Property Type

G.S. Wilcox & Co. Secures $19M Loan for Office Building in Morristown, New Jersey

by Amy Works June 12, 2017

MORRISTOWN, N.J. — G.S. Wilcox & Co. has arranged a $19 million loan for 1776 On the Green, an office building located at 67 Park Place in Morristown. The 10-story building features 145,358 square feet of rentable Class A office space and 1,136 square feet of storage space. At the time of financing, the property was 79 percent leased. The loan, which was provided by Mutual of Omaha, features a 10-year term. Gretchen Wilcox, Al Raymond and Wesley Wilcox of G.S. Wilcox secured the loan for the undisclosed borrower.

June 12, 2017

Michigan Midwest Office

Colliers Arranges $33M Sale of Office Properties in Ann Arbor and Troy, Michigan

by Kristin Harlow June 12, 2017

ANN ARBOR AND TROY, MICH. — Colliers International has arranged the sale of two office properties in Ann Arbor and Troy for a combined $33 million. Allegiance Realty sold 901 Tower Drive in Troy to a group of local investors, including Neil Doshi and Peter Burton. The property is a 124,911-square-foot Class B office building. Shamie Development Co. and Pomeroy Investments sold 5210 and 5220 S. State St. in Ann Arbor to members of the Eyde family based in Lansing. Totaling 120,720 square feet, the office property is 100 percent leased to three tenants. Barry Swatsenbarg of Colliers brokered the transactions.

June 12, 2017

Illinois Industrial Midwest

Missner Group Acquires 121,000 SF Industrial Property in Buffalo Grove, Illinois

by Kristin Harlow June 12, 2017

BUFFALO GROVE, ILL. — The Missner Group has acquired a 121,000-square-foot industrial property in Buffalo Grove. The purchase price was not disclosed. The property is located at 900-950 Busch Parkway within the Corporate Grove Business Park. Originally built in 1985 as a 50,000-square-foot corporate headquarters property, 900-950 Busch Parkway is situated on 8.8 acres and was expanded by 71,000 square feet in 1999. Today, the building is primarily occupied by two tenants, Rockin’ Jump Indoor Trampoline Park and The Pillow Factory. A 6,000-square-foot executive office suites area, located on the second floor of the building, is fully leased to three office tenants. The property features 26-foot clear heights, five truck docks and two drive-in doors. Barry Missner and Ed Adler of The Missner Group led the acquisition on behalf of the company. Brett Kroner of Cushman & Wakefield represented the seller. Developed by Van Vlissingen and Co., Corporate Grove Business Park is a 200-acre business park consisting of over three million square feet of office and industrial space.

June 12, 2017

Industrial Northeast Pennsylvania

Cushman & Wakefield Arranges Sale of 270,168 SF Industrial Park in Central Pennsylvania

by Amy Works June 12, 2017

LEWISBERRY, PA. — Cushman & Wakefield has brokered the sale of Fairview Industrial Park, a six-building industrial park located in Lewisberry. Richmond, Va.-based Allegiancy sold the 270,168-square-foot park to Louisville, Colo.-based Real Capital Partners for $11.7 million. The buildings are located at 509, 515 and 540 Industrial Drive and 621, 629 and 631 Distribution Plaza. Gerry Blinebury, Robert Yoshimura, Joseph Hill Jr. and Pat McBride of Cushman & Wakefield represented the seller in the deal.

June 12, 2017

Industrial Midwest Missouri

Hilliker Corp. Brokers $1.7M Sale of Industrial Building in Fenton, Missouri

by Kristin Harlow June 12, 2017

FENTON, MO. — Hilliker Corp. has brokered the sale of a 32,500-square-foot industrial building in Fenton, a suburb of St. Louis, for $1.7 million. The property is located at 255-273 Wolfner Drive near I-44. The multi-tenant building was 80 percent occupied at the time of sale. Scott Martin of Hilliker represented the seller, Future 44 Co. LLC, while The Johnson Group represented the buyer, E. B. Holdings LLC.

