Property Type

Syndicated Equities Acquires Carhartt Headquarters, Global Design Facility in Dearborn, Michigan

by Kristin Harlow January 31, 2024

DEARBORN, MICH. — Syndicated Equities has acquired Carhartt’s corporate headquarters and global design facility in Dearborn for an undisclosed price. The property, which is located at 5750 Mercury Drive, rises two stories and totals 58,722 square feet. The building is situated across the street from Ford’s global headquarters. Carhartt uses the facility for selecting fabrics and designs for new apparel. Syndicated acquired the property in a Delaware Statutory Trust ownership structure to accommodate investors completing 1031 exchanges along with accredited individual investors.

January 31, 2024

Development Midwest Minnesota Retail

Kraus-Anderson Begins Demolition Project at Southtown Shopping Center in Bloomington, Minnesota

by Kristin Harlow January 31, 2024

BLOOMINGTON, MINN. — Kraus-Anderson Realty & Development has begun to demolish the former Toys ‘R’ Us and Herberger’s buildings at Southtown Shopping Center in the Minneapolis suburb of Bloomington. Located at the corner of I-494 and Penn Avenue South, the shopping center opened in November 1960 and included a two-story, 150,000-square-foot Montgomery Wards, the largest in the retailer’s chain of 550 stores nationwide. The center also opened with 44 other shops, including Musicland, Red Owl, Walgreens and Texaco. The property has undergone numerous additions and renovations since then. Kraus-Anderson is demolishing the large vacant space on the northeast side of the center, often referred to as the old Herberger’s (originally Montgomery Wards) and Toys ‘R’ Us space. The demolition phase is expected to take approximately 12 weeks and is slated for completion at the end of March. The rest of the shopping center will remain open. Future plans regarding tenants or new uses were not released.

January 31, 2024

Acquisitions Industrial Midwest Ohio

Colliers Brokers Sale of 221,736 SF Industrial Portfolio in Metro Columbus, Ohio

by Kristin Harlow January 31, 2024

HILLIARD, OHIO — Colliers has brokered the sale of Northwest Corporate Plaza, a 221,736-square-foot light industrial portfolio in Hilliard, a northwest suburb of Columbus. The two-building portfolio is situated on 18 acres along Leap Road directly west of I-270 and near I-70. The buildings are home to seven tenants, including Micro Center, Yokowo Manufacturing of America, E-Cycle and Mectron North America. Alex Cantu, Alex Davenport and Shane Woloshan of Colliers represented the seller, Transwestern Investment Group. Diamond Properties was the buyer.

January 31, 2024

Industrial Loans Utah Western

JLLS Arranges $112M Financing for Industrial Property in Salt Lake City

by Amy Works January 31, 2024

SALT LAKE CITY — Jones Lang LaSalle Securities (JLLS), a member of JLL Capital Markets, has structured and placed a $112 million credit tenant lease and equipment financing for a newly completed industrial facility located at 6320 W. 300 South in Salt Lake City. JLLS served as placement agent for the developer, Riverbend Management. The lease financing and tenant improvements loan was structured to mature with the initial lease term and provide the borrower a single source of financing at a competitive, long-term, fixed rate. The loan allowed Riverbend Management to refinance an existing construction loan in addition to funding more than $80 million of equipment manufacturing improvements. Following tenant improvements, Riverbend will convert the 309,489-square-foot industrial property into a manufacturing facility. Bill Cavagnaro and Austin Johnson of JLLS represented the borrower in the financing. Additionally, JLL Work Dynamics represented the tenant on selection of the manufacturing site, and JLL Project and Development Services served as construction monitor.

January 31, 2024

California Development Multifamily Western

JPI Breaks Ground on 222-Unit Jefferson Inglewood Multifamily Community in California

by Amy Works January 31, 2024

INGLEWOOD, CALIF. — JPI has broken ground on Jefferson Inglewood, a market-rate and affordable housing apartment project in Inglewood, just southwest of Los Angeles. Move-ins are scheduled to begin in early 2026. The eight-story, transit-oriented property will feature 222 studio, one- and two-bedroom apartments. Units will offer stainless steel appliances and full-size washers and dryers. Community amenities will include a pool, cabana, clubroom, fitness center and rooftop deck. Jefferson Inglewood is located three metro stops from El Segundo and one stop from Los Angeles’ The Automated People Mover, including an electric train system on a 2.25-mile elevated guideway with six stations. The project recently received $1 billion in federal funding and construction is scheduled to begin this year. The Jefferson Inglewood project team includes TCA Architects, Englekirk Engineering and Kimley Horn Associates Engineering.

