Property Type

Ackerman & Co. Acquires 274,791 SF Industrial Portfolio in Atlanta for $7.6M

by John Nelson March 8, 2017

ATLANTA — Ackerman & Co. has purchased a three-building industrial portfolio within Westgate Business Park in Atlanta from Clarion Partners LLC for $7.6 million. The 274,791-square-foot portfolio is situated at 5215, 5245 and 5260 Westgate Drive in Atlanta’s I-20 West industrial submarket. The three front-load, shallow-bay facilities were fully leased at the time of sale. Stewart Calhoun and Casey Masters of Cushman & Wakefield brokered the transaction. The all-equity transaction was sourced through a partnership with a European private equity group. Ackerman & Co.’s in-house team will provide leasing and management services for the portfolio. The company is also currently developing a 1 million-square-foot bulk distribution center in Atlanta’s I-85 Northeast industrial submarket in Braselton, Ga.

March 8, 2017

Hospitality Indiana Midwest

Huff, Niehaus & Associates Brokers Sale of Holiday Inn Express in Indianapolis for $6M

by Kristin Harlow March 8, 2017

INDIANAPOLIS — Huff, Niehaus & Associates Inc. has brokered the sale of the Holiday Inn Express Indy NW-Park 100 in Indianapolis for $6 million. Park Property Investments LLC purchased the 121-room hotel, with plans to convert the property into a Best Western Plus by the end of the year. Brandt Niehaus of Huff, Niehaus & Associates represented the undisclosed seller in the transaction.

March 8, 2017

Illinois Industrial Midwest

Molto Properties Acquires 79-Acre Land Site in Minooka, Illinois

by Kristin Harlow March 8, 2017

MINOOKA, ILL. — Molto Properties has acquired a 79-acre land site in Minooka, about 28 miles south of Naperville. The site is situated along the I-80 corridor at McLindon Road. Oakbrook Terrace, Ill.-based Molto Properties plans to develop a 1.3 million-square-foot industrial building at the site. Jim Estus of Colliers International represented Molto Properties in the transaction, while Lynn Reich of Colliers International represented the undisclosed seller.

March 8, 2017

Industrial Midwest Ohio

SkyView Advisors Arranges Sale of 122,239 SF Self-Storage Facility in Ridgeville, Ohio for $4.8M

by Kristin Harlow March 8, 2017

NORTH RIDGEVILLE, OHIO — SkyView Advisors has arranged the sale of Fields Store-All in North Ridgeville, about 20 miles south of Dayton. The 122,239-square-foot self-storage facility sits on approximately eight acres. Valley Storage purchased the property from Fields Store-All LTD. Built between 1979 and 1997, the facility consists of 261 non-climate controlled units. The units range in size from 45 square feet to 1,200 square feet. Ryan Clark of SkyView Advisors represented the seller in the transaction.

March 8, 2017

Midwest Missouri Retail

OMG Soccer Signs 5,800 SF Retail Lease in St. Louis Suburb

by Kristin Harlow March 8, 2017

MAPLEWOOD, MO. — OMG Soccer has signed a 5,800-square-foot retail lease in Maplewood, a western suburb of St. Louis. The Los Angeles-based soccer company will occupy the space at 2171 S. Big Bend starting this month. The building was previously home to Miriam Switching Post, a non-profit organization that sold gently used furniture. OMG Soccer will sell soccer equipment and clothing, and plans to open several other stores in the St. Louis area. Patrick McKay of Hilliker Corp. represented the landlord, 2171 Big Bend LLC, and the tenant in the lease transaction.

