Property Type

The Merritt Building in Downtown Los Angeles Sells for $24M

by Nellie Day November 3, 2016

LOS ANGELES — An unnamed buyer has acquired The Merritt Building, a 55,948-square-foot office building in downtown Los Angeles, for $24 million. The historic site is located at 761 S. Broadway, also known as 301 W. 8th St. in the SoBro (South Broadway) district. The building was originally designed by the Reid Brothers in 1915 as a rendition of Minerva’s Temple. The Home Savings & Loan Association bought the building in 1957. Today, the property is a nine-story commercial building with a basement level and ground-floor retail. Mike Condon Jr. and Kelli Snyder of Cushman & Wakefield represented the seller, LIZ, in this transaction.

November 3, 2016

California Office Western

Barker Pacific Group, WHI Real Estate Partners Buy 182,302 SF Office Campus in Roseville

by Nellie Day November 3, 2016

ROSEVILLE, CALIF. — A joint venture between Barker Pacific Group and WHI Real Estate Partners has purchased Lava Ridge Business Center, a 182,302-square-foot office campus in Roseville, for an undisclosed sum. The three-building campus is located at 2990, 3000, and 3010 Lava Ridge Court. Lava Ridge Business Center was built in 2000. Current tenants include American Pacific Mortgage, Polycomp Admin Services, Asurea Insurance and Wells Fargo. Palmer Capital’s Bill Palmer, Ryan Thompson and Brad Idleman brokered the sale of the property. The firm’s Jeremy Thornton assisted the JV in securing new lender financing from Compass Bank. Chris Lemmon and Zac Collie of Newmark Cornish & Carey are acting as the center’s leasing agents.

November 3, 2016

Office Oregon Western

Nike Office Buildings in Oregon Sell for $23.2M

by Nellie Day November 3, 2016

HILLSBORO, ORE. — Entities of Winkler Development and Watumull Properties Corp. have acquired two corporate parks in Hillsboro that are fully occupied by Nike. The purchase price was $23.2 million. The transaction includes the 65,002-square-foot SunTech Corporate Park I at 3445 NW 211th Terrace, as well as the 77,965-square-foot Tanasbourne Corporate Park I at 20010 NW Tanasbourne Drive. Nike moved into the buildings in 2015. NGKF’s David Hill, David Squire, Kevin Shannon, Ken White and Laura Stumm represented the seller, LBA Realty, in this transaction.

November 3, 2016

Florida Mixed-Use Retail Southeast

Swire Opens $1.05B Brickell City Centre’s Open-Air Shopping Center to the Public

by John Nelson November 3, 2016

MIAMI — Hong Kong-based Swire Properties, along with co-developers Whitman Family Development and Simon Property Group, has opened the first group of retail stores at Brickell City Centre, a $1.05 billion mixed-use destination in downtown Miami’s Brickell district. The project’s 500,000-square-foot, open-air shopping center housing more than 100 retailers and eateries, including a flagship Saks Fifth Avenue, Victoria’s Secret, Suit Supply, lululemon athletica, Cinemex, Coach, LIVE! and Porsche Design. Opening in 2017 will be a three-story Italian food hall that will feature a market, wine shop, gelato, cheese bar and restaurant. Swire Properties is integrating the Miami Metromover transit system with Brickell City Centre with a stop that exits directly onto the shopping center’s third floor. About 20 percent of the retail center at Brickell City Centre will feature retailers exclusive to the area and/or entering the United States for the first time from Europe and Latin America. The development, which also features two condo towers, two Class A office towers and the EAST, Miami hotel, are linked together by Climate Ribbon, a $30 million elevated trellis of steel, glass and fabric that is designed to harness Miami’s bay breezes while deflecting direct sunlight. The shopping center is currently 92 …

November 3, 2016

Hospitality Michigan Midwest

Kingsley Inn to Undergo $10M Renovation in Bloomfield Hills, Michigan

by Kristin Harlow November 3, 2016

BLOOMFIELD HILLS, MICH. — Hilton and Kingsley Hospitality LLC have unveiled plans for a $10 million renovation of the Kingsley Inn in Bloomfield Hills. The historic hotel will reopen as a DoubleTree by Hilton in the fall of 2017. The updated hotel will feature a full-service restaurant, indoor pool and 11,396 square feet of meeting space. Neumann/Smith Architecture is designing the hotel’s exterior renovation. Hotel Investment Services Inc. will operate the hotel, which is expected to open in fall 2017. The hotel will remain open during the renovation.

