Property Type

TE Miller, Solhem Cos. Sell Three-Property Multifamily Portfolio in Minneapolis

by Kristin Harlow October 16, 2018

MINNEAPOLIS — TE Miller and Solhem Cos. have sold a three-property multifamily portfolio in the North Loop neighborhood of Minneapolis for an undisclosed price. The properties, which total 308 units, include Nolo Flats, Solhavn and Soltva. Constructed in 2012, Soltva offers six floors of apartments over underground parking at 701 N. Second St. The 100-unit building includes a mix of units averaging 762 square feet. The neighboring Solhavn apartments at 815 N. Second St. were constructed in 2013. The building is comprised of 137 units with an average unit size of 773 square feet. Built in 2016, Nolo Flats is located at 602 N. First St. The seven-story building includes 71 apartments with an average unit size of 505 square feet. Keith Collins, Abe Appert, Ted Abramson and Ike Hoffman of CBRE represented the sellers. An institutional real estate investment manager purchased the portfolio.

October 16, 2018

Acquisitions Industrial Midwest Minnesota Net Lease

Marcus & Millichap Brokers $8.2M Sale of Net Leased Industrial Property in Plymouth, Minnesota

by Kristin Harlow October 16, 2018

PLYMOUTH, MINN. — Marcus & Millichap has brokered the sale of a 124,181-square-foot industrial property net leased to Allied Building Products in Plymouth for $8.2 million. The property, located at 9800 13th Ave., includes an on-site fueling station and nearly 10 acres of outdoor storage space that is paved and fenced. Allied Building Products is a distributor of roofing, siding, waterproofing, interior products, windows, skylights, doors and tools for the residential, commercial and industrial building industries. Sean O’Brien and John Godwin of Marcus & Millichap marketed the property on behalf of the seller, a private investor. O’Brien secured the buyer, a real estate investment trust.

October 16, 2018

Affordable Housing Illinois Loans Midwest Multifamily

SunTrust Provides $5.6M Refinancing for Affordable Housing Property in Aurora, Illinois

by Kristin Harlow October 16, 2018

AURORA, ILL. — SunTrust Banks Inc. has provided a $5.6 million Fannie Mae loan for the refinancing of Fox Shore Apartments in Aurora, a suburb of Chicago. Built in 1970, the five-story building includes 94 units, all of which are designated affordable under Section 8 of the U.S. Housing Act. The property was 96 percent occupied at the time of the loan closing. Evan Hom of SunTrust originated the 10-year loan on behalf of the non-profit borrower.

October 16, 2018

Acquisitions Hospitality Midwest Missouri

Springfield Hospitality Purchases Holiday Inn & Suites in Springfield, Missouri

by Kristin Harlow October 16, 2018

SPRINGFIELD, MO. — Springfield Hospitality Inc. has purchased the 188-room Holiday Inn & Suites in Springfield for an undisclosed price. Located at 2720 N. Glenstone Ave., the hotel features amenities such as a heated indoor pool, fitness center, complimentary Wi-Fi and the Peppertree Restaurant and Cocktail Lounge. Nate Sahn, Pravin Boteju, James Foxx and Tom Adamson of CBRE Hotels represented the undisclosed seller in the sale.

October 16, 2018

Leasing Activity Michigan Midwest Office

Solar Energy, Roofing Company Signs 17,986 SF Office Lease in Troy, Michigan

by Kristin Harlow October 16, 2018

TROY, MICH. — Power Home Solar & Roofing has signed a 17,986-square-foot office lease at 500 Stephenson Highway in Troy. The Mooresville, N.C.-based company specializes in solar energy and roofing services. The Troy office will enable the company to address ongoing growth and expansion of call center operations. Aaron Smith and Mason Capitani of L. Mason Capitani CORFAC International represented the tenant in the lease transaction. The landlord was not disclosed.

October 16, 2018

Georgia Leasing Activity Office Southeast Top Stories

Salesforce to Expand Regional Headquarters in Atlanta, Adding 600 New Jobs

by Jeff Shaw October 16, 2018

ATLANTA — Salesforce (NYSE: CRM), a customer relationship software and services provider, is set to expand its regional headquarters in Atlanta. The company will grow its current footprint in The Atlanta Plaza, located in the city’s Buckhead district, which will now be known as Salesforce Tower Atlanta. The lobby, and each new floor set for occupancy by the company, will be renovated as part of the expansion. Salesforce currently occupies four floors of The Atlanta Plaza totaling 85,722 square feet. Following the expansion, the company will occupy seven floors and 158,163 square feet. The top floor of the building will also be transformed into an, “Ohana Floor,” which will offer an open hospitality space for Salesforce employees, customers and partners. The space will also be available for use by nonprofits and local education groups on weeknights and weekends at no cost. The expansion will allow the company to nearly double its Atlanta-based workforce of approximately 600 employees. Employees will begin moving into the newly renovated floors in 2019. “Atlanta is a fantastic market for world-class talent and we’re thrilled to grow our presence in the region,” says Warren Wick, executive vice president of commercial sales at Salesforce. “Many of our top customers call …