March 8, 2017

Midwest North Dakota Retail Top Stories

Mall-Based Apparel Chain Vanity to Shutter All 137 Store Locations in 27 States

by Nellie Day March 8, 2017

FARGO, N.D. — Vanity Shop of Grand Forks is shuttering all 137 of its Vanity stores throughout 27 states. Tiger Capital Group is conducting the going-out-of-business sale, which is now underway. The Fargo-based clothing store has roots dating back to the 1950s. The announcement follows the company’s filing for Chapter 11 bankruptcy protection on March 1 in the U.S. Bankruptcy Court for the District of North Dakota. The chain offers discount women’s and children’s apparel and accessories. The heaviest concentration of stores is in the Midwest, particularly Minnesota, Iowa, Wisconsin and Ohio. The stores average 3,000 square feet in size and are mostly located in malls. “The company’s difficult decision to close all stores is emblematic of the pressures facing mall-based specialty apparel retailers in the wake of ever-increasing competition from big-box ‘fast fashion’ chains and e-commerce sites,” says Michael McGrail, COO of Tiger Group. Tiger will also liquidate store fixtures and equipment, as well as furniture, fixtures and equipment from the company’s distribution centers. — Nellie Day

March 8, 2017

Industrial Market Reports Northeast Northeast Market Reports Pennsylvania

Philadelphia Continues to Be One of the Top Performing Industrial Markets in U.S.

by Camren Skelton March 8, 2017

Philadelphia is well positioned in the Northeast to flourish in the industrial sector in 2017. With a centralized position in the Boston-New York-Washington, D.C. corridor, Philadelphia has capitalized on its superb location to firmly establish itself as a distribution hub leading to sustained positive momentum in all key market sectors. The e-commerce market has been experiencing significant growth and the demand for near immediacy in delivery has been the driving force behind the strong performance of the industrial sector nationwide over the past few years, especially in the Northeast. In 2016, the industrial sector in greater Philadelphia had a banner year for absorption with a net positive of 9.27 million square feet absorbed. That represents the largest growth in occupancy since the onset of the Great Recession and places Philadelphia among the top performing markets in the U.S. for net absorption in 2016. Vacancy rates for the region have fallen to 6.9 percent — the lowest they’ve been since 2008. Asking rental rates rose steadily throughout 2016 and stood at $4.77 per square foot at year-end – the highest they’ve been since 2008. Following a record year for industrial sales in 2015, sales volume remained strong in the greater Philadelphia …

March 8, 2017

California Retail Western

GPI, LStar Begin Construction of 365 by Whole Foods Market in Claremont

by Nellie Day March 7, 2017

CLAREMONT, CALIF. — GPI Cos. and LStar Communities have begun construction on a 365 by Whole Foods Market located at Sycamore Hills Plaza, an 80,000-square-foot shopping center located within the master planned community of Sycamore Hills in Claremont. The Sycamore Hills store will be the first 365 location in Southern California’s Inland Empire. Tenants set to open at Sycamore Hills Plaza include CVS/pharmacy, Starbucks Coffee, MOD Pizza, Orangetheory Fitness, Arby’s, Supercuts and Lee Spa Nails. The property is scheduled for completion in late 2017. JLL’s Scott Kaplan, Erik Westedt and Blake Kaplan, along with Dan Samulski and Ryan Gast of CBRE, are handling leasing at the center.

March 7, 2017

California Loans Multifamily Seniors Housing Western

Harborview Capital Partners Closes $14.5M Loan for Skilled Nursing Facility in Sacramento

by Nellie Day March 7, 2017

SACRAMENTO, CALIF. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged $14.5 million in financing for the construction of a 40-bed skilled nursing facility in Sacramento. A combination of three banks funded the loan, which features 24 months of interest-only payments and 25-year amortization. The borrower was not disclosed. Harborview’s Avi Begun and Mordechai Moseson negotiated the financing.

March 7, 2017

California Retail Western

Duhs Commercial Arranges $7.3M Sale of Rio Vista Plaza Near San Diego

by Nellie Day March 7, 2017

BRAWLEY, CALIF. — Duhs Commercial has arranged the $7.3 million sale of Rio Vista Plaza, a 68,000-square-foot shopping center located in Brawley. Vons supermarket shadow-anchors the center, which is home to tenants including Rite Aid, Imperial Hardware, Snap Fitness and Subway. Craig Duhs and Rob Bloom of Duhs Commercial represented both the buyer, Grand Host Inc., and seller, Rio Vista Partners, in the transaction.

March 7, 2017

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