NORTH LAS VEGAS — Panattoni Development Co. has purchased a 10.4-acre parcel in North Las Vegas where it plans to build Centennial Corporate Park, a 204,000-square-foot industrial warehouse facility. The land purchase price was not disclosed, but the development is valued at $16 million, according to Panattoni. Centennial Corporate Park will feature cross-dock ware space with 32-foot clear height, ESFR sprinklers, LED warehouse lighting and flexible office build-outs. Construction is expected to begin this April, for completion in December 2018. Centennial Corporate Park is owned by Speedway 10 Industrial LLC, a joint venture between LaSalle Investment Management and Panattoni Development. The general contractor is Alston Construction. The streets are fully improved and offsite work is already completed, which will help crews to meet the aggressive construction schedule. Greg Tassi and Donna Alderson of CBRE will list the available space.
DENVER — Chipotle Mexican Grill’s board of directors has appointed Brian Niccol as CEO and a member of the board, effective March 5, 2018. Niccol most recently served as CEO of Yum! Brands’ Taco Bell division. Prior to joining Chipotle, Niccol was at Taco Bell from 2011 and served as CEO from January 2015 and president from 2013 to 2014. Under his leadership, he repositioned Taco Bell as a lifestyle brand and launched numerous product initiatives, including the new breakfast daypart. He transformed Taco Bell into a social media leader and revolutionized its digital approach through mobile ordering and payment across its 7,000 restaurants. Prior to Taco Bell, Niccol held leadership roles at Pizza Hut, including vice president of strategy, chief marketing officer and general manager. Chipotle opened with a single restaurant in Denver in 1993 and now operates more than 2,400 restaurants. As a result of the move, Julie Felss Masino, president of Irvine, Calif.-headquartered Taco Bell North America, and Liz Williams, president of Taco Bell International, will assume leadership of the Taco Bell division in their respective roles, reporting to Yum! Brands CEO Greg Creed. Masino joined Taco Bell in January 2018 from Mattel and, prior to that, …
HUDSON, WIS. — Dougherty Funding has provided Express Hospitality LLC with an $8.8 million loan for the construction of a Holiday Inn Express hotel in Hudson, located in western Wisconsin along the Minnesota border. The 100-room hotel will be situated immediately adjacent to a new conference center that is currently under construction. The hotel and the independently owned conference center are slated to open in late summer 2018. Dougherty’s Minneapolis office provided the loan.
TAYLOR, MICH. — Signature Associates has arranged the sale of a 93,219-square-foot industrial building in Taylor, about 20 miles southwest of Detroit. The sales price was not disclosed. The property is located at 27000 Wick Road. Steve Gordon of Signature Associates represented the buyer, SCVR Holdings LLC. Brad Viergever, also of Signature Associates, represented the seller, MacLean Enterprises LLC.
ELGIN, ILL. — NKF Capital Markets has brokered the sale of a 74,613-square-foot industrial property in Elgin, about 35 miles northwest of Chicago. The sales price was not disclosed. The building is located at 440 S. McLean Blvd. Advance Engineering Corp. (AEC) has fully occupied the property since 2006. AEC provides the natural gas industry with fabricated meter sets and piping. Adam Marshall and Boris Shraybman of NKF represented the seller, a private ownership group. Bryan Bartlett of Newmark Grubb Phoenix Realty Group represented the buyer, Plymouth Industrial REIT Inc.
OAK CREEK, WIS. — Meridian Design Build has completed construction of a 48,200-square-foot warehouse expansion for GE Healthcare in Oak Creek, about 15 miles south of Milwaukee. The facility now totals 328,028 square feet. The project features LED lighting, six loading docks and two doors connecting the new space to the existing building. GE Healthcare uses the building as a repair operations center, and the expansion will be utilized to house spare and repaired parts for the company’s equipment. Construction began in late August 2017 and was completed in January. Harris Architects provided architectural services while Pinnacle Engineering completed civil engineering work. Exeter Property Group owns the building.
LINCOLNSHIRE, ILL. — bswift, an Aetna company that provides healthcare technology and benefits administration outsourcing services, has signed a 3,470-square-foot office lease in Lincolnshire. The company is expanding its Chicago office and will occupy new space at 1 Overlook Point in Lincolnshire Corporate Center. bSwift chose the space because of the location, amenities and available workforce nearby, according to a news release. New amenities currently under construction at the office property include a deli, Wi-Fi lounge, conference facility, fitness center and bike room. Jonathan Metzl of Cushman & Wakefield represented bswift in the lease transaction, while Nicholas Panarese of Van Vlissingen and Co. represented ownership.
PLANTATION, FLA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Plantation Corporate Center I & II, a two-building, 239,616-square-foot office portfolio in Plantation. The sales price was not disclosed, but the South Florida Business Journal reports an affiliate of Gramercy Property Trust sold the portfolio for $43.2 million. Douglas Mandel and Todd Everett of IPA arranged the transaction on behalf of the seller and procured the buyer, a joint venture between IP Capital Partners LLC and a fund managed by Westport Capital Partners LLC. Both buildings are leased to Crawford & Co. through 2021, and Centerfield and Aetna Life Insurance Co. are subleasing at the property. Plantation Corporate Center I & II is located at 1600 and 1601 S.W. 80th Terrace, within one mile of two shopping malls, retail plazas and five golf courses.
JACKSONVILLE, FLA. — BMO Harris Healthcare Real Estate Finance has provided a $35.3 million loan for the construction of Grand Living at Tamaya, a 171-unit seniors housing community in Jacksonville. The borrower is a partnership formed in 2014 between real estate developer Ryan Cos. and owner-operator Grand Living. Grand Living at Tamaya will offer independent living, assisted living and memory care units. Community amenities will include a performance theater, wellness center, spa, salon, fitness center, library, putting green, pet grooming center and a piano and instrumental practice room. The community is expected to open in 2019.
NASHVILLE, TENN. — Dwight Capital has provided a $31 million HUD 221(d)(4) loan for the rehabilitation of Haynes Garden Apartments, a 208-unit affordable housing community in Nashville. The 40-year loan was funded in conjunction with 4 percent Low Income Housing Tax Credits (LIHTC) from the local housing authority, as well as a Housing Assistance Payment (HAP) contract renewal. The financing was arranged on behalf of the sponsor, David Izkowitz, through HUD’s Atlanta office. Haynes Garden Apartments features on-site laundry facilities and a community room.