November 3, 2016

Illinois Midwest Mixed-Use Retail

Novak Completes Construction of Target Store in Hyde Park, Illinois

by Kristin Harlow November 3, 2016

CHICAGO — Novak Construction has completed a new 20,000-square-foot Target store in Chicago’s Hyde Park. The store is Target’s fifth flexible format store in Chicago and Novak’s 80th overall Target project. The smaller-scale Target, which occupies the first floor of a mixed-use building in Vue53 Apartments on 1330 E. 53rd St., will offer products catered to University of Chicago students and Hyde Park neighborhood residents. Director Jim Hempleman of Novak led the project along with superintendents Kelly Curry, Robert Hillyard and Jeff Potter; project manager Bob Burris; project engineer Jeff Zhang; and contract administrator Angela Campisi.

November 3, 2016

Midwest Minnesota Office

Franklin Street Properties to Renovate, Reposition 801 Marquette Avenue Building in Minneapolis

by Kristin Harlow November 3, 2016

MINNEAPOLIS — CBRE, on behalf of Franklin Street Properties, has unveiled plans to renovate and reposition 801 Marquette Avenue in the heart of downtown Minneapolis. The four-story, 130,000-square-foot building — a former TCF bank that is currently vacant — is located on the corner of Marquette Avenue and 8th Street and dates back to the 1920s. The renovation is currently underway and will enhance the building’s brick exterior while opening the interiors to create tenant spaces with high concrete ceilings and floors. The 801 Marquette building will be available for occupancy in April 2017. At the heart of the renovation is the five-story Atrium, which will become a multipurpose hub for the two-building project. 801 Marquette and the Atrium are also part of a larger project including the adjacent 121 South 8th Street office tower. FSP is the owner of the two office buildings, parking ramp and shared Atrium. Mark McCary and Larissa Champeau of CBRE’s Minneapolis office are exclusively marketing the property for lease.

November 3, 2016

Michigan Midwest Multifamily

Commercial Property Advisors Brokers $23M Sale of Multifamily Property in Southfield, Michigan

by Kristin Harlow November 3, 2016

SOUTHFIELD, MICH. — Commercial Property Advisors has brokered the sale of Providence Place and Tower Apartments in Southfield for $23 million. The 576-unit property is located adjacent to St. John Providence Hospital-Southfield and encompasses approximately 729,000 net rentable square feet. An undisclosed Michigan-based real estate investment firm purchased the property and plans to upgrade the apartment units and common areas. Cary Belovicz of Commercial Property Advisors marketed the property on behalf of Parkstone Capital Partners LP.

November 3, 2016

Illinois Midwest Restaurant Retail

The Boulder Group Arranges $2.9M Sale of a McDonald’s Ground Lease in Hoffman Estates, Illinois

by Kristin Harlow November 3, 2016

HOFFMAN ESTATES, ILL. — The Boulder Group has arranged the $2.9 million sale of a McDonald’s ground lease in Hoffman Estates. McDonald’s is the sole occupant of the 4,388-square-foot building located at 1070 N. Roselle Road. McDonald’s has 20 years of lease term remaining with 8 percent rental increases every five years. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer and the seller, both of which were Midwest-based real estate investment firms.

November 3, 2016

Industrial Northeast Pennsylvania

Carson Companies Acquires Eight-Building Industrial Portfolio in Bristol, Pennsylvania

by Amy Works November 3, 2016

BRISTOL, PA. — Carson Companies has purchased an eight-building industrial portfolio in Bristol for an undisclosed price. Located within Keystone Industrial Parks, the assets, totaling 475,910 square feet, are 2530 and 2578 Pearl Buck Road, 2524 and 2554 Ford Road, 160, 171 and 219 Rittenhouse Circle, and 130 Wharton Road. Ranging from 31,000 square feet to 112,000 square feet, the properties were collectively 40 percent occupied at the time of sale. Tenants include FedEx, Philadelphia Media Network, Vivint Solar and Autopark International. Gerry Blinebury, Jeff Williams and Robert Yoshimura of Cushman & Wakefield brokered the transaction. The name of the seller was not released.

November 3, 2016

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