June 12, 2017

Affordable Housing Multifamily New Jersey Northeast

Walters Group Completes First Phase of 118-Unit Affordable Housing Development in New Jersey

by Amy Works June 12, 2017

FORKED RIVER, N.J. — Walters Group has completed the first phase of Cornerstone at Lacey, a 118-unit income-restricted housing development located in Forked River. Designed to achieve LEED and Energy Star status, the first phase of the development comprises 70 units in nine buildings. Construction is underway for the second phase, which will add 48 units in six buildings. Units range from one- to three-bedrooms and 835 square feet to 1,247 square feet. Community amenities will include a clubhouse with computer workstations and a fitness center, as well as a children’s tot lot, barbecue and picnic areas, and a half-court basketball court.

June 12, 2017

Kansas Midwest Restaurant Retail

Marcus & Millichap Arranges $1.6M Sale of Chick-fil-A Ground Lease in Salina, Kansas

by Kristin Harlow June 12, 2017

SALINA, KAN. — Marcus & Millichap has arranged the sale of a Chick-fil-A ground lease in Salina, located in central Kansas, for $1.6 million. The 3,000-square-foot property is located at 2245 S. 9th St. The Chick-fil-A was newly constructed in 2016 and features a 15-year ground lease. Craig Fuller, Scott Wiles and Erin E. Patton of Marcus & Millichap marketed the property on behalf of the seller, a New York-based private fund. Adam O’Sullivan, Nathan D. Whalen, Damien Yoder and Jeremie Johnson, also of Marcus & Millichap, represented the buyer. Greg Bates, broker of record in Kansas City, assisted in closing the transaction.

June 12, 2017

New York Northeast Retail

Marcus & Millichap Brokers $2.3M Sale of Retail Property in Pompton Lakes, New Jersey

by Amy Works June 12, 2017

POMPTON LAKES, N.J. — Marcus & Millichap has arranged the sale of Pompton Mall, a retail property located at 14 Wanaque Ave. in Pompton Lakes. A private investor sold the 7,870-square-foot property for $2.3 million. Ben Sgambati, Alan Cafiero and John Moroz of Marcus & Millichap represented the seller. The buyer was an undisclosed private investor.

June 12, 2017

Alabama Market Reports Office Southeast Southeast Market Reports

Consistency, Young Talent Lead to High Expectations for Birmingham Office Market

by John Nelson June 12, 2017

For the first time in quite a while, the Birmingham office market has experienced a rejuvenation and resurgence, catered around growth, a diversification of the tenant base and an effort to attract and retain bright young minds. Like many markets nationally, the city’s focus on urban renewal has made downtown Birmingham an attractive place to live, work and play, and thus will help companies attract talent to the market. Birmingham has entered a new era of industry and residential growth with one of the Southeast’s most dynamic markets after evolving from a historically steel and manufacturing-focused economy. Driven by a new generation of local leaders who have focused on developing biotechnology, life sciences and automotive sectors as catalysts for growth, Birmingham has witnessed a remarkable economic transformation. A preference for dynamic locations to live, work and play is occurring in Birmingham, as a significant amount of development has taken place in downtown Birmingham. While the bulk of this activity is occurring on the multifamily side, the same factors that draw people to live downtown are expected to positively impact the desire of employees to work downtown. In the long run, it is reasonable to expect office development to take off …

June 12, 2017

Features Retail Western Feature Archive

Retail Is Going Through a Massive Transformation But is Far From Dead, Says Kennedy Wilson’s Fred Cordova

by Taylor Williams June 12, 2017

Throughout his 32-year career, Fred Cordova has purchased, sold, financed, developed and leased more than 6.5 billion square feet of real estate. As the executive vice president of brokerage services at California-based Kennedy Wilson, Cordova currently specializes in the retail sector. Western Real Estate Business caught up with Cordova at ICSC RECon in late May to get his thoughts on how traditional brick-and-mortar retailers can survive the current rash of store closures. Western Real Estate Business: Can you clarify your role in the retail space? Fred Cordova: Our brokerage service really specializes in the retail space, particularly in urban retail. We excel at leasing urban retail centers and properties, including the ground floors — the huge new wave of development of multifamily in an urban environment that has spread across the country like wildfire. We’re the ones who lease the ground-floor space. We also do infill retail shopping centers, many of which need to be repurposed. On the capital side, we do a lot of sales of properties that are going to be repositioned — older properties that need to be taken down completely, or in some cases rehabbed. But in most cases those properties are razed to make room for …

June 12, 2017

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