Property Type

Salvation Army Sells 199,156 SF Office Tower in Downtown Long Beach, California

by Amy Works August 24, 2018

LONG BEACH, CALIF. — The Salvation Army has completed the sale of an office tower, located at 180 E. Ocean Blvd. in downtown Long Beach. An affiliate of Thrifty Oil Co. acquired the 199,156-square-foot property for an undisclosed price. Completed in 1984, the 12-story building features an ocean view, granite-clad lobby, 16,000-square-foot octagonal floor plates and above-standard parking. The buyer plans to further improve the building. Jeffrey Cole, Robert Gary, Ed Hernandez and Nico Napolitano of Cushman & Wakefield’s Capital Markets Group represented the seller in the disposition.

August 24, 2018

Acquisitions Hospitality Office Southeast Virginia

Avison Young Arranges Sale of 75,191 SF Medical Office Park in Northern Virginia

by Camren Skelton August 24, 2018

ASHBURN, VA. — Avison Young has arranged the sale of Ashburn Farm Professional Plaza, a 75,191-square-foot medical office park in the Northern Virginia city of Ashburn. The three-building property is located at the center of Ashburn Park, a 1,200-acre planned, mixed-use community. Jim Kornick, Mike Wilson, Chip Ryan, Erik Foster, John Kevill and Mark Johnson of Avison Young arranged the transaction on behalf of the seller, Harrison Street Real Estate Capital LLC. A joint venture between MBRE Healthcare and Kayne Anderson Real Estate acquired the asset for an undisclosed price. The buildings at Ashburn Farm Professional Plaza were constructed between 1999 and 2002. Tenants at the park include family practices, pediatricians, OB-GYNs, radiology specialists, orthopedists, dentists and a daycare center. The property is located three miles from Inova Loudoun Hospital and less than 10 miles from StoneSprings Hospital Center.

August 24, 2018

Acquisitions California Multifamily Seniors Housing Western

Marcus & Millichap Brokers $30.2M Sale of Seniors Housing Community in Southern California

by Amy Works August 24, 2018

SAN MARCOS, CALIF. — Marcus & Millichap has brokered the sale of Grandon Village, a 161-unit age- and income-restricted housing asset in San Marcos, approximately 35 miles north of San Diego. The seller was Grandon Village LP, which originally developed the community in 2004. An undisclosed buyer acquired the property for $30.2 million, or $187,578 per unit. The community was 100 percent occupied at the time of sale and historically has a long waiting list, according to Marty Cohen of Marcus & Millichap, who represented the seller. The property is walking distance from a 357,000-square-foot shopping center and a North County Transit District Breeze bus stop.

August 24, 2018

Loans Multifamily Southeast Tennessee

Alliant Credit Union Provides $38.4M Acquisition Loan for Apartment Portfolio in Memphis

by Camren Skelton August 24, 2018

MEMPHIS, TENN. — Alliant Credit Union has provided acquisition financing for a six-property apartment portfolio in Memphis. The loan was structured with an initial funding of $31.7 million, with performance earn-out provisions up to $38.4 million. The borrower plans to renovate the communities, which include a total of 1,240 units. Community amenities across the portfolio include on-site parking, clubhouses, swimming pools, playgrounds and onsite laundry facilities. The name of the borrower and specific property names were not disclosed.

August 24, 2018

Acquisitions California Restaurant Retail Western

CalBay Development Buys Two Restaurant Properties Near Los Angeles for $5.8M

by Amy Works August 24, 2018

ONTARIO, CALIF. — CalBay Development has acquired two restaurant properties in Ontario for a total of $5.8 million. In June, the company purchased a to-be-vacated restaurant building, located at 2345 S. Grove Ave., for $2 million. MGR Real Estate represented the seller, an owner-user, in the deal, while MidFirst Bank provided acquisition financing. In May, the City of Ontario Planning Commission approved CalBay’s application to change the use of the property from restaurant to express car wash. Construction for the new Fast5Xpress Car Wash is scheduled to begin in November. In a separate transaction, CalBay acquired a Chevy’s Fresh Mex Restaurant, located at 4551 Mills Circle, for $3.8 million. Situated on a two-acre outparcel of Ontario Mills Mall, the restaurant building totals 8,000 square feet. CAPRE Brokerage arranged the transaction, while Comerica Bank provided financing for the acquisition.

