Property Type

CBRE Arranges $26.9M Construction Loan for 168-Room Hotel in Minneapolis

by Kristin Harlow July 19, 2017

MINNEAPOLIS — CBRE has arranged a $26.9 million loan for the construction of The Elliot Park Hotel in downtown Minneapolis. The 168-room Autograph Collection hotel by Marriott will be located on the northeast corner of 5th Avenue South and South 9th Street. The boutique hotel, slated to open in summer 2018, is part of a block redevelopment by Kraus–Anderson. The redevelopment will include a new corporate office for Kraus-Anderson, a 17-story apartment tower and a microbrewery. Jason Brown, Dan Gable, Joel Torborg and Jonathan Rice of CBRE arranged the loan on behalf of the Wilkinson Corp. Bank of the Ozarks provided the three-year loan.

July 19, 2017

Industrial Midwest Wisconsin

Dickman Co. Brokers Sale of 51,600 SF Industrial Building in Oak Creek, Wisconsin

by Kristin Harlow July 19, 2017

OAK CREEK, WIS. — The Dickman Co. Inc./CORFAC International has brokered the sale of a 51,600-square-foot industrial building in Oak Creek, 12 miles south of Milwaukee. The property is located at 440 W. Bell Court. Tower 9 Commercial – Oak Creek LLC purchased the building from K & Z Partners LLC. Samuel D. Dickman and Samuel M. Dickman Jr. of Dickman Co. brokered the transaction.

July 19, 2017

Indiana Midwest Retail

Alpha Partners Acquires 41,445 SF Shopping Center in Indianapolis

by Kristin Harlow July 19, 2017

INDIANAPOLIS — Alpha Partners has acquired Meridian Marketplace in the Greenwood submarket of Indianapolis. The purchase price was not disclosed. The 41,445-square-foot shopping center is located at 8923 S. Meridian St. Crystal Kennard and Scot Courtney of Lee & Associates will oversee leasing of the center, which has 10,815 square feet available for immediate lease. The seller was not disclosed.

July 19, 2017

Illinois Midwest Net Lease Retail

Marcus & Millichap Arranges Sale of Retail Property Net Leased to PNC Bank in Chicago for $4M

by Kristin Harlow July 19, 2017

CHICAGO — Marcus & Millichap has arranged the sale of a 7,500-square foot retail property net leased to PNC Bank in Chicago for $4 million. The property is located at a three-way intersection at 6401 North Harlem Ave. Sean R. Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap marketed the property on behalf of the seller, a private investor. Joseph Sigal of Marcus & Millichap secured and represented the buyer, a Canadian investment group.

July 19, 2017

Retail Southeast Top Stories

Inland Real Estate Group Arranges Sale of 49 CVS Pharmacy Properties in 16 States for $211M

by Nellie Day July 19, 2017

OAK BROOK, ILL. — Inland Real Estate Group has arranged the sale of 49 newly developed CVS Pharmacy properties across 16 states for more than $211 million. Inland handled the deal on behalf of the buyer, an affiliate of the company. The portfolio contains a total of 651,216 square feet. The CVS Pharmacy properties are located in Arizona, Georgia, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Ohio, Oklahoma, Missouri, Nebraska, Tennessee, Texas, Utah and Vermont. “This was an attractive acquisition opportunity due to the fact that we were able to buy all 49 CVS stores in one transaction,” says Joe Cosenza, vice chairman of Inland Real Estate Group and president of Inland Real Estate Acquisitions, the purchasing arm for the company’s various entities. “I like CVS, I like the properties and the investment is good for Inland.” This portfolio acquisition follows on the heels of Inland’s October 2016 purchase of 24 additional newly developed CVS Pharmacy properties for more than $116 million. Those assets are located in Arkansas, Georgia, Illinois, Kentucky, Louisiana, Michigan, Minnesota, New York, Ohio, Pennsylvania, South Carolina, Texas, Virginia and Wisconsin. David Neboyskey and Kristin Orlando acted as in-house counsel for Inland in this latest portfolio transaction. The Inland …

