The industrial sector of the commercial real estate industry is going through a slow but inevitable change, and it has more than a little to do with the budding marijuana business, according to Integra Realty Resources’ new Marijuana Real Estate report.

Related Cos. just took a big step toward the realization of The Grand, a mixed-use project in downtown Los Angeles. The real estate firm recently tapped fully integrated global engineering company AECOM to serve as construction manager for the $1 billion transit-oriented development.

This past year was a record-setting one for Marriott International, which is expanding globally, especially in Europe and Asia, at a furious clip. 2017 was Marriott’s most successful year for signing development contracts outside North America.

At year’s end 2017, the company operated or franchised more than 6,500 hotels worldwide and more than 1.25 million guestrooms, a third of which are outside North America.

Robby Perrino is NKF’s new senior managing director and market leader for the firm’s Valuation & Advisory Group practice in Northern California. In his new role, Perrino will be responsible for growing the company’s current client relationships, driving new business development and recruiting top valuation and consulting professionals. He will be leading an expanding team currently consisting of nine professionals in four Northern California offices including San Francisco, San Mateo, Santa Clara and Sacramento.

Vice President Skyler Cooper of Marcus & Millichap’s Houston office has transferred to the company’s Denver office. He specializes in investment sales, primarily focusing on the acquisition and dispositions of hotel assets.

Prior to joining Marcus & Millichap’s team, Cooper served as an associate at Marriott International for more than six years before he was promoted as regional sales manager in Bethesda, Md., where he managed sales operations for more than 12 service hotels including the JW Marriott Washington, D.C., the Washington Marriott Wardman Park and The Mayflower Renaissance Hotel…

Santikos Real Estate Services has sold Nacogdoches Crossing, a 22,434-square-foot neighborhood shopping center in San Antonio. A private investor acquired the asset, while HFF’s team of Managing Director John Taylor and Director Drew Fuller, represented the seller.

“Nacogdoches Crossing garnered significant interest from local and national investors due to the value-add nature of the asset, future development potential and Walmart shadow anchor,” said Taylor, in prepared remarks…

HFF Brokers Sale of San Antonio Retail Asset

A joint venture of Stanton Road Capital and Second City Real has acquired an eight-story office building in El Segundo, Calif., for $35.5 million. PCCP LLC provided a $29.1 million senior loan for the transaction, with David Milestone and Brett Green of NKF Capital Markets arranging the financing. According to Yardi Matrix data, the previous owner purchased the asset in 2011 for $23.9 million.

Marcus & Millichap has arranged the sale of Extra Secure Self Storage, a 76,236-square-foot self-storage facility in Pompano Beach, Fla. The company marketed the property on behalf of the seller, a limited liability company and procured the buyer, a private investor under the name Value Store It.

Uline has signed a five-year, full-building industrial lease totaling 417,384 square feet for CenterPoint Properties’ newest asset in the 2,391-acre LakeView Corporate Park in Pleasant Prairie, Wis. This lease marks the third building in the park Uline occupies. CenterPoint broke ground on the speculative development last summer, and construction finished late last year.

Peter Sleiman Development Group has acquired a 62,000-square-foot part of the Riverside Centre in St. Augustine, Fla. The previous owner, a partnership of RCG Ventures and DRA Advisors, sold the space for $6.7 million, according to public records. The sale price marks a slight uptick in value compared with the joint venture’s acquisition of the property in 2015 for $6.6 million. Directors Anthony Blanco and Lynn De Marco of The Shopping Center Group represented the seller in the transaction. The new owner funded the acquisition with a $4.6 million mortgage, held by Synovus Bank, per St. Johns County records.

Montecito Medical Real Estate has acquired a 63,486-square-foot medical office building in Dyer, Ind., on the campus of Franciscan Health Dyer Hospital, one of the largest acute-care hospitals in Northwest Indiana. The health system includes 14 hospitals with more than 18,000 employees. Built in 2008, Medical Pavilion South is a four-story health-care facility. According to Montecito Medical, the property is 92 percent leased.

NAI Hiffman has closed three different suburban office transactions outside Chicago. The first involved the $3.6 million sale of an office building in Lombard, Ill. The other two deals were leases, one for Joseph T. Ryerson & Son Inc.’s single-tenant lease in Lisle, Ill., and the other a new lease for LexRay in Downers Grove, Ill.