August 24, 2018

Hospitality Loans South Carolina Southeast

Mission Capital Secures $19M Refinancing for Hilton-Branded Hotel in Downtown Greenville

by Camren Skelton August 24, 2018

GREENVILLE, S.C. — Mission Capital Advisors has arranged a $19 million loan for the refinancing of the Home2 Suites by Hilton Greenville Downtown. The 117-room hotel is located at 350 N. Main St. in downtown Greenville. Beau Williams, Steven Buchwald and Justin Hunt of Mission Capital arranged the non-recourse loan on behalf of the borrower, Sycamore Investment Group, which used the funds to retire an existing construction loan. The extended-stay hotel opened in 2016 and features a Spin2Cycle fitness center, outdoor pool, outdoor patios with grills and fire pits and valet parking.

August 24, 2018

Acquisitions Illinois Midwest Retail

CBRE Arranges $25.5M Sale of Mariano’s-Occupied Property in Arlington Heights, Illinois

by Kristin Harlow August 24, 2018

ARLINGTON HEIGHTS, ILL. — CBRE has arranged the $25.5 million sale of a 66,393-square-foot retail property occupied by Mariano’s Fresh Market in Arlington Heights, about 25 miles northwest of Chicago. The supermarket is located at 802 E. Northwest Highway. Christian Williams and Michael Kaider of CBRE represented the seller, an affiliate of Inland Private Capital, which purchased the asset in 2011 for $20.8 million. A joint venture between State Farm and Transwestern Investment Group was the seller, according to Crain’s Chicago Business.

August 24, 2018

Acquisitions Illinois Midwest Multifamily

Interra Negotiates $8.2M Condo Deconversion Sale in Chicago

by Kristin Harlow August 24, 2018

CHICAGO — Interra Realty has negotiated the sale of a condominium deconversion in Chicago’s Buena Park neighborhood for $8.2 million. The undisclosed buyer plans to convert the property’s 34 condo units into apartment rentals. The four-story asset is located at 744 W. Gordon Terrace. Built in 1974, the property includes a mix of studios, one- and two-bedroom units. Joe Smazal of Interra brokered the transaction. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement.

August 24, 2018

Acquisitions Midwest Ohio Retail

RCG Ventures Acquires 110,507 SF Shopping Center in Bowling Green, Ohio

by Kristin Harlow August 24, 2018

BOWLING GREEN, OHIO — RCG Ventures has acquired Shoppes on South Main in Bowling Green for an undisclosed price. TJ Maxx, Planet Fitness, Petco, Staples and Dollar General anchor the 110,507-square-foot shopping center. Craig Fuller, Scott Wiles and Erin Patton of Marcus & Millichap represented the seller, a public REIT.

August 24, 2018

Illinois Industrial Leasing Activity Midwest

Clarke Packing & Crating Signs 108,163 SF Industrial Lease in Bartlett, Illinois

by Kristin Harlow August 24, 2018

BARTLETT, ILL. — Clarke Packing & Crating Co. has signed a 108,163-square-foot industrial lease at Brewster Creek Business Park in Bartlett. Clarke will occupy space within a new 186,000-square-foot facility that features a clear height of 32 feet, 35 exterior docks and parking for 224 cars. Clarke currently leases 63,000 square feet at 4150 Chandler Drive in Hanover Park. Elise Couston, Adam Marshall and Mark Deady of Newmark Knight Frank represented the owner, Barings Real Estate, in the lease transaction. George Pappas of Hartford Associates represented the tenant.

August 24, 2018

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