Property Type

Boulder Group Brokers $3.3M Sale of Retail Center in Glendale Heights, Illinois

by Kristin Harlow April 17, 2017

GLENDALE HEIGHTS, ILL. — The Boulder Group has brokered the sale of a retail strip center anchored by Target in Glendale Heights for $3.3 million. The 5,000-square-foot building is located at 177-179 West Army Trail Road. Sleep Number and Union Bank occupy the property, which is an outparcel to the 166,000-square-foot Target store. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based private real estate investor in a 1031 exchange. A national real estate developer was the seller.

April 17, 2017

Michigan Midwest Retail

NAI Wisinski Helps Bring 3,446 SF ‘Escape Room’ to Downtown Grand Rapids

by Kristin Harlow April 17, 2017

GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has assisted The Ruse Escape Rooms in securing a 3,446 square-feet retail location in downtown Grand Rapids. Escape rooms are a form of interactive entertainment with engaging puzzles and challenges that promote creative thinking, teamwork and communication. The venue will occupy space on the first floor at 25 S. Division Ave. Doug Taatjes, Hillary Taatjes Woznick and Kurt Kunst of NAI Wisinski arranged the sale of the retail condo for Ruse Escape Rooms owners Steve Myers and Bill Wiegandt. The space is currently being renovated for The Ruse, which will open this fall. The seller was a local developer. “At the heart of downtown Grand Rapids and walking distance from restaurants, breweries and hotels, The Ruse is the new choice for entertainment in the city. The space is full of character and provides the perfect setting for an immersive escape room experience,” says Wiegandt.

April 17, 2017

Industrial Michigan Midwest

Super Fair Cellular Renews 38,400 SF Industrial Lease in Troy, Michigan

by Kristin Harlow April 17, 2017

TROY, MICH. — Super Fair Cellular Inc. has renewed its 38,400-square-foot industrial lease in Troy. The building is located at 1352-1374 Rankin Road. John Boyd, Paul Hoge and Kris Pawlowski of Signature Associates represented the landlord, Iron Point Troy Industrial, in the lease transaction. Super Fair Cellular is a telecommunications equipment supplier based in Troy.

April 17, 2017

Midwest Retail Wisconsin

Jimmy John’s Signs 1,349 SF Retail Lease in Wauwatosa, Wisconsin

by Kristin Harlow April 17, 2017

WAUWATOSA, WIS. — Jimmy John’s has signed a 1,349-square-foot retail lease at State Street Station in Wauwatosa, about seven miles west of Milwaukee. The property is located at 7460 W. State St. Adam Dreier of Mid-America Real Estate-Wisconsin LLC represented the tenant in the lease transaction. Andrew Prater, also of Mid-America, represented the undisclosed landlord.

April 17, 2017

Industrial Market Reports Southeast Southeast Market Reports Tennessee

Nashville Industrial Market Will Continue to Ride its Hot Hand Through 2017

by John Nelson April 17, 2017

The Nashville commercial real estate market’s growth is no longer a local secret. In fact, it very well may be one of the most desired areas for investors for an MSA with a population less than 2.5 million people. In case you haven’t heard, read or taken notice, you likely have been living under a rock. Those who call this market “hot” are making an understatement. As the downtown core sees land sites trade in excess of $13 million per acre (and in a few interesting cases eclipse $1,000 per square foot), the multifamily and hospitality markets have moved at a torrid pace. Even office rents have climbed to record highs near $40 per square foot for full service gross rates. Some covering that sector project this number will peak around the $50 per square foot mark due, in part, to the higher land costs driven by the other sectors. Multifamily developers have seized upon this growth by paying record prices for downtown real estate in hopes of capturing the fancy of Millennials as they enter the workforce. Top this off with hotel stays in downtown costing as much as those found on Times Square in Manhattan, some ponder the …