For the third time in three months, Ashford Hospitality Trust Inc. has refinanced a mortgage loan. In the latest transaction, the Dallas-based REIT refinanced a mortgage loan that had an outstanding balance of approximately $377 million and was secured by eight hotels.

The original loan was part of the BAML 1 & 2 Pool loan with a maturity date of January 2020. The REIT said the new loan totals $395 million and should result in annual interest savings of about $6.5 million…

Marcus & Millichap has facilitated the sale of Mutual of Omaha, a 19,330-square-foot office property located in Decatur, Ill. The company marketed the listing on behalf of the seller, a limited liability company, and procured as well as represented the buyer, a private California investor. The transaction was part of a 1031 exchange.

Personal Mini Storage has purchased, Devon Self Storage, an 897-unit, Class A self-storage facility in Gainesville, Fla. The acquisition marks the company’s sixth asset in the Gainesville market. The facility will be rebranded as Personal Mini Storage.

At 8825 N.W. 13^th St., the asset sits on a major street that connects to Interstate 75. Downtown Gainesville is within 15 minutes of the property. The area is surrounded with many apartment communities, which are 91 percent occupied. This year, the city’s population is expected to increase by 2.7 percent…

Friedman Integrated Real Estate Solutions has negotiated a 20,045-square-foot lease for Meritus Property Management. The space is located within the Tri-Atria Office Building in Farmington Hills, Mich. Jordan Friedman, an associate broker with the company, negotiated the agreement on behalf of the tenant.

The Tri-Atria Office Building is located at 32255 Northwestern Highway and is owned and managed by Sterling Group, according to Yardi Matrix data. The company in charge of leasing is Signature Associates…

After 23 years at Forest City New York including a nearly five-year run as president & CEO, MaryAnne Gilmartin knew that when she left, her next move “really needed to be big, bold, and audacious.”

“I needed to get it right,” she told Commercial Property Executiveas she discussed the launch of L&L MAG, a new company formed with L&L Holding Co. founders David Levinson and Robert Lapidus that will pursue major ground-up development projects in New York City. The company will have space at 594 Dean St. in Brooklyn and L&L’s 142 W. 57^th St. offices…

Newmark Knight Frank has hired a new market leader for its Phoenix office. Michael Garlick will take on the role of executive managing director, replacing Pete Bolton in overseeing office and brokerage operations, as well as growth initiatives in the Phoenix metropolitan area.

The Preiss Co., in partnership with a fund managed by Crow Holdings Capital, has purchased a student housing portfolio containing 1,180 beds. Recently, Crow Holdings teamed up with Trammel Crow to acquire a 1.3 million-square-foot office complexin Washington, D.C.

The assets, 49 North and University Village, are both located in Charlotte, N.C., near the University of North Carolina, Charlotte. The acquisition was financed through a 10-year, variable interest rate mortgage provided by CBRE through Freddie Mac. The financing will additionally fund renovation work on the two properties’ units and amenities…

Divaris Real Estate has signed new tenants, renewed leases and negotiated a sale, in the Charlotte-Raleigh metropolitan areas. The recently-closed transactions total 43,628 square feet in North and South Carolina.

DRE’s Charlotte office brokered the $850,000 sale of a former furniture store located at 7515 Two Notch Road, in Columbia, S.C. The asset boasts good access to major thoroughfares, with frontage on Route 1, while interstates 77 and 20 are within minutes of the property. Multiple restaurants, retailers and apartment communities are situated in the vicinity. Diana Teitsma, senior vice president at DRE, represented the seller, Haverty’s Furniture Co. TSN Realty LLC acquired the property…

Located at 11960 Westline Industrial Drive, the building features 93,000 square feet across three stories. Built in 1971, the asset is currently 72 percent occupied to tenants including Lindenwood University, Kantar Health and professional staffing service YOH. The company plans to attract new tenants and upgrade the property to make it more energy efficient. The building is within close proximity to interstates 270 and 70, the Page Extension, Highway 141 and Lindbergh Boulevard. The asset is also located near Westport Plaza, formerly a restaurant and entertainment spot in St. Louis County, which was revitalized and includes a new $75 million World Wide Technology headquarters…

Baceline Investments has purchased Piper Plaza, a shopping center in Kansas City, Kan., for $6.3 million from McCownGordon Construction. The acquisition was partially funded by the sale of the firm’s Madison & Edgewood Shoppes in Indianapolis for $4.3 million.

