Property Type

Former San Diego Daily Transcript Building Sells for $5.3M

by Nellie Day May 16, 2016

SAN DIEGO — SDPB Holdings LLC has purchased a 34,298-square-foot office property that formerly housed the San Diego Daily Transcript for $5.3 million. The three-building property is located at 2131 3rd Ave. The property was home to the San Diego Daily Transcript for more than three decades. The newspaper vacated the space in October 2015. The LLC plans to redevelop the property into a creative office complex. Paul Lafrenz, Marc Frederick and Tim Cowden of Colliers International represented The Transcript in the transaction.

May 16, 2016

California Loans Retail Western

NorthMarq Capital Arranges $3M in Acquisition Financing for Mixed-Use Property in Los Angeles

by Nellie Day May 16, 2016

LOS ANGELES — NorthMarq Capital has arranged $3 million in acquisition financing for 24th & Vermont, a 19,280-square-foot mixed-use property located at 451-467 N. Western Ave. in Los Angeles. The transaction was structured with a 10-year term with three years of interest-only payments, followed by a 27-year amortization schedule. David Blum of NorthMarq arranged the financing for the borrower through a regional bank.

May 16, 2016

Midwest Multifamily Ohio Seniors Housing

IPA Arranges $14.5M Sale of Two Seniors Housing Communities Near Cincinnati

by Christina Cannon May 16, 2016

NORWOOD, OHIO — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $14.5 million sale of Victoria Retirement Community and Victory Park Nursing Home, both located in the Cincinnati suburb of Norwood. Victoria Retirement Community, built in 1991, contains a mix of 90 skilled nursing beds and 68 assisted living beds. Victory Park Nursing Home was built in 1965 and expanded in 1989. It contains 55 skilled nursing beds. The seller was a private family investment group whose operator planned to let its lease expire. The buyer was an undisclosed real estate investment trust with a strong presence in the region that has a new operator lined up.

May 16, 2016

Illinois Industrial Midwest

Molto Properties Acquires Infill Site in Metro Chicago for Future Development of 136,650 SF Industrial Property

by Christina Cannon May 16, 2016

NILES, ILL. — Molto Properties has acquired an industrial property in Niles, approximately 15 miles northwest of Chicago, for an undisclosed price. The facility, located at 7720 Lehigh Ave., is situated on eight acres and was built in 1954. MFRI Inc. was the seller. Molto plans to redevelop the existing site into a 136,650-square-foot, Class A distribution center. The property will feature 32-foot clear heights, 150 car parking spaces and 20 dock doors. The redevelopment is slated for completion by the end of the year.

May 16, 2016

Illinois Industrial Midwest

Brown Commercial Negotiates Sale of Two Industrial Buildings Totaling 96,330 SF in Chicago

by Christina Cannon May 16, 2016

CHICAGO — Brown Commercial Group has brokered the sale of two industrial meat processing facilities totaling 96,330 square feet in Chicago. Bobak Sausage Co., a global manufacturer and distributer of old-world sausages and deli meat, sold the properties for an undisclosed price. The deal includes a 43,382-square-foot building at 5275 S. Archer Ave. and a 52,948-square-foot building at 4630 W. 53rd St. El Cubano Wholesale Meat Inc., a meat packer and distributor that provides meats to restaurants and grocery stores, is the buyer. Dan Brown, Brian Lindgren and Maria McNeil of Brown Commercial represented the seller in the transaction. Ed Wabick, Jimena Sayavedra and Terry Lynch of Paine/Wetzel TCN Worldwide represented the buyer.

May 16, 2016

Illinois Midwest Mixed-Use

Essex Realty Brokers $2.7M Sale of Mixed-Use Property in Chicago

by Christina Cannon May 16, 2016

CHICAGO — Essex Realty Group Inc. has brokered the $2.7 million sale of a mixed-use building in Chicago’s Sheridan Park neighborhood. The buyer and seller in the transaction were undisclosed. The building, located at 4401 N. Clark St., is comprised of 12 apartment units and two street-level retail spaces. The units are a mixture of two- and three-bedroom units. Jim Darrow, Jordan Gottlieb, Doug Imber and Kate Varde of Essex brokered the transaction.