July 19, 2017

California Loans Office Western

Easterly Government Properties Obtains $127.5M Loan to Acquire Medical Office Building in Yorba Linda

by Nellie Day July 18, 2017

YORBA LINDA, CALIF. — Easterly Government Properties has obtained $127.5 million in acquisition financing for a 327,641-square-foot medical office building in the Orange County submarket of Yorba Linda. The Class A building is located at 26001 Redlands Blvd. Construction was recently completed on the space. It is fully leased to the Department of Veterans Affairs (VA) for 20 years. Goldman Sachs provided the 10-year, fixed-rate, interest-only loan at a 60 percent loan-to-value ratio. CBRE’s Tom Traynor, James Millon, James Scott and Bernard Van der Lande secured the loan.

July 18, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Arranges $5.4M Sale of 120-Bed Skilled Nursing Facility in Aurora

by Nellie Day July 18, 2017

AURORA, COLO. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Sable Care and Rehabilitation Center, a 120-bed skilled nursing facility in the Denver suburb of Aurora, for $5.4 million. A publicly traded REIT based in California sold the property to a New York-based investor. The seller was looking to divest a non-core asset as a value-add opportunity. The new owner will lease to facility to a prominent regional operator with an existing footprint in Colorado. The facility is located near the University of Colorado Hospital and CU Anschutz Medical Campus. At the time the property was put on the market, the trailing 12-month operational performance yielded $6 million in total revenue with overall occupancy at 56 percent. The outgoing operator took over the building at a time of operational challenges, but was able to change course towards regulatory compliance and improved operational performance. Blueprint’s Christopher Hyldahl and Gideon Orion were lead advisors on the transaction. The sale price equates to $45,000 per licensed bed.

July 18, 2017

California Net Lease Retail Western

Faris Lee Arranges $2.5M Sale of Building Net Leased to Starbucks in Lake Forest

by Nellie Day July 18, 2017

LAKE FOREST, CALIF. — Faris Lee Investments has arranged the $2.5 million sale of a 1,800-square-foot, single-tenant property occupied by Starbucks Coffee in Lake Forest. The triple-net-leased building features a drive-thru, and is located at 20451 Alton Parkway. Patrick Toomey, Thomas Chichester, Matt Brooks and Joseph Chichester with Faris Lee Investments represented the seller, Irvine-based Shea Homes. Feirstein Law Firm represented the buyer, a private investor from Vietnam.

July 18, 2017

California Multifamily Seniors Housing Western

Cadence Senior Living Acquires Assisted Living Community in Orange

by Nellie Day July 18, 2017

ORANGE, CALIF. — Cadence Senior Living has acquired Kirkwood Orange, an assisted living and memory care community in Orange, just southeast of Los Angeles. The seller was HumanGood, the recently merged and rebranded combination of Califonia nonprofits ABHOW and be.group. The sale price was not disclosed. Cadence is an owner, operator and developer of senior living communities based in Scottsdale, Ariz. Kirkwood Orange is the company’s first California community, joining its portfolio of two Phoenix-area properties.

July 18, 2017

California Oregon Restaurant Retail Washington Western

Subway Rolls Out New Restaurant Design in 12 Pilot Locations

by Nellie Day July 18, 2017

VANCOUVER, WASH. — Subway is rolling out its new Subway Fresh Forward design. Currently, 12 pilot locations are now open, including two in the Pacific Northwest and one in California. FRCH Design Worldwide designed the space using a new color palette inspired by fresh vegetables. Highlights include: • Self-order kiosks in select locations, digital menu boards and Apple and Samsung Pay options. • Fresh vegetable display with whole tomatoes, green peppers, onions and cucumbers that are sliced daily, plus new bread and cookie displays on the front of the line. The new restaurants also include exclusive menu items, starting with pico de gallo, new sauces, house-made pickles and made-without-gluten bread. • Bright décor, curated music and comfortable seating with USB charging ports and complimentary Wi-Fi. The pilot locations include Hillsboro, Ore.; Vancouver, Wash.; and Chula Vista, Calif., among others. Subway Restaurants has more than 44,800 franchised locations.

July 18, 2017

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