Property Type

Alberta Development, Pacific Coast Capital Complete Phase I and II of Promenade at Downey Near Los Angeles

by Nellie Day November 11, 2016

DOWNEY, CALIF. — A joint venture between Alberta Development Partners and Pacific Coast Capital Partners has completed Phase I and II of Promenade at Downey, a 656,000-square-foot shopping center and entertainment district located in Downey, roughly 12 miles outside Los Angeles. A movie studio and a NASA plant previously occupied the property. The center’s entertainment court will feature educational reading stations and themed elements associated with the space program, as well as a walkway honoring space missions. Retailers opening in Phase I and II of the development include TJ Maxx, HomeGoods, Ulta Beauty, Famous Footwear, Dress Barn, Carter’s, Oshkosh, Five Guys, Chipotle Mexican Grill, Mod Pizza, California Fish Grill, Benihana, 24 Hour Fitness, Floor & Décor, Cinemark, Lazy Dog, Ruby’s Diner, Bar Louie, Skechers, AT&T and Gaucho Grill. Dallas-based Falcon Construction Advisors is building the project.

November 11, 2016

Illinois Loans Midwest Multifamily

Cohen Financial Arranges $20.7M Development Loan for Multifamily Property in Chicago’s West Loop

by Kristin Harlow November 11, 2016

CHICAGO — Cohen Financial has closed a $20.7 million development loan for new ground-up construction of a 105-unit multifamily property at 710 W. Grand Ave. in the West Loop neighborhood of Chicago. The property will feature a mix of one- and two-bedroom units, convertibles and studios. Construction of the property is expected to be completed in the fourth quarter of 2017. Dan Rosenberg, Matt Terpstra and Jason Keith of Cohen Financial secured the loan with TCF Bank. Outlook Development Group and Wicker Park Apartments were the borrowers.

November 11, 2016

California Retail Western

Highpoint Capital Group Acquires Hallmark Town Center in Madera

by Nellie Day November 11, 2016

MADERA, CALIF. — Highpoint Capital Group LLC has acquired Hallmark Town Center, an 85,066-square-foot, grocery-anchored shopping center located in Madera, for an undisclosed price. Bryan Ley and Justin Kundrak of HFF represented the seller, Weingarten Realty Investors, in the disposition. Peter Smyslowski and John Churchward of HFF also worked on Highpoint’s behalf to place a 10-year, fixed-rate CMBS loan with a banking and financial services holding company. Food 4 Less anchors the center, which is 96 percent leased to tenants including Thrive Fitness, Taco Bell, Furniture Town, Supercuts, Little Caesars, Blooming Fashion and Deli Delicious.

November 11, 2016

Midwest Minnesota Multifamily

The Opus Group Breaks Ground on Apartment Building in Edina, Minnesota

by Kristin Harlow November 11, 2016

EDINA, MINN. — The Opus Group has started construction on a four-story, 244-unit multifamily development in Edina, a southwestern suburb of Minneapolis. Activity on the site began this week with the demolition of an existing 94,000-square-foot building that was formerly leased to UnitedHealth Group. A variety of floor plans will be offered with units ranging from 585 square feet to 1,350 square feet. Completion is slated for spring 2018. The project is a collaboration between Opus and Founders Properties LLC. Opus Development Co. LLC is the developer, Opus Design Build LLC is the design-builder and Opus AE Group LLC is the architect and structural engineer of record.

November 11, 2016

Iowa Midwest Multifamily

Hubbell Realty Co. Begins Leasing at 5Fifty5 Townhomes

by Kristin Harlow November 11, 2016

WEST DES MOINES, IOWA — Hubbell Realty Company has begun leasing at 5Fifty5 Townhomes, located along the Raccoon River in West Des Moines. The $13 million project features a streetscape design that encourages residents to walk to nearby surroundings and local trails. The rental units introduce a new layout to the downtown area: an elevated three-story unit with two balconies off each side. Unit sizes include two- and three-bedroom floor plans with up to three bathrooms.

November 11, 2016

Midwest Ohio Retail

Marcus & Millichap Arranges $3.7M Sale of Retail Property in Cleveland, Ohio

by Kristin Harlow November 11, 2016

CLEVELAND — Marcus & Millichap has arranged the sale of Cleveland Retail Center, a 17,070-square-foot property located at 429 W. Southline St., for $3.7 million. Built in 2007, the property is at the main entrance to a Super Walmart and is 100 percent occupied. Tenants include Buddy’s Furniture, Subway, Mann Eye Center, Edward Jones, Sally Beauty Supply and Advance Cash America. Kelley Workman and Jerry Goldstein of Marcus & Millichap had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer was a private investor who was completing a 1031 exchange transaction.

November 11, 2016

Michigan Midwest Mixed-Use

Friedman Arranges Sale of 33,560 SF Mixed-Use Building in Royal Oak, Michigan

by Kristin Harlow November 11, 2016

ROYAL OAK, MICH. — Friedman Integrated Real Estate Solutions has arranged the sale of a 33,560-square-foot mixed-use building located at 1017-1021 S. Washington Ave. in downtown Royal Oak. The sales price was not disclosed. The property combines condo living, office, medical and retail. The seller, Washington Street Holdings LLC, sold the building to Royal Oak Ventures SW1017 LLC. Peter Jankowski of Friedman represented the seller in the transaction.

November 11, 2016

California Retail Western

Equitas Investments Sells 2,324 SF Retail Property in Redlands for $1.5M

by Nellie Day November 11, 2016

REDLANDS, CALIF. — Equitas Investments has completed the disposition of single-tenant retail property located at 1325 Industrial Park Ave. in Redlands. A private investor acquired the 2,324-square-foot property for $1.5 million. Built in 1984, the former Long John Silver’s restaurant will be converted into an Enterprise Rent-A-Car. The company signed a 10-year, corporate-backed, absolute triple-net lease with two five-year options for the property. Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller, while Hai Luong of Maxwell Realty Inc. represented the buyer in the deal.

November 11, 2016

California Office Western

Progressive Real Estate Brokers 8,000 SF Retail Lease in Hesperia

by Nellie Day November 11, 2016

HESPERIA, CALIF. — Progressive Real Estate Partners has arranged the 10-year lease of a retail space located at 14135 Main St. in Hesperia. Kaiser Permanente will occupy the 8,000-square-foot space within the Topaz Marketplace. Paul Su of Progressive Real Estate Partners represented the undisclosed landlord, while Brian Denton of JLL and Joseph Brady of Bradco Co. represented the lessee.

November 11, 2016

Hospitality Loans Maryland Southeast

Applied Bank Provides $21M Construction Loan for New Hyatt Place Hotel in Maryland

by John Nelson November 11, 2016

OCEAN CITY, MD. — Washington, Del.-based Applied Bank has provided a $21 million construction and permanent loan for a new Hyatt Place Hotel located at 16th Street and Boardwalk in Ocean City. The new 105-room, seven-story hotel will replace the existing Seascape Motel, which opened in the 1950s. The property will feature a restaurant, bar, outdoor veranda, meeting rooms, room service, indoor and outdoor swimming pools and a fitness center, as well as six shops fronting Boardwalk. The owner, PRBR Hospitality LLC, has owned the site since 1978.

November 11, 2016

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