ROMEOVILLE, ILL. — IDI Logistics has acquired 57 acres of industrial land in Romeoville with plans to deliver a 351,870-square-foot speculative facility. The building will feature a clear height of 36 feet, 40 docks and 65 trailer spaces. Joshua Hearne and Daniel Cawley of Cawley Chicago will represent IDI Logistics in lease-up of the building. The project, known as Romeoville Gateway, is slated for completion in 2019.
PORTLAND, ORE. — Dermody Properties has purchased an industrial manufacturing and warehouse building, located at 19730 N.E. Sandy Blvd. in Portland’s Northeast Columbia Corridor submarket, for an undisclosed price. The 296,361-square-foot facility features 22-foot to 30-foot interior clear heights, 21 dock-high doors, three grade-level doors, ample car parking and space for trailer loading and maneuvering. Additionally, the property has 12.1 acres of adjacent developable land. Dermody Properties’ Northwest Region office, led by Phillip Wood, will manage the asset, which will be available for a new tenant as of first-quarter 2019. Buzz Ellis, Paige Morgan, Craig Reinhart and Kevin Kriesien of JLL brought the opportunity to Dermody, and JLL will handle leasing for the property.
Newmark Knight Frank Directs $39.2M Acquisition of Medical Office Property in Burlingame, California
BURLINGAME, CALIF. — Newmark Knight Frank (NKF) has arranged the purchase of a medical office property adjacent to Mills-Peninsula Medical Center in Burlingame. Lincoln Property Co. acquired the asset for $39.2 million. Located at 1720 El Camino Real, the property features 104,000 square feet of medical office space spread across three interconnected buildings. Situated on 3.7 acres, the property also includes a five-level parking structure. At the time of sale, the asset was 88 percent occupied by a number of medical users. Seth McKinnon of NKF represented the buyer in the off-market transaction. The name of the seller was not released.
LOS ANGELES — MWest Holdings has acquired The View, a high-rise apartment community located at 3460 W. Seventh St. in the Koreatown district of Los Angeles. CIM Group sold the property for an undisclosed price. Originally constructed in 1965 and redeveloped in 2013, the 13-story building features 168 apartment units in a mix of one- and two-bedroom layouts with Caserstone countertops, soft-close cabinetry, Frigidiare stainless steel appliances, double basin stainless steel sinks, recessed lighting and washers/dryers in select units. On-site amenities include a Yoga Works studio on the ground floor, a fitness center, pool and sundeck, barbecue area, outdoor lounge and community room. MWest plans to implement a minor interior upgrade program and revitalize the existing common areas and community amenities.
NEW YORK CITY — Apparel manufacturer American Exchange Time has acquired an 18,000-square-foot office condominium in the Midtown South neighborhood of Manhattan. The company purchased the entire 15th floor office condo, which benefits from an open layout, full height windows on all four sides and 13-foot ceilings slab-to-slab. Located at 420 Fifth Ave., the building includes a three-story atrium lobby and a large plaza entry. John Ciraulo, Craig Waggner and Doug Blankrot of Cushman & Wakefield represented the seller, AM Property Holding & Quality Capital USA, in the transaction. American Exchange Time was represented by Wayne Siegel of Advisors Commercial Real Estate.
AURORA, COLO. — Northstar Commercial Partners has completed the sale of 860 Potomac St., a commercial building in Aurora. An undisclosed buyer acquired the property for $34.7 million. Situated on 5.2 acres, the property features 113,568 square feet of commercial space. Children’s Hospital of Colorado currently leasing the property on a long-term basis, with lease commencement on June 1, 2019. Construction and build-out of the tenant’s space is occurring now. Due to its proximity to the Fitzsimons Medical Campus, the property is ideal for ancillary medical offices. Chris Bodnar, Lee Asher, Shane Seitz, Ryan Lindsley and Sabrina Solomiany of CBRE U.S. Healthcare Capital Markets partnered with James Brady and Campbell Davis of CBRE Denver Investment Properties to advise the seller in the deal. Northstar originally purchased the property vacant in March 2017.
VISTA, CALIF. — Cushman & Wakefield has arranged the sale of an industrial facility, located at 2710 Progress St. in Vista. A global real estate investment firm acquired the property from 2710 Progress Street LLC for $24.7 million. Captek Softgel International occupies the 135,000-square-foot, single-tenant facility on a long-standing lease basis. Aric Starck and Barry Hendler of Cushman & Wakefield’s San Diego office represented the seller, while the buyer was self-represented in the deal.
LITTLETON, COLO. — Pinnacle Real Estate Advisors has arranged the purchase of 5599 S. Windermere St., a multifamily property located in Littleton. An undisclosed seller sold the property for $4.7 million, or $134,286 per unit. Built in 1971, the building features 35 apartment units. Eric Veith, Joe Hornstein and Scott Fetter of Hornstein Fetter Apartment Group at Pinnacle Real Estate represented the undisclosed buyer in the deal.
INDIANA, MINNESOTA AND NORTH DAKOTA — Four Corners Property Trust (NYSE: FCPT) has purchased six Red Lobster restaurant properties in Delaware, Indiana, Kentucky, Minnesota, Mississippi and North Dakota for $25.9 million. All six properties are under one triple-net master lease, which includes two other Red Lobster properties previously acquired by FCPT in November 2017. The master lease has approximately 21 years remaining.
CONCORD, MASS. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Concord, a northwestern suburb of Boston. The facility was out of operation, after management challenges and a growing list of deferred capital expenditures forced its closing. The undisclosed seller sold the property to a substance abuse rehabilitation provider, which will renovate the property to serve that function. The price was not disclosed. Steve Thomes led the transaction for Blueprint.