Property Type

Farmingdale State College Completes $12M Renovation of Conklin Hall Student Center

by Amy Works October 20, 2017

EAST FARMINGDALE, N.Y. — Farmingdale State College has re-opened Conklin Hall after completing a $12 million redevelopment and renovation of the building. Stalco Construction and BRB Architects transformed the two-story, 19,701-square-foot building — which was originally built as a power plant in 1914 — into a student center. The 11,115-square-foot lower level features a newspaper room, a yearbook room, a student lounge, student club offices and four private offices, while the 8,586-square-foot main level features student government offices, private offices, workstations, a common area and a reception area. The project team included Cameron Engineering & Associates, Hage Engineering, Lakhani & Jordan Engineers, and landscape architects Todd Rader and Amy Crews.

October 20, 2017

Midwest Minnesota Office

Kraus-Anderson Completes Its 100,000 SF Headquarters in Downtown Minneapolis

by Kristin Harlow October 20, 2017

MINNEAPOLIS — Kraus-Anderson has completed its new downtown Minneapolis headquarters, located at 8th Street and 5th Avenue. Employees from throughout the metro are now moving into the 100,000-square-foot campus, which consolidates the construction firm’s Twin Cities operations in a five-story facility. The new headquarters will accommodate approximately 300 employees, doubling the current downtown staff with room for future expansion on the site. Consolidation will combine employees from the Kraus-Anderson construction office in Circle Pines, as well as Kraus-Anderson Realty Co. and the development offices in Bloomington. The new building will also house Kraus-Anderson Mortgage and the parent corporation, Kraus-Anderson Cos. Kraus-Anderson Insurance will continue to operate from its offices in Burnsville. The first floor features a waiting area, conference rooms, employee cafeteria and fitness center. The majority of employee office space is located on floors two through five. An open office concept is used throughout the building, featuring electrically operated workstations, which allow employees to easily change from sitting to standing positions. Pope Architects designed the office. Kraus-Anderson partnered with ESG Architects to develop the downtown block surrounded by 8th and 9th streets.

October 20, 2017

Loans Michigan Midwest Multifamily Student Housing

Calmwater Provides $12.6M Acquisition Loan for Student Housing Conversion in Auburn Hills, Michigan

by Kristin Harlow October 20, 2017

AUBURN HILLS, MICH. — Calmwater Capital has provided a $12.6 million loan for the acquisition and conversion of a 144-unit multifamily property to student housing near Oakland University in Auburn Hills. The property, located at 2770 Pine Knoll Drive, will soon be upgraded and converted into student housing and be known as The Edge. Some of the loan proceeds will be used for physical upgrades in addition to the implementation of student-focused marketing and resident programming. Formerly known as Knollwood Place and built in 1990, the property comprises six three-story buildings. A joint venture between Andover Real Estate Partners and M Group was the borrower. Campus Village will manage the property.

October 20, 2017

Industrial Midwest Minnesota

Brennan Completes Sale-Leaseback of 86,460 SF Industrial Building in Oakdale, Minnesota

by Kristin Harlow October 20, 2017

OAKDALE, MINN. — Brennan Investment Group LLC has acquired an 86,460-square-foot industrial building in Oakdale, a suburb of St. Paul. The purchase price was not disclosed. The seller, Total Logistics Inc., will lease back the space from Brennan. The property is located at 2900 Granada Lane North. The acquisition was funded through a net leased joint venture with one of Arch Street Capital Advisors’ institutional clients.

October 20, 2017

Hospitality Indiana Midwest

Home2Suites by Hilton Opens in Lafayette, Indiana

by Kristin Harlow October 20, 2017

LAFAYETTE, IND. — Home2Suites by Hilton Lafayette has opened in central western Indiana. The 93-suite hotel is designed for travelers who want to maintain their normal routine. The property features a combined laundry and fitness area, indoor pool and grill area, as well as complimentary breakfast. The hotel is located at 3838 Grace Lane near Purdue University. Kamba Hospitality owns the property and Witness Hospitality LLC will manage the hotel.

