Property Type

ASC Arranges $11.1M Acquisition Loan for Mixed-Use Property in Chicago

by Kristin Harlow March 22, 2017

CHICAGO — American Street Capital (ASC) has arranged an $11.1 million loan for the acquisition of a 40-unit mixed-use property in Chicago’s North Center neighborhood. Built in 2009, the building consists of six ground-floor retail units and 34 residential units with a mix of two- and three-bedroom apartments. Additional amenities include in-unit washers and dryers, balconies, rooftop decks and indoor parking. Igor Zhizhin of ASC originated the seven-year loan, which includes a 30-year amortization schedule.

March 22, 2017

Illinois Indiana Iowa Michigan Midwest Missouri Ohio Retail Wisconsin

A&G Realty to Manage Sale of 58 MC Sports Leases in Midwest

by Kristin Harlow March 22, 2017

MELVILLE, N.Y. — A&G Realty Partners will handle the sale of 58 MC Sports leases in seven states across the Midwest following the retailer’s Chapter 11 bankruptcy filing. The locations range in size from 11,000 to 46,000 square feet. The stores are located in Iowa, Illinois, Indiana, Michigan, Missouri, Ohio and Wisconsin. Bids are due no later than the close of business on Friday, April 7. MC Sports filed for Chapter 11 bankruptcy protection on Feb. 14 in the U.S. Bankruptcy Court, Western District of Michigan, Grand Rapids. A joint venture between Tiger Capital Group and Great American Group is currently conducting the going-out-of-business sale.

March 22, 2017

Iowa Midwest Retail

Pinnacle Arranges $1.3M Sale of Dollar General Portfolio in Iowa

by Kristin Harlow March 22, 2017

WAPELLO AND WILTON, IOWA — Pinnacle Real Estate Advisors LLC has arranged the sale of a net leased Dollar General portfolio in Iowa for $1.3 million. The portfolio consists of two properties located at 702 U.S. Highway 61 in Wapello and 1200 W. 5th St. in Wilton. Both buildings were constructed in 2004. Each of the leases feature over seven years remaining on the current term. Zach Wright and Jeff Johnson of Pinnacle represented the seller, a Midwest-based developer. A high-net-worth investor based in the Midwest was the buyer.

March 22, 2017

Georgia Kentucky Multifamily Southeast Top Stories

The Scharf Group, Besyata Investment Group Acquire Multifamily Portfolio in the Southeast for $74M

by Nellie Day March 22, 2017

LOUISVILLE, KY., AND LITHONIA, GA. — The Scharf Group and Besyata Investment Group have acquired a two-property multifamily portfolio in the Southeast for $74 million. The portfolio boasts a total of 1,033 units. Properties included in the portfolio include the 689-unit Park at Hurstbourne in Louisville and the 344-unit Woodcrest Village in Lithonia. Park at Hurstbourne is a garden-style apartment complex situated on 44 acres at 5555 Big Ben Drive. It was built in 1972. Community amenities include an indoor pool, basketball court, two clubhouses and a daycare. Park at Hurstbourne is situated near notable employers such as GE, Ford and UPS, which have been expanding operations within the area. Woodcrest Village is a garden-style apartment complex situated on 34 acres at 2325 Woodcrest Walk in the Atlanta suburb of Lithonia. The community is about 20 miles east of downtown Atlanta. It was built in 1990. Besyata and Scharf Group plan to modernize the amenities and undertake gradual unit renovations at both properties. The buyers invest in value-add, Class B multifamily communities in suburban markets near growing cities. BH Management, Besyata’s longstanding partner, will oversee the day-to-day property management and leasing for both assets. The groups also partnered with national real …

March 22, 2017

Market Reports Massachusetts Northeast Northeast Market Reports Office

Boston Office Market Continues Its Run of Positive Returns

by Camren Skelton March 22, 2017

Greater Boston’s office market is continuing a very strong streak, closing 2016 and the fourth quarter on a good note. The year saw 1.4 million square feet positively absorbed with 789,000 square feet absorbed in the fourth quarter. The current vacancy rate is 12.7 percent, slightly lower than the market average over the last five years of 13.6 percent. Average Class A asking rents are $43.12 per square foot, which has appreciated 9.1 percent in the last three years. Neither the quarter nor the year are aberrations. The market is on an extended run of positive returns. Office space in the Greater Boston market has now seen positive absorption in 14 of the last 15 quarters, accumulating 12 million square feet positively absorbed over that period. The Boston CBD contributed 59,000 square feet of positive absorption in the fourth quarter, decreasing the vacancy rate 0.1 percentage points to 9.6 percent. The most absorption of the CBD submarkets occurred in the Financial District, which saw 69,000 square feet positively absorbed. Average Class A asking rents are currently $55.09 per square foot in the CBD, led by Back Bay, which has an average asking rate of $62.51 per square foot. Across the …

