Property Type

Bernard Financial Secures $15.5M Loan for Detroit’s Broderick Tower

by Christina Cannon May 20, 2016

DETROIT — Bernard Financial Group has arranged a $15.5 million refinancing loan for Broderick Tower, a 34-story mixed-use building in Detroit. The high-rise, located at the southeastern corner of Woodward Avenue and Grand Circus Park, features office space on floors 2-4, apartment units on floors 5-34, with floors 25-34 consisting of penthouses. Motown Construction Partners LLC is the borrower. Dennis Bernard and Kevin Kovachevich of Bernard Financial arranged the financing through Fifth Third Bank.

May 20, 2016

Illinois Midwest Retail

The Boulder Group Brokers $6.9M Sale of Building Net Leased to Bank of America

by Christina Cannon May 20, 2016

GLENVIEW, ILL. — The Boulder Group has arranged the sale of a building net leased to Bank of America for $6.9 million. The property is located at 1400 Waukegan Road in Glenview, approximately 20 miles northwest of Chicago. Other retailers in the immediate area include Walgreens, Trader Joe’s, Jewel-Osco, Ace Hardware, Staples and Starbucks. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based real estate development company, in the transaction. The buyer was a local 1031 exchange investor. The Bank of America ground lease has over 13 years remaining and expires in December 2029. The ground lease features 10 percent rental escalations every five years throughout the primary term and renewal option periods.

May 20, 2016

Industrial Midwest Wisconsin

The Dickman Company Arranges 31,890 SF Industrial Lease in Milwaukee Suburb

by Christina Cannon May 20, 2016

WEST ALLIS, WIS. — The Dickman Company Inc./CORFAC International has arranged a 31,890-square-foot industrial lease in West Allis, approximately seven miles west of Milwaukee. NexGen Building Supply will occupy the space at 1707 S. 101st St. The landlord is Univar USA Inc. Zach Noble and Cale Berg of The Dickman Company brokered the transaction.

May 20, 2016

California Multifamily Western

Holland Partner Group Breaks Ground on $164M Second Apartment Tower in Downtown Los Angeles

by Nellie Day May 20, 2016

LOS ANGELES — Holland Partner Group has broken ground on 732 Spring Street, the second of two high-rise, mixed-use projects the firm is developing in a joint venture with North America Sekisui House in downtown Los Angeles. The 24-story tower will feature 300 residential units with luxury amenities and 7,500 square feet of ground floor retail. The $164 million tower is situated across the street from its sister property, 755 Spring Street, on which Holland broke ground late last year. The building sites are located in the Historic Core of downtown Los Angeles, along the edge of the Fashion District. Amenities at the towers will include a resort-style fitness center and clubhouse, a rooftop deck and cantilevered pool cabanas suspended five stories above street level. The towers will stand more than 100 feet above surrounding buildings, offering views of the greater Los Angeles area once completed in mid-2018. MVE + Partners designed the towers.

May 20, 2016

Nevada Office Western

DaVita HealthCare Partners Leases Medical Office Facility in Nevada

by Nellie Day May 20, 2016

PAHRUMP, NEV. — DaVita HealthCare Partners has leased a new ground-up, built-to-suit medical office facility in Pahrump. The 57,000-square-foot facility is situated on a 7.2-acre site about 60 miles west of Las Vegas. The group will occupy the space once it opens next year. Details of the long-term lease were not disclosed, though the lease is valued “in the tens of millions of dollars,” according to MDL Group/CORFAC International. The firm’s Hayim Mizrachi, Jarrad Katz and Galit Kimerling executed the lease transaction between DaVita, the land owner, Thousandaire Inc., and the developer, Dakem & Associates. Aimee Burford and Bill Oakley of Bank of Nevada, a division of Western Alliance Bank, funded the development.

