Property Type

Menlo Equities Buys Office Building in Lake Forest

by Nellie Day March 5, 2015

LAKE FOREST, CALIF. – An affiliate of Menlo Equities LLC has purchased a 76,841-square-foot office building in Lake Forest for an undisclosed sum. The building is located at 26250 Enterprise. It is situated near the 241 toll road and Interstate 5 via Bake Parkway.. The building is 87 percent occupied by four tenants, with a majority of the space occupied by Panasonic Avionics Corporation. The seller, Bixby Land Company, was represented by Jeffrey Cole, Jeffrey Chiate, David Dowd and Ed Hernandez of Cushman & Wakefield’s Irvine office.

March 5, 2015

Midwest Minnesota Mixed-Use

Trammell Crow Co. Acquires Site for New Mixed-Use Development in Minneapolis

by Danielle Everson March 5, 2015

MINNEAPOLIS — High Street Residential, the residential subsidiary of Trammell Crow Co., has acquired a nearly two-acre site for the construction of a 164-unit, six-story, Class A mixed-use building in Minneapolis. The residential complex will replace an existing restaurant and associated surface parking lot fronting the West Lake Corridor. Construction is expected to begin during the second quarter and ready for occupancy in the third quarter of 2016. 3118 W. Lake will include a contemporary studio, alcove, one-, two- and three-bedroom apartments with views of the surrounding Lake Calhoun and the Minneapolis Skyline. The commercial portion of the development will include 5,000 square feet of indoor restaurant space and an outdoor patio space. ESG Architects will serve as the project architect. A joint venture between Continuum Construction and Big D Construction will serve as the general contractor. Jerry Ebert, senior vice president of construction, will oversee the development of the project on behalf of High Street Residential and Trammell Crow Co.

March 5, 2015

Indiana Industrial Midwest

Ozburn-Hessey Logistics Signs 450,000 SF Industrial Lease in Plainfield, Ind.

by Danielle Everson March 5, 2015

PLAINFIELD, IND. — Transpacific Development Co. (TDC) has executed a lease with Ozburn-Hessey Logistics (OHL) for 450,000 square feet of distribution space at 2450 Stanley Road in Plainfield. TDC acquired the newly-constructed building in 2013. The building features a 32-foot ceiling height, 40 dock doors in a cross-dock configuration, T-5 lighting and three entrances. With this transaction, OHL now leases three full buildings from TDC in the Plainfield submarket. Jeb Atkinson, Jess Andrews, Brian Camp and Doug McDowell of ProVenture represented OHL in the lease. Steve Schwegman of JLL assisted in the lease transaction. Michael Weishaar and Luke Wessel of DTZ represented the landlord.

March 5, 2015

Office Texas

Buchanan Street Partners Purchases Office Building in Texas

by Haisten Willis March 5, 2015

DALLAS — Buchanan Street Partners has acquired Granite Tower, a 10-story, 240,000-square-foot office building located at 4055 Valley View Lane in Dallas. Buchanan Street acquired the property on behalf of an unnamed pension plan from a partnership between CREA Investments and Macfarlan Capital Partners. Granite Tower is currently 97 percent leased. The firm acquired Granite Tower with five-year, fixed-rate financing provided by a Midwestern-based life insurance company through HFF, who acted as the mortgage broker in the transaction. Dallas-based DTZ will continue to manage and lease the property.

March 5, 2015

Healthcare Illinois Midwest

Reed Construction to Build 20,000 SF Riverside Medical Center in Frankfort, Ill.

by Danielle Everson March 5, 2015

FRANKFORT, ILL. — Reed Construction will build Riverside Medical Center, a new 20,000-square-foot medical office building for Riverside Healthcare in Frankfort. The property will be located on a 25-acre site at the corner of US 45 and Steger Road. The single-story masonry medical office facility will feature metal panels and a curtain wall glazing system. The medical space will include exam rooms, CT imaging, EKG facilities and infusion bays for Riverside Healthcare, a healthcare system serving the needs of patients throughout the counties of Kankakee, Iroquois, Will and Grundy. Reed Construction will also complete more than 20 acres of site improvements and infrastructure for future development on the property. Scott Pickands and Cy Rangel are the project executives overseeing the project on behalf of Reed Construction. Jack Sbertoli of Reed Construction is leading the project team, which is scheduled to begin construction in April with completion slated for end of the year. Proteus Group is providing the architectural services.

