Property Type

CenterPoint Properties Breaks Ground on 560,000 SF Logistics Center in Franklin Park, Illinois

by Kristin Harlow October 19, 2017

FRANKLIN PARK, ILL. — CenterPoint Properties has broken ground on CenterPoint Logistics Center – O’Hare in Franklin Park, about 17 miles west of Chicago. The property, located on Seymour Avenue, will feature two speculative warehouses totaling 560,000 square feet. CenterPoint O’Hare 1 will consist of 225,891 square feet with 32-foot clear heights, 50 exterior docks and parking for 68 trailers. CenterPoint O’Hare 2 will total 333,696 square feet with 36-foot clear heights, 92 exterior docks and parking for 76 trailers. Jim Estus of Colliers International will market the property for lease.

October 19, 2017

Kansas Midwest Office

Opus Begins Construction of 190,000 SF Office Headquarters in Wichita, Kansas

by Kristin Harlow October 19, 2017

WICHITA, KAN. — The Opus Group has begun construction on a new headquarters for Cargill’s North America protein business in Wichita. The 190,000-square-foot build-to-suit is slated for completion in October 2018. The property will feature four stories of office space with a technology center, presentation kitchen, sensory center kitchen and testing booths. Up to 950 employees will work at the office. Opus Design Build is constructing the project in collaboration with Key Construction. HOK is the project architect. Cargill Protein produces, distributes and markets beef, turkey, chicken and egg products.

October 19, 2017

Illinois Midwest Multifamily

Berkadia Arranges Sale of 208-Unit Apartment Property in St. Charles, Illinois

by Kristin Harlow October 19, 2017

ST. CHARLES, ILL. — Berkadia has arranged the sale of Ashford at St. Charles in suburban Chicago. The sales price was not disclosed. The 208-unit apartment property is located at 1690 Covington Court. The property features one- and two-bedroom units with a newly renovated clubhouse, fitness center and pool. Approximately 40 percent of the apartment units recently received upgrades. Ralph DePasquale and Alex Blagojevich of Berkadia arranged the sale on behalf of the seller, The Radco Cos. An affiliate of Chicago-based Ansonia Properties LLC purchased the asset.

October 19, 2017

Hospitality Illinois Midwest

MCR Acquires 120-Room Hotel in Suburban Chicago for $12.7M

by Kristin Harlow October 19, 2017

MOUNT PROSPECT, ILL. — MCR has acquired the Hampton Inn & Suites by Hilton in Mount Prospect, a northwest suburb of Chicago, for $12.7 million. The 120-room hotel is located in Randhurst Village, a 1 million-square-foot, open-air lifestyle center. Opened in 2012, the property features an indoor pool, fitness center, business center and meeting space.

October 19, 2017

Loans Michigan Midwest Multifamily

Love Funding Provides $6.6M Loan for Refinancing of Apartment Property in Detroit

by Kristin Harlow October 19, 2017

DETROIT — Love Funding has provided a $6.6 million HUD loan for the refinancing of Greenhouse Apartments in Detroit. The affordable seniors housing property consists of 208 one-bedroom units. Built in 1981, the 10-story building was renovated in 2008. KMG Prestige will continue to manage the property. Bruce Gerhart of Love Funding secured the loan.

October 19, 2017

Colorado Retail Western

RCG Ventures Acquires 326,607 SF Power Center in Metro Denver

by Nellie Day October 19, 2017

LAKEWOOD, COLO. — RCG Ventures has acquired Westland Town Center, a 326,607-square-foot retail center in Lakewood, located eight miles southwest of Denver. The sales price and seller were not disclosed. Scott Tarbet of RCG Ventures represented the company internally in the transaction. Lowe’s Home Improvement, Dollar Tree and Sears anchor the property. Sears was not included in the transaction.

