Property Type

Avison Young Arranges $5.3M Sale of Historic Property in Santa Ana

by Nellie Day June 25, 2015

SANTA ANA, CALIF. — Avison Young has arranged the sale of the Pacific Building, an historic 16,274-square-foot, mixed-use property located in the Artist Village District of Santa Ana for $5.3 million. Dan Vittone and Alan Pekarcik of Avison Young, along with Gil Marrero of Voit Real Estate Services, represented the seller, Gumm Investments. Red Rock Capital Advisors LLC represented the buyer, Red Rock Management. The property is 100 percent leased to 11 tenants, including Chapter One, a metropolitan-style restaurant and bar, Downtown Sugar, a spa, and the Copper Door, a nightclub. The transaction closed at a capitalization rate of 6 percent.

June 25, 2015

California Office Western

Congress Management Associates Buys Medical Office Building in Pasadena

by Nellie Day June 25, 2015

PASADENA, CALIF. – Congress Management Associates has purchased a 17,632-square-foot medical office building in Pasadena for $10.7 million. The building is located at 39 Congress Street, next to the 625-bed Huntington Memorial Hospital. The facility was built in 1984. Some of the local physicians who acted as investors in this purchase plan to occupy a portion of the building in the near future. The building is currently 95 percent occupied. The buyer was represented by Michael Dettling of Avison Young. The seller, 39 Congress Partnership, was represented by Carver Associates.

June 25, 2015

Arizona Office Western

Western Refining Expands at Papago Buttes Corporate Plaza in Tempe

by Nellie Day June 25, 2015

TEMPE, ARIZ. – Western Refining has expanded its lease at Papago Buttes Corporate Plaza in Tempe. The independent refining and marketing company will lease an additional 17,723 square feet at the office plaza, which is located at 1250 W. Washington Street. The company will take occupancy of the additional space this summer. Western Refining was represented by Larry Downey of Cushman & Wakefield of Arizona. The landlord was represented by Tony Hepner and Janet Ehrlich of Metro Commercial.

June 25, 2015

California Office Western

Officia Imaging Leases Office Space in Los Angeles

by Nellie Day June 25, 2015

LOS ANGELES – Officia Imaging has signed a 63-month lease for 3,150 square feet of office space in Downtown Los Angeles. The space is located at 617 West Seventh Street. Officia Imaging is an office equipment and document management software solutions provider. The building is owned by the Swig Company.

June 25, 2015

Colorado Retail Western

Retail Strip Center in Pueblo Sells for $3M

by Nellie Day June 25, 2015

PUEBLO, COLO. – A 7,371-square-foot retail strip center in Pueblo has sold to a local private investor for $3 million. The center is located at 1425 US Highway 50 West. It is full occupied by McAlister’s Deli, Papa John’s Pizza and Open MRI. The McAlister’s Deli franchisee has agreed to enter into a new 15-year, triple-net master lease once this transaction has closed. It will contain two, 10-year renewal options. The buyer was represented by Drew Isaac and Howard Stark of Marcus & Millichap’s Denver office. The seller, a private investor, was represented by Barry Higgins and David Lee of the same firm.

June 25, 2015

Mixed-Use New York Northeast Retail

Ariel Property Advisors Arranges $7.4M Sale of Four Properties in Brooklyn

by Amy Works June 25, 2015

NEW YORK CITY — Ariel Property Advisors has brokered the sale of four properties in Brooklyn totaling $7.4 million. In the first transaction, Jonathan Berman, Mark Spinelli, Daniel Tropp and Michael Tortorici of Ariel Properties represented the seller and buyer, both private investors, in the $2.3 million sale of a vacant lot at 876 Bergen Ave. in Prospect Heights. The property is zoned R7A and contains 10,847 buildable square feet as-of-right. In the second transaction, Tropp, Spinelli and Berman represented the seller and buyer, both private investors, in the trade of a property, which contains two residential units and one commercial unit, located at 154 Graham Ave. in East Williamsburg. The 4,500-square-foot asset sold for $1.9 million. In the final transaction, Shimon Shkury, Berman, Spinelli and Tropp represented the seller and buyer, both private investors, in the sale of two industrial properties, located at 402-422 Snediker Ave. and 485-515 Van Sinderen Ave. in East New York. The buildings, which total 33,500 square feet, sold for $3.2 million.

June 25, 2015

Loans Midwest Missouri Multifamily Seniors Housing

NorthMarq Capital Secures $15M Refinancing for Seniors Housing Community in Missouri

by Amy Works June 25, 2015

BELTON, MO. — NorthMarq Capital has arranged $15 million in refinancing for Carnegie Village Senior Living Community in Belton. Located at 103 Bernard Drive, the property features 204 assisted, independent and memory care units. Greg Duvall of NorthMarq arranged the seven-year loan, which features a 30-year amortization schedule, through NorthMarq’s seller-servicer relationship with Freddie Mac.

June 25, 2015

Civic Midwest Minnesota

The Opus Group Completes Renovations, New Construction at St. Catherine University

by Amy Works June 25, 2015

ST. PAUL, MINN. — The Opus Group has completed a 41,500-square-foot expansion and renovation at St. Catherine University’s Aimee and Patrick Butler Center for Sports and Fitness in St. Paul. The two-phased project created more recreation and wellness facilities for students, facility and staff, while also improving the functionality of the major campus hub. The project included the renovation of 10,000 square feet in Fontbonne Hall and the construction of 31,500 square feet of new space within the Butler Center, featuring separate varsity locker rooms and lounge space, a cardio room with fitness equipment, a dance studio and a multi-purpose training center and field house. Construction for the first phase began in May 2014 and was completed in August 2014, while the second phase started in fall 2014 and was completed in January 2015. Opus Design Build LLC was the design-builder, while Opus AE Group was the architect of record.

June 25, 2015

Illinois Midwest Retail

Marcus & Millichap Arranges Sale of 58,100 SF Self-Storage Facility

by Amy Works June 25, 2015

CRYSTAL LAKE, ILL. — Marcus & Millichap has brokered the sale of Next Door Storage, a self-storage facility located in Crystal Lake. Located at 7209 Teckler Blvd., the 58,100-square-foot property sold for an undisclosed sum. Originally constructed in 1977 and most recently renovated in 2014, the property features 579 storage units. Sean Delaney and Michael Mele of Marcus & Millichap represented the seller and buyer, both limited liability companies, in the transaction.

June 25, 2015

Illinois Industrial Midwest Office Retail

Transwestern Brokers Three Sales Totaling 82,295 SF in Illinois

by Amy Works June 25, 2015

ELMHURST AND MUNDELEIN, ILL. — Transwestern has brokered the sale of three commercial properties in three separate transactions totaling 82,285 square feet in Elmhurst and Mundelein. In the first transaction, Justin Lerner and Joe Karmin of Transwestern represented Venture One in the disposition of a 33,000-square-foot property at 899 Larch in Elmhurst. Craftwood Inc. acquired the building for an undisclosed price. In the second deal, Lerner and Karmin represented Terrence Sherman in the sale of a 29,000-square-foot building at 877 S. Route 83 in Elmhurst. U Store It LLC purchased the property for an undisclosed sum. In the final transaction, Tom Boyle and Jared Paff represented International Equipment Trading Inc. in the acquisition of a 19,295-square-foot property at 955 Campus Drive in Mundelein from G&M Enterprises for an undisclosed price.

June 25, 2015

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