Property Type

Lancaster Pollard Arranges $28.3M for Refinancing, Construction of Seniors Housing Communities in Ohio

by Christina Cannon April 19, 2016

GARFIELD HEIGHTS, OHIO — Lancaster Pollard has arranged $28.3 million in financing for Sisters of the Holy Spirit, a faith-based nonprofit operator based in the Cleveland suburb of Garfield Heights. The financing is arranged as two loans. The first was a $12.6 million nonrecourse HUD loan that replaces existing bonds on Jennings Center for Older Adults, a 438-unit independent living, assisted living, skilled nursing and adult daycare community in Garfield Heights. The second transaction was $15.7 million in tax-exempt bond financing for the construction of a 74-unit assisted living community, to be named Jennings at Brecksville, in nearby Brecksville. The transactions were also structured around the creation of a new real estate company, which will allow Sisters of the Holy Spirit to distribute excess funds from the Garfield Heights community to the Brecksville community without penalty. Kass Matt led the transaction for Lancaster Pollard.

April 19, 2016

Industrial Midwest Wisconsin

The Barry Company Brokers Sale of 49,330 SF Industrial Property in Milwaukee Suburb

by Christina Cannon April 19, 2016

WEST ALLIS, WIS. — The Barry Company has brokered the sale of a 49,330-square-foot industrial warehouse in West Allis, approximately seven miles west of Milwaukee, for an undisclosed price. Wisconsin Storage Corp. purchased the property, located at 232 S. Curtis Road, from an undisclosed seller. The buyer plans to make renovations to the building including a new front façade, replacing the drive-in doors with windows and upgrading the landscaping. Kurt Van Dyke and James Young of The Barry Company brokered the transaction.

April 19, 2016

Illinois Midwest Retail

Banana Republic Preleases 6,078 SF at Building in Chicago’s Lincoln Park

by Christina Cannon April 19, 2016

CHICAGO — Banana Republic has signed a 6,078-square-foot lease to occupy a two-story retail building under construction in the Lincoln Park neighborhood of Chicago. Centrum Partners is the developer of the project, located at 2720 N. Clark St., which is slated for completion in October. The 22,000-square-foot building will replace The Edge Bar and Grill. Alt School has preleased 13,199 square feet of space and will occupy the entire second floor. Meredith Oliver and Brendan Reedy of Cushman & Wakefield represented Banana Republic in the lease transaction.

April 19, 2016

Michigan Midwest Office

Friedman Arranges 19,723 SF Office Lease in Detroit Suburb

by Christina Cannon April 19, 2016

TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 19,723-square-foot office lease in Troy, approximately 25 miles north of Detroit. Allegis Global Solutions will occupy the space at the North Troy Corporate Park located at 700 Tower Drive. Allegis Global Solutions currently occupies suite 700 and 800 in the building and is expanding its space on the fourth floor. The landlord is 700 NTCC LLC. David Friedman and Robert Gagniuk of Friedman Integrated Real Estate Solutions represented the landlord in the transaction.

April 19, 2016

Illinois Midwest Retail

Blue to Open Second Store at Plaza at Grand Prairie in Peoria, Illinois

by Christina Cannon April 19, 2016

PEORIA, ILL. — Locally owned boutique Blue has preleased 1,600 square feet of retail space at Plaza at Grand Prairie. Cullinan Properties is developing the 7,200-square-foot shopping center that is located at the intersection of War Memorial Drive and American Prairie Road in Peoria. Blue, along with retailers Massage Envy and Great Clips, will open this summer. This location will be Blue’s second store. Plaza at Grand Prairie is part of Grand Prairie Developments, a 200-acre mixed-use project. Components of Grand Prairie Developments include Plaza at Grand Prairie, Shoppes at Grand Prairie, Plaza West, Prairie Place, Shoppes West, Apartments at Grand Prairie and a Carmike Cinemas. Plaza at Grand Prairie is co-anchored by Hy-Vee and Gordmans. Other tenants include Longhorn Steakhouse, Famous Dave’s BBQ, Steak ‘n Shake and Starbucks.

