Property Type

Construction Resources to Open Design Center at Westside Paper Development in Atlanta

by John Nelson April 4, 2024

ATLANTA — Construction Resources, a distributor of home improvement products, plans to open a new design center at Westside Paper, a mixed-use development located at 950 W. Marietta St. in Atlanta’s West Midtown district. The center, which is set to open early next year, will be the first location to feature all of Construction Resources’ products in a single location. Westbridge and FCP co-developed and own Westside Paper, which is an adaptive reuse of a 70-year-old paper mill. Brad Pope of JLL represented Construction Resources in the lease transaction, and Shelbi Bodner with Bridger Properties represented the landlord. Other tenants at Westside Paper include El Santo Gallo, Pancake Social, Elsewhere Greenhouse, Bar Driver, Northern China Eatery, Ancestral Bottle Shop & Market and King of Pops.

April 4, 2024

Leasing Activity Restaurant Retail Texas

Chinese Hotpot Restaurant Signs Two Leases Totaling 12,543 SF in Texas

by Taylor Williams April 4, 2024

HOUSTON AND CARROLLTON, TEXAS — Shoo Loong Kan has signed two leases in Texas, marking the first locations in the state for the Chinese hotpot concept. Plans include a 6,213-square-foot restaurant at West on West in Houston, as well as a 6,330-square-foot restaurant in the northern Dallas metro of Carrollton. Michael Pittman II, Michael Burgower and Rachel Granstrom of Cushman & Wakefield represented the tenant in the lease negotiations.

April 4, 2024

Leasing Activity Retail Southeast Virginia

Three Tenants to Join Haymarket Village Center in Northern Virginia, Six Renew Leases

by John Nelson April 4, 2024

HAYMARKET, VA. — Three new tenants have signed leases to join Haymarket Village Center, a 256,856-square-foot retail center situated about 38 miles west of Washington, D.C. Red Bank, N.J.-based First National Realty Partners (FNRP) is the landlord. The leasing deals with Cin Dental (1,824 square feet), Nova Patient Care (1,600 square feet), and BeBop (1,575 square feet) will bring the retail center to full occupancy. FNRP has also secured lease renewals with six existing tenants, including Divine Nail Spa, Jersey Mike’s Subs, Starbucks Coffee, Smoothie King, Sports Clips and Verizon Wireless. FNRP purchased Haymarket Village Center in 2018 for $34.5 million.

April 4, 2024

Camelback-303-Logistics-Center-Goodyear-AZ

Arizona Development Industrial Western

Stevens-Leinweber Begins Construction of Camelback 303 Logistics Center in Goodyear, Arizona

by Amy Works April 4, 2024

GOODYEAR, ARIZ. — Phoenix-based Stevens-Leinweber Construction (SLC), on behalf of Brookfield Properties, has started construction of Camelback 303 Logistics Center in the Phoenix suburb of Goodyear. The two-building industrial development will offer 616,100 square feet of Class A industrial space, Class A amenities, and trailer and outdoor storage. Situated at 16395 and 16565 W. Camelback Road, Camelback 303 Logistics will include a 303,500-square-foot Building A and 312,000-square-foot Building B. Each building will feature 36-foot clear heights, LED lighting, 79 dock-high and four drive-in doors and 3,000 amps of power. Additionally, Buildings A and B will also offer 185-foot to 370-foot secured concrete truck courts, parking for 309 to 329 cars and 212 to 214 trailers, and electric vehicle charging stations. Completion is slated for fourth-quarter 2024. The property is located within PV303, a 1,600-acre, master-planned industrial park by Merit Partners. SLC is serving as general contractor and Butler Design Group is serving as project architect. Pat Feeney, Danny Calihan and Tyler Vowels of CBRE are handling leasing for the project.

April 4, 2024

Acquisitions Affordable Housing California Multifamily Western

Colliers Brokers $43.4M Sale of Affordable Multifamily Property in Los Angeles

by Amy Works April 4, 2024

LOS ANGELES — Colliers has arranged the sale of an affordable apartment community located at 349 S. La Fayette Place in the La Fayette Park neighborhood of Los Angeles. The asset traded for $43.4 million, or $362,000 per unit. Kitty Wallace and Kalli Knight of Colliers represented the buyer and seller in the transaction. Situated on a 43,000-square-foot lot, the three-story property features 120 affordable apartments. The buyer paid cash to preserve the right to create and maintain affordable housing, and purchased the property with the intent of promoting and advancing workforce and affordable housing initiatives. Built in 1971 and extensively remodeled in 2017, the property features 120 subterranean parking spots with third-party billing for electric vehicle charging stations. Currently, 85 percent of the units are fully renovated. The units feature stainless steel appliances, in-suite washers/dryers, hardwood floors with carpeting in the bedrooms and mini-split air conditioners and heaters. Community amenities include a new roof, updated plumbing and boiler, a resurfaced and modernized pool, built-in barbecue area, redesigned fitness center, electric vehicle charging stations and elevator modernizations. All units also include 100-amp electrical panels and new plumbing to accommodate the installation of in-unit washers and dryers.

