CHICAGO — Investcorp has acquired an industrial portfolio in Chicago and Boston for $160 million. The portfolio spans six properties and 1.8 million square feet of warehouse and distribution space. The Chicago portfolio, located in close proximity to downtown Chicago, is comprised of three individual cold storage industrial buildings that are used primarily for the storage and distribution of frozen food products. Investcorp partnered with Bridge Development Partners on the transaction.
AURORA, ILL. — CBRE has arranged the sale of an 18,000-square-foot industrial building in Aurora. The sales price was not disclosed. The property is located within the White Oak Business Park at 2505 Diehl Road. David Prioletti of CBRE represented the seller, Video Impressions. The building was constructed as a build-to-suit for Video Impressions, a video and audio company specializing in commercial, training film productions and broadcasting. Corey Chase of NKGF Inc. represented the buyer, Certified Laboratories, which will relocate its Romeoville operations to the facility once building improvements are completed this summer. The company will operate the facility as a quality testing facility for its various clients within the Midwest region.
INDIANAPOLIS — HomeUnion has negotiated the sale of a 38-unit multifamily property in Indianapolis for $1.8 million. The 43,054-square-foot building is located near Broad Ripple, a cultural district within Indianapolis. The property consists of all two-bedroom units. HomeUnion represented the undisclosed buyer in the transaction.
WYANDOTTE, MICH. — Marcus & Millichap has brokered the sale of a 10,712-square-foot office property in Wyandotte. The sales price was not disclosed. The Social Security Administration is the sole occupant of the building, which is located at 3450 Biddle Ave. Justin Fenn and Dan Yozwiak of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. Michael Glass assisted in closing the transaction.
NOVI, ROYAL OAK, STERLING HEIGHTS AND ALLEN PARK, MICH. — Keystone Commercial Real Estate has negotiated four leases for Dental One Partners in Michigan. Dental One is locating to visible street-front locations in Novi, Royal Oak, Sterling Heights and Allen Park. The dental chain, based in Dallas, operates over 160 practices in 13 states and plans to continue to expand throughout Michigan. Greg Newman of Keystone arranged the leases on behalf of Dental One.
ODESSA, TEXAS — A joint venture between the City of Odessa, Eofficial Enterprises and Gatehouse Capital has broken ground on a Marriott Hotel and conference center in Odessa. The development will include a seven-story, 218-room hotel, 67,500-square-foot conference center, 365-stall parking garage and full-service Starbucks Coffee. Plans also include the refurbishment of Ector Theater, a historic performance and event venue originally built in 1951. The theater is located next to the new development. Construction is expected to take approximately 18 months, and will cost $79 million. Funding for the project will include $48 million from Sondra and Toby Eoff with Eofficial Enterprises, and $31.6 million from city officials. The development team includes general contractor UEB Builders; architect RTKL; hotel operator Aimbridge Hospitality; hotel brand Marriott Hotels and Resorts; structural engineer DCI; and interior designer Duncan Miller Ullman. Founded in 1997, Gatehouse Capital is a national real estate investment and development firm that has launched major mixed-use lifestyle developments, including hotels in the Hilton, Marriott and other brand families totaling more than $1 billion in completed development. — Katie Sloan
Increased activity and record amounts of positive net absorption created a new commercial landscape across the Wasatch Front. The majority of 2016 leasing activity was a result of tenants occupying new space that was pre-leased during 2015. While sublease availability increased over each quarter, overall market indicators like local population growth and continued economic development will remain strong into 2017. The Salt Lake County office market grew by an additional 1.7 million square feet in 2016, primarily in the South submarket. More than 1.5 million square feet of space was under construction at the close of 2016. This product will be introduced to the market by mid-year 2017. Vacancy rates increased slightly from 8.6 percent in 2015 to 8.74 percent at the end of 2016. Notable Salt Lake office projects completed in 2016 include 111 South Main (440,000 square feet); Vista Stations 4 through 8 (655,000 square feet); The Pointe I (77,703 square feet); the Overstock Peace Coliseum (231,000 square feet); and Town Ridge Center I & II (250,000 square feet), to name a few. An additional 1.5 million square feet of space was under construction at the end of the year. Buildings like 53rd Center 1 (200,000 square feet); …
BRISBANE, CALIF. — Women’s retailer Bebe has announced it will close all 168 of its remaining stores. The company plans to move to an online-only model. Bebe entered into an agreement with Great American Group and Tiger Capital Group to sell all its merchandise and inventory, as well as certain of its subsidiaries located in its existing retail stores. The store closures should be complete by the end of May, according to a recent SEC filing. Bebe was founded in 1976. It operates Bebe, BebeSport and Bebe Outlet.
LAS VEGAS — A joint venture between the Calida Group and Cypress Equity Investments has purchased a 6.1-acre parcel of land inside the Hughes Center in Las Vegas. The JV plans to build a multifamily community at the site. The Hughes Center is a 1.5 million-square-foot office campus with dining options. Curt Allsop, Doug Schuster, Vittal Ram and Angela Bates of ARA Newmark Las Vegas represented the landlord, Equity Office, in this transaction.
INDIO, CALIF. — An unnamed buyer has purchased the 90-unit Desert Oasis Apartments in the Coachella Valley submarket of Indio for $11 million. The community is located at 46211 Jackson St. The sale set a federal Housing & Urban Development (HUD) record of 17 bids within 24 hours according to Colliers, which brokered the deal. Desert Oasis, which is situated near Highway 111 and Interstate 10, will soon undergo a renovation. John Nguyen and Jesse Elsanhuty of Colliers International represented the seller, WNC & Associates, in this transaction.