Property Type

Valencia Studios in Los Angeles Sells for $19.3M

by Nellie Day December 5, 2016

LOS ANGELES — A private partnership has acquired Valencia Studios, a 120,878-square-foot production studio in the Los Angeles submarket of Valencia, for $19.3 million. The four-building studio is located at 26030 Avenue Hall and 28343 Avenue Croker. The space has been used to produce such television shows as NCIS, Jag and the Power Rangers. The new buyer plans to continue operating the space as a production studio. Jeffrey Andrew of Cushman & Wakefield Pacific represented the buyers. CBRE’s Craig Peters and Robert Valenziano represented the sellers, Capital Foresight Limited Partnership and Valencia Studios NKG.

December 5, 2016

Industrial Washington Western

Cru Selections Leases 10,970 SF of Industrial Space at The Park at Woodinville

by Nellie Day December 5, 2016

WOODINVILLE, WASH. — Cru Selections has leased 10,970 square feet of industrial space at The Park at Woodinville. The property is located adjacent to one of the largest industrial winery locations in the state of Washington. Woodinville and its warehouse district have become home to over 100 wineries and tasting rooms over the last two decades. CBRE’s Erik Larsen represented Cru. Derek Heed of Colliers International represented the landlord, KBS Realty Advisors, in this transaction.

December 5, 2016

Illinois Loans Midwest Multifamily

Related Midwest Begins Development of One Bennett Park in Chicago

by Kristin Harlow December 5, 2016

CHICAGO — Related Midwest has closed a $240 million construction loan and completed the tower crane installation at One Bennett Park, a 70-story luxury residential tower in Chicago’s Streeterville neighborhood. Wells Fargo provided the loan. Located at 451 E. Grand Ave., the building will offer 69 condominiums and 279 apartments. Condominiums will range in size from 1,737 square feet to 7,500 square feet and range in price from $1.85 million to $15 million. The 279 luxury apartments will include a mix of one- to four-bedroom floor plans. When complete in 2019, the building will be the tallest all-residential tower in Chicago at 836 feet, according to Related Midwest. Robert A.M. Stern Architects is the architect. Michael Van Valkenburgh Associates designed a 1.7-acre park adjacent to the project. Named after Chicago’s Edward H. Bennett, the project reflects the late architect’s vision of weaving green spaces into the urban fabric and balancing built environment with natural landscape.

December 5, 2016

Industrial Midwest Wisconsin

Marcus & Millichap Arranges $16M Sale of 611,564 SF Distribution Center in Fond du Lac, Wisconsin

by Kristin Harlow December 5, 2016

FOND DU LAC, WISC. — Marcus & Millichap has arranged the sale of a 611,564-square-foot distribution center in Fond du Lac, about 40 miles west of Sheboygan, for $16 million. Built in 1977, the facility sits on 23.8 acres. Jeff Rowlett and Joe Powers of Marcus & Millichap represented the seller, a Madison-based private investor group, and the buyer, a group of private investors.

December 5, 2016

Illinois Midwest Office

Resource Innovation Office REIT Acquires Office Building in Chicago for $7.2M

by Kristin Harlow December 5, 2016

CHICAGO — Resource Innovation Office REIT Inc., a non-traded real estate investment trust, has purchased 1025 W. Sunnyside, an office building in Chicago, for $7.2 million. The building offers 27,852 square feet of office and retail space with exposed wood beams, high ceilings, open floor plans and café-style workspaces. The property is 100 percent occupied by tenants such as Fansided, an independent sports and entertainment network. Cedar Street Cos. was the seller.

December 5, 2016

Industrial Michigan Midwest

Signature Associates Negotiates 109,000 SF Industrial Lease in Dearborn, Michigan

by Kristin Harlow December 5, 2016

DEARBORN, MICH. — Signature Associates has negotiated the lease of 109,000 square feet of industrial space for The Henry Ford. The building is located at 8747 Brandt Street. Jack Townsend of Signature Associates represented both the landlord, Brandt Street Properties LLC, and The Henry Ford.

