DAVENPORT, IOWA — Iowa-based construction and development firm Russell has broken ground on the first building at Russell Industrial Park in Davenport, one of the Quad Cities. The 251,100-square-foot building is a build-to-suit for an undisclosed tenant. The building marks the first of six anticipated projects at the 95-acre site. Russell plans to soon break ground on the second building, a 300,000-square-foot speculative project slated for completion in the fourth quarter of 2022. Marcus Pitts, Michael Minard and Austin Hedstrom of JLL represented Russell in the build-to-suit lease.
ANKENY, IOWA — Zovest Capital LLC has acquired Ankeny Pine Apartments in Ankeny for $3.7 million. The 52-unit apartment community is located at 1713 NW Pine Road. Max Colby and Shana Patrick of CBRE |Hubbell Commercial represented the seller, Ankeny Pine Premier LLC.
MILWAUKEE — Stan Johnson Co. has arranged the sale of a 3,500-square-foot retail property net leased to Sherwin-Williams in Milwaukee for $2.4 million. The building is located at 1216 S. 1st St. and was constructed in 2018. Blaise Bennett of Stan Johnson represented the seller, a Wisconsin-based developer. A Texas-based private equity group was the buyer. The sales price represents a cap rate of 5.1 percent, a new record for a Sherwin-Williams property in the Midwest, according to Stan Johnson.
TROY, MICH. — Vintage King Audio has signed a 17,220-square-foot industrial lease at 2032 Heide St. in Troy. Sean Jamian of Dominion Real Estate Advisors LLC represented the undisclosed landlord in the seven-year lease. Sam McLean of Team Core represented the tenant, which is an audio-visual equipment supplier.
PONTOON BEACH, ILL. — Contegra Construction Co. has completed the third distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach, about 13 miles northwest of St. Louis. Contegra is now building a 1 million-square-foot facility at the development that will be the largest speculative distribution center in the St. Louis area, according to the general contractor. With the completion of the 624,000-square-foot Gateway Tradeport III, the 600-acre Gateway Tradeport is now home to more than 1.7 million square feet of distribution space, all of which was built by Contegra. Building III features a clear height of 40 feet, 64 dock doors and parking for 181 trailers. Building IV is slated for completion in 2022.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers typically benefit from a single lending entity and blended interest rate, according to KeyBank.
SHAWNEE, KAN. — Northmarq has arranged the sale of Park 67, a 352-unit apartment complex in Shawnee, for $35.5 million. Park 67 was built in 1969 and recently underwent renovations for 30 percent of the units. The property features a pool, fitness center, playground, business center and onsite laundry facilities. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Worcester Investments. Charlotte, N.C.-based Greystone Capital Holdings LLC was the buyer.
MT. COMFORT, IND. — Colliers International has brokered the sale of Buildings 1 and 2 at Mount Comfort Commercial Park for an undisclosed price. The properties, totaling 650,987 square feet, are located on Enterprise Drive in Mt. Comfort, about 15 miles northeast of Indianapolis. Building 1 spans 260,406 square feet and features a clear height of 32 feet and 26 docks. Building 2 is a 390,581-square-foot facility with a clear height of 36 feet and 38 docks. Both buildings offer 135-foot trailer courts and were completed on a speculative basis. Alex Cantu, Jimmy Cohoat, Jason Speckman, Andrea Hopper and Alex Davenport of Colliers represented the sellers, Becknell Industrial and Cross Harbor Capital. An affiliate of EQT Exeter was the buyer.
LOMBARD, ILL. — Marcus & Millichap has negotiated the $10.2 million sale of Oak Creek Center in Lombard, a western suburb of Chicago. The 79,462-square-foot industrial facility is located on Oak Creek Drive. Tenants include Home Depot and Kia Motors. Peter Doughty of Marcus & Millichap represented the seller, a private investor. He also secured and represented the buyer, a private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.
MINNEAPOLIS — Minneapolis-based NAI Legacy has acquired a portfolio of five retail properties for $20.5 million. Stablewood Properties was the seller. The assets include a CVS Pharmacy in Florida, a 7-Eleven in Colorado, a Sherwin-Williams in Missouri, an Advance Auto Parts in Florida and a Tractor Supply Co. in Pennsylvania. NAI Legacy will place the portfolio in a Delaware Statutory Trust, which often meets the demand for 1031 investors.