Property Type

HFF Arranges $6.8M Sale of Industrial Building in High Point, North Carolina

by Camren Skelton May 1, 2018

HIGH POINT, N.C. — HFF has arranged the $6.8 million sale of an industrial building located at 4160 Mendenhall Oaks Parkway, within the master-planned Mendenhall Business Park in High Point. Chris Norvell and Patrick Nally of HFF arranged the transaction on behalf of the seller, a partnership between a private company and Somerset Properties. Dalfen America Corp. acquired the property, which totals 107,480 square feet and features 24-foot clear heights, two drive-in doors and the ability to add additional loading via 14 knock-out panels. The building was fully leased at the time of sale to three tenants, two of which are headquartered at the facility. In addition, HFF is representing the seller in marketing four single-story office buildings and two multi-story office buildings located within Mendenhall Business Park.

May 1, 2018

Loans Midwest Multifamily Nebraska Seniors Housing

Lancaster Pollard Provides $23.4M HUD Loan for Refinancing of Skilled Nursing Facility in Papillion, Nebraska

by Kristin Harlow May 1, 2018

PAPILLION, NEB. — Lancaster Pollard has provided a $23.4 million HUD loan for the refinancing of The Cottages at Hillcrest Country Estates in Papillion, about 15 miles southwest of Omaha. The Cottages features 126 skilled nursing beds and 12 independent units. The property is located within Hillcrest Country Estates, a planned 44-acre community featuring independent living, assisted living, memory care and long-term care. The campus was designed and managed in such a way to allow for the individual components, such as the Cottages, to be financed separately. The 35-year, FHA 232/223(f) loan refinances the existing bank debt and inter-company notes used to construct and stabilize The Cottages. Quintin Harris led the transaction for Lancaster Pollard.

May 1, 2018

Leasing Activity Midwest Minnesota Office

Three Tenants Sign Leases Totaling 120,000 SF at Office Park Near Minneapolis

by Kristin Harlow May 1, 2018

ST. LOUIS PARK, MINN. — Three tenants have signed office leases totaling 120,000 square feet at West End Center, a 200,000-square-foot building within West End Office Park in St. Louis Park, about five miles west of Minneapolis. nVent, a company related to Pentair’s electrical business, will occupy the sixth and seventh floors totaling approximately 60,000 square feet. CoBank, a national cooperative bank, will relocate its Minneapolis office from Metropoint and occupy the fourth floor for a total of 30,000 square feet. Magnet 360, an engagement strategy and Salesforce expertise company, will occupy the fifth floor with a 30,000-square-foot lease. West End Office Park, now 90 percent leased, spans six buildings and 560,000 square feet. The property recently underwent a renovation. Peter Fitzgerald, Bill Rothstein and Tom Sampair of Cushman & Wakefield represented an investor group in the lease transactions with nVent, CoBank and Mindtree Limited, parent company of Magnet 360. The investment group includes The Excelsior Group, its affiliate investment fund Opportunity Partners Fund IV and Goldman Sachs Asset Management Private Real Estate.

May 1, 2018

Development Industrial Midwest Wisconsin

Badger Property Investments to Develop 60,000 SF Industrial Building for SSI Technologies in Milton, Wisconsin

by Kristin Harlow May 1, 2018

MILTON, WIS. — Badger Property Investments is developing a 60,000-square-foot industrial building for SSI Technologies Inc. in Milton, about 35 miles southeast of Madison. The property will be located in the Crossroads Business Park. Construction is expected to begin in May with completion slated for this fall. Janesville, Wis.-based SSI Technologies is a designer and manufacturer of a variety of sensors and control systems for the international automotive and heavy vehicle markets. Locally, the company has 1,000 employees and currently operates from three facilities in Janesville, with more than 400,000 square feet of combined manufacturing and office space. Bill Mears and Scott Pateros of Coldwell Banker Commercial McGuire Mears & Associates assisted SSI Technologies with the process.

