-square-foot Allied Building, located at 19130 84th Ave. S. in Kent. Bill Condon and Matt McGregor of Colliers represented the seller and procured the buyer in the deal.

April 19, 2018

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