Property Type

Griffin-American Healthcare REIT III Acquires Medical Office Portfolio in Connecticut

by Amy Works January 23, 2017

NORWICH, CONN. — Griffin-American Healthcare REIT III has acquired a two-building medical office portfolio in Norwich for $15.6 million. Totaling 56,265 square feet, the portfolio includes Wawecus Medical Center and a building located at 105 Wawecus St. Yale Cardiovascular, Eastern Connecticut Endoscopy, Connecticut GI and Norwich Ophthalmology occupy the portfolio. Lisa Menin of Jacobson Properties and John LaBella of RE/MAX Right Choice brokered the transaction. The name of the seller was not released.

January 23, 2017

Indiana Midwest Multifamily

UMH Properties Acquires Multifamily Properties in Indiana for $24.4M

by Kristin Harlow January 23, 2017

GARY AND PORTAGE, IND. — UMH Properties Inc. has acquired Boardwalk and Park Place apartment properties in Indiana for $24.4 million. Boardwalk is located in Gary and Parke Place is in Portage. The two communities contain a total of 559 units and are situated on approximately 155 acres. In conjunction with the acquisition, UMH obtained a $14.2 million Freddie Mac mortgage loan with Wells Fargo. The 10-year loan features a 4.5 percent interest rate and a 30-year amortization schedule.

January 23, 2017

Midwest Multifamily Ohio Student Housing

Wagenbrenner Sells 44,466 SF Student Housing Portfolio in Columbus, Ohio

by Kristin Harlow January 23, 2017

COLUMBUS, OHIO — The Wagenbrenner Co. Commercial Real Estate Services has sold a student housing portfolio near the Ohio State University campus in Columbus. The 44,466-square-foot portfolio consists of seven properties with 72 units and 104 bedrooms. The properties include a mix of studio, one-, two-, three- and five bedroom units. The properties were fully leased for the 2016-2017 school year. Neither the buyer nor the sales price was disclosed. Matthew Brown of Wagenbrenner arranged the sale.

January 23, 2017

Illinois Midwest Office

RPAI Renames Office Property, Signs New Leases in Schaumburg, Illinois

by Kristin Harlow January 23, 2017

SCHAUMBURG, ILL. — Retail Properties of America Inc. (RPAI) has renamed the office property formerly known as Zurich Towers to Schaumburg Towers. RPAI also signed two new leases at the property with Great American Insurance Group and Swiss Re for approximately 78,000 square feet. Schaumburg Towers is an office building with twin 20-story towers totaling approximately 895,000 square feet and is located in Schaumburg, Ill. The property is situated adjacent to Woodfield Mall, a Class A shopping mall. Great American Insurance Group and Swiss Re are both insurance companies. Steven Kling and David Florent of Colliers International are marketing the property for lease. Mark Kolar of JLL represented Great American Insurance Group, while Sven Sykes and Thomas Volini of Colliers International represented Swiss Re. Zurich Insurance relocated to a new 783,000-square-foot headquarters in Schaumburg near the corner of Meacham Road and Interstate 90.

January 23, 2017

Midwest Office Ohio

Woolpert Architecture Opens New Office in Cincinnati

by Kristin Harlow January 23, 2017

CINCINNATI — Woolpert, a national architecture, enginnering and geospatial (AEG) firm, has opened a new Cincinnati office in Over-the-Rhine. The office, located at 1203 Walnut St., will be home to at least 20 full-time architects, engineers, surveyors and support staff. Woolpert will occupy the second floor with a total of 6,302 square feet. Woolpert’s new Cincinnati office, which was funded by the City of Cincinnati through the Job Creation Tax Credit, will expand its commercial renovation and housing development, higher education, energy, government and aviation services. Woolpert’s headquarters will remain in Dayton.

January 23, 2017

Illinois Midwest Mixed-Use

Jameson Brokers $1.7M Sale of Mixed-Use Property in Chicago

by Kristin Harlow January 23, 2017

CHICAGO — Jameson Commercial Real Estate has brokered the sale-leaseback of a mixed-use property in Chicago’s Fulton Market district for $1.7 million. The building, which consists of 6,000 square feet of office and retail space, is located at 1360 W. Lake St. A longtime occupant of the building, the seller was a distributor of medical devices for the orthopedic and arthroscopic markets. An East Coast-based investor was the buyer. Ari Topper of Jameson brokered the transaction.

January 23, 2017

Mixed-Use Nevada Western

Construction Underway on the Towers at Pink Hill Mixed-Use Development Near UNR Campus

by Nellie Day January 23, 2017

RENO, NEV. — Construction is underway on the Towers at Pink Hill, a mixed-use development located near the University of Nevada, Reno campus. The four-story development is the flagship project for Pink Hill Properties LLC, founded by University of Nevada basketball teammates Kevinn Pinkney and Garry Hill-Thomas. The community will offer 23 units atop three restaurants and retail space. The architect for the development is Studio HBA, Reno, and the general contractor is TFP Inc. Greater Nevada Credit Union provided financing for the development, which is scheduled to open later this year.

January 23, 2017

California Multifamily Western

UCR to Develop 340-Unit Apartment Community in Redlands

by Nellie Day January 23, 2017

REDLANDS, CALIF. — UCR has announced plans to develop the 340-unit the Crossings at Redlands apartment community. The luxury development will be situated at the northeast corner of Lugonia Avenue and Nevada Street in Redlands. It will be positioned directly adjacent to the 306-unit Circa2020 complex. Construction will commence on the Crossings at Redlands this spring. The move-in phase will begin in early 2018. The community will offer layouts ranging from studios to home-style carriage units. First RC Corp. will build the community, which Miller Architectural Corp. designed.

January 23, 2017

California Industrial Western

Industrial Property Trust Buys Facility in Los Angeles for $12M

by Nellie Day January 23, 2017

LOS ANGELES — Industrial Property Trust (IPT) has purchased a 104,335-square-foot industrial facility in an unincorporated area of Los Angeles for $12 million. The facility is located at 18554 S. Susana Road. IPT plans to carry out a $2 million renovation before offering the property for lease. Michael Collins of Daum Commercial Real Estate represented IPT in the deal. Robert Colacion of Gateway Business Properties represented the seller, the Ahmadinia Family Trust.

January 23, 2017

California Office Western

WeWork to Open in Burbank

by Nellie Day January 23, 2017

BURBANK, CALIF. — Co-working office space provider WeWork will open a 75,000-square-foot location in Burbank. The space will be located at 3900 W. Alameda Ave. in the city’s Media District. It will sit adjacent to the Walt Disney Co., Warner Bros. Studios and ABC Television. The space is located within the 31-story, Class A office building called The Tower, which boasts a renovated lobby, large-scale artwork, cafe, gym and pool table. The co-working space will include shared kitchens, private offices, brainstorming rooms and a green room for editing or filming needs.

January 23, 2017

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