AUBURN, MASS. — Fantini & Gorga has arranged $9.3 million in financing for a Casey Storage Solutions-branded self-storage facility located on State Route 20 in Auburn. Casey Investment Real Estate LLC was the borrower. Situated on 6.4 acres, the 12-building asset features 104,449 square feet of rentable space with 739 units in a mix of climate-controlled and standard units. Casimir Groblewski and Chris Miller of Fantini & Gorga arranged the financing for the borrower.
MILWAUKEE — Stan Johnson Co. has brokered the $9.3 million sale of a 67,866-square-foot retail building in Milwaukee. Lark Creek purchased the property, which is fully occupied by grocer Pick ‘n Save. Outlook Development sold the property located at 2355 N. 35th St. Camille Renshaw and Scott Scurich of Stan Johnson Co. represented the seller in the transaction.
IRVINE and SILICON VALLEY, CALIF. — Commercial real estate valuations increased by 1.1 percent in July, marking the strongest monthly increase this year and a 5.2 gain over last year, according to the latest Ten-X Nowcast. Ten-X, an online real estate transaction marketplace, uses Google Trends data, its own proprietary transaction data and investor surveys to forecast commercial real estate pricing trends. “The recent string of monthly increases confirms that overall pricing of commercial real estate remains on the upswing following the weakness seen earlier this year,” says Ten-X chief economist Peter Muoio. “That said, we are noticing distinct differences across the five major property sectors, with each telling its own story.” The office, apartment and retail sectors all saw monthly increases in July. The office sector posted the strongest gain for the second consecutive month, rising 4.8 percent from June and 7.6 percent above its level from one year ago. This was the best year-over-year gain for any of the commercial sectors since January. The multifamily sector, which has posted steady gains this year, increased 1.1 percent in July from the previous month and is 6.8 percent above last year’s level. “The apartment sector is unencumbered by technology-driven shifts …
ALAMEDA, CALIF. — Catellus has completed the sale of a REIT that owns Alameda Landing, a grocery-anchored shopping center located at 2600-2700 Fifth St. in Alameda. AFL-CIO Building Investment purchased the REIT free and clear of existing debt for an undisclosed price. Situated on 80 acres, the 165,777-square-foot property is 86 percent leased to tenants including Safeway, Michaels, Orange Theory Fitness, Chipotle, AAA Insurance and Bank of America. Nicholas Bicardo of HFF represented the seller in the deal.
UPLAND, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $3.9 million sale of a multi-tenant retail pad located in the Inland Empire community of Upland. The 9,167-square-foot building is located within a neighborhood shopping center anchored by Smart & Final Extra! The five-tenant property was fully occupied at the time of sale by tenants including The UPS Store, The Spot Café, Mountain View Dental and We Talk Pets. Bill Asher and Pat Kent of Hanley Investment Group represented the seller, CME Mountain Avenue LLC, in the transaction. Jin Hwang of EJ Realty & Investment represented the buyer, an undisclosed local investment partnership.
BROOMFIELD, COLO. — Old Chicago Pizza & Taproom’s franchise partners are reinvesting an average of $150,000 into refreshing 37 existing franchised restaurants. This effort will include renovations to the interior and exterior, as well as to the dining room and beer equipment. Upgrades to beer equipment and systems include a new tap tower, glass mug coolers, stainless glass storage cabinet and stein racks. The restaurants will also now display its beer menu on a mounted, 60-inch LCD screen. As part of the refresh, the service team will also undergo extensive beer training. Additional interior renovations include front-of-the-house upgrades to its wall signage and décor, fresh paint, new tabletops and bases, backless barstools and a community table that seats up to 20. Old Chicago’s exteriors will display an updated logo as well as a new exterior monument. To complement the new design elements, the company is now working with Open Table and using its software for all reservation systems. Founded in 1976, Old Chicago operates in 24 states with more than 100 restaurants nationwide. The restaurant chain recently launched its new restaurant prototype — a 5,000-square-foot build with an additional 1,000 to 1,200 square feet of outdoor patio space, a new kitchen and upgraded …
RENO, NEV. — Home furnishings retailer West Elm will open a new store in Reno on August 11, 2016. Occupying 11,000 square feet on the main floor of the former U.S. Post Office building at 50 S. Virginia St., West Elm Reno joins The Basement marketplace, an underground multi-use venue that celebrates hand-crafted food and retail. As part of West Elm’s LOCAL program, products from eight Reno-based makers and designers will be featured with the store’s fall assortment of modern furnishings and décor. West Elm Reno is housed within Reno’s former main post office, built in 1934 and located at the heart of the city’s civic center. Today, the landmark has been restored and stands as a relic of Art Deco style in downtown Reno. Guided by historical preservation, West Elm has incorporated the building’s original architecture and ornate details in the store’s design. Preserved period elements such as the original post office boxes were used to display the West Elm sign behind the register, while motifs from the building’s exterior door pediments were recreated from raw wood and metal materials for the front cash wrap. Headquartered in Brooklyn, N.Y., West Elm operates 89 retail stores in the United States, …
NEW YORK CITY — An affiliate of Vanbarton Group has received $67.5 million in acquisition financing for The Astor retail condominium located at 2139-2157 Broadway in Manhattan. Cushman & Wakefield arranged the floating-rate financing, which was provided by an affiliate of Mesa West Capital. The 31,210-square-foot property is at the base of the The Astor, a 12-story luxury residential complex. The condo features 18,902 square feet of ground-floor space and 12,308 square feet of basement-level space. The property is 100 percent leased to nine commercial tenants, including Barneys New York, Lululemon, Stuart Weitzman, Papyrus and L’Occitane. Steve Kohn, Alex Hernandez and Alex Lapidus of Cushman & Wakefield arranged the financing for the borrower.
NEW YORK CITY — Macklowe Properties has partnered with Whole Foods Market to anchor One Wall Street, a residential redevelopment in downtown Manhattan. A three-story 44,000-square-foot Whole Foods Market will anchor the 155,000-square-foot retail portion of the redevelopment. The store is slated to open in late 2018. Designed by Robert A.M. Stern Architects, the retail component will feature 22-foot ceilings. The full renovation of the Ralph Walker-designed Art Deco tower will include a restoration of the iconic three-story Hildreth Meier-designed Red Room into a showroom.
WOODBURY, MINN. AND JOLIET, ILL. — Cronheim Mortgage has arranged two loans totaling $16.9 million to refinance two Gander Mountain stores in the Midwest. The buildings, located in Woodbury, Minn. and Joliet, Ill., are each approximately 66,000 square feet. David Turley, Janet Proscia and Jeff Pacailler of Cronheim Mortgage arranged the non-recourse, fixed-rate bank loans. Both the lender and borrower in the deal are undisclosed.
