MURRIETA, CALIF. – A 41,472-square-foot industrial incubator property in Murrieta has sold to a private investor for $3.8 million. The two-building property is located at 26398 Deere Court and 41571 Corning Place. It was built in 2002 and is currently 96 percent occupied. The buyer funded this acquisition with proceeds from the sale of a golf course in Jurupa, Calif. The seller, Murrieta Commerce Center LLC, was represented by Dan Vittone and Alan Pekarcik of Avison Young.
CITY OF INDUSTRY, CALIF. – A 26,650-square-foot industrial building in the City of Industry has sold to Mygrant Glass for $3.5 million. The concrete, tilt-up building is located at 14235 Lomitas Ave. It was built in 1980. Mygrant Glass was represented by Nick Arnst and Tom Holland of Heger Industrial, and Michael Jeppesen of IPG. The seller, Weiss Industrial Holdings LLC, was represented by Charles A. Johnson of Daum Commercial Real Estate Services.
TACOMA, WASH. – Sound Physicians has signed an 11-year lease for space at the Umpqua Bank Building in downtown Tacoma. The building is located at 1498 Pacific Ave. The office serves as the central hub for the hospitalist and transitional care organization. The company manages hospitalist, critical care and skilled nursing care for nearly 190 hospitals and close to 100 skilled nursing facilities that work in conjunction with these hospitals in 34 states. The administrative support staff in Tacoma includes 150 colleagues.
Before raising the curtain on 2015, it is important to understand how the stage has been set. The Phoenix industrial sector continues to build for changes in the market. Local and national developers delivered 6.3 million square feet of speculative industrial warehousing in the market last year, primarily due to big box projects. While most of these projects were in the Southwest Phoenix submarket, we have seen construction in the Sky Harbor and Southeast Valley submarkets as well. The national economy continues to improve slowly, and while activity levels during the numerous projects have been steady, closed deals for large blocks of space continue to be elusive. Although net absorption was positive by the end of last year, lease transaction volumes were mostly in the 50,000 to 200,000 square feet range. This prompted developers to modify their efforts by offering to divide their big boxes to accommodate partial building tenants, where prior expectations were geared toward single-tenant, full-building occupancy. There were still several big box projects under construction by the end of last year. This includes projects by Wentworth Properties, Trammel Crow/Clarion Partners, Conor Commercial, Hillwood and several other projects in shovel-ready position. Those ready to break ground include Prologis, …
CLARK, N.J. — The Provident Bank has closed a $55 million loan for the development of Clark Commons, a 244,450-square-foot shopping center at Raritan Road and Walnut Avenue in Clark. Situated on 28 acres on the former U.S. Gypsum paper plant, the seven-building shopping center will offer 27 retail spaces. Completion is slated for late spring with a proposed grand opening in early August. The center is 100 percent preleased to Whole Foods Market, Home Goods, L.A. Fitness, Michaels, Petco, Ulta, Modell’s and Party City. Krame Development is constructing the center, which was designed by The Dietz Partnership Architects. The Provident Bank and M&T Bank provided the construction financing, with Provident serving as administrative agent. Gregory Lamb of Provident handled the transaction.
INDEPENDENCE, OHIO — CBRE has brokered the $26.5 million sale of Summit Office Park, a 492,936-square-foot office complex in Independence, a suburb southeast of Cleveland. The four-building office complex is located in the Rockside Road corridor just off I-77. Vicki Maeder and Mary Izant of CBRE’s Cleveland office and Andrew Banister and Daniel Richardson of CBRE’s Indianapolis office represented the seller, IWA Inc. A Canadian-based firm purchased the property, which was 69 percent occupied at the time of sale.
KALAMAZOO, MICH. — NorthMarq Capital’s Chicago-based regional office has arranged $3 million in acquisition financing for Woodstone Apartments, a 99-unit multifamily property located in Kalamazoo. Sue Blumberg of NorthMarq arranged the 10-year loan, which includes a 30-year amortization schedule, for the undisclosed borrower through its affiliation with AmeriSphere Multifamily Finance, a Fannie Mae DUS lender.
ATLANTA — Alliance Residential Co.’s Atlanta office has opened The Haynes House, an eight-story, 186-unit luxury apartment community in Atlanta. The opening marked the first delivery of what will be more than $300 million in new multifamily construction across the Southeast for Alliance Residential. The regional office is poised to either deliver or begin Class A communities in Nashville; Charleston; and Midtown, Buckhead, and Sandy Springs in the Atlanta metropolitan area over the next year, with more in the early planning stages. “As our first delivery this cycle, The Haynes House is the proverbial tip of the spear,” says Todd Oglesby, managing director of Alliance Residential Co. “It sets the tone for what we will be doing across the South; well-located, best-in-class communities in key Southeastern cities.” The Haynes House is located on Peachtree Road across from Peachtree Battle Shopping Center. Alliance acquired the site in May 2013, working with neighborhood and zoning officials to create a project that would integrate successfully with the fabric of Peachtree Road. The company was able to start the project quickly and deliver the upscale community in 20 months. According to Apartments.com, rental rates at The Haynes House ranges from $1,450 to $4,200. This …
CHICAGO — Summit Design + Build has completed an indoor rock climbing facility for Brooklyn Boulders at 100 S. Morgan in Chicago’s West Loop neighborhood. Brooklyn Boulders designs, builds and operates hybrid rock climbing facilities. The new 25,000-square-foot facility required the renovation and build-out of an existing building. The project included the removal of the existing 25-foot roof and the addition of a new 55-foot roof to accommodate the construction of a mezzanine and climbing walls, which span from floor to ceiling in the south building. The north building includes a climbing terrain, shared office space, a fitness studio, event space and café. Other amenities include locker rooms, showers and a customer lounge. The project was designed by Chris Ryan, the chief development officer of Brooklyn Boulders Chicago, and Massachusetts-based Arrowstreet Architecture & Design.
KILLEEN, TEXAS — The Boulder Group has arranged the $1.7 million sale of a single-tenant Family Dollar property located at 4802 Bridgewood Drive in Killeen. The 9,180-square-foot, newly constructed property is located at the intersection of West Stan Schlueter and Bridgewood Drive. Jordan Kaufman of The Boulder Group represented the seller, a Texas-based private developer, in the transaction. A private Midwest-based investor purchased the property in a 1031 tax-deferred exchange. Family Dollar has 10 years remaining on its lease at the building. The lease features 10 percent rental escalations in each of the six five-year renewal option periods.