January 31, 2024

Acquisitions Industrial Utah Western

Joint Partnership Sells 243,232 SF Industrial Building in Salt Lake City

by Amy Works January 31, 2024

SALT LAKE CITY — A joint partnership between a fund advised by Crow Holdings Capital, Gardner Batt and BCG Holdings has completed the disposition of a newly constructed industrial building on 32 acres within Mountain View Industrial Park in Salt Lake City. A global investment manager acquired the Class A asset for an undisclosed price. A logistics company fully preleased the 243,232-square-foot building prior to its delivery in November 2023. The asset is part of Phase II of Mountain View Industrial Park, a multi-building, multi-phase warehouse and distribution project totaling approximately 1.3 million square feet. The second phase consists of the 243,232-square-foot Building C and the 179,400-square-foot Building B, both of which were completed in late 2023. Phase I featured an 833,280-square-foot building that was completed in 2022. The partnership acquired the 92-acre site at 300 South and 5960 West, where the entire project sits, in October 2020. Mountain View Industrial Park features offices finished to suit, 32-foot clear heights, abundant dock loading, heavy power, clerestory windows, skylights throughout the warehouse areas and ample trailer parking. Jeff Chiate, Rick Ellison, Jeffrey Cole and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. The firm’s …

January 31, 2024

Acquisitions Nevada Retail Western

SRS Real Estate Brokers $9.5M Sale of Deer Springs Shoppes in North Las Vegas

by Amy Works January 31, 2024

NORTH LAS VEGAS, NEV. — SRS Real Estate Partners has arranged the sale of Deer Springs Shoppes, a retail center in North Las Vegas. A Pennsylvania-based seller sold the asset to a Los Angeles-based private investor for $9.5 million. Totaling 28,224 square feet, the three-building property is located at 640 and 680 E. Deer Springs and 675 Dorrell Lane. Built in 2009 on 1.5 acres, Deer Springs Shoppes was fully leased at the time of sale. Current tenants include The UPS Store, Verizon and Pacific Dental. The transaction also includes a vacant pad site that for which a 4,000-square-foot development has been proposed. Patrick Luther of SRS Capital Markets represented the seller in the deal.

January 31, 2024

Acquisitions Industrial Washington Western

Dalfen Industrial Buys Industrial Asset in Auburn, Washington for $5.2M

by Amy Works January 31, 2024

AUBURN, WASH. — Dalfen Industrial has acquired an industrial property at 214 21st St. SE in Auburn, approximately 20 miles south of Seattle. A private owner sold the asset for $5.2 million. Situated on 2.1 acres, the property offers 26,920 rentable square feet in a mix of office, industrial warehouse and outside storage yard space. The in-place tenant has three years remaining on its lease at a rate 58 percent below market value, according to Dalfen. Matt McLennan of Kidder Mathews represented the seller in the transaction.

January 31, 2024

Development Multifamily New York Northeast Top Stories

Developers Plan Two Multifamily Projects in Yonkers, New York, Totaling $186.8M

by Kristin Harlow January 31, 2024

YONKERS, N.Y. — Developers have released plans to build two new multifamily projects in Yonkers, about 20 miles north of New York City. The developments represent a total of $186.6 million in private investment and are expected to create 503 construction jobs. The Yonkers Industrial Development Agency recently granted final approval of financial incentives for both projects. Miroza Tower, which a subsidiary of Azorim Construction Co. Ltd. is developing, will rise 27 stories at 44 Hudson St. The $133.5 million project will comprise 250 apartment units, 25 of which will be designated as affordable housing. Amenities will include a party room, library, conference room, gym, two resident lounges, a rooftop garden and children’s playroom. The tower will also include 1,920 square feet of first-floor retail space and a 252-space parking garage. Azorim is receiving a sales tax exemption of $5.8 million, a mortgage recording tax exemption of $1.3 million and a 20-year payment in lieu of taxes (PILOT) agreement valued at $12.4 million. The project is expected to create 324 construction jobs. The Center for Urban Rehabilitation and Empowerment Inc. (CURE), a local nonprofit, and Conifer Realty LLC in partnership with the City of Yonkers are developing the second project, …

January 31, 2024

Development Georgia Multifamily Southeast

ECI Group, Griffin Fund Break Ground on $76M Apartment Community in Lawrenceville, Georgia

by John Nelson January 30, 2024

LAWRENCEVILLE, GA. — ECI Group and joint venture partner The Griffin Fund have broken ground on The Averly Collins Hill, a $76 million apartment development in Lawrenceville, a northeast suburb of Atlanta in Gwinnett County. The 300-unit, eight-building project will be situated on 22 acres at 700 Collins Road. ECI Construction is the general contractor for the project, and Synovus Bank is providing $46 million in construction financing. The project is planned to deliver concurrently with the nearby 15-story Northside Hospital Gwinnett healthcare tower, as well as a planned active adult housing development. Upon completion, The Averly Collins Hill will feature one-, two- and three-bedroom floor plans, as well as a clubhouse with a clubroom, fitness center, lounge areas and coworking space. Other amenities will include a pool, dog play area and a coffee bar.

January 30, 2024

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