December 5, 2016

Midwest Ohio Retail

Phillips Edison to Redevelop Civic Center Shopping Center in Cincinnati Suburb

by Kristin Harlow December 5, 2016

FOREST PARK, OHIO — Phillips Edison & Co. has signed an incentive agreement with the city of Forest Park for the redevelopment of Civic Center Shopping Center. Forest Park is located about 20 miles north of Cincinnati. The city has approved a $35,000 grant to invest in capital improvements at the shopping center for retaining and attracting retailers. The 87,757-square-foot center is located at the corner of Waycross Road and Hamilton Avenue, and is anchored by Ollie’s Bargain Outlet and O’Reilly Auto Parts.

December 5, 2016

North Carolina Office Southeast

NAI Carolantic Arranges Nutanix’s 70,000 SF Lease in Chesterfied Building in Downtown Durham

by John Nelson December 5, 2016

DURHAM, N.C. — NAI Carolantic has arranged a 70,000-square-foot lease with Nutanix, a San Jose-based software firm that is expanding its East Coast presence. The company will occupy space at the Chesterfield, an adaptive reuse of a former tobacco building in downtown Durham that Wexford Science + Technology is currently redeveloping. Upon completion the property will include lab and office space, a six-story atrium, 11,500 square feet of ground-level retail space and 42,000 square feet of shared lab innovation space. Robin Roseberry Anders of NAI Carolantic is the leasing agent for the Chesterfield building. Other committed Chesterfield tenants include Duke University for 100,000 square feet and BioLabs NC for 42,000 square feet. Marlene Spritzer, Edwin Yarbrough and Whitney Rodgers of Savills Studley’s Durham office advised Nutanix in the lease negotiations. Joe Brady and Mike Mordaunt of Savills Studley’s San Jose office, who have worked with Nutanix’s headquarters office since the tech firm’s founding, collaborated with Savills Studley’s Durham team on the transaction. Wexford plans to deliver the property in January 2017.

December 5, 2016

Loans Multifamily North Carolina Southeast

Walker & Dunlop Originates $26M Acquisition Loan for Apartment Community in Metro Charlotte

by John Nelson December 5, 2016

MOORESVILLE, N.C. — Walker & Dunlop has originated a $26 million acquisition loan for Waterlynn Ridge Apartments, a 312-unit multifamily community located in Mooresville, roughly 25 miles north of Charlotte. Craig West led the Walker & Dunlop team to originate the short-term bridge loan through its interim loan program (ILP) on behalf of the borrower, Waypoint Residential. The team also arranged the subsequent seven-year permanent loan through Freddie Mac. Walker & Dunlop’s ILP system uses the company’s own balance sheet to provide short-term loans for properties that do not yet qualify for permanent agency financing. Built in 2008, Waterlynn Ridge features a resort-style pool, fitness center, barbecue area and a walking trail. Waypoint Management, a subsidiary of Waypoint Residential, manages Waterlynn Ridge.

December 5, 2016

Loans Multifamily North Carolina Southeast

Eastern Union Funding Arranges $12M Acquisition Loan for Chapel Hill Multifamily Property

by John Nelson December 5, 2016

CHAPEL HILL, N.C. — Eastern Union Funding has arranged a $12 million, non-recourse loan for the acquisition of 86 North Apartment Homes, a recently renovated, 144-unit multifamily community located at 200 Westminster Drive in Chapel Hill near Duke University and the Research Triangle Park. The property features nine three-story buildings, as well as a swimming pool, clubhouse and leasing office and basketball and volleyball courts. Chesky Gross of Eastern Union Funding arranged the three-year loan that features an open prepayment after the first year through Bridge Investment Group Partners. The buyer and purchase price were not disclosed.

December 5, 2016

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