Property Type

MorningStar, Confluent Begin Construction of 85-Unit Seniors Housing Community in Santa Fe

by Nellie Day November 8, 2017

SANTA FE, N.M. — Co-developers MorningStar Senior Living and Confluent Senior Living have broken ground on MorningStar of Santa Fe, an assisted living and memory care community in Santa Fe. The 71,000-square-foot property will feature 56 assisted living suites and 29 memory care suites. The community will be located on four acres within a mixed-use development known as the St. Francis Drive Corridor. The project represents the 10th joint venture between Denver-based developer, owner and operator MorningStar and Denver-based investment and development firm Confluent. Confluent will own the finished community, which MorningStar will operate. Rosemann & Associates is serving as the architect for the new development and New Mexico-based Bradbury Stamm Construction is the general contractor. MonrningStar of Santa Fe is scheduled for completion in fall 2018.

November 8, 2017

California Retail Western

Hanley Investment Group Arranges $2.7M Sale of Single-Tenant Retail Property in Palmdale, California

by Nellie Day November 8, 2017

PALMDALE, CALIF. — Hanley Investment Group has arranged the $2.7 million sale of a 24,695-square-foot retail property net-leased to Harbor Freight Tools in Palmdale, 70 miles north of Los Angeles. Mehran Foroughi of Colliers International represented the buyer, a private investor from Newport Beach, in the transaction. Jeremy McChesney represented the seller, Sage Investco. The property was constructed in 1957 and recently renovated. Harbor Freight Tools has more than 11 years remaining on the primary lease term with 10 percent rental increases and multiple five-year options.

November 8, 2017

Illinois Industrial Midwest

Bridge Development Partners Sells 1 MSF Industrial Portfolio in Waukegan, Illinois

by Kristin Harlow November 8, 2017

WAUKEGAN, ILL. — Bridge Development Partners has sold two industrial buildings totaling 1 million square feet in Waukegan for an undisclosed price. An institutional entity represented by Bentall Kennedy purchased the portfolio. The buildings were the first two facilities completed as part of Bridge Point North, a master-planned 225-acre business park. Building I is a 626,848-square-foot facility located at 1750 Bridge Drive. Completed in the fourth quarter of 2016, the building features 36-foot clear heights and is fully leased to an e-commerce tenant. Building II is a 400,758-square-foot facility located at 3900 Bur Wood Drive. Completed in September, the building features 32-foot clear heights. Bridge acquired the master-planned development from Cardinal Health in early 2015.

November 8, 2017

Midwest Minnesota Office

CBRE Arranges $18.6M Sale of Office Property in Minnetonka, Minnesota

by Kristin Harlow November 8, 2017

MINNETONKA, MINN. — CBRE has arranged the sale of Baker Technology Plaza in Minnetonka for $18.6 million. The five-building, 254,274-square-foot office property is located at 6121 Baker Road. The property was 74 percent leased at the time of sale to tenants including Advanced Imaging Solutions, Element Materials Technology and Anchor Wall Systems Inc. Judd Welliver, Ryan Watts, Sonja Dusil and Tom Holtz of CBRE represented the seller, the Utah State Retirement Investment Fund. Tryperion Partners, a private real estate investment firm based in Los Angeles, purchased the property. The new owners plan to renovate and reposition the property, originally constructed in 1985, with a new name of Baker Tech. Proposed upgrades and amenities — including an on-site bike loan program, food trucks, brewery taproom and outdoor gathering areas — are slated for completion in spring 2018. Jason Simek, Joe Owen and Peter Mork of Colliers International are marketing the property for lease.

November 8, 2017

Hospitality Illinois Loans Midwest

Aries Conlon Capital Arranges $12.5M Bridge Loan for Hotel Property in Burr Ridge, Illinois

by Kristin Harlow November 8, 2017

BURR RIDGE, ILL. — Aries Conlon Capital has arranged a $12.5 million bridge loan for the Crowne Plaza hotel near Chicago’s Midway International Airport in Burr Ridge, a southwest suburb of Chicago. The 123-room hotel, located at 300 S. Frontage Road and built in 1969, was previously a Quality Inn & Suites that had been fully renovated and reflagged recently as the IHG Crowne Plaza Hotels & Resorts brand. Managed by Chesapeake Hospitality, the property features meeting space, an indoor pool, restaurant, fitness center and business center. Rushi Shah of Aries Conlon arranged the 24-month, interest-only loan on behalf of the borrower, Vega Hospitality Group. Access Point Financial Inc. was the lender. Since the property’s cash flow was not yet at sufficient levels to cover the total debt, refinancing was almost impossible. Once the property is stabilized, the bridge loan will be refinanced to non-recourse permanent debt, according to Shah.

