CHICAGO — Chicago-based Logistics Property Co. LLC has received a $205 million permanent loan from PGIM Real Estate. The loan included five projects within the firm’s first develop-to-core fund, LPC Logistics Venture One LP. The five projects total nearly 2.7 million square feet across seven buildings. Frederickson ONE, Building 4 and Building 7 are in the Seattle market, 94 Logistics Park is in the Chicago market and Logistics 83 and North Penn Logistics Center are in the Southeast Pennsylvania/New Jersey market.
CHICAGO — Chicago office tower 161 North Clark has emerged from receivership with a new ownership group that has inked 75,000 square feet of leases so far this year. The 50-story property features a refreshed lobby and a soon-to-open Veteran Roasters coffee shop. The new ownership group is an entity doing business as 161 North Clark Newco LLC. Telos Group is overseeing leasing, CBRE is the property manager and Xroads Real Estate Advisors is the asset manager. The 1 million-square-foot property is situated directly across from Google’s new Chicago headquarters, which are slated to open in 2026. Established in 2017, the veteran-owned Veteran Roasters is opening in the retail space formerly occupied by Freshii. Visitors will also enjoy a multimedia art exhibit from local artist Tom Rossiter. Tenant amenities include a conference center, 12th-floor outdoor roof terrace, fitness center and lounge. The new ownership is working on plans to expand and update the amenity and conference center floor.
COLUMBUS, OHIO — SRS Real Estate Partners has brokered the $8.6 million sale of a 125,357-square-foot retail property occupied by Lowe’s Home Improvement in Columbus. Situated on 12.8 acres, the building at 2888 Brice Road features a corporate-guaranteed lease that was recently extended for 10 more years. The property is adjacent to Brice Park, a 158,000-square-foot shopping center. Matthew Mousavi and Patrick Luther of SRS represented the undisclosed seller. A West Coast-based private investor purchased the asset at a cap rate of 6.4 percent.
LOS ANGELES — Thrive Living, along with Los Angeles city and community leaders, has broken ground on 5035 Coliseum Plaza, a mixed-use project in South Los Angeles. The community will feature a Costco Wholesale anchoring the street-level retail space and 800 units of rental housing above. The project is the first mixed-use development in the nation to have Costco as the anchor retail tenant. A total of 184 apartments, or 23 percent of the total units, will be dedicated to low-income households, and the balance of the units will be non-subsidized affordable and workforce housing. The site is designed to support families, seniors and other residents to move laterally from within the community. Community amenities will include an advanced full-service fitness center, high-tech shared workspaces for residents, study space for students, community rooms connected to landscaped courtyards and a rooftop pool. Construction of the 5035 Coliseum project will support thousands of jobs and is expected to take approximately 30 months from the start date. Additionally, the Costco location will creation an estimated up to 400 jobs once fully operational.
PHOENIX — Pacific Development Partners (PDP) has completed the disposition of Vela on Camelback, a Class A multifamily property in Phoenix’s Camelback Corridor submarket. In the company’s first acquisition in the Phoenix market in 15 years, Sherman Residenital acquired the asset for $72 million. Completed in 2017, Vela on Camelback offers 237 apartments, a sky deck overlooking Piestewa Peak and Camelback Mountain, a pool and spa area with a barbecue pavilion, club-style fitness center, resident lounge with a chef-inspired community kitchen, dog wash and fenced dog run, gas grills in outdoor courtyards and 24-hour package lockers. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.
MONUMENT, COLO. — Ware Malcomb has announced the completion of a flagship facility for Eagle Rock Distributing Co. in Monument, approximately 20 miles north of Colorado Springs. Ware Malcomb provided integrated services, including civil engineering, architecture and interior design, and Murray & Stafford provided general contracting services for the 272,500-square-foot project. Eagle Rock specializes in the distribution of alcoholic beverages, offering its customers a selection of premium, craft and imported beers, wine, spirits, liquors and other related beverages. The distribution center consists of two buildings: a 262,500-square-foot distribution center and an adjacent 10,000-square-foot maintenance facility to service the company’s trucks. The distribution center includes 209,175 square feet of Controlled Environment Warehouse (CEW), a 12,480-square-foot key cooler, 30,125-square-foot two-story office space, loading docks and an event hosting area on each floor with an outdoor patio. The maintenance facility has a sand/oil interceptor and sanitary line connected. Additional improvements include solar panels covering most of the roofing, an asphalt parking lot, delivery truck loading ramps, concrete sidewalks, landscaping and all associated utilities.
