COTTAGE GROVE, MINN. — Cushman & Wakefield has negotiated a 38,000-square-foot lease for a new T.J. Maxx and HomeGoods store at Grove Plaza in Cottage Grove, 10 miles south of St. Paul. The new store is part of an ongoing repositioning of Grove Plaza, which was formerly home to a Home Depot and Rainbow Foods. T.J. Maxx and HomeGoods will sit just east of a 95,700-square-foot Hy-Vee grocery store that opened last year. Completion is slated for this fall. Deb Carlson of Cushman & Wakefield represented the landlord, EBL-S, in the lease transaction.
BOISE, IDAHO — City Office REIT Inc. (NYSE: CIO) has sold Washington Group Plaza, a four-building office campus situated on 24 acres in Boise. The Vancouver-based REIT sold the property to St. Luke’s, Idaho’s only nonprofit healthcare system, for $86.5 million. City Office REIT recently executed a 148,000-square-foot lease at the complex with St. Luke’s. The company operates 14 hospitals and medical centers in Idaho, four of which are in Boise. Located at 400 Broadway Ave., 701 Morrison Drive and 720 and 800 Park Blvd., Washington Group Plaza is situated within walking distance to Boise State University, Boise River the Ada County Courthouse and Idaho’s only Whole Foods Market. The recently renovated campus spans 557,510 square feet and features 1,050 structured parking spaces and 896 surface spaces. Amenities include an on-site cafeteria, fitness center and a 250-seat auditorium. “The four office buildings that comprise Washington Group Plaza were contributed to City Office as part of the initial public offering in April 2014,” says Greg Tylee, chief operating officer and president of City Office REIT. “Since that time, we have implemented substantial operational improvements and cost savings.” City Office REIT will use proceeds from the sale to repay approximately $32.1 million …
Would you believe that San Antonio is the second most sought-after city for millennials? According to local media pundits and reports from Forbes, San Antonio is attracting the greatest number of millennials of any city in Texas, even beating out Austin, the original yuppie capital of the state. San Antonio, which had taken a back seat to Austin in terms of creating tech jobs and drawing millennial workers, has surged ahead in recent years. The metro has begun to appeal to a different breed of people born between 1980 and 1999. We refer to members of this group as the “logical millennials.” While entrepreneurial in spirit, the San Antonio millennial differs from the standard millennial through his or her understanding of the need for affordable housing and a lower cost of living. The influx of this sub-type of millennials has created growth in urban areas, most notably the Pearl District, which is situated adjacent to the downtown area. The popularity of this mixed-use shopping and community destination has spurred the development of a number of new urban lifestyle projects. Frost Tower, Rising Rents Another indicator of San Antonio’s success at attracting a younger demographic is embodied in the most significant …
MANCHESTER, CONN. – Chozick Realty has arranged the acquisition of the Damato Enterprises Apartment portfolio, a 13-property multifamily portfolio located in Manchester. New York-based Chester Homes LLC purchased the portfolio for $46.6 million, or $120,000 per unit. Totaling 338 units, the apartment buildings were built by Raymond F. “Sonny” Damato. Steve Pappas of Chozick Realty represented the buyer in the transaction.
WOBURN, MASS. – NKF and Cushman & Wakefield have arranged the sale of Montvale Hill, a development parcel in Woburn, a suburb of Boston. Leggat McCall Properties acquired the development opportunity from Kraft Heinz for an undisclosed price. The development site can accommodate users from 300,000 square feet to 700,000 square feet. Torin Taylor, Justin Smith and Robert Griffin of NKF, along with Christopher Porter of Cushman & Wakefield, represented the seller in the deal.
NEW YORK CITY — Terreno Realty Corp. has purchased an industrial complex, located at the One Bulova Ave. in the Woodside area of Queens. Bulova sold the three-acre corporate campus for $25.2 million. The property features an industrial distribution building that is currently being renovated. Upon completion of the renovation in 2018, the property will feature 83,000 square feet of industrial space, six dock-high and one grade-level loading positions and parking for 168 cars. The property is 23 percent leased to one tenant on a short-term basis. Brian Ezratty of Eastern Consolidated represented the seller, while Brad Cohen, Jacob Tzfanya, Andrew Sasson and Chad Sinsheimer of Eastern Consolidated procured the buyer in the deal. Additionally, Gary Meese, also of Eastern Consolidated, served as analyst for the transaction.
Lancaster Pollard Completes $11.9M Refinancing for 54-Unit Skilled Nursing Facility in Massachusetts
PITTSFIELD, MASS. – Lancaster Pollard has arranged an $11.9 million HUD refinancing for Berkshire Place, a 54-unit skilled nursing facility in the western Massachusetts city of Pittsfield. The borrower is Berkshire Retirement Home, a nonprofit owner-operator. Berkshire Place was constructed as a replacement facility for Berkshire Retirement Home’s original property in 2014, using conventional bank financing with a floating interest rate. Three years after opening, ownership sought to refinance that existing bank debt using fixed-rate HUD financing. Aaron Becker led the transaction for Lancaster Pollard.
CARNEGIE, PA. – NorthMarq Capital has arranged a $9 million loan for the refinancing of Washington Gardens, a mid-rise apartment complex located at 834 Washington Ave. and 133 Lee. St. in Carnegie, a suburb of Pittsburgh. The property features 179 apartment units. Gary Cohen of NorthMarq arranged the financing, which features a 10-year term with two years of interest-only payments on a 30-year amortization schedule, through Freddie Mac for the undisclosed borrower.
CHULA VISTA, CALIF. — Chesnut Properties plans to build Millenia Office, a 1.4-million-square-foot, three-property office campus in the San Diego submarket of Chula Vista. The three campuses include Think Campus, which includes two buildings encompassing 324,000 square feet; Discover Campus, which includes one building encompassing 400,000 square feet; and Invent campus, a four-building, 700,000-square foot project. Each property will be expandable to accommodate a Google-style, mega-scale campus. Millenia Office has the potential to grow up to 3 million square feet to accommodate one or several large-scale office, tech, medical and/or educational tenants. The Think Campus will feature large 37,000-square-foot floorplates, prominent Highway 125 access, an above-standard parking ratio of 4.3/1,000, outdoor connectivity from every floor and tenant space, an amenity patio space connecting the two buildings, a 6,000-square-foot amenity building with a restaurant and fitness center and a large outdoor lawn area for employees. Millenia Office will be the only available mega-scale campus in San Diego, residing just 20 minutes south of the city’s downtown region. The campus is situated within the Millenia Master Plan in Eastern Chula Vista, which has major construction in multiple districts underway. The Millenia Master Plan includes up to 3,000 multifamily residences; 1.5 million square …
GRESHAM, ORE. — A joint venture between Trammell Crow Co. and Principal Real Estate Investors (PREI) has completed Glisan Corporate Park, a 504,528-square-foot spec industrial facility in Gresham. The project sits on a 28.5-acre site at 23440 to 23800 N.E. Glisan St., roughly 16 miles east of downtown Portland. The three buildings are available for sale or lease. They range from 139,727 square feet to 200,701 square feet and feature 30- to 32-foot clear heights, ample auto parking and trailer storage. Cara Nolan and Stuart Skaug of CBRE Portland are the exclusive listing agents for the facility.