April 19, 2016

California Office Western

Berkadia Arranges $70M Refinancing for Mills Building in San Francisco

by Nellie Day April 19, 2016

SAN FRANCISCO — Berkadia has arranged a $70 million refinancing for The Mills Building, a 440,000-square-foot, historic building in downtown San Francisco. The landmark structure is located at 220 Montgomery St. The building is 95 percent leased to tenants like the New York Stock Exchange, Pocket Gems, Mazzetti, Seiler LLP, Haworth and the University of California, San Francisco. The 10-year, full-term, fixed-rate loan features interest-only payments. It was used to refinance existing debt on the property. Mitch Thurston and Andy Ahlers of Berkadia secured the financing through Voya Investment Management on behalf of the Swig Co.

April 19, 2016

Colorado Multifamily Student Housing Western

Gilbane Breaks Ground on Student Housing Near the University of Colorado, Colorado Springs

by Nellie Day April 19, 2016

COLORADO SPRINGS, COLO. — Gilbane Development Co. has broken ground on West Edge, a student housing community located across the street from The University of Colorado Colorado Springs (UCCS) campus. The development will be located 500 yards from the Kraemer Library and UCCS academic core, and will offer eight different floor plans including studio, one-, two-, three-, four- and six-bedroom units with bed-to-bath parity. Apartments will feature washers and dryers, walk-in closets, stainless steel appliances, granite countertops and flat screen televisions. Community amenities will include a rooftop sky lounge with view of the Pikes Peak mountain range, a clubhouse, study rooms, a tech center with high-powered computers and free printing, a heated saltwater pool, a landscaped courtyard with sundecks, an outdoor kitchen with grilling stations, and multiple outdoor lounges with community fire pits. Residents will also have access to a fitness lodge featuring tanning beds, free weights, cardio equipment, a yoga studio, a bouldering wall and a full-sized basketball court. High-speed Internet, Wi-Fi, cable and furniture will all be included. Asset Campus Housing will manage the community and offer a community life program with resident events, roommate matching services and individual, by-the-bed leases. Parking is available for residents and bike storage …

April 19, 2016

California Retail Western

Combined Properties Plans $5.5M Renovation of Mart of Montebello

by Nellie Day April 19, 2016

MONTEBELLO, CALIF. — Combined Properties has planned a $5.5 million renovation for Mart Montebello, a retail center at the intersection of Montebello and Beverly boulevards in Montebello. Originally built in 1957 and last renovated in 1991, the new project will remodel and modernize the facades and pad buildings with new parapets, features, fascia materials and repainted color schemes. Additionally, the renovation includes a new pad building, currently under construction, that is leased to Chipotle and The Habit Burger. The renovation is expected to begin during this quarter with completion by the end of the year. Upon completion, the center will be renamed Montebello Mix.

April 19, 2016

California Retail Western

Browman Development Acquires Five-Building Retail Portfolio in Davis

by Nellie Day April 19, 2016

DAVIS, CALIF. — Browman Development has acquired a five-building retail portfolio across four blocks in downtown Davis. Brinley Downtown Properties sold the fully-leased portfolio for an undisclosed price. Located at 513, 603 and 718 Second St., 209 F St. and 207 E St., the 71,437-square-foot portfolio is occupied by a variety of retailers, including Armadillo Music, Fleet Feet Sports, The Army Corps of Engineers, The Avid Reader, Spa Central, E Street Salon, Balance Point Pilates Studio, The Wardrobe, The Root of Happiness Kava Bar, and Sweet and Shavery. Erik Neese, Ken Reiff and Shaun Morrow of Cushman & Wakefield represented the seller in the transaction.

April 19, 2016

California Retail Western

Regency Completes Solar Panel Installation on NorCal Retail Centers

by Nellie Day April 19, 2016

DUBLIN AND PETALUMA, CALIF. — Regency Centers, in partnership with SoCore Energy and several of its retail partners, has installed over 750 kilowatts of rooftop solar photovoltaic systems at Persimmon Place in Dublin and East Washington Place in Petaluma. Combined, the systems include approximately 2,500 modules and are expected to produce over 1.2 million kilowatt hours of electricity each year.

April 19, 2016

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