Property Type

Ready Capital Provides $11.5M Loan for Acquisition, Conversion of Warehouse in Miami

by Camren Skelton October 6, 2017

MIAMI — Ready Capital Structured Finance has provided an $11.5 million loan for the acquisition of an industrial warehouse in Miami. Located in the Wynwood Art District, the 35,000-square-foot property will be renovated and converted into a creative office building featuring ground floor retail space. The undisclosed borrower signed a lease with an office tenant that will occupy a portion of the building upon completion of the planned capital improvements. The 24-month loan features one extension option and is inclusive of a facility to provide for capital expenditures, leasing costs and interest and carry reserves.

October 6, 2017

Illinois Industrial Midwest

Westmount Realty Capital Acquires 2.3 MSF Industrial Portfolio in Metro Chicago

by Kristin Harlow October 6, 2017

CHICAGO — Westmount Realty Capital has acquired a 21-building, 2.3 million-square-foot industrial portfolio in the greater Chicago area. Sixteen of the properties are located in close proximity to Chicago O’Hare International Airport and the Illinois International Port District. The other five are situated north of Chicago from Lake County, Ill., to Kenosha, Wis. The portfolio is currently 82 percent occupied. This acquisition brings Westmount’s Chicago area assets to more than 5 million square feet of industrial space. Including this acquisition, Dallas-based Westmount now has nearly 8 million square feet of industrial space in the Midwest region within its portfolio. To accommodate the company’s growth in the region, Westmount will expand its local property management office into a regional office in Chicago.

October 6, 2017

Midwest Minnesota Multifamily

Doran Completes 241-Unit Apartment Property in Hopkins, Minnesota

by Kristin Harlow October 6, 2017

HOPKINS, MINN. — Doran Cos. has completed The Moline in downtown Hopkins, a western suburb of Minneapolis. The 241-unit apartment property features more than 35,000 square feet of amenity space, including a club room, fitness center, business office, pet run, rooftop lounge and pool deck. The name pays homage to the community’s history as home of the Minneapolis-Moline Co., a large tractor and machinery producer. The first-floor lobby features an antique tractor display open to the public.

October 6, 2017

Indiana Industrial Midwest

Opus Begins Construction of 495,977 SF Industrial Building in Greenwood, Indiana

by Kristin Harlow October 6, 2017

GREENWOOD, IND. — The Opus Group has begun construction of a 495,977-square-foot speculative industrial building in Greenwood, about 14 miles south of Indianapolis. Opus is developing the project, known as Greenpointe Logistics Center, in a joint venture with Diamond Realty Investments Inc. The building will feature 36-foot clear heights and will be able to accommodate up to two tenants. Completion is slated for late spring 2018. Luke Wessel of Cushman & Wakefield will market the property for lease.

October 6, 2017

Industrial Midwest Wisconsin

Colliers Brokers Sale of 146,532 SF Industrial Building in Milwaukee

by Kristin Harlow October 6, 2017

MILWAUKEE — Colliers International has brokered the sale of Canal Street Commerce Center in the Menomonee Valley near downtown Milwaukee. The sales price was not disclosed. The 146,532-square-foot infill industrial building is located at 1301 W. Canal St. Milsco Manufacturing and Stamm Technologies recently signed anchor leases, bringing the property to 100 percent occupancy. Other tenants include Prolitec, Pittsburgh Glassworks, Rexnord, Industrial Controls and Bence-Build. A group led by LCM Funds Real Estate LLC acquired the building. Tom Shepherd and Mark Schnoll of Colliers represented the seller, Ziegler/Bence Partners 5 LLC, which developed the property in 2007. The site had previously been part of the Milwaukee stockyards.

October 6, 2017

California Loans Office Western

MedProperties Holdings Receives $160.6M Acquisition Loan for Medical Office Portfolio

by Nellie Day October 6, 2017

LOS ANGELES — An investment affiliate of MedProperties Holdings has received a $160.6 million loan to acquire a 17-property medical and medical office portfolio that spans 10 states. The portfolio includes a total of 620,000 square feet. The majority of these assets are located off of hospital campuses. MedProperties is a Dallas-based private equity fund that invests in the development and acquisition of healthcare real estate. This includes medical office buildings, ambulatory surgery centers, inpatient rehabilitation facilities and surgical hospitals. MedProperties invests on a direct and an indirect basis through joint venture relationships. The firm develops new, value-add, and stabilized healthcare real estate, including multitenant medical office buildings and single-tenant specialty healthcare facilities. Capital One served as joint lead arranger, sole bookrunner and administrative agent on the loan transaction. Capital One Healthcare is a financial services provider across healthcare sectors, including seniors housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices.

October 6, 2017

California Office Western

Thai Union North America Relocates in El Segundo

by Nellie Day October 6, 2017

LOS ANGELES — Thai Union North America has relocated to a 33,000-square-foot creative office campus in the Los Angeles submarket of El Segundo. The Class A campus is located at 2100, 2120 and 2150 Grand Ave. inside the Campus 2100 building. The new lease by Thai Union brings the campus to 94 percent occupancy. Travers Cresa represented Thai Union. Chris Sinfield and Tom Sheets of Cushman & Wakefield represented the landlord, a joint venture between Rockwood Capital and Marshall Property & Development, in this transaction.

October 6, 2017

California Office Western

Cloudvirga Leases 11,918 SF of Office Space in Irvine

by Nellie Day October 6, 2017

IRVINE, CALIF. — Cloudvirga has leased 11,918 square feet of office space in Irvine. The space is located at 2875 Michelle Drive within Jamboree Business Center. The modern fintech company for the home lending industry will use the space as its corporate headquarters. The new office will allow the company room for growth. JLL’s Scott Wetzel represented Cloudvirga, while the landlord, Irvine Co., was represented in-house by Gavin Galey and Mike Santley.

October 6, 2017

California Retail Western

Muselli Commercial Arranges $3.2M Sale of Vacant Retail Building in Santa Monica

by Nellie Day October 6, 2017

SANTA MONICA, CALIF. — Muselli Commercial Realtors has brokered the sale of a retail building located at 2914 Main St. in Santa Monica. An undisclosed buyer acquired the property for $3.2 million, or $1,780 per square foot. The buyer plans to occupy the 1,825-square-foot building, which is currently vacant. Evan Pozarny of Muselli Commercial Realtors represented the undisclosed seller in the deal.

October 6, 2017

California Retail Western

Madison Marquette Adds Three New Tenants to District La Brea in LA

by Nellie Day October 6, 2017

LOS ANGELES — Madison Marquette has added three new tenants to District La Brea, the company’s adaptive re-use development in Los Angeles. Interior Define, Best Made and Made Gold will open at the 110,214-square-foot retail, dining and office property this fall. Interior Define is a custom furniture store; Best Made offers a lifestyle line of outdoor gear from graphic designer Peter Buchanan-Smith; and Made Gold is a denim-focused streetwear brand by Marta Goldschmeid.

October 6, 2017

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