Property Type

CBRE Arranges $14.3M Sale of Two Office Buildings Near Minneapolis

by Kristin Harlow March 24, 2017

BROOKLYN CENTER, MINN. — CBRE has arranged the sale of the Brookdale Corporate Center I and II, a pair of office buildings located in Brooklyn Center near Minneapolis, for $14.3 million. New York-based Sovereign Capital purchased the 230,000-square-foot portfolio. The six-story buildings were constructed in 1982 and 1985 and renovated in 2004. The buildings were 77 percent occupied at the time of sale to tenants such as the University of Minnesota Physicians, Brooklyn Center Independent School District headquarters, Qualcomm, National American University and Aerotek. Sonja Dusil, Ryan Watts, Judd Welliver and Tom Holtz of CBRE represented the undisclosed owner in the transaction.

March 24, 2017

Indiana Midwest Retail

RD Management Sells 112,900 SF Former Sears Building in South Bend, Indiana

by Kristin Harlow March 24, 2017

SOUTH BEND, IND. — RD Management LLC has sold a former Sears Essentials building located at 4640 S. Michigan St. in South Bend. A national retailer purchased the 112,900-square-foot property for an undisclosed price. The vacant building sits on 16 acres near U.S. Highway 31. A Ford dealership and Aldi supermarket are adjacent to the property, and Erskine Commons and Erskine Plaza centers are nearby. RD Management sold the asset as part of the company’s strategy to reposition its portfolio as a more diversified group of properties.

March 24, 2017

Industrial Iowa Midwest

Binswanger Negotiates Sale of 160-Acre Land Site in Davenport, Iowa

by Kristin Harlow March 24, 2017

DAVENPORT, IOWA — Binswanger has arranged the sale of a nearly 160-acre land site in Davenport for an undisclosed price. Sterilite Corp. purchased the land from the Greater Davenport Redevelopment Corp. Sterilite, a manufacturer of plastic storage containers, plans to build a new manufacturing and distribution center on the site. The center, slated to open in early 2018, will employ approximately 500 employees. As part of the transaction, the Scott County Board of Supervisors and the City of Davenport will provide a multimillion-dollar incentive package for moving to the Quad Cities. Tim O’Callaghan and Larry Spinelli of Binswanger arranged the sale on behalf of Sterilite. The team also helped negotiate the incentive package.

March 24, 2017

Indiana Industrial Midwest

HSA, Great Point Investors to Develop 151,220 SF Spec Industrial Facility Near Indianapolis

by Kristin Harlow March 24, 2017

PLAINFIELD, IND. — HSA Commercial, in a joint venture partnership with Great Point Investors, has begun development of a 151,220-square-foot speculative industrial building in Plainfield, a southwest suburb of Indianapolis. Gateway Industrial IV is currently under construction, with delivery scheduled for this June. It will be the fifth and final building developed by HSA Commercial in the 40-acre Gateway Business Park. The PrivateBank provided the project financing. HSA Commercial and Great Point Investors previously partnered on the development of Gateway Industrial III, an adjacent 220,000-square-foot building that was completed in 2015 and is now fully leased. When complete, Gateway Industrial IV will feature 30-foot clear heights, 16 expandable truck docks, four drive-in doors and parking for 156 vehicles. The development is located just west of the Indianapolis International Airport and is designed to accommodate users as small as 25,000 square feet. John Hanley, Terry Busch and Jared Scaringe of CBRE are handling leasing for Gateway Industrial IV. Fishers, Ind.-based Meyer Najem is the general contractor for the project. West Lafayette, Ind.-based KJG Architecture designed the building.

March 24, 2017

Michigan Midwest Restaurant Retail

NAI Wisinski Arranges Sale of 5,720 SF Restaurant Building in Grand Rapids, Michigan

by Kristin Harlow March 24, 2017

GRAND RAPIDS, MICH. — NAI Wisinski has arranged the sale of a 5,720-square-foot restaurant building in Grand Rapids. Georgina’s Fusion Cuisine, a Traverse City-based Asian and Latin taqueria, purchased the two-story building for an undisclosed price. Located at 724 Wealthy St., the property will feature a 2,860-square-foot restaurant on the first floor and two apartments on the second floor. The building will undergo major renovations for the full-service restaurant before an anticipated opening this summer. This will be Georgina’s second location in Michigan. Todd Leinberger of NAI Wisinski arranged the sale on behalf of Georgina’s. Dave Zeemering of Victory Realty represented the seller, who is retiring from his retail business, Phil’s Stuff.

