Property Type

Dougherty Provides $34M HUD-Insured Loan for Construction of Seniors Housing Property in St. Paul

by Kristin Harlow July 23, 2018

ST. PAUL, MINN. — Dougherty Mortgage LLC has provided a $34 million HUD-insured loan for the construction of The Legends at Berry Senior in St. Paul. The 241-unit affordable seniors housing property will be situated on the former Weyerhaesuer Lumber site. All of the units will be restricted to persons age 62 and older who earn 60 percent or less of the area median income. Amenities will include a beauty salon, craft room, community room, fitness room, theater room, courtyard and patio. The FHA 221(d)(4) loan guaranteed by HUD is fully amortized over 40 years. Financing also involves 4 percent low-income housing tax credits. St. Paul Leased Housing Associates IX LLLP was the borrower.

July 23, 2018

Illinois Leasing Activity Midwest Retail

Mercedes Benz to Open Pop-up Store on Chicago’s Magnificent Mile

by Kristin Harlow July 23, 2018

CHICAGO — Mercedes Benz has signed a 3,700-square-foot lease to open a pop-up store at 401 N. Michigan Ave. on Chicago’s Magnificent Mile. The automaker will begin occupying the space late this month for a three-month period. Mercedes will offer a rotating display of new models in the building’s plaza. Danny Jacobson, Luke Molloy and Stephen Ansani of CBRE represented Walton Street Capital in the lease transaction. Walton Street recently purchased the 737,000-square-foot office tower, which features 30,000 square feet of retail space. An Apple store currently occupies 22,000 square feet of the retail space.

July 23, 2018

Acquisitions Industrial Midwest Minnesota

Coldwell Banker Arranges Sale of 821,190 SF Industrial Warehouse in Waseca, Minnesota

by Kristin Harlow July 23, 2018

WASECA, MINN. — Coldwell Banker Commercial Fisher Group (CBCFG) has arranged the sale of an 821,190-square-foot industrial warehouse in Waseca, which is located in southern Minnesota. The sales price was not disclosed. The property, located at 2300 Brown Ave., features 54,000 square feet of office space as well as climate-controlled storage and rail access. A group of Minnesota-based developers purchased the asset. The seller was not disclosed. David Schooff of CBCFG is marketing the property for lease. Brown Printing occupied the building upon its opening in 1949, and Quad/Graphics occupied the property until about four years ago, according to local media. The building now sits vacant.

July 23, 2018

Illinois Industrial Leasing Activity Midwest

Third-Party Logistics Company Signs 371,994 SF Industrial Lease in Lockport, Illinois

by Kristin Harlow July 23, 2018

LOCKPORT, ILL. — Kane Is Able Inc. has signed a 371,994-square-foot industrial lease at Heritage Crossing in Lockport, about 30 miles southwest of Chicago. The third-party logistics warehousing, transportation and supply chain company will occupy the space at 14630 S. 147th Court. The property features a clear height of 36 feet and is located near I-355. Trent Smith and Eric Beichler of Mohr Partners represented the tenant in the lease transaction. Dan Leahy, Mark Moran and John Whitehead of NAI Hiffman represented the landlord, ML Realty Partners.

July 23, 2018

Acquisitions California Healthcare Office Western

Pinnacle Capital, Harrison Street Buy Medical Office Building Near San Francisco for $30M

by Amy Works July 23, 2018

DALY CITY, CALIF. — A joint venture between Pinnacle Capital Management Services and Harrison Street Real Estate Capital has purchased Physicians Medical Center. The medical office building is located at 901 Campus Drive in Daly City, south of San Francisco. Swift Real Estate Partners sold the property for $30 million. Situated on 2.4 acres, the purpose-built medical office building features 70,705 square feet of space. At the time of sale, the three-story property was 92 percent leased to a variety of tenants, including Palo Alto Medical Foundation, Sutter Health, Campus Surgery Center and AmSurg/Envision Healthcare. Evan Kovac, Andrew Milne and David Dokko of HFF represented the seller and procured the buyer in the deal. Additionally, HFF’s Zack Holderman, John Chun and Trent Jemmett arranged a $25 million, non-recourse, floating-rate acquisition loan for the buyer.

