Property Type

GBT Realty Signs Six New Tenants to 170,000 SF Shopping Center Near Little Rock

by Camren Skelton August 21, 2018

BENTON, ARK. — GBT Realty Corp. has signed six new tenants to The Shoppes of Benton, a 170,000-square-foot shopping center in Benton, roughly 25 miles southwest of Little Rock. Fast-casual restaurant chains Red Robin and Freddy’s Frozen Custard & Steakburgers just opened at the center, and Flowers + Home, Avalon Nails, Mathnasium and Hotworx opened this summer. The new retailers are joining existing tenants including Hobby Lobby, T.J. Maxx/HomeGoods, PetSmart, Ulta Beauty, Tuesday Morning, Rack Room Shoe’s, Maurices’s and Texas Road House. With the new storefronts, The Shoppes of Benton is 97 percent leased.

August 21, 2018

Acquisitions Multifamily New York Northeast

Kempner Corp. Acquires 18-Unit Multifamily Building in White Plains for $3.4M

by David Cohen August 21, 2018

WHITE PLAINS, N.Y. — The Kempner Corp. has acquired a multifamily building in downtown White Plains for $3.4 million. Located at 61 Davis Ave., the 14,032-square-foot property was built in 1941 and features 18 units and 18 parking spaces. The building includes four, two-bedroom apartments, 12, one-bedroom units and two, two-bedroom duplexes. The seller was undisclosed.

August 21, 2018

Development Michigan Midwest Mixed-Use

Kraemer Design Group to Serve as Architect for Conversion of Historic Office Building to Mixed-Use Property in Detroit

by Kristin Harlow August 21, 2018

DETROIT — Kraemer Design Group PLC will serve as architect, designer and historic consultant for the landmark Park Avenue building project in Detroit. The former office building dates back to the 1920s and is located at 2001 Park Ave. in Grand Circus Park. The building will be transformed into a mixed-use project with apartment units and 5,000 square feet of first-floor retail space. Designed by Albert Kahn and once known as the General Necessities Building, the 104,500-square-foot structure rises 12 stories. The developer is Rino Soave, owner of Infinity Homes & Co. who purchased the building in April. The building has been vacant for decades and will require structural updates and new infrastructure to accommodate future residents and retail tenants. Project costs are estimated at $7 million to $10 million, according to Crain’s Detroit Business. A timeline for completion was not disclosed.

August 21, 2018

Development Michigan Midwest Retail

PREIT’s Redevelopment of Woodland Mall in Grand Rapids Gets Under Way

by Kristin Harlow August 21, 2018

GRAND RAPIDS, MICH. — PREIT is underway on an extensive redevelopment of the 1.1 million-square-foot Woodland Mall in Grand Rapids. Construction has commenced on a 90,000-square-foot Von Maur department store. The space was formerly home to Sears. This will be the first Von Maur store in the region and is expected to open in October 2019. Other stores expected to open next year at Woodland Mall include Urban Outfitters and REI. Renovations will be made to Victoria’s Secret and Hollister stores. Black Rock Bar & Grill has signed a new lease to occupy 9,000 square feet at Woodland Mall. Diners at Black Rock cook their meat or seafood on hot volcanic granite at their tables. The mall will remain open throughout the renovation process, which is estimated to cost $100 million, according to local media reports.

August 21, 2018

Kansas Loans Midwest Multifamily

Cohen Financial Arranges $10.4M Refinancing for Workforce Housing Property in Olathe, Kansas

by Kristin Harlow August 21, 2018

OLATHE, KAN. — Cohen Financial, a division of SunTrust Bank, has arranged a $10.4 million Fannie Mae loan for the refinancing of Oak Ridge Apartments in Olathe. The 194-unit workforce housing property is fully leased. Cathy Bronkema of Cohen arranged the fixed-rate loan, which features a 15-year term and a 30-year amortization schedule. The borrower was not disclosed.

