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sales_and_leases

IllinoisMidwestMultifamily

KIG Negotiates Sale of 70-Unit Apartment Building in Itasca, Illinois

by Kristin Harlow

ITASCA, ILL. — KIG CRE has negotiated the sale of Two Itasca Place in Itasca, approximately 27 miles northwest of Chicago, to Waypoint Residential. The sales price was not disclosed. The five-story, 70-unit apartment building is located at 2 Itsaca Road. One- and two-bedroom floor plans average 1,694 square feet. Community amenities include concierge services, package receiving, a bike room and additional storage. Susan Tjarksen, Todd Stofflet and Jason Stevens of KIG represented the seller, Marquette Cos.

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Affordable HousingIowaMidwestMultifamily

SVN Brokers $5M Sale of Affordable Housing Property in Dubuque, Iowa

by Kristin Harlow

DUBUQUE, IOWA — SVN has brokered the sale of Hillcrest Apartments in Dubuque for $5 million. The 108-unit affordable housing property is located at 3290 Hillcrest Road in eastern Iowa. Reid Bennett and Cody Doran of SVN | Chicago Commercial represented the undisclosed seller in the transaction. The buyer was an affordable housing developer and owner.

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CaliforniaMixed-UseWestern

SteelWave, Invesco Buy LA Times’ Printing Press, Offices for Mixed-Use Conversion

by Nellie Day

COSTA MESA, CALIF. — A joint venture between SteelWave and Invesco Real Estate has purchased The Press, a 249,075-square-foot printing press warehouse in Costa Mesa, for an undisclosed sum. The acquisition also includes an attached 112,408-square-foot office building and an adjacent four-acre parcel of land. The asset formerly served as the printing facility for the Los Angeles Times, while the office building served as the Times’ Orange County press room. The JV plans to develop about 420,000 square feet of creative office and retail space. The site is entitled for up to 650,000 square feet, leaving 230,000 square feet of remaining entitlements for future development. The project is directly adjacent to SteelWave’s Hive project, a 180,000-square-foot creative office development that serves as the headquarters and training facility for the Los Angeles Chargers. HFF’s John Rose, Todd Sugimoto, Patrick Burger and Olga Walsh arranged acquisition financing for the development.

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ArizonaOfficeRetailWestern

CBRE Arranges $13.9M Sale of Retail, Medical Office Property in Chandler

by Nellie Day

CHANDLER, ARIZ. — CBRE has arranged the $13.9 million sale of Dobson Center, a 41,546-square-foot retail and medical office center in Chandler. Dobson Center includes a freestanding Starbucks Coffee, 12,842 square feet of retail space and a 26,704-square-foot medical office building. At the time of sale, the property was more than 97 percent leased to tenants including MomDoc, Sonora Quest, Pure Barre, East Valley Internal Medicine and Solis Mammography. Andrew Fosberg, Chris Ackel and Dylan Brown of CBRE arranged the transaction on behalf of the seller, Dobson Center LLC, an entity formed by ZDI LLC. Marilyn Kidd of Coldwell Banker Commercial represented the buyer, Philip Landry and Donna Landry Family Trust.

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CaliforniaRetailWestern

NewMark Merrill Buys 258,981 SF Retail Center Near Sacramento

by Nellie Day

FAIR OAKS, CALIF. — NewMark Merrill Cos. has acquired Madison Marketplace, a 258,981-square-foot retail center in Fair Oaks, located 18 miles east of Sacramento. Raley’s Supermarket and TJ Maxx anchor the center, which was 93 percent leased at the time of sale to tenants including Petco, Dollar Tree, O’Reilly Auto Parts, Chipotle Mexican Grill, GameStop, Leslie Pool Supplies, McDonalds and Starbucks Coffee. Sandy Sigal, Jim Patton, Brad Pearl, Sandra Kist and Susan Rorison of NewMark Merrill represented the company internally in the transaction. Roman Benvenuti and Bill Palmer of Palmer Capital Inc. represented the seller, TA Realty. The price was not disclosed. Kostas Kavayiotidis of Pacific Southwest Realty Services arranged a 10-year, fixed-rate loan through John Hancock Insurance on behalf of NewMark Merrill.