October 16, 2018

Features Retail

Click and Collect: Retailers Expanding Store Pick-Up Options, Says Colliers Report

by David Cohen October 16, 2018

As e-commerce continues to grow, the number of consumers picking up online purchases in stores is increasing, according to a report by Colliers International. The share of consumers who say they regularly use “click and collect” purchasing has almost doubled over the past five years. According to the report, the percentage of consumers who say they regularly collect online orders from a physical store jumped from 17.2 percent in 2013 to 38.5 percent in 2018. There’s an additional bonus to this trend: More customers visiting stores means more incremental purchases. Colliers reports that the majority of consumers who pick up online orders from shops go on to make additional purchases in the store. On average, an additional $8.59 is spent. Across all transactions in 2017, this equated to an extra $1.14 billion spent in shops. The numbers Colliers analyzed come from the GlobalData Consumer Panel, which surveys 5,000 shoppers each year. A number of retailers, such as Walmart, have expanded their “click and collect” services in recent years, oftentimes offering customers discounts for picking up over having orders delivered. Retail On A Roll “The bad press about the nation’s shopping centers continues, but meanwhile, physical retail is on a bit of …

October 16, 2018

Acquisitions Retail Washington Western

Highlands REIT Sells 260,627 SF Shopping Center in Washington for $38.3M

by Amy Works October 15, 2018

LONGVIEW, WASH. — Chicago-based Highlands REIT has completed the sale of Triangle Center, a community shopping center in Longview, approximately 50 miles north of Portland, Ore. A San Diego-based private buyer acquired the property for $38.3 million. Built in 2004, the 260,627-square-foot property was 98 percent leased at the time of sale. Tenants include Winco Foods (not included in the transaction), Ross Dress for Less, Bed Bath & Beyond, Michaels, Petco, Rite Aid, Ace Hardware, ULTA Beauty, Big 5, Office Depot, Five Guys Burgers & Fries, Great Clips and GameStop. The shopping center is situated on 36.9 acres of land at 1015 Ocean Beach Highway. Jimmy Slusher, Kirk Brummer, James Tyrell, Dino Christophilis, Alex Martinac and Philip Voorhees of CBRE represented the seller in the transaction. Additionally, CBRE’s Debt & Structured Finance team led by Shaun Moothart and Danielle Priore advised the buyer in procuring debt financing for the acquisition.

October 15, 2018

San-Marino-Retirement-Community-Westminster-CO

Acquisitions Colorado Multifamily Seniors Housing Western

Marcus & Millichap Negotiates $32.4M Sale of Seniors Housing Community in Metro Denver

by Amy Works October 15, 2018

WESTMINSTER, COLO. — Marcus & Millichap has arranged the sale of San Marino Retirement Community, located at 5000 W. 75th Ave. in Westminster, a suburb of Denver. A Chicago-based private equity firm acquired the property from a private investor and owner-operator for $32.4 million. Tony Cassie and Sam Thompson of Marcus & Millichap’s Portland, Ore., office facilitated the transaction. Bob Kaplan of Marcus & Millichap’s Denver office is the firm’s broker of record in Colorado. Built in stages between 1987 and 1999, the five-building, 185,871-square-foot property is situated on 9.3 acres and offers independent living, assisted living and memory care residential options for seniors.

October 15, 2018

Acquisitions California Industrial Self-Storage Western

NAI Horizon Arranges $31.5M Sale of Two-Property Self-Storage Portfolio in Metro Sacramento

by Amy Works October 15, 2018

FOLSOM AND ROSEVILLE, CALIF. — NAI Horizon has arranged the sale of a two-property self-storage portfolio located in metro Sacramento. Rohnert Park-based L.P.G. Associates sold the properties to Salt Lake City-based Extra Space Properties Two LLC for $31.5 million. The portfolio includes Folsom Parkshore Self-Storage at 185 Parkshore Drive in Folsom, and All Size Self-Storage at 1011 Foothills Blvd. in Roseville. The two assets total 165,920 net rentable square feet and feature 1,109 units. Denise Nunez and David Loui of NAI Horizon Self-Storage Team represented the seller in the deal.

October 15, 2018

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