August 21, 2018

Illinois Leasing Activity Midwest Office

U.S. Headquarters of Iterum Therapeutics Relocates in Chicago

by Kristin Harlow August 21, 2018

CHICAGO — Iterum Therapeutics US Limited, a subsidiary of Iterum Therapeutics, has signed a 10,318-square-foot office lease at 200 S. Wacker Drive in Chicago to relocate its American headquarters. The Ireland-based pharmaceutical company develops anti-infectives aimed at combatting multi-drug resistant pathogens. The U.S. subsidiary of Iterum Therapeutics is relocating from 200 W. Monroe St. Geoffrey Kasselman, Matthew Whipple, Bob Chodos and Steve Levitas of Newmark Knight Frank represented the tenant in the lease transaction. John Hancock Real Estate owns the building.

August 21, 2018

California Development Industrial Western

Shea Properties Begins Construction of 500,000 SF Industrial Park in Santa Ana

by Amy Works August 21, 2018

SANTA ANA, CALIF. — Shea Properties has started construction of Shea Business Center, an industrial park located on a former ITT site on Dyer Road in Santa Ana. Consisting of nine buildings, the development will feature a total of 500,000 square feet of Class A industrial space. Completion is slated for October 2019. The buildings will feature dock-high and ground-level loading doors, ESFR sprinklers, concrete truck courts, gas service to all buildings, potential private yards, ample power and 28-foot to 30-foot clear heights. Additionally, the site will feature drought-tolerant landscaping, bicycle racks, and enhanced outdoor patio areas, benches and pathways, as well as power for electric vehicles. John Griffin and Max Wang of Cushman & Wakefield are handling leasing for the project.

August 21, 2018

Acquisitions California Industrial Western

DAUM Commercial Brokers Sales of Nine Industrial Assets in Central Los Angeles for $18.5M

by Amy Works August 21, 2018

LOS ANGELES — DAUM Commercial Real Estate Services has brokered the sales of nine adjacent industrial properties totaling more than 145,000 square feet in Central Los Angeles. A private investor sold the properties to three separate buyers — an owner-user and two private investors — for a total of approximately $18.5 million. James Vu, Michael Collins and Ben Spinner of DAUM represented the seller in the transactions. Originally constructed in the 1950s and 1960s, the properties feature major street exposure, separate legal parcels with ample parking, and dock-high and grade-level parking. At the time of sale, the properties were 100 percent leased. The investment properties are located at 1177 E. 58th Drive, 1213-1217 E. 58th Drive, 1206 E. Slauson Ave., 1223 E. 58th Place, 1237 E. 58th Place, 1247 E. 58th Place, 1253 E. 58th Place, 1168-1202 E. 58th Place and 1206-1212-1220-1226 and 1232 E. 58th Place.

August 21, 2018

Acquisitions Arizona Office Western

Buchanan Street Partners Sells 106,209 SF Office Property in Arizona for $15.6M

by Amy Works August 21, 2018

MESA, ARIZ. — Newport Beach, Calif.-based Buchanan Street Partners has completed the sale of Mesa Corporate Center, an office property located at 1001 W. Southern Ave. in Mesa. Escondido, Calif.-based Buster’s Bounce Texas acquired the property for $15.6 million, or $147 per square foot. Eric Wichterman, Mike Coover, Jerry Noble and Greg Mayer of Cushman & Wakefield Phoenix represented the buyer and seller in the transaction. Constructed in 2000, Mesa Corporate Center is a two-story, multi-tenant property totaling 106,209 square feet of Class A office space on 8.3 acres. At the time of sale, the property was 94.5 percent occupied by a variety of national and local corporations, including Allstate Insurance, Adtalem Global Education, Allied Universal Security, Teledoc and Kimley-Horn.

August 21, 2018

California Loans Multifamily Western

Walker & Dunlop Arranges $10.8M in Acquisition Financing for Multifamily Property in Palm Springs, California

by Amy Works August 21, 2018

PALM SPRINGS, CALIF. — Walker & Dunlop has structured $10.8 million in financing for Prism Multifamily Group’s acquisition of Latitude 33, a multifamily property in downtown Palm Springs. Alison Williams, Mark Grace and Matt Baldwin of Walker & Dunlop arranged the financing. Built in 1965, Latitude 33 operates under a 99-year ground lease that is regulated by the United States Department of Interior of Indian Affairs. The 121-unit property underwent a comprehensive renovation and repositioning in 2016. On-site amenities include a resort-style swimming pool, grilling stations and a private courtyard with shade sails.

August 21, 2018

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