April 4, 2024

Arizona Development Industrial Western

Indicap, AECOM-Canyon Partners Complete 1 MSF Phase I of Eastmark Center of Industry in Mesa, Arizona

by Amy Works April 4, 2024

MESA, ARIZ. — Indicap, in partnership with AECOM-Canyon Partners, has completed Phase I of the Eastmark Center of Industry in Mesa. The newly opened buildings offer 978,837 rentable square feet of Class A industrial space within a 65-acre industrial park in Mesa’s Gateway Airport submarket. The first phase includes five mid-bay and cross-dock buildings, ranging from 83,347 square feet to 426,569 square feet, with 30-foot to 36-foot clear heights and a parking ratio of 1.28 per 1,000 rentable square feet. Indicap acquired the project site in April 2022 for $48 million, marking the company’s entry into the Phoenix metro. The land purchase included 53 acres for a second phase of development. The project team includes Layton Construction, Kimley-Horn, Deustch Architecture and JLL.

April 4, 2024

Acquisitions California Industrial Western

Ares Management Buys 258,506 SF Distribution Facility in Westminster, California

by Amy Works April 4, 2024

WESTMINSTER, CALIF. — A real estate fund managed by Ares Management has acquired a freestanding industrial distribution building in the Orange County city of Westminster from an undisclosed seller. Terms of the transaction were not released. Situated on 11.8 acres at 7400 Hazard Ave., the 258,506-square-foot building features 22- to 24-foot clear heights, ample dock-high and grade-level loading, abundant auto parking and 40 off-dock trailer parking stalls. At the time of sale, the property was 72.6 percent leased. Jeff Chiate, Jeffrey Cole, Rick Ellison and Matt Leupold of Cushman & Wakefield’s National Industrial Advisory Group – West represented the seller in the deal. Randy Ellison and Kyle McGillen of Cushman & Wakefield provided leasing advisory and were retained by the buyer to continue leading project leasing for the asset. Additionally, Rob Rubano, Brian Share, Max Schafer and Becca Tse of Cushman & Wakefield Equity, Debt & Structured Finance secured acquisition financing for the buyer.

April 4, 2024

Acquisitions Oregon Restaurant Retail Western

AlpHubbard Acquires Burger King-Occupied Restaurant Building in Coos Bay, Oregon for $1.9M

by Amy Works April 4, 2024

COOS BAY, ORE. — AlpHubbard LLC has purchased a restaurant property, located at 2021 Newmark Ave. in Coos Bay, from Ternik LLC for $1.9 million. Burger King occupies the 2,824-square-foot freestanding drive-thru building, which was constructed in 1992. Todd VanDomelen and Mike Brown of Portland, Ore.-based Norris & Steven Inc. represented the buyer, while Clayton Brown of Marcus & Millichap represented the seller in the deal. Coos Bay is a coastal city approximately 100 miles southwest of Eugene.

April 4, 2024

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 68,121 SF North & Clybourn Retail Property in Chicago

by Kristin Harlow April 4, 2024

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of North & Clybourn, a 68,121-square-foot retail center in Chicago’s Lincoln Park neighborhood, for an undisclosed price. North & Clybourn is anchored by Crate & Barrel and The Container Store, which have occupied the property for 25 years. Additional tenants include Potbelly, LensCrafters and Sweetgreen. Joe Girardi and Stan Nitzberg of Mid-America brokered the sale on behalf of the private seller. Hines U.S. Property Partners was the buyer.

April 4, 2024

Indiana Industrial Leasing Activity Midwest

Continental Signs 49,977 SF Industrial Lease in Metro Indianapolis

by Kristin Harlow April 4, 2024

PLAINFIELD, IND. — Continental, a contract dining and refreshment provider, has signed a 49,977-square-foot industrial lease at Gateway Industrial II within HSA Commercial’s Gateway Business Park in the Indianapolis suburb of Plainfield. The deal returns Gateway Industrial II to full occupancy after a previous tenant expanded elsewhere within the business park. Based in Troy, Mich., Continental specializes in workplace food and beverage programs. The company plans to establish a distribution center and office space at Gateway Industrial II. HSA will oversee the build-out of the office portion, while Continental will retrofit the warehouse space. Occupancy is slated for June 1. Built in 2004, Gateway Industrial II features a clear height of 28 feet. In addition to Continental, the 104,400-square-foot building is leased to Sky Zone Trampoline Park, In Touch Pharmaceuticals and CertiFit Auto Body Parts. To date, HSA has completed seven buildings totaling approximately 1.2 million square feet at Gateway Business Park. The development is situated one mile from Indianapolis International Airport. Tom Ferguson of Premier Commercial and John Boyd of Signature Associates represented Continental in the lease. Terry Busch and Jared Scaringe of CBRE represented ownership.

April 4, 2024

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