NEWS & NOTABLES

INDEPENDENCE, MO—Pacific Retail Capital Partners will step in as the operator of Independence Center, an iconic lifestyle shopping center in Independence, MO, just outside of Kansas City. The firm plans to reinvigorate the property by improving its retail and restaurant mix, hiring additional full-time staff, coordinating a robust event calendar with community partners and enhancing the specialty leasing program. Boasting more than one million square feet of retail space and 12 million annual visitors, Independence Center has been one of the region's largest shopping centers since opening in 1974, but in recent years has struggled. Dillard's, Macy's, Sears and Dicks Sporting Goods anchor the property, which also features an H&M clothing store that was added last year, plus another 120 stores. “We have a reputation for improving assets and creating a unique strategic vision for each property we manage,” says Najla Kayyem, senior vice president of marketing for Pacific Retail Capital Partners. “We plan to bring back community engagement events and focus on leasing and localization to increase occupancy and attract the best mix of tenants to the space.”

CHICAGO—Blas Puzon has joined Draper and Kramer, Inc., as a senior vice president on the company's acquisitions, development and asset management team. In this role, Puzon will draw upon his more than 20 years of commercial real estate expertise to target and expand Draper and Kramer's property acquisition efforts in new national markets. “Blas Puzon is a time-tested leader in the real estate investment industry who adds new depth to our acquisitions bench,” says Ed Polich, chief development officer and senior vice president for Draper and Kramer. Puzon joins the Chicago-based Draper and Kramer from Seattle, where he held multiple roles with the Pinnacle Family of Cos. Recent positions included senior vice president of capital transactions and managing director of Olympic Investors, Pinnacle's previously affiliated investment entity, through which he acquired approximately 10,000 multifamily units representing nearly $1 billion in transactions.

CHICAGO—Brent Jacob has joined Colliers International I Chicago as a vice president while Jake Spinell has joined as an associate in the firm's Rosemont office. Jacob, who was previously a portfolio leasing manager overseeing 7.2 million square feet at 24 properties with John Hancock Real Estate, will help grow the suburban office agency leasing and tenant representation business focusing on the East-West Corridor and Northwest Submarket. It's return to his roots – Jacob previously worked at Colliers from 2011 to 2015. During his career, he has successfully negotiated and secured leases totaling more than two million-square-feet and valued at more than $300 million. Spinell was previously an associate with Bradford Allen Realty Services where he worked on tenant representation as well as property leasing assignments. At Colliers, he will work alongside Steve Kling handling suburban tenant representation assignments. Before getting into the field of real estate, he worked for AXA Advisors providing research and financial analysis.

DEALTRACKER

ELGIN, IL—NKF Capital Markets has orchestrated the sale of 440 S. McLean Blvd. in Elgin, IL, to Plymouth Industrial REIT, Inc. Adam Marshall, senior managing director, and Boris Shraybman, managing director, oversaw the transaction of the 74,613-square-foot asset on behalf of the seller, a private ownership group. Bryan Bartlett, senior vice president and principal of Newmark Grubb Phoenix Realty Group, represented Plymouth in the acquisition. 440 S. McLean sits within a well-established industrial enclave located on the southwest quadrant of the four-way interchange at S. McLean Blvd. and Rte. 20. The building is located less than four miles south of I-90 and is within a 30-minute drive to Chicago O'Hare International Airport. Advance Engineering Corp. has occupied 100% of the building since 2006. In business for over 75 years, AEC provides the natural gas industry market with fabricated meter sets and piping.

GRAND RAPIDS, MI—Pathway to Living, a Chicago-based developer, owner and operator of senior living communities, has completed its acquisition of the property formerly known as Elmcroft of Kentwood in Kentwood, MI. Located at 4352 Breton Rd. SE, just under 10 miles from Grand Rapids, MI, the assisted living and memory care community – Pathway's first in Michigan – has been rebranded Azpira Place of Breton and will be managed by Pathway to Living. “This acquisition gives us an immediate presence in an underserved market and aligns with our strategy of investing in well-located properties where there's room to add high-quality amenities,” says Jerome Finis, chief executive officer. In the coming months, the company will start a capital improvement program at the 54,387-square-foot property that will include upgrading interiors and adding additional spaces to support a wellness-focused lifestyle for residents. The purchase from KY-based Elmcroft Senior Living is Pathway to Living's first acquisition of 2018. The firm now owns or manages 29 communities comprising approximately 2,800 units.