MANITOWOC, WIS. — Marcus & Millichap has brokered the $975,000 sale of Aldi ground lease, a 16,581 square-foot net-leased property located in Manitowoc. The property is located at 4111 Harbor Town Lane and sits on approximately 1.8 acres.The asset, built in 2010, is the outlot to a larger retail development. Austin Weisenbeck, Aaron Baum and Sean Sharko of Marcus & Millichap’s Chicago Oak Brook office represented the seller, the original developer, and the buyer, a national real estate investor. Matthew Fitzgerald of Marcus & Millichap assisted in closing the transaction.
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STURTEVANT, WIS. — Meridian Design Build has completed a 76,320-square-foot expansion to an existing industrial plant in Sturtevant for Kerry Ingredients & Flavours. The fully air-conditioned building addition includes 10 new loading docks and dedicated warehouse space to accommodate spice storage. Meridian also completed interior renovation work within the existing plant including construction of new blending cells, the expansion of existing employee facilities and relocation of quality assurance facilities to accommodate increased production output. Thirty-six additional parking stalls were also added. This was Meridian Design Build’s fourth project for Kerry since 2009. Harris Architects provided architectural services. Pinnacle Engineering Group completed civil engineering work for the project.
HOFFMAN ESTATES, ILL. — J.C. Anderson has completed a 70,000-square-foot, three-floor office build-out for Omron Corp. in Hoffman Estates, Illinois. Omron, an automation company, is relocating its head office for its North and South America Group from Schaumburg to the Greenspoint Office Park in northwest suburban Hoffman Estates. Located at 2895 Greenspoint, Omron will occupy the first three floors of the office building. The new offices feature open office areas, private offices and conference rooms as well as a training center, fitness room, lunchroom and laboratory facilities. The space also includes high-end finishes, wood slat ceilings and decorative metal screens throughout. Gensler provided the architectural services for the project. JLL served as the project manager. J.C. Anderson’s team who led the project included Steven Boulukos, Seth Erlich and Marty Powers.
PHOENIX – The 180-unit Paradise Foothills in Phoenix has received $8 million in acquisition financing. The community is located at 12231 N. 19th Street. It was built in 1985. Common area amenities include a barbeque and picnic area, two swimming pools, one spa, two laundry rooms, a business center and a courtyard. Paradise is 94 percent leased. The borrower is a multifamily investor with holdings throughout Arizona. The fixed-rate loan has a seven-year term, a 25-year amortization schedule and an interest rate in the high 3 percent range. Financing was arranged by Peter Harris of Pacific Southwest Realty Services through one of the firm’s correspondent life insurance company lenders, which will service the loan until maturity.
CARLSBAD, CALIF. – A 19,400-square-foot building in Carlsbad that houses Bank of America has sold to Dan Floit for $7.2 million. The building is located at 7700 El Camino Real. Bank of America leased the space in 2012. CBRE’s Tim Kerrigan represented both the buyer and seller, Ingold Family LLC, in this transaction.
HEMET, CALIF. – The 151-unit Park Columbia Apartments in Hemet has sold to Srinivas Yalamanchili for $6.6 million. The community is located at 201 South Columbia Street, near the junction of Highways 74 and 79. Park Columbia is 95 percent leased. Community amenities include two swimming pools, two spas, a grill area and courtyards. HFF worked on behalf of the buyer to place a 10-year, fixed-rate loan with FNMA. The unnamed seller was represented by HFF’s Hunter Combs.
SCOTTSDALE, ARIZ. — Apogee Physicians has signed a lease for 27,727 at Scottsdale Quarter’s new 170,000-square-foot office building. The development is located at the southeast corner of Scottsdale Road and the Greenway-Hayden Loop in North Scottsdale. Scottsdale Quarter will eventually be a 1.2-million-square-foot lifestyle center with retail, office and luxury residential components. It is being developed by Glimcher Realty Trust. Apogee Physicians is currently headquartered in the Camelback Corridor. This new lease will allow the company to expand. The six-story tower is expected to open next summer. Glimcher was represented by CBRE’s Brad Anderson and Michael Strittmatter.
HOUSTON — Kinghorn, Driver, Hough & Co. has arranged an $11.1 million construction loan for Reed’s Landing Business Park located near Beltway 8 and Aldine Westfield in Houston. Phase I of the building will be a 147,112-square-foot manufacturing/distribution building with a 30-foot clear height, designed for either multi or single tenant use. It is scheduled for completion in early 2015. Upon completion, the entire project will include four buildings with a total of 517,382 square feet. Larry Peters and Matt Franke of KDH arranged the loan.
SAN ANTONIO — The LaSalle Group will soon begin construction on Autumn Leaves of Westover Hills, a 36,000-square-foot assisted living community dedicated to memory care. The company currently owns and operates 36 similar communities across the country. Autumn Leaves of Westover Hills will feature three courtyards and an open café. The memory care center is expected to bring 45 jobs to the area and provide care to 54 residents living with Alzheimer’s, dementia and other forms of memory impairment. This is The LaSalle Group’s second community in metro San Antonio following the recent opening of Autumn Leaves of Stone Oak in north San Antonio.
ALLEN, TEXAS — Marcus & Millichap has arranged the sale of the Allentown Office Building, a 29,979-square-foot office property in Allen, a northern suburb of Dallas. Ron Hebert of Marcus & Millichap’s Dallas office marketed the property on behalf of the seller, a partnership. Hebert also procured the buyer, a private investor who purchased the property in a 1031 tax-deferred exchange. Allentown Office Building is located at 100 Allen Parkway in Allen, less than one mile from North Central Expressway. The two-story property was built in 1985 on 3.6 acres. The property was 80 occupied at the time of sale.