October 19, 2017

Retail Utah Western

NKF Negotiates $33.2M Sale of Retail Center in St. George

by Nellie Day October 19, 2017

SAINT GEORGE, UTAH — Newmark Knight Frank (NKF) has arranged the $33.2 million sale of Red Rock Commons, a 134,152-square-foot retail center in Saint George, a city in southwest Utah. Pete Bethea, Rob Ippolito and Glenn Rudy of NKF represented the seller, ShopCore Properties, an affiliate of The Blackstone Group. Pacific Castle acquired the asset. Constructed in 2011 and 2012, Red Rock Commons includes four multi-tenant buildings and two freestanding pad sites. At the time of sale, the center was fully leased to tenants including Dick’s Sporting Goods, Old Navy, PetSmart, Ulta Beauty and The Gap.

October 19, 2017

Arizona Multifamily Seniors Housing Western

P.B. Bell Plans 165-Unit Seniors Housing Community Near Phoenix

by Nellie Day October 19, 2017

GLENDALE, ARIZ. — Multifamily developer P.B. Bell is returning to the seniors housing industry with the development of Inspira Arrowhead, a 165-unit community in the Phoenix suburb of Glendale. The property will be located within the 75-acre Aspera mixed-use development. It will feature 123 units split between independent living and assisted living, as well as 42 memory care units. Inspira Arrowhead will complement the 286-unit Velaire at Aspera, P.B. Bell’s luxury multifamily community also located within Aspera. P.B. Bell is partnering on the project with Cadence Senior Living, a Scottsdale-based seniors housing development and management company. Floor plans range in size from a 367-square-foot studio in the memory care area to a 1,076-square-foot, two-bedroom residence in the independent living area. Inspira at Arrowhead is slated for completion in January 2019 with reservations scheduled to begin in mid-2018.

October 19, 2017

California Retail Western

Hanley Investment Group Brokers $9.1M Sale of Three 7-Eleven Properties in California

by Nellie Day October 19, 2017

LOS ANGELES, SAN DIEGO AND BAKERSFIELD, CALIF. — Hanley Investment Group Real Estate Advisors has completed the sales of three 7-Eleven properties in separate transactions with a combined valued of $9.1 million. In Los Angeles, a private investor acquired a two-tenant retail property for $4.4 million. Built in 1977, the 4,722-square-foot property is occupied by 7-Eleven and Launderland Laundry. Jeremy McChesney of Hanley Investment represented the seller, a private investor from Los Angeles, while Michael Irvine of Bulldog Realtors represented the buyer in the 1031 exchange. In the second transaction, a Los Angeles-based family trust purchased a single-tenant 7-Eleven located in San Diego. A private investor from Los Angeles sold the 2,403-square-foot property, which was built in 1970, for $1.9 million. Allen Park of Packo Investments represented the buyer in the deal. In the third deal, McChesney represented the seller, a private investor, in the disposition of a single-tenant 7-Eleven store and gas station located in Bakersfield. A private investor from Clovis acquired the 3,000-square-foot property for $2.8 million. Sharhan Mheni of Marcus & Millichap represented the buyer in the transaction.

October 19, 2017

California Retail Western

Faris Lee Arranges $7.4M Sale of Two Retail Buildings in Palmdale

by Nellie Day October 19, 2017

PALMDALE, CALIF. — Faris Lee Investments has arranged the sale of two single-tenant, freestanding retail buildings in Palmdale for a combined total of $7.4 million. The newly developed properties are located within the Destination O-Eight power center, anchored by Walmart, Hobby Lobby, Kohl’s and Sam’s Club. The first asset, occupied by Planet Fitness, sold for $4.9 million, and the second building, occupied by Dollar Tree, sold for $2.5 million. Jeff Conover and Chris DePierro of Faris Lee Investments arranged the transaction on behalf of the seller, HFC/PRP Palmdale LLC. A private investor from New York, represented by Aegis Real Estate, acquired the 18,000-square-foot Planet Fitness property. A Los Angeles-based family trust, represented by Cushman & Wakefield, acquired the 12,028-square-foot Dollar Tree property.

October 19, 2017

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