May 20, 2016

California Retail Western

Little Saigon Shopping Center in Westminster Sells for $18M

by Nellie Day May 20, 2016

WESTMINSTER, CALIF. — Marcus & Millichap has arranged the sale of Little Saigon Shopping Center, an 85,133-square-foot leasehold community shopping center located in Westminster’s Little Saigon community. A local partnership sold the asset for $18 million, or $211 per square foot, with a cap rate of 6.26 percent. Wells Fargo anchors the center. Ron Duong of Marcus & Millichap’s Newport Beach, Calif., office represented the seller.

May 20, 2016

California Retail Western

Vintage Real Estate Signs New Forever 21 Concept to SouthBay Pavilion in Carson

by Nellie Day May 20, 2016

CARSON, CALIF. — Vintage Real Estate has signed F21 RED, Forever 21’s latest store concept, at SouthBay Pavilion located at 20700 Avalon Blvd. in Carson. Slated to open in spring 2017, the new concept offers a larger selection of the retailer’s most popular lines, including Forever 21, Forever 21 Men, Forever 21 Plus and Forever 21 Kids, at lower prices. Currently 98 percent leased, IKEA, JCPenney, Sears and Target anchor SouthBay. Additional tenants include Olive Garden, Pieology, Buffalo Wild Wings, Cinemark, Sephora, Old Navy, rue21, Wing Stop and Payless Super Store. Edge Realty Partners represented Forever 21 in the deal.

May 20, 2016

California Retail Western

Marcus & Millichap Arranges $4M Acquisition of Long Beach Retail Property

by Nellie Day May 20, 2016

LONG BEACH, CALIF. — Marcus & Millichap has arranged the sale of a retail property located at 425 W. Anaheim St. in Long Beach. A private investor acquired the 7,296-square-foot property for $4 million. Situated on a 27,277-square-foot lot, the property was built in 2006. James Yang of Marcus & Millichap secured and represented the buyer in the deal.

May 20, 2016

Multifamily Southeast Tennessee

Steadfast Apartment REIT Buys Multifamily Community in Metro Nashville for $110M

by John Nelson May 20, 2016

BRENTWOOD, TENN. — Steadfast Apartment REIT has acquired Landings of Brentwood, a 724-unit apartment community located in the Nashville suburb of Brentwood. The REIT purchased the garden-style property for $110 million, making it the fourth acquisition in Tennessee for the company. Steadfast now owns 32 properties in 11 states for an aggregate purchase price of $1.38 billion. Originally constructed in three phases between 1986 and 1989, the 117-acre Landings of Brentwood has 41 buildings offering one- and two-bedroom floorplans that average 959 square feet with average in-place rents of $1,136. The property is currently 96 percent occupied. Each unit features walk-in closets, washer and dryer units, extra storage, personal balconies or patios and wood-burning fireplaces in select apartment homes. Community amenities include two swimming pools with sun decks, a catch-and-release fishing pond, two tennis courts, sand volleyball court, outdoor kitchen/grill area, dog park, car care center, playground and a resident business center. Steadfast Apartment REIT plans to implement a capital improvement program at Landings of Brentwood to modernize apartment interiors and common areas, including new appliances, updated cabinetry and floors, new countertops and hardware and upgraded lighting. Exterior improvements will encompass overall upgrades to the pools, fitness center, clubhouse, landscaping …

May 20, 2016

Florida Multifamily Southeast

Marcus & Millichap Brokers $41M Sale of Apartment Portfolio in Central Florida

by John Nelson May 20, 2016

TAMPA, FLA. — Marcus & Millichap has arranged the $41 million sale of a three-property multifamily portfolio in Central Florida. The portfolio includes the 400-unit Royal Oaks in Tampa’s Westshore district, the 138-unit Royal Ridge in St. Petersburg and the 151-unit Royal Springs in Orlando. Frank Carriera and Michael Regan of Marcus & Millichap’s Tampa office represented the seller and procured the buyer in the transaction. Marcus & Millichap Capital Corp. provided acquisition financing for the portfolio purchase.

May 20, 2016

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