Property Type

United Properties, Principal Real Estate Announce Phase II of Inova Dry Creek in Denver

by Nellie Day June 14, 2016

DENVER — A joint venture between United Properties and Principal Real Estate Investors have announced the second phase of Inova Dry Creek, a 650,000-square-foot, mixed-use campus in Denver. Phase II will contain a second speculative Class A office building containing 235,800 square feet. Construction will commence in the coming weeks, with an expected delivery date in the third quarter of 2017. Development plans call for three additional buildings on the 58-acre site. The developers broke ground on Inova 1, the first phase of the campus, in September. It is slated for completion in November, with Comcast taking occupancy in the first quarter of 2017. The JV will also soon break ground on Inova Flex, a 70,632-square-foot flex property at the campus. Power Home Remodeling Group has recently signed a lease at this space. Powers Brown Architecture has designed the project, while Adolfson & Peterson Construction is serving as the general contractor for Inova 1.

June 14, 2016

California Industrial Western

BLT Enterprises Buys Four-Property Office, Industrial Portfolio in Orange County for $28M

by Nellie Day June 14, 2016

IRVINE, CALIF. — BLT Enterprises has purchased a four-building portfolio that contains a mix of office, flex and industrial buildings for $28 million. The portfolio contains a total of 170,447 square feet. The assets encompass 11.1 acres and are fully leased. Notable tenants at the facilities include Securitas Security Services USA, Ambry Genetics, Compass Group USA and Exhibitree. The portfolio includes a 73,066-square-foot industrial building at 9700 Toledo Way in Irvine; a 47,662-square-foot industrial building at 12640 Knott St. in Garden Grove; a 41,519-square-foot office/flex building at 15 Argonaut in Aliso Viejo; and an 8,200-square-foot office building in Anaheim. Kurt Bruggeman and Ryan Swanson of Lee & Associates represented BLT. Jeff Chiate and Jeff Cole of Cushman & Wakefield represented the seller, Cordia Capital Management, in this transaction.

June 14, 2016

California Retail Western

Arroyo & Co. Arranges Sale of 90,348 SF Retail Building in Santa Rosa

by Nellie Day June 14, 2016

SANTA ROSA, CALIF. — Arroyo & Co. has arranged the sale of a 90,348-square-foot retail building connected to Santa Rosa Plaza in downtown Santa Rosa. The deal was through Ten-X, and terms of the transaction were not released. Pedro Arroyo and David Kram of San Francisco-based Arroyo & Co. represented the undisclosed buyer. Situated on 3.4 acres, the building is partially leased to Forever 21 and has 47,289 square feet of retail space available for lease. The connected Santa Rosa Plaza is occupied by 120 specialty stores, including Apple, Abercrombie & Fitch, Forever 21, Macy’s, Sears, Eddie Bauer, Gap, Gymboree and Victoria’s Secret, as well as 16 eateries.

June 14, 2016

Arizona Retail Western

REI Completes Rooftop Solar Installation on Distribution Facility in Arizona

by Nellie Day June 14, 2016

GOODYEAR, Ariz. — REI, a specialty outdoor retailer, has teamed with Blue Oak Energy to complete a 2.2 megawatt rooftop solar installation atop REI’s new distribution center in Goodyear, a western suburb of Phoenix. The system is expected to offset all of the facility’s annual electricity consumption. REI and Blue Oak have worked together on solar projects for eight years. The partnership has resulted in a 5.4 megawatt solar portfolio for REI. Blue Oak Energy was founded in 2003 in Davis, Calif. In 2015, Panasonic Enterprise Solutions Company and Coronal Group LLC invested in the company. REI is headquartered near Seattle and has 144 stores in 35 states.

June 14, 2016

Healthcare New Jersey Northeast Office

NAI Hanson Arranges Sale of 45,912 SF Medical Office Building in New Jersey

by Amy Works June 14, 2016

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a medical office building located at 155 Polifly Road in Hackensack. Polifly Group acquired the 45,912-square-foot property from Polifly Plaza Associates for an undisclosed sum. The three-story building was 50 percent vacant at the time of sale. Hackensack University Medical Center currently occupies the first floor, leaving 20,269 square feet available for new tenants. The third floor is currently vacant, offering 15,000 square feet of contiguous office space. Randy Horning and Darren Lizzack of NAI Hanson represented the seller, while Anthony Cassano, also of NAI Hanson, represented the buyer in the deal.