May 16, 2016

Loans Midwest Multifamily Nebraska

NorthMarq Capital Arranges $4M Refinancing Loan for 126-Unit Apartment Property

by Christina Cannon May 16, 2016

OMAHA — NorthMarq Capital has arranged a $4 million dollar refinancing loan for Cedar Heights Apartments, a 126-unit multifamily property in Omaha. Jason Kinnison of NorthMarq arranged the financing for the undisclosed borrower through a relationship with a life insurance company. Amenities at Cedar Heights Apartments include a clubhouse, pool, pet play area and a grill and picnic area.

May 16, 2016

Massachusetts Mixed-Use Northeast Retail Top Stories

Edens to Build $200M Mixed-Use Development in Boston’s South Bay

by Nellie Day May 16, 2016

BOSTON — The Boston Redevelopment Authority Board has given approval for Edens to construct a 700,000-square-foot mixed-use development in the South Bay submarket of Boston. The 10-acre, $200 million development will sit adjacent to Edens’ South Bay Center in Boston’s Dorchester neighborhood. This approval was the last hurdle to starting the project, and Edens plans to break ground in June. The proposal calls for 113,000 square feet of restaurants and shops, a 12-screen luxury AMC Theatre with IMAX, a flagship Wahlburger’s, a 130-room hotel and two parking garages. Edens will also partner with Mill Creek Residential to develop 475 multifamily units at the project. The multifamily component will contain a mix of studio to three-bedroom apartments. The mixed-use project will be built on a site that currently contains a vacant industrial property and concrete plant. During construction, Edens also plans to upgrade the 427,289-square-foot South Bay Center, which is home to tenants such as OfficeMax, Marshalls, Old Navy, Target, The Home Depot, Bed Bath & Beyond and TJ Maxx. Columbia, S.C.-based Edens develops, owns and operates community shopping centers in primary U.S. markets. Its institutional-quality portfolio contains more than 130 retail centers. Mill Creek Residential Trust LLC is a national …

May 16, 2016

Industrial Market Reports Maryland Southeast Southeast Market Reports

Baltimore Absorbs 3 Million Square Feet of Industrial Space in 2015

by John Nelson May 16, 2016

For the fifth straight year, the Baltimore industrial market ended the year with a positive net absorption, with improvements continuing in both rental rate growth and overall fundamentals. While not overly robust compared to other areas of the country, such as Ontario, Calif., Atlanta, New Jersey and Central Pennsylvania, the Baltimore market absorbed almost 3 million square feet of industrial space in 2015. This sustained growth trend is attributed to a steady, albeit choppy, stream of demand, sustained levels of new construction activity and falling availability and vacancy markers. Looking at the overall conditions of the market, several factors contribute to the improving fundamentals, the most significant of which is the ongoing, high demand for Class A industrial property, which continues to outpace available supply. The Baltimore market is located in the heart of the I-95 Corridor and can access 34 percent of the U.S. population within a single day’s drive. Additionally, given its location within the Washington/Baltimore metropolis, major retailers have selected Baltimore as a logical location for e-commerce and omni-channel fulfillment centers to distribute to homes. These centers will allow retailers same-day access to the 9 million people in the Baltimore-Washington region. On average, those residing in this …

May 16, 2016

Multifamily Seniors Housing Texas

Caddis Opens Heartis Seniors Housing Complex in Waco

by Haisten Willis May 13, 2016

WACO, TEXAS — Caddis, a national healthcare real estate firm headquartered in Dallas, has opened the 81-unit, 70,000-square-foot Heartis Waco seniors housing community at 5317 Speegleville Road in Waco. Caddis owns the community and Frontier Management will manage it. Heartis Waco offers amenities including a bistro, Internet café, fitness center, salon and spa, barber shop, two interior courtyards, dining room, arts and crafts room, media room, library, indoor and outdoor walking paths, 24-hour emergency call system and personal transportation. Austin-based Katus LLC was the architect for the project, and EBCO General Contractor Ltd. was the general contractor.

May 13, 2016

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