OAKDALE, MINN. — Brennan Investment Group LLC has acquired an 86,460-square-foot industrial building in Oakdale, a suburb of St. Paul. The purchase price was not disclosed. The seller, Total Logistics Inc., will lease back the space from Brennan. The property is located at 2900 Granada Lane North. The acquisition was funded through a net leased joint venture with one of Arch Street Capital Advisors’ institutional clients.
LAFAYETTE, IND. — Home2Suites by Hilton Lafayette has opened in central western Indiana. The 93-suite hotel is designed for travelers who want to maintain their normal routine. The property features a combined laundry and fitness area, indoor pool and grill area, as well as complimentary breakfast. The hotel is located at 3838 Grace Lane near Purdue University. Kamba Hospitality owns the property and Witness Hospitality LLC will manage the hotel.
CHICAGO — Essex Realty Group has brokered the sale of the Sunnyside Lane Condominiums in Chicago’s Lincoln Square neighborhood for $4.5 million. All 18 condominium units were sold to one buyer in what is known as a condo deconversion. The property, located at 4459 N. Campbell Ave., consists of 17 two-bedroom units and one one-bedroom unit. Brian Kochendorfer & Brian Karmowski of Essex represented the condo owners, while Steve Livaditis & Joe Scheck represented the undisclosed buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.
BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co. have unveiled plans for Bakersfield Commons, a pedestrian-orientated, master-planned mixed-use community located in Bakersfield. The 260-acre project will feature office, retail, residential, recreational and industrial space. Construction is slated to begin in 2018, with the first development pads delivered in late 2018. The fully approved entitlements for the commons include 400,000 square feet of office, 300,000 square feet of retail, 280,000 square feet of light industrial, more than 1,000 residential units and a 200-bed hospital. Slated for delivery in 2019, Phase I will feature 220,000 square feet of retail, 120,000 square feet of Class A office space, 325 resort-style residential units, a 130-key national branded hotel and 2.2 miles of walking paths.
MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts. Originally built in 1973 as a Super K-Mart, Lucky Grocery Stores acquired the property in 1997. It was later sold to Albertsons. A combination T.J. Maxx and HomeGoods store (slated to open Oct. 22), ALDI (opening Dec. 7) and ULTA Beauty (scheduled to open second quarter of 2018) will anchor the redeveloped property. Several smaller shops and retailers, including My Pet Garden, will also occupy the center. Warner Pacific Properties specializes in the acquisition and repositioning of commercial buildings and developing vacant ground.
ESCONDIDO, CALIF. — Location Matters has brokered the sale of a retail property located at 237 and 243 E. Valley Parkway in downtown Escondido. David Baker of H Street Plaza LLC sold the property to Evan Weinberg of Steven Beverages Inc. for $1.3 million. The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space. The buyer plans to repurpose the vacant space into a brewery and coffee concept by Cismontane Brewing, a microbrewery. Marc Karren of Location Matters represented the seller in the transaction.
SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail building located at 1040 Garnet Ave. in San Diego. John & Mahin Family Trust acquired the property from John Watts for $1.2 million. The 2,600-square-foot retail property was occupied by The Ink Spot for more than 20 years. Martin Alfaro and Vince Provenzano of Pacific Coast Commercial represented the seller, while John Noble of JN Financial represented the buyer. The buyer plans to lease the property to a new tenant.
LOS ANGELES — Marcus & Millichap has brokered the sale of a retail property located at 4745 W. Washington Blvd. in Los Angeles. A private investor sold the property for $1 million. Floyd Shaheen of Marcus & Millichap represented the seller in the deal. The name of the buyer was not released.
WASHINGTON, D.C. — Multifamily lending was up 8 percent year-over-year in 2016, with 2,822 different multifamily lenders providing a total of $269.2 billion in financing for apartment buildings with five or more units, according to a new report from the Mortgage Bankers Association (MBA). It was another record year for U.S. multifamily lending, according to Jamie Woodwell, MBA’s vice president of Commercial Real Estate Research. Woodwell says that momentum is still strong in 2017, but this summer the MBA predicted that 2017 volume for commercial and multifamily originations will dip by 3 percent. By dollar volume, the greatest market share (39 percent) went to the government sponsored enterprises (GSEs), Fannie Mae and Freddie Mac. The top five multifamily lenders in 2016 by dollar volume were Wells Fargo, JP Morgan Chase and Co., CBRE Capital Markets Inc., Berkadia and Walker & Dunlop. The report is based on data from the MBA 2016 Commercial/Multifamily Annual Origination Volume Summation and the Home Mortgage Disclosure Act (HMDA). The MBA survey targets dedicated originators and covered $491 billion in commercial and multifamily loans in 2016.
CHICAGO — The University of Illinois has unveiled plans to develop an interdisciplinary public-private research and innovation center known as the Discovery Partners Institute (DPI) in Chicago. The $1.2 billion project will be situated at The 78, a mixed-use development by Related Midwest. DPI will be developed on a donated portion of the 62-acre site bordered by Roosevelt Road, Clark Street, 16th Street and the Chicago River. The facility is the first step in the development of the Illinois Innovation Network (IIN), which will join businesses, public sector partners and research universities to focus on the study of computing and big data, food and agriculture and health and wellness. Led by the University of Illinois system, with its campuses in Champaign, Springfield and Chicago, DPI will bring together students, faculty and businesses. DPI will be operated through private donations, government support and partnerships with industry business. The size of the institute’s site at The 78 is still to be determined. A timetable for the opening is slated to be complete next year. At full operation, DPI is expected to have as many as 90 faculty members — sourced from the University of Illinois system’s three universities as well as partner …