March 5, 2015

Multifamily Texas

29th Street Capital Acquires Apartment Complex in Houston

by Haisten Willis March 5, 2015

HOUSTON — 29th Street Capital (29SC) has acquired Ashley Park Apartments, a 284-unit, Class B asset located in the Medical Center/University submarket of Houston. The property is located inside of the 610 Loop and is less than two miles from the Texas Medical Center. The property will be re-branded as The Edge at City Centre. 29SC plans to invest $2.17 million, or $7,640 per unit, to improve the quality of the units and common areas while enhancing curb appeal. Amenities will include a new fitness center and upgraded leasing center. New plank siding, landscape improvements and signage will be added to the exteriors. Renovations in the apartment units will include the addition of new appliances, resurfaced countertops and cabinets, upgraded kitchen and bathroom fixtures, modern lighting and new flooring in the living areas.

March 5, 2015

Illinois Industrial Midwest

Brennan Investment Group Acquires Industrial Building in Lake Forest, Ill.

by Danielle Everson March 5, 2015

LAKE FOREST, ILL. — Brennan Investment Group, in a joint venture with Goldman Sachs, has acquired an industrial property located at 13970 Laurel Drive in Lake Forest. This property will be added to the 23-building, 4.68 million-square-foot portfolio Brennan and Goldman Sachs acquired in late 2014. The properties are located within the greater Chicago Metropolitan area and were purchased from Mirvac Industrial Trust, an Australian public REIT. Further details of the transaction were not disclosed.

March 5, 2015

Retail Texas

M&M Arranges Sale of Two Retail Properties in Metro Houston

by Haisten Willis March 5, 2015

SUGAR LAND, HUMBLE, TEXAS — Marcus & Millichap has arranged the sale of two retail properties in metro Houston. The first is a 14,641-square-foot CVS drug store located in Sugar Land. James Bell of Marcus & Millichap’s Houston office represented the buyer, a private investor, who utilized a 1031 exchange. The CVS was built in 2014 and is located at 4523 L.J. Parkway. The second transaction was the sale of Plazas at Lake Houston Parkway, a 14,511-square-foot retail property located in Humble. Bell marketed the property on behalf of the seller, a Houston developer. The Plazas at Lake Houston Parkway retail property is located at 20121 W. Lake Houston Pkwy.

March 5, 2015

Industrial Midwest Wisconsin

DTZ Barry Arranges 14,508 SF Industrial Lease in New Berlin, Wis.

by Danielle Everson March 5, 2015

NEW BERLIN, WIS. — DTZ Barry has arranged the lease of a 14,507-square-foot industrial space in New Berlin. Industrial Automations Solutions Inc. (IAS), an engineering company, will occupy space located at 5125 S. Towne Center. Kevin Barry of DTZ Barry represented IAS in the lease.

March 5, 2015

Healthcare Texas

CBRE Negotiates Medical Village Sale in Austin

by Haisten Willis March 5, 2015

AUSTIN — CBRE has negotiated the sale of Southwest Medical Village, a Class A medical outpatient facility in Austin. Denver-based EverWest Real Estate Partners LLC worked with the buyer to purchase the asset for an undisclosed price. Gary Carr, Eric Mackey, John Alvarado and Robert Hill of CBRE’s Dallas office represented the seller, Harrod Healthcare Development. The fully leased asset has approximately 70,000 square feet of medical office space and offers above-code parking. The property is located at 5625 Eiger Road. Premier Family Physicians, a family medicine practice, anchors the property, which includes 18 other specialty practices.

March 5, 2015

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