Property Type

Mid-America Brokers $23M Sale of Shopping Center in Evansville, Indiana

by Kristin Harlow August 13, 2018

EVANSVILLE, IND. — Mid-America Real Estate Corp. has brokered the sale of East Lloyd Commons in Evansville for $23 million. The 159,682-square-foot shopping center is located at the northwest corner of Lloyd Expressway and Burkhardt Road in southwestern Indiana. Dick’s Sporting Goods, Best Buy, Michaels, Guitar Center and Panera Bread anchor the property. Ben Wineman, Rick Drogosz and Carly Gallagher of Mid-America represented the seller, Retail Value Inc. (NYSE: RVI). A Cleveland-based private buyer purchased the asset.

August 13, 2018

Acquisitions Midwest Minnesota Retail

Upland Arranges $4.6M Sale of PetSmart-Occupied Property in Lakeville, Minnesota

by Kristin Harlow August 13, 2018

LAKEVILLE, MINN. — Upland Real Estate Group Inc. has arranged the $4.6 million sale of a retail property occupied by PetSmart in Lakeville, a southern suburb of Minneapolis. The 18,007-square-foot building is located at the southeast corner of 160th Street and Pilot Knob Road. Nearby retail stores include a HyVee supermarket and Target. Keith Sturm, Deborah Vannelli and Amanda Leathers of Upland represented the undisclosed seller. The California-based buyer completed a 1031 tax-deferred exchange.

August 13, 2018

Acquisitions Industrial Midwest Wisconsin

Colliers Brokers $4.3M Sale of Industrial Building in Hartland, Wisconsin

by Kristin Harlow August 13, 2018

HARTLAND, WIS. — Colliers International has brokered the $4.3 million sale of a 58,828-square-foot industrial building in Hartland, a western suburb of Milwaukee. Printing company JTS Direct LLC fully occupies the property, which is located at 1180 Walnut Ridge Drive. Tom Shepherd, Jennifer Huber-Bullock and Steve Sewart of Colliers represented the seller, SH 1180 Walnut Ridge LLC. Kashou Brothers LLC purchased the asset.

August 13, 2018

Illinois Leasing Activity Midwest Office

Spaces Real Estate Opens New Office in Chicago’s West Loop

by Kristin Harlow August 13, 2018

CHICAGO — Spaces Real Estate has opened a new 4,000-square-foot office in Chicago’s West Loop. This is the second and largest office for the full-service real estate brokerage firm, which specializes in apartment leasing. The company, which also assists in buying and selling single-family homes, will maintain its 2,000-square-foot office in Lakeview. Spaces worked with Rieke Office Interiors on the design of the West Loop location, which is a loft office with open lounge areas and a central kitchen. The new office will serve as the headquarters for the Elevated Spaces division, which was launched nearly two years ago to serve the high-end downtown rental market.

August 13, 2018

Acquisitions California Retail Western

Vestar Acquires 340,000 SF Bay Area Shopping Center for $55M

by Amy Works August 13, 2018

PETALUMA, CALIF. — Vestar has purchased East Washington Place, a shopping center located at 401 Kennilworth Drive in Petaluma, for $55 million. The name of seller was not released. Totaling more than 340,000 square feet, East Washington Place shopping center is LEED Silver certified. Current tenants include Target, TJ Maxx/HomeGoods, Sprouts Farmers Market, ULTA Beauty, Dick’s Sporting Goods and PetSmart. With this acquisition, the company’s portfolio crossed the 30 million-square-foot threshold.

August 13, 2018

Cedar-Creek-Memory-Care-Community-Edmonds-WA

Development Multifamily Seniors Housing Washington Western

Koelsch Communities Completes $17M Memory Care Community in Edmonds, Washington

by Amy Works August 13, 2018

EDMONDS, WASH. — Koelsch Communities has completed Cedar Creek Memory Care Community, a 60-unit memory care community in the Seattle suburb of Edmonds. Project costs were just over $17 million. Wells Fargo provided $13 million in financing, and the remainder came from private investors. Cedar Creek was designed with what Koelsch calls “historical surprises.” The community features several rooms designed to look like the 1950s, including a Julia Child-style kitchen, a garage featuring a classic car and a great room designed to look like the interior of a traditional log cabin. More than 50 percent of the rooms were reserved prior to the opening of Cedar Creek. Koelsch Communities operates 29 seniors housing properties in eight states, with nine new communities in development.