November 8, 2017

Midwest Mixed-Use Ohio

Nationwide Realty Investors Unveils Plans for 32,000 SF Mixed-Use Building in Columbus, Ohio

by Kristin Harlow November 8, 2017

COLUMBUS, OHIO — Nationwide Realty Investors has unveiled plans for a new 32,000-square-foot mixed-use building at Grandview Yard in Columbus. Located at 1125 Yard St., the building will feature ground-level retail space and medical office space on the second floor. Columbus Obstetricians-Gynecologists Inc. will occupy 10,000 square feet on the second floor. The new Grandview Yard location will replace the company’s Mount Carmel West location when it opens in late 2018. The groundbreaking is slated for January. Owned and developed by Nationwide Realty Investors, Grandview Yard will include 1.2 million square feet of commercial space, several restaurants, grocery and service retail, hospitality and more than 1,300 residential units upon completion.

November 8, 2017

Midwest Minnesota Office

Herzing University Minneapolis Campus Relocates to St. Louis Park, Minnesota

by Kristin Harlow November 8, 2017

ST. LOUIS PARK, MINN. — Herzing University is relocating its Minneapolis campus from Crystal, Minn., to Metropoint Office Park in St. Louis Park. The 30,000-square-foot campus is slated to open in early 2018. Herzing, an accredited private nonprofit institution, will occupy the top floor of 435 Metropoint, a class A office tower visible from Highway 169 and I-394. The new campus will feature upgraded labs to support Herzing’s dental and nursing programs. Amenities will include an on-site coffee shop and cafeteria as well as covered parking. Dan Buettner and Brian Woolsey of Cushman & Wakefield represented Herzing in the new lease.

November 8, 2017

Florida Office Southeast

CRE Consultants Arranges $43.2M Sale of Office Portfolio in Southwest Florida

by Camren Skelton November 8, 2017

BONITA SPRINGS AND FORT MYERS, FLA. — CRE Consultants has arranged the $43.2 million sale of a 421,324-square-foot, three-campus office portfolio located in Bonita Springs and Fort Myers. Randal Mercer and Brandon Stoneburner of CRE Consultants represented the undisclosed seller in the transaction. Massachusetts-based Brookwood Financial acquired the assets, which include 15 individual buildings located throughout three office campuses: Riverview Corporate Center and Bonita Executive Center in Bonita Springs and Renaissance Center in Fort Myers. Brookwood Financial has retained Mercer and Stoneburner to handle leasing efforts for the portfolio.

November 8, 2017

Georgia Office Southeast

IT Consulting Firm Expands, Relocates to Bank of America Plaza in Midtown Atlanta

by Camren Skelton November 8, 2017

ATLANTA — IT management consulting firm CapTech has expanded its operations and relocated to the Bank of America Plaza, located at 600 Peachtree St. N.E. in Midtown Atlanta. The Richmond, Va.-based company announced its expansion into the Atlanta market in September 2016, creating 50 new technology and consulting jobs. As part of the expansion, CapTech plans to add 50 more jobs by next year. The company leased 6,000 square feet at the building, according to the Atlanta Business Chronicle. The Bank of America Plaza is located a half-mile from the Georgia Institute of Technology campus and Tech Square.

November 8, 2017

Florida Retail Southeast

Continental Realty Acquires Shopping Center in Broward County for $21.3M

by Camren Skelton November 8, 2017

DAVIE, FLA. — Baltimore-based Continental Realty Corp. has acquired Ridge Plaza, a 155,204-square-foot shopping center located at 9000-9200 State Road 84 in Davie. Danny Finkle, Luis Castillo and Eric Williams of HFF represented the seller, Regency Centers Corp., in the transaction. Paragon Theater and Off the Wall Family Entertainment Center anchor Ridge Plaza, which was constructed in 1985 and was 99 percent occupied at the time of sale. The property is also home to five pad sites, including properties leased to Dunkin’ Donuts and Metro PCS.

November 8, 2017

Newer Posts

Older Posts