June 14, 2016

Midwest Multifamily Ohio Seniors Housing

KeyBank Provides $17.7M Loan for Affordable Seniors Housing Property in Cleveland

by Christina Cannon June 14, 2016

CLEVELAND — KeyBank has provided a $17.7 million loan for Hough Heritage, a 60-unit affordable housing seniors facility in Cleveland. The financing consists of an $8 million construction loan and a $9.7 million Low-Income Housing Tax Credit (LIHTC) investment from Key Community Development Corp. The three-story, garden-style community will target seniors 55 and older with incomes that are 50 to 60 percent of the area’s median household income. Hough Heritage will include 50 one-bedroom and 10 two-bedroom units. Kyle Kolesar and Ryan Olman of KeyBank arranged the financing.

June 14, 2016

Midwest Missouri Retail

Mid-America Brokers $15.2M Sale of Retail Property in St. Louis

by Christina Cannon June 14, 2016

ST. LOUIS — Mid-America Real Estate Corp. has brokered the $15.2 million sale of Southtown Centre, an 88,364-square-foot retail property in St. Louis. Newport Capital Partners acquired the property on behalf of Newport Capital Partners Fund II. Southtown Centre is comprised of five buildings located at the northwest corner of Chippewa Street and Kingshighway Boulevard in the Tower Grove South neighborhood. Tenants at the center include Walgreens, PetSmart, OfficeMax, Athletico and Starbucks. Ben Wineman of Mid-America was the sole broker in the transaction and represented the seller, a publicly traded REIT.

June 14, 2016

Hospitality Texas

CBRE Negotiates $115M Sale of Hospital Campus in Metro Austin

by Haisten Willis June 14, 2016

ROUND ROCK, TEXAS — CBRE’s U.S. Healthcare Capital Markets Group has negotiated the sale of Forest Park Medical Center – Austin on behalf of FPMC Austin Realty Partners. St. David’s HealthCare purchased the 146,997-square-foot hospital, along with a 79,708-square-foot medical office building and 508-space parking garage, for $115 million. Scott Herbold, Chris Bodnar, Lee Asher and Greg Greene of CBRE, along with KOA Partners, marketed the asset on behalf of the seller. Forest Park Medical Center – Austin was planned to be a physician majority-owned and governed hospital. The seller filed for Chapter 11 bankruptcy protection in January, shortly after construction was completed. Built in 2015 on 8.5 acres in the Austin suburb of Round Rock, the hospital includes 40 private inpatient suites with 12 VIP/family suites, 10 operating rooms, two procedure rooms and six intensive care rooms. The common areas and restrooms of the four-story, on-campus medical office building have been completed, along with the parking garage.

June 14, 2016

Midwest Office Wisconsin

Walker & Dunlop Arranges $11.6M Loan for Office Park in Madison, Wisconsin

by Christina Cannon June 14, 2016

MADISON, WIS. — Walker & Dunlop has arranged an $11.6 million loan for the acquisition of High Point Office Park in Madison. The 217,814-square-foot office park includes 11 buildings, which vary from one to three stories. Amenities in the office park include a fitness center, walking paths, a pond, gazebos and picnic areas. The 10-year, fixed-rate loan features a debt-service coverage ratio of 1.67. The borrower was a Chicago-based investment firm. Justin Nelson of Walker & Dunlop placed the financing with a Midwest-based correspondent life company.

June 14, 2016

Illinois Midwest Office

VSA Partners Renews 51,422 SF Lease at Office Building in Chicago

by Christina Cannon June 14, 2016

CHICAGO — VSA Partners has renewed its office lease for 51,422 square feet of space at 600 West Chicago. VSA Partners, a branding and marketing company, began occupying space at the building in 2011. Renovations at 600 West Chicago, which is located along the Chicago River, are underway and include a rooftop deck, renovated plaza, expanded river walk and water taxi service. The 1.4 million-square-foot building is currently 100 percent leased. Other tenants at the office building include Groupon, Lightbank Cos., Uptake, rEvolution, Innerworkings, Freeman Decorating and IntegraMed. 600 West Chicago was built in 1901 as the Montgomery Ward catalog building. In 2001, it was repurposed as an office building. Chicago-based Equity Commonwealth has owned the building since 2012. Jack O’Brien and Matt Pistorio of The Telos Group represented the owner in the transaction. Thomas Volini and Sven Sykes of Colliers International represented VSA Partners.

June 14, 2016

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