August 13, 2018

Arizona Loans Multifamily Nevada Seniors Housing Western

CBRE Arranges Refinancing for Two-Property CPF Living Portfolio in Arizona, Nevada

by Amy Works August 13, 2018

TUCSON, ARIZ., AND PAHRUMP, NEV. — CBRE has arranged the refinancing of The Echelon of Tucson in Tucson and Inspirations Senior Living in Pahrump. The portfolio totals 140 independent living units, 60 assisted living units and 12 memory care units. The borrower was CPF Living Communities. Aron Will of CBRE National Senior Housing arranged the three-year, floating-rate loan with 36 months of interest-only payments. Grace Management, CPF Living’s management subsidiary, will continue to operate the properties. The amount of the loan was not disclosed. CPF Living acquired the communities in 2016, and projects that both properties will reach stabilization in 2019.

August 13, 2018

Acquisitions California Retail Western

Cushman & Wakefield Arranges $15.3M Sale of 121,296 SF Retail Center in Santa Cruz County

by Amy Works August 13, 2018

SCOTTS VALLEY, CALIF. — Cushman & Wakefield has arranged the sale of Scotts Village, a neighborhood shopping center in Scotts Valley. McNellis Partners acquired the property from The Pratt Co. for $15.3 million. Located at 227-259 Mt Hermon Road, the 121,296-square-foot property was developed in 1984. Current tenants include Safeway, CVS/pharmacy, Chase Bank, McDonald’s and Taco Bell. Dan Wald and Don LeBuhn (The Wald|LeBuhn Team) of Cushman & Wakefield represented the seller, while the buyer was self-represented the in the deal.

August 13, 2018

Acquisitions Arizona Development Multifamily Seniors Housing Western

Wolff Co. Acquires Scottsdale Tennis Club for Seniors Housing Conversion

by Amy Works August 13, 2018

SCOTTSDALE, ARIZ. — The Wolff Co. has purchased Scottsdale Tennis Court, including 11 tennis courts and a pool, for $9 million. The buyer plans to redevelop the property into Revel Scottsdale, a 159-unit seniors housing community. The asset is situated on 5.5 acres on Inland Bend Road. Larry Kush of Orion Investment Real Estate represented the seller, Robert Hing, in the transaction.

August 13, 2018

Development Hospitality Massachusetts Northeast Top Stories

JLL Arranges $330.7M Construction Loan for 1,055-Room Hotel in Boston

by Taylor Williams August 13, 2018

BOSTON — JLL has arranged a $330.7 million loan for the construction of the Omni Boston Hotel at the Seaport, a 1,055-room luxury hotel being developed in Boston’s Seaport District. Completion is slated for early 2021. Omni Boston Hotel at the Seaport will be located across the street from the Boston Convention and Exhibition Center. The property will be the fourth-largest hotel in Massachusetts by room count and will also feature 111,700 square feet of meeting and convention space, including a 25,000-square-foot ballroom. Other amenities will include more than 47,000 square feet of retail space, a pool, event venue and a fitness center. JLL arranged the financing on behalf of New Boston Hospitality — an affiliate of Boston-based investment and development firm The Davis Cos. — and its development partner, Omni Hotels & Resorts. A syndicate led by U.S. Bank, Santander and M&T Bank originated the loan. Kevin Davis, Bob Webster and Jon Schneider of JLL led the debt placement effort. “Lodging supply growth in the Seaport District has been minimal,” said Schneider. “The addition of Omni Boston Hotel at the Seaport will really meet that demand and solidify Boston as a premier convention destination, both nationally and internationally.” “This …

August 13, 2018

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