Property Type

Banyan Street Capital, Oaktree Acquire 191 Peachtree in Atlanta for $268M

by Haisten Willis October 26, 2016

ATLANTA — A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management has purchased 191 Peachtree Tower from Cousins Properties in downtown Atlanta. The partnership bought the 50-story office tower for $268 million. The 1.2 million-square-foot office tower was 93 percent leased at the time of sale to tenants such as the Robert W. Woodruff Foundation, Deloitte, Cooper Carry, Hall Booth Smith and The Commerce Club. The Metro Atlanta Chamber is also relocating to the LEED Silver-certified building later this year. “Downtown Atlanta is a premier destination for business and commerce, and 191 Peachtree is the market’s landmark office building,” says Rudy Touzet, CEO of Banyan Street Capital. “This acquisition is an important expansion of our Atlanta portfolio and demonstrates the demand for Class A office located within walkable urban centers.” 191 Peachtree offers direct access to the Ritz-Carlton Hotel, which features retail and restaurant tenants such as Alma Cucina, Bistro 191, The Bean Counter and Jos. A Bank. It is also located directly across from a MARTA transit station. The new ownership has selected Cushman & Wakefield to lease the office tower and plans to initiate select upgrades to 191 Peachtree in the near future. “191 …

October 26, 2016

Illinois Loans Midwest Office

Mesa West Capital Structures $82.6M Loan to Recapitalize Iconic Chicago Office Building

by Kristin Harlow October 25, 2016

CHICAGO — Mesa West Capital has provided a joint venture led by local development firm Sterling Bay with $82.6 million in debt to recapitalize 121 West Wacker Drive, a 41-story office building in downtown Chicago’s Central Loop. The financing included a first mortgage loan originated out of Mesa West’s open-ended Mesa West Core Lending Fund, and mezzanine debt provided by Pearlmark Real Estate on behalf of Pearlmark Mezzanine Realty Partners, IV, LP. The office tower recently underwent an extensive renovation, including a new lobby and retail level, updated building systems and a new tenant amenity floor overlooking the Chicago River.

October 25, 2016

Illinois Midwest Retail

Ryan Companies Is Converting Former Grocery Store into Furniture Store in Metro Chicago

by Kristin Harlow October 25, 2016

SCHAUMBURG, ILL. — Ryan Companies US, Inc. is converting a former Dominick’s grocery store into an Art Van Furniture store in Schaumburg, a northwest suburb of Chicago. Dominick’s closed its operations in the Chicago area in 2013. The facility has been vacant since then. Ryan is undertaking a comprehensive renovation and modernization of the 72,000-square-foot facility, located at 1293 E. Higgins Road. The new Art Van Furniture store, the tenth in metro Chicago, will open later this fall.

October 25, 2016

Michigan Midwest Retail

NAI Wisinski Brokers Sale of 95,000 SF Shopping Center in Big Rapids, Michigan

by Kristin Harlow October 25, 2016

BIG RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of Sattler Square, a 95,000-square-foot shopping center in Big Rapids, to a Cincinnati-based buyer. Sattler Square is located at 754 Perry Ave., between U.S. 131 and the campus of Ferris State University. The center, which is currently 96 percent occupied, is anchored by Tractor Supply and Big Lots and includes well-known brands such as Maurice’s, GNC, rue21 and H&R Block. NAI brokers Russ Bono and Cameron Timmer represented both the seller and buyer in the transaction.

October 25, 2016

Industrial Michigan Midwest

Colliers Arranges 35,000 SF Industrial Lease in Auburn Hills, Michigan

by Kristin Harlow October 25, 2016

AUBURN HILLS, MICH. — Colliers International has arranged a 35,000-square-foot industrial lease for Faurecia Interior Systems in Auburn Hills, about 33 miles north of Detroit. The manufacturing facility, located at 2325 Featherstone Road, will serve as a “pilot plant” for Faurecia, a Tier 1 automotive supplier whose North American headquarters is nearby. The property was previously occupied by Martinrea International Inc. as a warehouse for the manufacturing of automotive parts. Broker Michael Bennett of Colliers represented the tenant in the transaction.