October 20, 2017

Illinois Midwest Multifamily

Essex Brokers $4.5M Condo Deconversion in Chicago’s Lincoln Square

by Kristin Harlow October 20, 2017

CHICAGO — Essex Realty Group has brokered the sale of the Sunnyside Lane Condominiums in Chicago’s Lincoln Square neighborhood for $4.5 million. All 18 condominium units were sold to one buyer in what is known as a condo deconversion. The property, located at 4459 N. Campbell Ave., consists of 17 two-bedroom units and one one-bedroom unit. Brian Kochendorfer & Brian Karmowski of Essex represented the condo owners, while Steve Livaditis & Joe Scheck represented the undisclosed buyer. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a condo property if 75 percent or more are in agreement. Sellers then have the option to either move out or to lease back the property from the new owner.

October 20, 2017

California Mixed-Use Western

World Oil, Trammell Crow Plan 260-Acre Mixed-Use Development in Bakersfield

by Nellie Day October 20, 2017

BAKERSFIELD, CALIF. — World Oil Corp. and Trammell Crow Co. have unveiled plans for Bakersfield Commons, a pedestrian-orientated, master-planned mixed-use community located in Bakersfield. The 260-acre project will feature office, retail, residential, recreational and industrial space. Construction is slated to begin in 2018, with the first development pads delivered in late 2018. The fully approved entitlements for the commons include 400,000 square feet of office, 300,000 square feet of retail, 280,000 square feet of light industrial, more than 1,000 residential units and a 200-bed hospital. Slated for delivery in 2019, Phase I will feature 220,000 square feet of retail, 120,000 square feet of Class A office space, 325 resort-style residential units, a 130-key national branded hotel and 2.2 miles of walking paths.

October 20, 2017

California Retail Western

Warner Pacific Properties Repositions Shopping Center in Monrovia

by Nellie Day October 20, 2017

MONROVIA, CALIF. — Warner Pacific Properties is repositioning Monrovia Landing, a retail center within Shamrock Center located at 729 E. Huntington Drive in Monrovia. After acquiring the 100,000-square-foot property in 2016, the company began a re-tenanting and repositioning program for the center. At the time of acquisition, the center consisted of a vacant Albertsons grocery store and a 6,700-square-foot O’Reilly Auto Parts. Originally built in 1973 as a Super K-Mart, Lucky Grocery Stores acquired the property in 1997. It was later sold to Albertsons. A combination T.J. Maxx and HomeGoods store (slated to open Oct. 22), ALDI (opening Dec. 7) and ULTA Beauty (scheduled to open second quarter of 2018) will anchor the redeveloped property. Several smaller shops and retailers, including My Pet Garden, will also occupy the center. Warner Pacific Properties specializes in the acquisition and repositioning of commercial buildings and developing vacant ground.

October 20, 2017

California Retail Western

Location Matters Negotiates $1.3M Sale of CrossFit Building in Downtown Escondido

by Nellie Day October 20, 2017

ESCONDIDO, CALIF. — Location Matters has brokered the sale of a retail property located at 237 and 243 E. Valley Parkway in downtown Escondido. David Baker of H Street Plaza LLC sold the property to Evan Weinberg of Steven Beverages Inc. for $1.3 million. The 9,300-square-foot property features two retail units: a 7,000-square-foot CrossFit Iconic and a 2,300-square-foot vacant space. The buyer plans to repurpose the vacant space into a brewery and coffee concept by Cismontane Brewing, a microbrewery. Marc Karren of Location Matters represented the seller in the transaction.

October 20, 2017

California Retail Western

Pacific Coast Commercial Brokers $1.2M Sale of The Ink Spot Location in San Diego

by Nellie Day October 20, 2017

SAN DIEGO — Pacific Coast Commercial has arranged the sale of a retail building located at 1040 Garnet Ave. in San Diego. John & Mahin Family Trust acquired the property from John Watts for $1.2 million. The 2,600-square-foot retail property was occupied by The Ink Spot for more than 20 years. Martin Alfaro and Vince Provenzano of Pacific Coast Commercial represented the seller, while John Noble of JN Financial represented the buyer. The buyer plans to lease the property to a new tenant.

October 20, 2017

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