March 22, 2017

Arizona Office Western

Stockdale Capital, Jasper Ridge Invest $142.5M to Recapitalize Galleria Corporate Center in Scottsdale

by Nellie Day March 21, 2017

SCOTTSDALE, ARIZ. — A joint venture between Stockdale Capital Partners and Jasper Ridge Partners has invested $142.5 million to recapitalize the 537,110-square-foot Galleria Corporate Center in Scottsdale. The center is located at 4343 N. Scottsdale Road. The building’s lobby and common areas will undergo a multi-million dollar renovation. The Galleria was originally built as a retail mall in the 1990s. It was converted to office use in 2000. Major tenants currently include Yelp, SAP and McKesson. Stockdale purchased the Galleria Corporate Center in 2013. The recapitalization includes the addition of more than two adjacent acres of land that is currently entitled for construction of up to 220,000 square feet of offices.

March 21, 2017

California Multifamily Seniors Housing Western

Steadfast Senior Living Plans 67-Unit Assisted Living Community Near San Jose

by Nellie Day March 21, 2017

MORGAN HILL, CALIF. — Steadfast Senior Living has unveiled plans for an unnamed, 67-unit assisted living and memory care community in the San Jose suburb of Morgan Hill. The two story, 62,000-square-foot development will consist of studio, one- and two-bedroom units ranging from 400 square feet to 1000 square feet. Steadfast plans to break ground on the project this summer for a scheduled opening sometime in 2018. Steadfast currently owns two other assisted living and memory care communities, both in the Los Angeles metro. The two communities are the newly opened GranVida in Carpinteria and Crestavilla, currently under construction in Laguna Niguel. Steadfast Senior Living is a division of Steadfast Cos., an Irvine-based developer, investor and operator of commercial real estate properties in the United States and Mexico.

March 21, 2017

California Industrial Western

Sares Regis Leases Four Industrial Buildings at Meredith International Centre in Ontario

by Nellie Day March 21, 2017

ONTARIO, CALIF. — Sares Regis Group has signed four new leases for distribution buildings within the Meredith International Centre in Ontario. The leases contain a total of 972,000 square feet. The project is situated on 150 acres near Ontario International Airport. All of the lease agreements range from five to 10 years. Five out of the seven buildings at the project are now fully leased. The two remaining buildings contain 575,000 square feet and 398,000 square feet. New leases were signed with international marketing, financial and technology service provider Arvato, which leased a 552,000-square-foot building; international air services provider Metro Air Service, which rented a 155,000-square-foot building; aftermarket automotive wheels and accessories maker and distributor the Wheel Group, which absorbed a 138,000-square-foot building; and transportation management solutions provider Metropolitan Logistics Services, which leased a 127,000-square-foot building. Joe McKay and Chris Morrell of Lee & Associates represented Sares Regis in the deals. Meredith International Centre totals 243 acres and includes plans for 1.1 million square feet of office and retail space and 800 apartments.

March 21, 2017

Idaho Retail Western

Tropical Smoothie Cafe to Open First Locations In Idaho

by Nellie Day March 21, 2017

BOISE, IDAHO — Tropical Smoothie Cafe has signed a franchise agreement to open four restaurants in Idaho, with the first cafe slated to open in Boise this June. The new restaurants will mark the brand’s entry into the state. KMP TSC LLC will own and operate the locations. KMP TSC will target additional markets throughout the state for further development and is currently scouting sites in Eagle, Nampa, Caldwell, Twin Falls, Pocatello, Idaho Falls, Coeur d’Alene and Spokane. Celebrating its 20th anniversary in 2017, Tropical Smoothie Cafe is a fast-casual restaurant concept with over 550 locations nationwide.

March 21, 2017

Colorado Multifamily Seniors Housing Western

Blueprint Partners Expands into Mountain States with New Partnership

by Nellie Day March 21, 2017

DENVER — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has partnered with Pamela Pyms and Hayden Behnke, both seniors housing real estate brokers in Denver. Since 2011, Pyms and Behnke have worked as a team structuring seniors housing sale transactions in the Mountain States. The pair also assists developers in sourcing equity and debt and arrange partnerships among institutional investors and national operators. The new additions represent wider market coverage and local expertise in Colorado and the surrounding region for Blueprint. Prior to joining Blueprint. Pyms owned and operated Pyms Capital Resources, a real estate brokerage firm focused on the senior living industry.

March 21, 2017

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