July 23, 2018

Development Multifamily Nevada Seniors Housing Western

Mission Senior Living Starts Construction of $8M Community in Nevada

by Amy Works July 23, 2018

MESQUITE, NEV. — Mission Senior Living has started construction of Mesa Valley Estates Assisted Living and Memory Care, an $8 million seniors housing community in Mesquite, near the Arizona border. The 61,386-square-foot, one-story community will feature 54 assisted living apartments and a memory care neighborhood with 24 apartments. Project partners include Pinnacle Architects and MSL Construction. The project is scheduled for completion in summer 2019.

July 23, 2018

California Development Industrial Self-Storage Western

Platinum Storage Group to Develop 1,087-Unit Self-Storage Facility in Oakland

by Amy Works July 23, 2018

OAKLAND, CALIF. — Orange County-based Platinum Storage Group is developing Storage Direct Oakland, a self-storage facility in Oakland. With construction is slated to begin immediately, the four-story, 155,000-square-foot property will feature 1,087 self-storage units. Completion is scheduled for July 2019. Platinum’s portfolio comprises 2.5 million square feet of space with a value of approximately $250 million.

July 23, 2018

Acquisitions California Retail Western

Progressive Arranges Sale of Gas Station Near Los Angeles for $2.9M

by Amy Works July 23, 2018

CHINO, CALIF. — Progressive Real Estate Partners has facilitated the sale of a retail property located at 12510 Central Ave. in Chino. An undisclosed buyer acquired the property and business for $2.9 million. A Shell-branded gas station and convenience store occupies the free-standing property. Built in the mid-1980s, the property features four 10,000-gallon tanks and an 840-square-foot, 24-hour convenience store. The full-service store offers a variety of snacks, to-go coffee, drinks, beer, wine and ATM. Victor Buendia and Mike Lin of Progressive Real Estate represented the buyer and the undisclosed seller in the transaction.

July 23, 2018

Acquisitions California Retail Western

SRS Real Estate Negotiates $2.8M Sale of Retail Property in Orange County

by Amy Works July 23, 2018

ORANGE, CALIF. — SRS Real Estate Partners has arranged the sale of retail property located at the intersection of East Katella Avenue and North Tustin Street in Orange. A San Francisco-based private investor acquired the property from a Los Angeles-based private investor for $2.8 million. BIG-O Tires occupies the 3,380-square-foot property on a triple-net lease basis with 5.5 years remaining on the lease at the close of escrow. Matthew Mousavi and Michael Walseth of SRS’ National Net Lease Group represented the seller, while Eric Chin of Coldwell Banker Residential Brokerage represented the buyer in the transaction.

July 23, 2018

Acquisitions California Office Top Stories Western

Boston Properties, CPPIB Acquire 47-Acre Business Park in Santa Monica for $627.5M

by Taylor Williams July 23, 2018

SANTA MONICA, CALIF. — A joint venture between Boston Properties Inc. (NYSE: BXP) and Canada Pension Plan Investment Board (CPPIB) has acquired the 47-acre Santa Monica Business Park for approximately $627.5 million. The seller was not disclosed. Santa Monica Business Park consists of 21 buildings totaling roughly 1.2 million square feet of office and retail space in Santa Monica, a coastal city just west of downtown Los Angeles. The property is located near Interstates 10 and 405 and features a variety of on-site services, including a health club, restaurants, banks, a car wash and a dog park. The property lies within the Ocean Park neighborhood and was 94 percent leased at the time of sale. Boston Properties will invest $147.4 million in the acquisition, yielding a 45 percent ownership stake, while CPPIB will invest $180.1 million. An undisclosed lender provided a $300 million acquisition loan to fund the remainder of the acquisition. The loan features a 4.06 percent interest rate and matures in July 2025. Approximately 70 percent of the rentable square footage is subject to a ground lease with 80 years remaining, including renewal periods. The ground lease provides the joint venture with the right to purchase the land …

July 23, 2018

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