PHOENIX — Stos Partners has purchased 236 and 240 North 48th Avenue in Phoenix from an owner-user for an undisclosed price. Situated on 5.3 acres, the property includes two freestanding industrial buildings totaling 94,836 square feet. Constructed in 1978, the 83,200-square-foot warehouse at 240 N. 48th Ave. features 3,450 square feet of office space, 24-foot clear heights, 19 dock-high doors, two grade-level loading doors, 7,000 amps, 45 parking spaces and direct access to Union Pacific Railroad with 10 rail spots. Built in 1979, the 11,636-square-foot building at 236 N. 48th Ave. offers 4,200 square feet of office space, one dock-high door, two grade-level loading doors and 14 auto parking spaces. Stos Partners plans to commence capital improvements to enhance the two buildings’ functionality and appeal, including exterior paint, parking lot and loading areas repairs, dock and ground-level doors repairs and roof and electrical system repairs. Phil Haenel, Gary Anderson and Foster Bundy of Cushman & Wakefield facilitated the transaction. Gary Anderson and Nik Vallens of Cushman & Wakefield are handling leasing for the buildings on behalf of Stos Partners.
LOS ANGELES — BridgeCore Capital has provided $6.5 million in refinancing for a multifamily property on the border of the Koreatown and MacArthur Park neighborhoods in Los Angeles. The undisclosed borrower will use loan proceeds to refinance a matured loan and to pay outstanding property taxes. BridgeCore structured the loan with a six-month prepaid interest reserve to cover the shortfall between net operating income and BridgeCore’s debt service and to avoid payment default by the undisclosed borrower during the loan term. The loan features a 74 percent loan-to-value ratio. Information about the property was not disclosed.
By Grant Mechlin, Sansone Group The St. Louis retail market showed impressive resilience in the second quarter of 2024, thanks to strong consumer spending and growing demand across various sectors. Despite challenges such as higher borrowing costs and persistent inflation, the market tightened considerably, with availability dropping to a record low 4.8 percent and well below the five-year average, according to CoStar. This strong absorption has persisted for nine consecutive quarters, highlighting the market’s ongoing strength. A major factor behind this is the limited new supply — only 770,000 square feet of retail space was added in the past year, with nearly all of it quickly absorbed, according to CoStar. This scarcity has fueled development, especially in areas like quick-service restaurants, banks and discount retailers, as tenants are forced to explore new construction as the only viable option to combat a lack of supply in the market. Meanwhile, the overall prices of goods and services in the St. Louis area saw a 3.4 percent rise over the past year, according to the Consumer Price Index. While food costs came down slightly, there was a 5.4 percent increase in energy costs and 4.3 percent for all other consumer expenditures. Despite …
ATLANTA — Though the older population is often seen as removed from modern technology, tech products offer great promise to the seniors housing sector. Participants in the “Technology Revolution: Enhancing Resident Care and Operational Cost Effectiveness” panel at the InterFace Seniors Housing Southeast conference (held recently in Atlanta) all agreed on this point. Importantly though, the panel — which was moderated by Mark Petty, vice president of corporate accounts with ICON — also highlighted the fact that seniors housing is an industry rooted in human interaction. Given this fact, the panelists concluded that technology can complement and enhance, but never replace, the human touch. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Three Questions A strategic approach in the purchase and application of technology within seniors housing communities is paramount, pointed out Joe Jasmon, CEO and managing partner of American Healthcare Management Group. In addition to being highly helpful, the products offered by tech companies can be costly. “To have tech just to have tech is really a waste of time, effort and money,” asserted Jasmon. …