March 24, 2017

Industrial Mississippi Southeast Top Stories

Core5 Acquires 173 Acres to Develop 2.5 MSF Industrial Business Park in DeSoto County, Mississippi

by Kristin Harlow March 24, 2017

DESOTO COUNTY, MISS. — Atlanta-based Core5 Industrial Partners has acquired a 173-acre land site to develop DeSoto 55 Logistics Center, a 2.5 million-square-foot business and logistics park in DeSoto County, located just across the state border from Memphis, Tenn. Anticipated development costs will exceed $125 million, according to a news release from the developer. Core5 will immediately begin construction on two speculative buildings of office and warehouse space totaling 883,720 square feet. Both buildings are planned for delivery this fall. The 582,400-square-foot Building A is expandable up to 1.5 million square feet and will offer 36-foot clear heights, 98 trailer storage spaces and 342 car parking spaces. Building B, totaling 301,320 square feet, will feature 32-foot clear heights, 80 trailer storage spaces and 270 auto spaces. Located at U.S. Highway 51, the park will offer close proximity to the I-55 transportation corridor. Upon planned completion by the end of 2019, DeSoto 55 Logistics Center will accommodate over 2.5 million square feet in up to five separate buildings. The acquisition marks Core5’s entry into the greater Memphis market. “After an extensive review of potential development sites and interviews with local employers, it was clear that the location of DeSoto 55 Logistics …

March 24, 2017

Bob Kramer, National Investment Center for Seniors Housing & Care

Features Healthcare Multifamily Seniors Housing Top Stories Western Feature Archive

Seniors Housing Industry Looks for New Ways to Bend Cost Curve, Improve Health Outcomes

by Jeff Shaw March 24, 2017

SAN DIEGO — Breaking down the silos between the traditional real-estate-based seniors housing providers and the growing number of health, wellness and supportive services providers will lead to better health outcomes for residents and slow the long-term growth of medical costs. But it’s a shift that won’t happen overnight. That’s one of the key messages Bob Kramer, founder and CEO of the National Investment Center for Seniors Housing & Care (NIC), aims to deliver. The 2017 NIC Spring Investment Forum, which happened March 22 through March 24 at the Hilton San Diego Bayfront, drew more than 1,600 industry professionals, a record number for the show, including more than 350 first-time attendees. The title of this year’s program was “Unlocking New Value Through Senior Care Collaboration.” Industry leaders are feeling a sense of urgency to tackle this issue. Five percent of Medicare recipients consume half of the federal program’s total expenditures, or about $60,000 per beneficiary, according to Kramer. By comparison, the bottom 20 percent account of Medicare recipients account for under $1,000 per beneficiary. “In terms of bending the cost curve — a favorite phrase in healthcare reform — the initial target is very much understandably on the high-need, high-cost population. They …

March 24, 2017

California Loans Office Western

MetroGroup Realty Finance Secures $34.3M in Acquisition Financing for San Diego Flex Campus

by Nellie Day March 23, 2017

SAN DIEGO — MetroGroup Realty Finance has secured $34.3 million in acquisition financing for a 132,695 square-foot office/flex campus in the Kearney Mesa submarket of San Diego. The complex is located at 9404 Chesapeake Drive and 5775, 5785 & 5788 Roscoe Court. The borrower was Klein Investment Family Limited Partnership, which was involved in a 1031 exchange. The financing included permanent financing for a seven-year term and 25-year amortization schedule and an interest-only bridge loan floating over LIBOR for a one-year term. The campus is fully leased to Cobham Advanced Electronic Solutions, a subsidiary of UK-based Cobham PLC, a technology company for the aerospace and defense industries.

March 23, 2017

California Multifamily Western

Mallard Pointe Apartment Complex in San Francisco Sells for $18.2M

by Nellie Day March 23, 2017

SAN FRANCISCO — A local unidentified private investor has purchased the 22-unit Mallard Pointe apartment complex in the San Francisco submarket of Belvedere has sold to a for $18.2 million. The community is located at 1-22 Mallard Drive. Mallard Pointe was built in 1951 and has been renovated several times during the past five decades. The property is situated on Belvedere Lagoon, directly across from Angel Island, a California state park. Ryan Wagner of Colliers International and Matt Wagner of Paragon Commercial represented both parties in the transaction. The seller was a local private investor who owned the property for almost 80 years.

March 23, 2017

California Office Western

DivcoWest Acquires Historic Office Building in San Jose

by Nellie Day March 23, 2017

SAN JOSE, CALIF. — DivcoWest has acquired 2 West Santa Clara, an 83,896-square-foot historic office building in downtown San Jose, for an undisclosed sum. The building is situated at the corner of West Santa Clara and North First streets. The property was built in 1910 and expanded in 1927 with the addition of a nine-story annex. The asset has been extensively renovated within the past few years. DivcoWest plans to carry out a full rehabilitation to provide smaller tenants with the opportunity to have a full-floor presence. The space served as one of the first examples of steel-framed office construction in California. It was originally the home of First National Bank. The property was also the headquarters for Bank of the West and, later, lumber company Pacific States Industries. Ritchie Commercial represented the buyer and seller in this transaction. The acquisition is part of a joint venture with an investment group led by Gary Dillabough.

March 23, 2017

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