Property Type

Ontario-Ranch-Logistics-Center-Ontario-CA

REDA Starts Construction of 2.6 MSF Industrial Center in Ontario, California

by Amy Works February 1, 2019

ONTARIO, CALIF. — REDA, a Southern California-based opportunistic real estate investment and development firm, has started construction of the first building within Ontario Ranch Logistics Center. REDA acquired the 125 acres of land for logistics center between November 2017 and April 2018. Building 1 will feature 1.2 million square feet of speculative industrial space, 40-foot clearance heights, 185-foot truck courts, 182 dock-high loading doors, 220 additional trailer parking stalls, and concrete drive and parking areas. Upon complete build out, the logistics center will encompass 2.6 million square feet of industrial space.

February 1, 2019

Acquisitions California Industrial Western

Newcastle Partners Divests 260,000 SF Industrial Spec Development in Riverside, California

by Amy Works February 1, 2019

RIVERSIDE, CALIF. — Newcastle Partners, in partnership with Sun Life Assurance Company of Canada, has completed the sale of a speculative industrial property nearing completion in Riverside. Situated on 13 acres at 21822 Opportunity Way, the 260,000-square-foot facility is situated within Meridian Business Park. The facility features 32-foot clear heights, an ESFR sprinkler system and a cross-docked design that includes up to 185-foot truck courts. The facility is the third and final phase of activity within Meridian Business Park, a 70-acre site with 1.37 million square feet of industrial space. Phil Lombardo and Chuck Beldon of Cushman & Wakefield represented Newcastle Partners in the transaction.

February 1, 2019

California Loans Multifamily Western

Arbor Funds $88M Refinancing for 660-Unit Multifamily Portfolio in Los Angeles

by Amy Works February 1, 2019

LOS ANGELES — Arbor Realty Trust has funded a $88 million refinancing for a multifamily portfolio in Los Angeles. The name of the borrower was not released. Spread across 26 properties, the portfolio features more than 660 multifamily units. The loan was provided through the Freddie Mac Small Balance Loan program.

February 1, 2019

Acquisitions California Office Western

M & J Wilkow, National Real Estate Advisors Sell 112,208 SF Office Building in San Francisco

by Amy Works February 1, 2019

SAN FRANCISCO — M & J Wilkow, in partnership with National Real Estate Advisors, has completed the sale of 600 Battery Street, a three-story historic office building in San Francisco. Invesco Real Estate and TMG Partners acquired the property for an undisclosed price. The 112,208-square-foot property features a 360-degree view from its rooftop deck and occupies a full city block in historic Jackson Square. The seller originally acquired the office complex in June 2001. Kyle Kovac and Michael Taquino of CBRE’s San Francisco office represented the seller in the transaction.

February 1, 2019

Acquisitions California Restaurant Retail Western

SRS Arranges $3.4M Sale of Red Robin-Occupied Restaurant Property Near Disneyland

by Amy Works February 1, 2019

GARDEN GROVE, CALIF. — SRS Real Estate Partners has brokered the sale of the ground lease for a single-tenant restaurant property in Garden Grove. A Los Angeles-based private non-1031 investor acquired the property from a Los Angeles-based partnership for $3.4 million. Red Robin Gourmet Burgers and Brews occupies the 7,346-square-foot property, which is located at 12007 Harbor Blvd., on a corporate-guaranteed triple-net lease with Red Robin Gourmet Burgers Inc. Matthew Mousavi and Patrick Luther of SRS Real Estate Partners’ National Net Lease Group represented the seller, while Michael Walseth, also of SRS, represented the all-cash buyer in the deal.

February 1, 2019

Indiana Loans Midwest Multifamily Seniors Housing

KeyBank, Cain Brothers Secure $27.8M Construction Financing for Assisted Living Facility in Indiana

by Kristin Harlow February 1, 2019

MISHAWAKA, IND. — KeyBank Real Estate Capital and Cain Brothers worked together to secure financing for the construction of Hellenic Senior Living of Mishawaka, an affordable assisted living facility near South Bend. The budget was approximately $28 million and included multiple funding components of debt and equity. Cain Brothers served as the sole managing underwriter of an $18.5 million tax-exempt bond issue that provided nonrecourse construction and permanent financing at a long-term fixed rate of 5.75 percent. In addition, the National Development Council (NDC) provided $9.3 million in low-income housing tax credit (LIHTC) equity. AHEPA National Housing Corp. is developing the 136-unit property, which will consist of 55 studio apartments and 81 one-bedroom units within a 113,000-square-foot building. All of the units will be reserved for tenants whose household income does not exceed 60 percent of the area median income. The monthly charges for the Medicaid waiver units will range from $2,881 for a studio to $3,378 for a one-bedroom unit.

February 1, 2019

Acquisitions Illinois Midwest Net Lease Retail

Boulder Group Arranges $12.9M Sale of Property Net Leased to Jewel-Osco in Illinois

by Kristin Harlow February 1, 2019

LOCKPORT, ILL. — The Boulder Group has arranged the $12.9 million sale of a single-tenant property net leased to Jewel-Osco in Lockport, 30 miles southwest of Chicago. The 67,450-square-foot building sits on 10.3 acres at 16625 W. 159th St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a private real estate investment company based in the Southwest. A private investor completing a 1031 tax-deferred exchange purchased the asset.

February 1, 2019

Illinois Industrial Leasing Activity Midwest

Apex Signs 106,848 SF Industrial Lease in Franklin Park, Illinois

by Kristin Harlow February 1, 2019

FRANKLIN PARK, ILL. — Apex Wire Products Co. Inc. has signed a 106,848-square-foot industrial lease in Franklin Park. On March 1, the company will begin occupying the space at 3701 Centrella St. Owned by Morgan Stanley, the Class A facility is located across the street from Chicago O’Hare International Airport. Tom Rodeno and Matthew Stauber of Colliers International brokered the lease transaction.

February 1, 2019

Acquisitions Industrial Midwest Nebraska Self-Storage

Investors Realty Negotiates $8.2M Sale of Self-Storage Facility in Omaha

by Kristin Harlow February 1, 2019

OMAHA, NEB. — Investors Realty Inc. has negotiated the sale of the 680 Maple Mini Storage facility in Omaha for $8.2 million. The six-building facility is located at 3206 N. 102nd St. Of the 652 total units, 108 are temperature-controlled. John Heinne and RJ Neary of Investors Realty represented the seller. Trenton Magid and Grant Palmer of NAI NP Dodge represented the buyer.

February 1, 2019

Acquisitions Illinois Midwest Multifamily

Interra Brokers $6M Sale of Apartment Building in Chicago

by Kristin Harlow February 1, 2019

CHICAGO — Interra Realty has brokered the $6 million sale of 5424 S. Cornell Ave., a 64-unit apartment building in Chicago’s Hyde Park neighborhood. Built in 1924, the building features 61 studio apartments and three one-bedroom units. The property was 90 percent occupied at the time of sale. Joe Smazal of Interra represented the private seller. Ted Stratman and Jeremy Morton of Interra represented the buyer, Chicago-based Nautilus Investments. A portion of financing was obtained through the opportunity investment fund set up by nonprofit lender Community Investment Corp. and Preservation Compact. The buyer plans to improve the property by updating both residences and common areas. About 20 percent of the units are designated as affordable for renters earning up to 50 percent of the area median income.

February 1, 2019

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