CARROLLTON, TEXAS — JLL has negotiated an 82,588-square-foot industrial lease renewal for B. Braun Medical Inc. The medical device manufacturer’s Dallas office is located at 1601 Wallace Drive in Carrollton. JLL’s Elizabeth Jones and Tom McCarthy negotiated the lease on behalf of the tenant. CBRE’s Steve Trese and Wilson Brown represented the landlord, Colony Capital.
CINCINNATI — NorthMarq Capital has arranged a $39.6 million loan to refinance the Omnicare Center, a 20-story, Class A office building in Cincinnati. Susan Branscome of NorthMarq placed the 10-year loan with a major life insurance company on behalf of the borrower, Smith Hallemann Partners. The building includes amenities such as a barbershop with shoe shine and repair services, a Starbucks, transportation services, a conference center, dry cleaning shop and restaurant.
INDIANAPOLIS — A joint venture between the University of Indianapolis and Strategic Capital Partners has opened Greyhound Village, a 486-bed, on-campus student housing community. The $25 million community offers one-, two-, three- and four-bedroom, fully furnished apartments, complete with kitchens, living rooms, private bathrooms, washers and dryers. Amenities include a fitness center, clubhouse and indoor and outdoor common areas. Schmidt Associates architects designed the project, which construction manager CRG Residential built.
RICHMOND, ILL. — Novak Construction has broken ground on a 22,000-square foot affordable senior living apartment complex in Richmond, approximately 70 miles northwest of Chicago. Creekview Apartments, to be located at 5615 Liberty St., will offer four two-bedroom units and 21 one-bedroom units. Amenities at the property will include a walking trail, health and wellness programing, a computer lab, a library, community room, concierge and transportation services and on-site property management. The project is slated for completion by the end of the year.
WHEELING, ILL. — Meridian Design Build has completed the renovation of an 115,000-square-foot food manufacturing facility in Wheeling, approximately 30 miles northwest of Chicago. Richelieu Foods occupies the building, which features nine refrigerated loading docks, a 20,500-square-foot refrigerated warehouse, 33,500 square feet of production space and a 3,250-square-foot freezer. The building, located at 120 W. Palatine Road, is Richelieu’s fifth operating plant.
LOS ANGELES — A 1031 exchange investor has acquired the 253-unit IMT Westlake Village in Los Angeles for $88.2 million. The community is located at 603 Hampshire Road in the Westlake Village submarket. IMT Westlake Village was built in 1971. Notable employers in the area include Amgen, the Dole Food Co., Kythera Biopharmaceuticals, General Dynamics Corp., J.D. Power & Associates, Teledyne Technologies Inc., ValueClick, Verizon and Volkswagen. Greg Harris, Kevin Green and Joseph Grabiec of Institutional Property Advisors represented both the buyer and seller, IMT Capital LLC, in this transaction.
SOUTHFIELD, MICH. — Friedman Integrated Real Estate Solutions has arranged a 5,319-square-foot office lease in Southfield, approximately 15 miles northwest of Detroit. The landlord, 26711 Office Associates LLC, will lease space to Real Estate Services Solutions Company (RESSCO), which will occupy the space this November. RESSCO will continue to occupy space at its current location in the Omni Officecentre until its lease expires in late 2017. David Friedman and Dan Verderbar of Friedman represented both parties in the transaction.
SCOTTSDALE, ARIZ. — MainSpring Capital Group has announced plans to develop Mainspring Flex Phase III at Pima Center. This phase will contain 150,660 square feet of spec light industrial space for warehouse, assembly and distribution uses. Flex Phase III construction will commence during the fourth quarter of this year. Completion is scheduled for mid-year 2017. The speculative development includes two buildings. The existing buildings at Pima Center are 98 percent leased. Pima Center is a 232-acre, mixed-use business park within the Salt River Pima Indian community. The park contains a variety of commercial properties ranging from the Honor Health Rehab Hospital and Rancho Solano Private 6-12 School to multi-story Class A office space, garden office and assembly/distribution/flex facilities. The business park contains more than 1 million square feet of office space and about 430,000 square feet of light industrial/flex facilities.
OCEANSIDE, CALIF. — InvenTrust Properties Corp. has acquired Old Grove Marketplace, an 81,279-square-foot shopping center located in the San Diego suburb of Oceanside, for $23.3 million. Ralph’s and Lowe’s anchor the 91 percent occupied center, which is also home to tenants including US Bank, Starbucks Coffee, Subway, H&R Block, AT&T, McDonald’s and Shell.
FAIRFIELD, CALIF. — Sterling Organization has acquired Raley’s Plaza, a 95,441-square-foot shopping center located approximately 40 miles northeast of downtown San Francisco in Fairfield, for $22.8 million. Raley’s anchors the 94 percent occupied center, which is also home to tenants including JP Morgan Chase Bank, Starbucks Coffee, Round Table Pizza and Panda Express. The seller was a subsidiary of San Diego-based Gerrity Group.