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IndustrialTexas

Falcon Steel Acquires 226,000 SF Manufacturing Facility in Conroe, Texas

by Taylor Williams

CONROE, TEXAS — Falcon Steel America (FSA), a metro Fort Worth-based producer of steel structures, has acquired a 226,000-square-foot manufacturing facility. The property is situated on 25 acres at 3575 Pollok Drive in Conroe, about 40 miles north of Houston. The company expects to hire 150 new employees to work at the plant, approximately doubling its manufacturing capacity.    

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IndustrialTexas

NAI Partners Negotiates 101,460 SF Industrial Lease in Houston

by Taylor Williams

HOUSTON — NAI Partners has negotiated a 101,460-square-foot industrial lease at 971 N. Sam Houston Parkway E. in Houston on behalf of Air General Inc., an air and water cargo handling firm. John Ferruzzo and Nick Peterson of NAI Partners represented the tenant in the lease negotiations. Blake Warren and Justin Robinson of Stream Realty Partners represented the landlord, Teachers Insurance and Annuity Association of America.

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HealthcareTexas

CBRE Brokers Sale of 80,000 SF Medical Building in San Antonio

by Taylor Williams

SAN ANTONIO — CBRE has arranged the sale of an 80,000-square-foot medical building located at 5109 Medical Drive in San Antonio. Built in 2008, the property is located on the CHRISTUS Santa Rosa medical center campus on the city’s northwestern side. The facility includes 38 semi-private rooms for 100 patient beds, a clinical lab and a pharmacy. Scott Herbold of CBRE represented the seller, Stream Realty Partners, in the transaction. PPH Real Estate LLC, a partnership of local physicians and investors, purchased the asset for an undisclosed price.

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IndustrialIowaMidwest

CBRE Arranges $16.7M Sale of Distribution Center Near Des Moines

by Kristin Harlow

URBANDALE, IOWA — CBRE has arranged the sale of the Interstate Distribution Center in Urbandale, about eight miles northwest of Des Moines, for $16.7 million. The 518,161-square-foot distribution center is fully occupied by two undisclosed tenants. Built in 1968, the property is situated on a 42-acre parcel near the junction of I-35, I-80 and I-235. Judd Welliver, Ryan Watts, Sonja Dusil, Tom Holtz and Chris Pendroy of CBRE represented the seller, Investors Real Estate Trust. Bell Avenue Properties Inc. purchased the property.

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IllinoisMidwestMultifamily

Interra Brokers $4M Sale of Historic Multifamily Portfolio in Illinois

by Kristin Harlow

ELGIN, ROCKFORD AND DIXON, ILL. — Interra Realty has brokered the sale of a three-property multifamily portfolio in Illinois for $4 million. James Clough of Interra represented the buyer, Vijulima LLC, and the undisclosed seller. The historic buildings include: Center City Apartments in Elgin; Old City Hall in Rockford; and Nachusa House in Dixon. Located at 156 Division St., Center City Apartments consists of 45 units designated for seniors. Built in 1925 as the Douglas Hotel, the property was later abandoned and left vacant in 1982. It was saved from demolition when the property was redeveloped as senior housing in 1993. Old City Hall in Rockford consists of 31 apartment units. Built in 1904 as Rockford’s City Hall, the property later housed the Rockford Police Department and two jails and was redeveloped in 1994. Nachusa House is a 36-unit affordable seniors housing property. Built in 1853, the property was continuously operated as a hotel until 1988 and later redeveloped in 1998. Throughout its history, the hotel hosted notable guests such as Abraham Lincoln, Ulysses S. Grant, William Howard Taft and Theodore Roosevelt.

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