Property Type

Clayco to Construct $26M Office Development in Chicago’s West Loop

by Kristin Harlow March 28, 2019

CHICAGO — Developers Bob Wislow and Camille Julmy have selected Clayco to construct a 12-story office development in Chicago’s West Loop. Located at 215 N. Peoria St., the $26 million mid-rise project will include a ground-level restaurant and lobby. Floors two through four will feature a 45-space parking garage and floors six through 12 will be leasable office space. Plans also call for an amenity rooftop. Clayco plans to break ground next month. Clayco’s in-house design firms, BatesForum and LJC Collaborative, make up the project team. CBRE will market the property for lease.

March 28, 2019

Acquisitions Midwest Minnesota Office

TCM Acquires 358,941 SF Office Property in Plymouth, Minnesota

by Kristin Harlow March 28, 2019

PLYMOUTH, MINN. — Ten Capital Management (TCM) has acquired Atria Corporate Center in Plymouth, located about 15 miles west of downtown Minneapolis, for an undisclosed price. The 358,941-square-foot office property was built in the late 1980s and substantially renovated in 2017. Atria offers food service, a complimentary coffee bar, fitness center, locker room with showers, training center, onsite management and heated parking. The seller was not disclosed.

March 28, 2019

Development Michigan Midwest Multifamily

Woodborn Partners to Develop $16M Housing Project in Detroit

by Kristin Harlow March 28, 2019

DETROIT — The city of Detroit has selected Woodborn Partners to develop a new mixed-income housing project in the Hubbard Richard neighborhood and Mexicantown Business District of southwest Detroit along the border of Corktown. The site, currently vacant land, sits adjacent to Michigan Central Station, the former train depot that Ford Motor Co. is transforming into a campus. The $16 million project will include 60 new apartment units, as well as 5,000 square feet of retail space and 40 parking spaces. The four-story development will also include outdoor amenities. The project is in one of 10 neighborhoods of the Strategic Neighborhood Fund, a fund dedicated to neighborhood development. Construction is expected to start later this year, with completion slated for late 2020. Detroit-based Woodborn has other multifamily projects underway within the city.

March 28, 2019

Acquisitions Midwest Minnesota Retail

Kraus-Anderson Purchases 324,430 SF Retail Center in St. Paul, Minnesota

by Kristin Harlow March 28, 2019

ST. PAUL, MINN. — Kraus-Anderson Realty has purchased Midway Marketplace in St. Paul for an undisclosed price. Built in 1994, the 324,430-square-foot retail center includes anchor tenants Cub Foods, Walmart, TJ Maxx, LA Fitness and Dollar Tree. Other tenants at the property include Sprint, Leann Chin, The UPS Store, Mother Nature’s Vitamins and Midway Tobacco & Cigar Place. Beachwood, Ohio-based RVI sold the asset.

March 28, 2019

Connecticut Leasing Activity Northeast Office

Cushman & Wakefield Arranges 30,000 SF Office Lease in Danbury, Connecticut

by David Cohen March 28, 2019

DANBURY, CONN. — Cushman & Wakefield has arranged a 30,000-square-foot lease for Christian-nonprofit organization Guideposts at 39 Old Ridgebury Road in Danbury. Built in 1982 as the headquarters of Union Carbide, the property consists of 700,000 square feet of office space, 400,000 square feet of residential apartments and 100,000 square feet of conference and event space. Adam Klimek, Kathleen Fazio, Meredith Siburn, Bill Montague and Brian Scruton of Cushman & Wakefield represented the landlord, Summit Development, in the transaction. Trip Hoffman of Cushman & Wakefield represented Guideposts.

March 28, 2019

Acquisitions Arizona Multifamily Western

IPA Brokers $41.9M Sale of 198-Unit Multifamily Asset in Arizona’s Southeast Valley

by Amy Works March 28, 2019

MESA, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Premiere at Dana Park, an apartment community located in Mesa. PCS Development sold the property to an undisclosed buyer for $41.9 million, or $211,869 per unit. Completed in 2018, The Premiere at Dana Park features 198 apartment units within walking distance of Village Square at Dana Park, a 365,000-square-foot urban lifestyle center. Steve Gebing and Cliff David of IPA represented the seller in the deal.

March 28, 2019

Acquisitions California Retail Western

Hanley Investment Group Arranges $29.5M Sale of ALDI-Anchored Shopping Center in Metro Los Angeles

by Amy Works March 28, 2019

SOUTH GATE, CALIF. — Hanley Investment Group has negotiated the $29.5 million sale of The Crossroads at Firestone, a 53,262-square-foot, ALDI-anchored shopping center in South Gate. The property is located on six acres at 5802-5840 Firestone Blvd., 11 miles south of downtown Los Angeles. The Crossroads was built in in 2017 and was fully leased at the time of the sale to tenants including ALDI, AT&T, Bank of America, The Buffalo Spot, Burgerim, Churroholic, Fast 5 Express Car Wash, Flame Broiler, Hiccups Restaurant & Tea House, Jersey Mike’s Subs, La Michoacana Premium, Panera Bread, Pizza Studio, Sherwin-Williams and Tacos El Gavilan. Ed Hanley of Hanley Investment Group represented both the seller, Catellus Development Corp., and the buyer, SAFCO Capital Corp., in the transaction.

March 28, 2019

Acquisitions California Retail Western

SRS Directs $14.9M Sale of 16,433 SF Shopping Center in Cypress

by Amy Works March 28, 2019

CYPRESS, CALIF. — SRS Real Estate Partners’ Investment Properties Group has arranged the sale of Cypress Village Shopping Center, a three-building retail asset located at 9515-9575 Valley View St. in Cypress. A Southern California-based private investor acquired the property from Cypress Village Partners LLC for $14.9 million, or $910 per square foot. Situated on 2.4 acres, a variety of restaurants and retailers occupy the 16,433-square-foot property. Current tenants include Pieology Pizzeria, 85°C Bakery Café, Burger Boss, WaBa Grill, Urban Cup and Churned Creamery. Rich Walter, Pat Kent and Parker Walter of SRS Real Estate represented the seller in the transaction.

March 28, 2019

California Development Loans Multifamily Western

PCCP Provides $14.7M in Equity for 75-Unit Apartment Development in Bay Area

by Amy Works March 28, 2019

SUNNYVALE, CALIF. — PCCP has invested $14.7 million of preferred equity, in a joint venture with Bay West Development and Lane Properties, for the construction of 311 Mathilda, a multifamily development in downtown Sunnyvale. Located at 311 S. Mathilda Ave., the five-story property will feature 75 Class A apartment units in a mix of studio, one- and two-bedroom layouts and 4,860 square feet of ground-floor retail space that a Denny’s restaurant is expected to occupy. On-site amenities will include an outdoor courtyard with barbecues, dining terrace, fire pit and lounge seating; a fitness center with an additional exterior courtyard for group activities or classes; a two-story tenant clubhouse; a rooftop deck and lounge; and 54 bike parking spaces. Completion is slated for early 2021.

March 28, 2019

Acquisitions Industrial Oregon Western

Compass Commercial Negotiates $2.3M Sale of Industrial Building in Central Oregon

by Amy Works March 28, 2019

REDMOND, ORE. — Compass Commercial Real Estate Services has negotiated the $2.3 million sale of an industrial building located in Redmond, approximately 20 miles northeast of Bend, Ore. Located at 2050 SW Deerhound Ave., the property features 13,602 square feet of industrial space. Bruce Churchill of Compass Commercial represented the undisclosed buyer and undisclosed seller in the deal.

March 28, 2019

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