Greysteel has closed the sale of 7350 Georgia Ave., a mixed-use property located on the northern outskirts of Washington, D.C. The asset traded for a record price for non-development commercial real estate on Georgia Avenue in the 20012 zip code, at $333.33 per square foot.

The property is located on Georgia Avenue, one of the longest retail corridors of the city, connecting Silver Spring, Md. to downtown D.C. The asset is situated less than a half mile from the Walter Reed redevelopment project and less than a mile walk to the Red Line’s Takoma Metro Station…

A joint venture between GFH Financial Group B.S.C., Lincoln Property Co. and Crestlight Capital has acquired Central Park of Lisle I and II, a Class A office property in Chicago’s suburb of Lisle, Ill. According to Yardi Matrix, the property traded for $129 million, funded by a $93.9 million loan held by Citibank. The previous owner was Equity Office Properties Trust.

CBRE has been awarded the management contract of an asset in Boynton Beach, Fla. The 100,058-square-foot office building had recently changed hands, with Fox Ridge Capital purchasing the property from Aetna Life Insurance Co. in December 2017. Bill Davis and Cindy Hatcher will lead the team managing the building.

CPE and Kingsley Associates Partner to see how renters feel about how their spaces are managed.

“The frequent changes in property managers make for poor communication and difficulty in building an excellent working relationship.” —Miami

“The property managers are very attentive to our needs and do an excellent job maintaining the building exterior and grounds, which allows us more time to focus on our customers.” —Hamilton, Ohio….

Tenants on Property Management

Holliday Fenoglio Fowler L.P. (HFF) has hired Kerry Hawkins as senior director for its Boston office. With 18 years of experience in commercial real estate, Hawkins will be focusing on office investment advisory transactions in her new role.

In her previous position as first vice president at CBRE, Hawkins focused mainly on the repositioning and marketing of underperforming assets, representing landlords and tenants in the sale and leasing of office properties. Prior to joining CBRE, Hawkins was a senior associate for three years at the Trammel Crow Co…

GuideStone Financial Resources has leased 115,000 square feet of office space at Pinnacle Tower in Dallas. The company has also sold its current office space, a 194,000-square-foot building at 2401 Cedar Springs Road; however, it will be leased back until the relocation can occur in late summer 2018. JLL brokered the leasing agreement as well as the sale of the firm’s current office.

Hanley Investment Group Real Estate Advisors has arranged the sale of a 31,062-square-foot, single-tenant commercial space in Brentwood, Calif. The company worked on behalf of the seller, a family trust, whereas the buyer was self-represented in the deal. The asset is occupied by In-Shape Health Clubs, a non-national gym brand founded in 1981.

Art Basel, the largest global Modern and contemporary art fair, now draws an estimated 80,000 people to Miami, making it one of the major stops among art dealers around the world. Founded in 1970 in Basel, Switzerland, the fair first came to Miami Beach in 2002, attracting 160 galleries and 30,000 attendees as the event’s first international outpost.

The RMR Group has selected Avison Young to lease one of its office assets located in Washington, D.C.’s Capitol Hill submarket. A team comprising Principals Greg Tomasso and Eli Barnes and Associate Lauryn Harris will start marketing the 130,000-square-foot building after the only tenant’s relocation.

T5 Data Centers has entered an agreement for a second pre-lease at its Phase 2 of T5@Chicago build-out. The enterprise client is an S&P 500 company which will join the first pre-leased tenant, a hospital network, at the upcoming data hall expansion.

Located at 41 Winter St. in one of Boston’s most dynamic districts, the eight-story, 100 percent leased building includes office space and ground-floor retail. The property is anchored by Liberty Travel, which recently signed a lease…

H&R Retail, a Washington, D.C./Baltimore-based retail real estate brokerage firm, has competed two retail lease transactions in Fairfax County and Baltimore. The properties are located within significant retail centers in their suburban metro areas and total roughly 43,000 square feet.

