HANFORD, CALIF. — Passco Cos. has secured four national retail tenants for Hanford Mall located at 1675 W. Lacey Road in Hanford. The four new tenants are Buffalo Wild Wings, Five Guys, Dunkin’ Donuts and Pieology. Construction for Buffalo Wild Wings, Five Guys and Pieology is underway with planned openings this summer, while Dunkin’ Donuts is set to start construction soon. Kohls, Forever 21, Sears, JC Penney and Cinemark 8 anchor the property.
CHICAGO — Hilco Real Estate LLC, in a joint venture with Peter Westmeyer and Kevin Purcell, both of whom are senior executives with MB Real Estate Services Inc. (MBRE), has acquired One North LaSalle, a historic office building located in Chicago’s Central Loop. No terms of the transaction were disclosed. Built in 1929, the 500,000-square-foot office building is situated on the northeast corner of LaSalle and Madison streets, and offers easy access to public transportation and highways, as well as a variety of hotels, restaurants and retail. The most recent building renovation included restoration of the Art Deco detailing and installing new elevators, HVAC, electrical and plumbing systems. The 47-story property is set to undergo an extensive redevelopment under its new ownership, which will include high-end tenant amenities, the addition of spec suites and remodeling the building’s interior. Once complete, the property will feature a renovated lobby, tenant corridors and restrooms, and first-class tenant amenities including a rooftop deck, tenant lounge, conference facility, fitness center and bike room. A multi-million dollar capital budget is being put forth by the new ownership group, and MBRE has been contracted to provide ongoing management, leasing and construction oversight for the property. MBRE’s Mark …
Metro Philadelphia’s industrial market saw strong demand, developer confidence and declining vacancy rates in 2015. Asking rents averaged $4.43 per square foot for the region, a 4 percent increase from 2014. The overall vacancy has decreased to 7.7 percent as demand kept pace with 5.7 million square feet of completed spec development. The only submarket that is posting greater than 10 percent vacancy is New Castle County, Delaware; however, New Castle’s vacancy rate was trending downward at the end of 2015. We continue to see healthy demand for industrial space in 2016. There could be some impact from global uncertainties, but these will be offset by continued on-shoring of manufacturing requirements and last-mile delivery expansion. Companies seeking between 25,000 to 80,000 square feet have seen limited availability in most submarkets, particularly for purchase. Due to strong demand and reduced availability for modern, net-leased, single-tenant buildings, some investors must consider lesser-quality assets and/or secondary locations. Sale prices and rents have increased. It is not unusual for modern bulk facilities with long-term leases in place to trade in the $90-per-square-foot range. In one recent deal, a private investor paid more than $78 per square foot for the leaseback transaction of an 85-year-old …
CARSON, CALIF. — HFF has secured $83.2 million in first lien financing for South Bay Pavilion, a 1.2 million-square-foot super regional mall in the Los Angeles suburb of Carson. James Fowler of HFF worked on behalf of the borrower, Vintage Real Estate, to secure the three-year, floating-rate loan through PCCP. The loan will be used to continue the borrower’s redevelopment, repositioning and expansion of the mall. The 95 percent leased center is home to more than 60 tenants including Cinemark Theatre, Ikea, Old Navy, Olive Garden, Buffalo Wild Wings, Big 5 Sporting Goods, Panera Bread, 24 Hour Fitness, Chili’s Grill & Bar and The Children’s Place. The current expansion plan includes adding several new fashion and restaurant tenants.
MESA, ARIZ. — T&D Alder Creek Equity has purchased the 120-unit Sycamore Square Apartments in Mesa for $10 million. The community is located at 1120 S. Sycamore. It is currently 94 percent occupied. Sycamore Square was built in 1978. The seller was RND6 LLC. Brett Polachek and Jim Crews of Cushman & Wakefield executed the transaction.
ANTIOCH, CALIF. — The San Diego North office of Lee & Associates has brokered the sale of a newly constructed retail property located at the northwest corner of Buchanan Road and Somerville Road in Antioch. The 15,789-square-foot property sold for an undisclosed price. CVS occupies the property under a new 20-year net lease. Ryan Bennett and Ryan Barr of Barr & Bennett Net Leased Investment, a specialty group of Lee & Associates-North San Diego, represented the undisclosed seller in the transaction. The name of the buyer was not released.
HUNTINGTON BEACH, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.3 million sale of Hamilton Center, a 6,800-square-foot shopping center located in Huntington Beach. Eric Wohl and Ed Hanley of Hanley Investment Group represented the seller, a local investment company, and Eric Vu of Hanley Investment Group represented the buyer, a local investor in a 1031 exchange, in the transaction. Tenants at the fully occupied center include 7-Eleven, Whatta Lotta Pizza, a dental office and a dry cleaner.
PHOENIX — Mainstreet, a seniors housing developer based in Indiana, has purchased 3.65 acres in Algodon Medical Office Park in West Phoenix for $1.7 million. The company is building a 94-bed rehabilitation and assisted living facility at the location. When completed, the community will comprise 67,697 square feet of space for short-stay rehabilitation and assisted living. Mainstreet expects to finish construction in February 2017. Novo Development, which developed Algodon Medical Office Park and sold the plot to Mainstreet, is currently building 42,000 square feet of new medical office buildings at the site, also due for delivery in 2017. Justin Miller and Kurt Rosene of Novo Development represented John F. Long Properties in the sale of the parcel to Mainstreet. Bob Neil and Sam Pollina with Realty Executives represented the buyer.
NEW YORK CITY — Madison Realty Capital has partnered with USAA Real Estate Co. to acquired The Buchanan, a mixed-use property located at 160 E. 48th St. in midtown Manhattan. According to the Wall Street Journal, the partnership purchased the 16-story, 300,000-square-foot property for $270 million. Comprising five interconnected mid-rise towers surrounding a garden courtyard, the property features 289 apartments and 16,000 square feet of retail and office space. Additionally, the asset offers nearly 140,000 square feet of excess air rights. The partnership plans to initiate a comprehensive capital improvement program to renovate and reconfigure the existing residential units, enhance operating efficiencies and create a high-end amenity package. The residential unit mix includes oversized studios, one-bedroom, two-bedroom and three-bedroom apartments on the second floor through the sixteenth floor, with penthouse units offering private outdoor terraces. The ground-level retail and office space is currently 100 percent occupied. The name of the seller was not released.
NEW YORK CITY — Mission Capital has secured $45 million in financing for the acquisition of a commercial property located at 1825 Park Ave. in Manhattan’s Harlem. Savanna acquired the 135,000-square-foot property for $48 million. At the time of sale, the 12-story building was 55 percent occupied by a mix of retail and office tenants, including JP Morgan Chase and Popeye’s. Jonathan More, Ari Hirt and Jamie Matheny of Mission Capital arranged the financing for the acquisition. The name of the seller was not released.