October 25, 2016

Midwest Missouri Office

Urban Sprouts Acquires 14,000 SF Office and Warehouse Property near St. Louis

by Kristin Harlow October 25, 2016

UNIVERSITY CITY, MO. — Urban Sprouts, a local child development center, has acquired an office and warehouse space for $405,000 in University City, an inner-ring suburb of St. Louis. The property is located at 6757 Olive Blvd. The site was the former manufacturing space for McCarthy Spice & Blends. Renovation of the new Urban Sprouts building will take place in two phases and is slated for completion by August 2017. The first $2.2 million phase will include 11 classrooms with two art studio study rooms plus an interactive kitchen for cooking. The second $1.1 million phase will include classrooms for college-level courses that Urban Sprouts will host for St. Louis Community College. Additional renovations include a natural play area, as well as an outdoor garden. Brendan O’Brien of Hilliker Corp. represented the seller, Edward and Margaret McCarthy, in the transaction. Rome West Realty’s agent Susan Sauer represented the buyer.

October 25, 2016

Multifamily Nevada Western

Starlight Investments Purchases South Blvd Apartments in Las Vegas for $53.6M

by Nellie Day October 25, 2016

LAS VEGAS — Starlight Investments Ltd. has purchased the 320-unit South Blvd apartment community in Las Vegas for $53.6 million. The community is located at 10200 Giles St. South Blvd is situated 15 minutes from the Las Vegas Strip. Its units feature granite countertops, full-size washer and dryer sets, dark wood cabinetry, stainless steel kitchen appliances and private entries. Community amenities include two resort-style pools, a sun bathing pool, spa, e-lounge, executive business center, movie theater with stadium seating, 24-hour fitness center, designated pet area and complimentary coffee café. JLL’s John Cunningham and Charles Steele represented the seller, the Praedium Group, in this transaction.

October 25, 2016

California Retail Western

Paragon Commercial Acquires Airport Plaza in Burbank for $37M

by Nellie Day October 25, 2016

BURBANK, CALIF. — Paragon Commercial Group has acquired the leasehold and fee interests in Airport Plaza, a 135,039-square-foot shopping center located in Burbank, for $37 million. Tenants at the center include Hobby Lobby, Toys ‘R’ Us, O’Reilly Auto Parts and Burger King. Bill Bauman and Kyle Miller of Savills Studley represented the sellers, Airport Plaza Inc. and Alton Jennings Trust, in the transaction. Savills Studley also represented the buyer, which plans to redevelop and reposition the shopping center.

October 25, 2016

Colorado Retail Western

CraftWorks Purchases Seven Old Chicago Pizza Restaurants

by Nellie Day October 25, 2016

BROOMFIELD, COLO. — CraftWorks Restaurants & Breweries Inc., an operator of brewery restaurant chains, has acquired seven existing Old Chicago Pizza & Taproom locations from longtime franchise partner OCI Enterprises Inc. The locations will remain open for business. In 2015, Old Chicago launched its new restaurant prototype — a 5,000-square-foot build with an additional 1,000 to 1,200 square feet of outdoor patio space, a new kitchen and upgraded bar technology. CraftWorks Restaurants & Breweries Inc. features nearly 200 franchised and company-owned restaurants primarily operating under the Old Chicago Pizza & Taproom, Gordon Biersch Brewery Restaurants, Rock Bottom Restaurants & Breweries and ChopHouse & Brewery brands.

October 25, 2016

California Retail Western

SG Blocks Installs Shipping Container-Based Taco Bell in California

by Nellie Day October 25, 2016

LOS ANGELES — SG Blocks and Alvarado Restaurant Group will move a former popup Taco Bell location to its permanent location in the South Gate submarket of Los Angeles. The five-module, 1,080-square-foot restaurant was previously used at the 2016 South by Southwest (SXSW) Conference & Festivals in Austin, Texas. Alvarado Restaurant Group, part of Alvarado Cos., is the franchise owner for the Taco Bell in South Gate. SG Blocks partnered with Alvarado Construction Inc. to install the Taco Bell at its new, permanent location. The companies are currently completing all final utility work, paving and landscaping. Alvarado Cos. currently owns 110 other Taco Bells in Colorado, New Mexico, Texas, Wisconsin and California. The Taco Bell will be open at its permanent home in South Gate by the end of 2016.

October 25, 2016

Newer Posts

Older Posts