Aldi signed a 32,014-square-foot lease at the 13031 Fair Lakes Shopping Center in Fairfax, Va., located on the western outskirts of Washington, D.C. The space was formerly occupied by a Sports Authority store. H&R represented owner Toys “R” Us, whose store is situated adjacent to the property. Aldi, a global discount supermarket chain, has more than 10,000 stores in 18 countries…

CB Global Investors has acquired 2600 Michelson, a 311,000-square-foot office tower in Irvine, Calif., from Ocean West Capital Partners. The asset traded for $120 million.

The building is situated on nearly 4.6 acres in the Greater Airport Area submarket of Orange County, just minutes away from Houston’s Restaurant, Mother’s Market, LA Fitness and Central Park West, a new mixed-use urban village and retail center that boasts more than 30 micro-restaurants, bars and stores…

Cushman & Wakefield has brokered the sale of a fully leased, 60,000-square-foot office building in Tampa, Fla. Christian Tyler Properties acquired the property for $10.5 million from 10210 Windhorst Blvd LLC, a private investment partnership. According to public records, Axiom Bank facilitated the deal by providing $7.7 million in acquisition financing.

HFF has arranged the sale of a boutique office property totaling 162,188 square feet in Houston’s Galleria submarket. Woodway Office Partners LLC, a joint venture of Fuller Realty Partners and Harbert Management Corp., sold the two-building asset to a partnership led by Braun Enterprises.

DIVERSE TENANT BASE

Located at 5757 Woodway Drive, the two- and four-story property sits on a 4-acre parcel and was completed in 1977. Occupied by a diverse tenant base spanning the finance, health-care, communication, technology and education sectors, 5757 Woodway was 70 percent leased at the time of sale…

Bridge Office Fund Manager LLC has expanded its holdings by a whopping 2.2 million square feet. The real estate investment company recently completed the acquisition of a 13-building office portfolio from Piedmont Office Realty Trust.

“These properties are directly in line with the Bridge Office urban suburban investment strategy of acquiring into the prime business centers of healthy cities around the U.S.,”Jeff Shaw, principal with Bridge Office Fund Manager LLC & CEO of Bridge Commercial Real Estate, said in a prepared statement…

Seagis Property Group has expanded its New York portfolio with the acquisition of a 79,920-square-foot warehouse in the Maspeth submarket of Queens. DY Realty Services procured the buyer and will be listing the property for lease.

The asset is located at 5700 49th Place, about one mile from the Brooklyn-Queens Expressway. Manhattan is also easily accessible via the Williamsburg Bridge and the Queens-Midtown Tunnel. According to Crain’s New York Business, the warehouse was purchased from a longtime owner—the operator of a medical-supply family business—and features an on-site parking lot…

CBRE’s Capital Markets team has brokered the sale of the leasehold interest in a 24-story office tower and an adjacent two-story office and retail pavilion in downtown Fort Lauderdale, Fla. Facilitated by Ten-X, special servicer LNR Property Corp. sold the assets through auction to Stockbridge Capital Group in a $41.1 million deal.

The Buccini/Pollin Group (BPG) has acquired the 238-key Hilton Melbourne Rialto Place in Melbourne, Fla. PM Hotel Group, a Washington, D.C.-based hotel management company will operate the asset.

Located less than one mile from Orlando Melbourne International Airport, the property is the only full-service, first-class hotel in the mainland market. The site is also in close to the Space Coast industrial base, the beach and youth sports centers…

Hilton Melbourne Rialto Place Changes Hands in FL

CBRE Group has facilitated the sale of a 20,774-square-foot manufacturing building in Dayton, Ohio, for $525,000. Wernli Realty Corp. previously owned the property. CBRE’s Beau Nimer and Doug Whitten represented the buyer, Frye Mechanical, in the transaction.

Located at 1500 Humphrey Ave., the property is one minute from State Route 35 and offers convenient access to interstates 75 and 675. Featuring 15,000 square feet of production space and 5,000 square feet of office space, the building includes heavy three-phase power, 10-ton and four-ton cranes and an industrial-size gas service…