OMAHA, NEB. — Petros PACE Finance has provided $13.8 million in C-PACE funding for a 160-unit apartment development in Omaha’s Blackstone District. The funding is for environmental and energy-efficiency measures, including interior and exterior LED lighting, roof and wall insulation, a high-efficiency HVAC system and low-flow water fixtures. The property also features 18,000 square feet of retail space. C-PACE, otherwise known as Commercial Property Assessed Clean Energy, is a tool that can finance energy efficiency and renewable energy improvements at office, industrial, retail and multifamily properties, among others.
CHICAGO — Marcus & Millichap has brokered the sale of a 61-unit multifamily property in Chicago’s Hyde Park neighborhood for $9.8 million. Constructed in 1924, the building is located at 5120 S. Harper Ave. At the time of sale, the property was 95 percent leased. Jack Stanton of Marcus & Millichap represented the seller, a private Chicago-based company that had owned and operated the asset for 22 years. James Ziegler of Marcus & Millichap procured the buyer, a local family-run limited liability company. The buyer plans to update some units.
BLUE ASH, OHIO — Aerospace and defense company Quest Defense has signed a 25,702-square-foot office lease for its new headquarters at Pfeiffer Place at Parkview in Blue Ash near Cincinnati. The company is relocating from its Class B space at SharonView Corporate Center. Pfeiffer Place offers a conference center, café and onsite security. Todd Pease of JLL represented the landlord, Ohio National Financial Services.
SAN FRANCISCO AND INDIANAPOLIS — San Francisco-based industrial giant Prologis Inc. (NYSE: PLD) has agreed to acquire Indianapolis-based Duke Realty (NYSE: DRE) for $26 billion in an all-stock transaction, including debt. The mega-merger of these two REITs is scheduled to close in the fourth quarter. The board of directors for each company has already unanimously approved the transaction. In May, Prologis offered to acquire Duke in an all-cash transaction for $61.68 per share, a proposal that would have generated a price tag of $23.7 billion. The offer, which was tendered on May 10, represented a 29 percent premium over Duke’s closing stock price on the previous day. However, Duke rejected the offer. The transaction includes Prologis’ assumption of Duke Realty’s existing debt. Duke’s shareholders will receive a premium of 47.5 percent over the current value of each share of common stock they own. Prologis plans to hold 94 percent of the acquired assets. Prologis expects to achieve $310 million to $370 million in reduced general and administrative costs and consolidated corporate leverage as a result of the acquisition. In addition, Prologis said it was drawn to Duke’s presence with high-performing industrial facilities in key markets, including Southern California, New Jersey, …
PONTIAC, MICH. — SK Investments Group has unveiled plans to build The Shores at Crystal Lake, a 34-acre development with more than 1,200 apartment units in Pontiac, a northern suburb of Detroit. Plans also call for a mix of retail, dining, recreational and entertainment space. The project team includes architect Kreiger-Klatt and civil engineer and surveying firm Spalding DeDecker. Tim O’Brien, a Pontiac native and former principal of local development company O’Brien Group, will serve as strategic advisor. The site plan final approval is anticipated for this fall, with construction expected to begin in mid-to-late 2023. SK Investments Group is a South Florida-based developer.
NAPERVILLE, ILL. — MZ Capital Partners has sold Vantage Naperville Apartments in suburban Chicago for $24 million. The 112-unit apartment community, located at 1350 E. Ogden Ave., was fully leased at the time of sale. The newly completed property features studios and one-bedroom units with private work-from-home suites. JLL brokered the sale. An affiliate of 601W Cos. was the buyer.
CHICAGO — Echo Global Logistics and VSA Partners have renewed their office leases at 600 West Chicago, an office and retail property owned by Sterling Bay in Chicago’s River West submarket. Echo, a provider of technology-enabled transportation and supply chain management services, will remain in its 185,000-square-foot space that it has called home since its inception in 2005. VSA, a global creative agency and tenant in the building since 2008, restructured its lease to 25,000 square feet. Andrea VanGelder, Kellen Monti, Matt Carolan and Paul Giannopoulos of JLL represented Echo, while Steven Livaditis and Jon Milonas of CBRE represented VSA. Russ Cora and Austin Lusson represented Sterling Bay on an internal basis.
NAPERVILLE AND WARRENVILLE, ILL. — Greenstone Partners has brokered the sale of a three-building office portfolio in Naperville and Warrenville for $16 million. Named the Cantera-Naperville Office Portfolio, the collection of assets totals 130,000 rentable square feet and is 86 percent leased. The properties are located at 4300 and 4580 Weaver Parkway in Warrenville and 1601 Bond St. in Naperville. Jason St. John and Paul Tesdal of Greenstone represented the seller, a Naperville-based real estate operator. The duo also procured the buyer, a Chicagoland-based family office that completed a 1031 exchange.
JEFFERSONVILLE, IND. — Berkadia has provided a $15.2 million Freddie Mac loan for the acquisition of Beech Grove Apartments in Jeffersonville near Louisville. Built in 1972, the apartment complex features 182 units. Amenities include a fitness center, dog park and pool. John Schorgl of Berkadia Kansas City secured the loan on behalf of the borrower, California-based Revitate Cherry Tree. The 10-year loan features five years of interest-only payments.
DETROIT, LANSING AND GRAND RAPIDS, MICH. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $154.8 million bridge loan for the acquisition of a multifamily portfolio in Michigan. The properties include Capitol Village Apartments, Carriage Hill Apartments, Carriage Park Apartments, Macomb Manor Apartments, Newburgh Square Apartments and Northview Harbor Apartments. The garden-style apartment complexes, which are located in Detroit, Lansing and Grand Rapids, feature amenities such as fitness centers, tennis courts, basketball courts, volleyball courts, clubhouses and barbecue areas. Adam Sasouness of Dwight originated the two-year, floating-rate loan. Marvin Jeremias of Crossmark Capital and Aaron Moll of Berkadia arranged the loan on behalf of the borrower, New Jersey-based Valleytree Partners. The purpose of the bridge loan is to provide both acquisition financing and funding for capital improvements, including enhancing 50 percent of the units.