April 17, 2017

Features Office Texas Texas & Oklahoma Feature Archive Uncategorized

Business Parks Energize the Lone Star State

by Jaime Lackey April 15, 2017

Speculative development and e-commerce tenant demands are driving forces in Dallas and Houston’s industrial markets. By Brian Lee The biggest developments in the biggest state in the lower 48 are making big news: industrial business parks in Texas’ top markets continue to show strong development and leasing activity. Cushman & Wakefield shared a “very encouraging” industrial outlook on the Dallas-Fort Worth metro area. With slightly less than 24 million square feet of absorption in 2016, market demand continues to outpace supply, which included 22 million square feet of new construction last year. PwC and Urban Land Institute ranked the metro second nationally for real estate prospects in 2017 and fulfillment centers No. 1 in both the development and investment categories, ahead of 23 other property types. “The evolution of the e-commerce sector continues to shape the industrial market as a whole,” says Adam Hammack, senior director of Industrial Agency Leasing in Cushman & Wakefield’s Dallas office. Site selection factors for large e-commerce users comprise fresh building functionality, modern infrastructure and the ability to attract and retain labor, which includes nearby transit and retail options for industrial park personnel, according to Hammack. Focusing on the effects of the energy downturn doesn’t …

April 15, 2017

California Retail Western

Colliers Negotiates $69.5M Off-Market Sale of Santa Clarita Shopping Center

by Nellie Day April 14, 2017

SANTA CLARITA, CALIF. — In an off-market transaction, Colliers International has negotiated the $69.5 million sale of Gateway Village Shopping Center in Santa Clarita. Michelle Schierberl and Donald Ellis of Colliers’ Irvine office brought the center’s seller, JH Real Estate Partners, and the buyer, private investment group Galois Group, together in the transaction. Built in 2005 and located at 28207-28313 Newhall Ranch Road, the 153,686-square-foot center is 95 percent occupied with one vacant space. Anchor tenants include LA Fitness, Smart & Final Extra, Coffee Bean & Tea, The Habit, US Bank and Lindora Medical.

April 14, 2017

Multifamily Nevada Western

Horizon Realty Advisors Buys Woodside Village Apartments in Reno

by Nellie Day April 14, 2017

RENO, NEV. — Horizon Realty Advisors LLC has acquired the 250-unit Woodside Village in Reno has sold to for an undisclosed sum. The community is located at 4800 Kietzke Lane. It is situated across the street from the Reno-Sparks Convention Center. Kenneth Blomsterberg, Ryan Rife and Benjamin Nelson of Marcus & Millichap represented the buyer and seller, Woodside Village Opco LLC, in this transaction.

April 14, 2017

California Multifamily Western

Apartment Complex in Reseda Sells for $4.4M

by Nellie Day April 14, 2017

LOS ANGELES — June Quest One LLC has acquired a 14-unit apartment complex in the Los Angeles submarket of Reseda for $4.4 million. The community is located at 7122 Amigo Ave. The property features high-end finishes and appliances in the units, gated parking, secure entrance and an elevator. It was built in 2013. Robert Stepp and Mark Witksen of Stepp Commercial represented the buyer. The Agency represented the seller, Amigo Properties.

April 14, 2017

California Retail Western

Shopping Center Redevelopment Will Bring New Sprouts Farmers Market to Glendora

by Nellie Day April 14, 2017

GLENDORA, CALIF. — Champion Real Estate Co. has begun converting an existing grocery property into a Sprouts Farmers Market at 655 S. Grand Ave. in Glendora. The grand opening of the 30,000-square-foot Sprouts is scheduled for May 18. Champion Real Estate acquired the freestanding former grocery property in 2016 and is investing $32 million in the reconfiguration of the 85,615-square-foot property into a 70,500-square-foot, grocery-anchored retail center. There are two new retail pads in the existing parking field, plus additional supporting retail to expand the tenant base. Completion of the full property is scheduled for July. The center has received commitments for 93 percent of the space with tenants including Marshalls, Coffee Bean and Tea Leaf. JLL’s Shauna Mattis, Elizabeth Hewson and Blake Kaplan are handling leasing at the center.

April 14, 2017

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