Property Type

Park Grove Apartments in San Diego Sells for $9.6M

by Nellie Day July 2, 2015

SAN DIEGO – The 98-unit Park Grove Apartments in San Diego has sold to 3635 College Ave LLC for $9.6 million. The community is located at 3635-75 College Ave. Park Grove is situated just two miles from San Diego State University. The buyer plans to rebrand the multifamily property after it completes major interior and exterior upgrades. Peter Scepanovic and Corey McHenry of Colliers International’s San Diego Multifamily Advisory Group represented both the buyer and the seller, the William R. Mundt Trust, in this transaction.

July 2, 2015

California Healthcare Western

HCP CIO Paul Gallagher Resigns

by Nellie Day July 2, 2015

IRVINE, CALIF. — Paul Gallagher has resigned from his position as executive vice president and chief investment officer of real estate investment trust HCP Inc. The resignation will be effective June 30, though Gallagher will provide consulting services until March 2016 to smooth the transition. The reason for the resignation was not disclosed. “Paul has been a valued member of our management team and we greatly appreciate his contributions over the past 12 years, especially in growing and diversifying our portfolio,” says Lauralee Martin, HCP’s president and CEO. “We have strong, dedicated investment teams across our real estate sectors, and will continue executing our portfolio strategy with existing and new operating partners.”

July 2, 2015

California Multifamily Seniors Housing Western

Merrill Arranges Sale of Community in San Diego for $5.1M

by Nellie Day July 2, 2015

SAN DIEGO — California-based real estate firm Merrill Commercial Real Estate Inc. has arranged the sale of Golden Living of Point Loma in San Diego for $5.1 million. The assisted living community consists of 55 units (113 beds) within 30,832 square feet on a 0.75-acre lot. New ownership plans to convert a portion of the existing units to memory care.

July 2, 2015

California Multifamily Seniors Housing Western

Sunrise Opens New Community in San Francisco Area

by Nellie Day July 2, 2015

BURLINGAME, CALIF. — Sunrise Senior Living opened its newest community — Sunrise of Burlingame near San Francisco — on June 29, marking the 40th community in California for the owner/operator. The new four-story, 65,000-square-foot assisted living and memory care community on Trousdale Drive contains about 80 units, with a resident capacity of 97. Sunrise expects to open a new community in Dublin, Ohio, in August and Sunrise at Palos Verdes in the Los Angeles area next year.

July 2, 2015

California Office Western

Illusion LLC Renews Office Space in Downtown Los Angeles

by Nellie Day July 2, 2015

LOS ANGELES – Illusion LLC has renewed its lease for 6,987 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Illusion LLC is a records storage facility. The building is owned by the Swig Company.

July 2, 2015

Industrial Midwest Minnesota

Opus to Develop 96,000 SF Spec Industrial Property in Minnesota

by Amy Works July 1, 2015

PLYMOUTH, MINN. — The Opus Group is developing a 96,000-square-foot speculative industrial office and warehouse facility in Plymouth, about 13 miles west of Minneapolis. Construction will begin this month on the property, which is located on a site that offers access to I-494 from Highway 55. Designed for multi-tenant use, the property will feature 24-foot clear heights, ESFR sprinkler systems, five loading docks and parking for 204 cars. The building will be ready for occupancy by January 2016. The property will be owned by a joint venture partnership between Opus Development Co. and Founders Properties. Opus Development is the developer, Opus Design Build is the design-builder and Opus AE Group will be the architect and engineer of record. Matt Oelschlager of CBRE has been retained to lease the property.

July 1, 2015

Loans Michigan Midwest Multifamily

Pillar Originates $25.6M in Loans for Two Multifamily Properties in Michigan

by Amy Works July 1, 2015

WASHINGTON TOWNSHIP AND MONROE, MICH. — Pillar, a Guggenheim Partners affiliate, has originated $25.6 million in Fannie Mae loans for Aragona Properties for the refinancing of two suburban Detroit multifamily properties. Pillar secured a $16.2 million loan for Enclave Apartments, a 200-unit complex in Washington Township, approximately 35 miles north of Detroit. Consisting of 46 single-story buildings, the property offers a mix of one- and two-bedroom garden apartments. Aragona Properties and Lombardo Cos. developed the property. Additionally, Pillar originated a $9.3 million loan to refinance the Hampton Apartments, a 235-unit, garden-style multifamily property in Monroe, about 40 miles south of Detroit. Aragona and Sam Mignano developed the 38-building property. Adam Klingher and Brook Jackson of Pillar originated the two fixed-rate, 15-year loans, which both feature five years of interest-only payments and a 30-year amortization schedule.

July 1, 2015

Indiana Midwest Retail

DTZ Brokers $6.5M Sale of Retail Land Lease in Indiana

by Amy Works July 1, 2015

CLARKSVILLE, IND. — DTZ has brokered the sale of a retail land lease in Clarksville, approximately five miles north of Louisville, Ky. Columbus Pacific Properties sold the property, which is located at the intersection of Green Tree Boulevard and State Road 131, for $6.5 million. The property is occupied by a 12-screen, 38,000-square-foot Great Escape Movie Theater, which was recently acquired by Regal Cinemas. Rob Taylor of DTZ represented the seller in the transaction. The name of the buyer was not disclosed.

July 1, 2015

Illinois Midwest Office

Amata Office Solutions Completes Renovation of Shared Office Center in Chicago’s East Loop

by Amy Works July 1, 2015

CHICAGO — Chicago-based Amata Office Solutions has completed the renovation of its shared office/co-working center at 150 N. Michigan Ave. in Chicago’s East Loop. The renovation included the upgrades of 55 private offices and the reconfiguration of common areas to offer a greater variety of workspaces catering to the increasingly mobile workforce. The renovated center features modern lounges with breakout rooms, micro offices for short-term use and a separate workroom with unassigned seating for persons participating in Amata’s co-working program, which offers 24/7 access to all common areas and amenity spaces.

July 1, 2015

Illinois Midwest Mixed-Use Multifamily Retail

Marcus & Millichap Arranges Sale of 9,050 SF Mixed-Use Property in Chicago

by Amy Works July 1, 2015

CHICAGO — Marcus & Millichap has arranged the sale of a mixed-use property located at 1606 N. Harding Ave. in Chicago. The 9,050-square-foot property sold for $830,000. The property consists of six two-bedroom and three one-bedroom apartment units, and two commercial spaces. Joseph Bergman and Kyle Stengle of Marcus & Millichap’s Chicago represented the seller, a private investor, in the transaction.

July 1, 2015

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