May 1, 2018

Leasing Activity Midwest Missouri Retail

Fitness Center F45 to Open First Missouri Location in Kansas City’s Corrigan Station

by Kristin Harlow May 1, 2018

KANSAS CITY, MO. — Functional 45 (F45) is opening its first Missouri location at Corrigan Station in Kansas City. The new fitness center will be located in the Corrigan Station Garage and occupy 2,319 square feet of street-level space. Set to open this summer, the center will offer F45 Training, a method of group circuit exercises that focuses on variety, high intensity and functionality. The name stands for Functional 45-minute class durations, according to F45. Molly Crawford Munninghoff and Erin Johnston of Copaken Brooks brokered the lease transaction. Corrigan Station is a mixed-use development owned by Copaken Brooks and located within the Crossroads Arts District.

May 1, 2018

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers $1.2M Sale of Verizon Wireless Store in Oxford, Ohio

by Jeff Shaw May 1, 2018

OXFORD, OHIO — Marcus & Millichap has brokered the $1.2 million sale of a Verizon Wireless store located at 4965 College Corner Pike in Oxford. The 1,800-square-foot property, constructed in 2016, is leased to Verizon for 10 years. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap arranged the transaction on behalf of the seller, an Arizona-based merchant developer, and secured the buyer, an Ohio-based 1031 exchange investor.

May 1, 2018

California Development Industrial Western

Conor Commercial, ARA Break Ground on 814,852 SF Industrial Building in Bay Area

by Amy Works May 1, 2018

FREMONT, CALIF. — Conor Commercial Real Estate and American Realty Advisors (ARA) have broken ground on Pacific Commons Industrial Center, a distribution center located at the southwest corner of Cushing Parkway and Bunche Drive in Fremont. Slated for completion in second-quarter 2019, the 814,852-square-foot logistics and fulfillment center will feature 36-foot clear heights, cross-dock configurations, an ESFR sprinkler system, 141 dock doors, 143 trailer parking stalls and flexible office space. Designed to achieve LEED Silver certification, the property will also feature 68 electric vehicle charging stations. Situated on 41 acres, the property is in close proximity to interstates 880 and 680, Warm Springs BART station and Pacific Commons Shopping Center. The developers have retained Rob Shannon, Chip Sutherland and Doug Norton of CBRE to market the property for lease.

May 1, 2018

Acquisitions Nevada Retail Western

Colliers Brokers $12.4M Sale of Retail Property in Las Vegas

by Amy Works May 1, 2018

LAS VEGAS — Colliers International has arranged the sale of a retail property located at 2827 Paradise Road in Las Vegas. Stirling Club LLC acquired the property from JDLB LLC for $12.4 million. Stirling Club occupies the 73,576-square-foot property. Chris Clifford, Steve Neiger and Brett Rather of Colliers represented the seller in the deal.

May 1, 2018

Loans Multifamily Washington Western

CBRE Arranges $11.3M in Financing for Apartment Complex in Richland, Washington

by Amy Works May 1, 2018

RICHLAND, WASH. — CBRE Capital Markets’ Debt & Structured Finance team has secured $11.3 million in financing for The Commons at Innovation Center, an apartment complex located at 2894 Salk Ave. within the Tri-Cities Research District of Richland. The borrower is The Commons Apartments LLC. Built in 2017, the 95,102-square-foot apartment complex features four three-story residential buildings with a clubhouse/leasing office, fitness facility and an outdoor patio with swimming pool, hot tub, outdoor gas fireplace and grill area. The property features 150 units in a mix of studio, one- and two-bedroom layouts, averaging 634 square feet. David Stinebaugh of CBRE’s Seattle office arranged the long-term, fixed-rate loan, which was financed with Freddie Mac’s lease-up refinancing program. Tri-Cities Research District is a 1,700-acre research park with major property owners such as Battelle, U.S. Department of Energy, the Port of Benton and Washington State University.

May 1, 2018

Acquisitions Arizona Retail Western

NAI Horizon Facilitates $6.3M Sale of Flex Building in Scottsdale, Arizona

by Amy Works May 1, 2018

SCOTTSDALE, ARIZ. — NAI Horizon has arranged the sale of a flex building located at 8445 E. Hartford Drive in Scottsdale’s Airpark submarket. C.R.C Investments LLC sold the property to Proverbs 3:5 LLC for $6.3 million. The buyer plans to convert the 30,000-square-foot property into a music venue. Troy Giammarco and Tyler Smith of NAI Horizon represented the seller, while Steve Burger of CRE Property Advisors represented the buyer in the transaction.

May 1, 2018

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