DAYTON, OHIO — Lument has provided a $12.9 million Fannie Mae loan for the acquisition of The Landing Apartments in Dayton. The multifamily community includes 166 units across several buildings. A high-rise building was originally developed in 1929 and townhouse-style buildings were added in 1991. Approximately 60 percent of the units are affordable to renters who earn 80 percent of the area median income. Steven Cox of Lument originated the 10-year loan, which features three years of interest-only payments and a 30-year amortization schedule. In addition to providing acquisition financing, the loan provides for approximately $145,000 for roofing, landscaping and other repairs. John Dragone and Chris Senzapaura of Trinity Street Capital arranged the loan.
KENTWOOD, MICH. — Bradley Co. has brokered the sale of Ridgemoor Center in Kentwood, just south of Grand Rapids. The sales price was undisclosed. The 37,375-square-foot retail center is located at 2889 28th St. Jeff Tucker and Drew Nelson of Bradley represented the seller, GLC/Grand River Retail. The buyer, L. Walt & Associates LLC, plans to make property improvements.
WEST BLOOMFIELD, MICH. — D’Portier Beauty has leased 1,500 square feet at The Boardwalk, a shopping center located near the intersection of Orchard Lake and Maple roads in West Bloomfield, about 27 miles northwest of Detroit. The beauty retailer is taking space formerly occupied by Frenchie’s Modern Nail Care. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Beztak Properties. Garnett Davis of Re/max represented the tenant.
CHICAGO AND HOLMDEL, N.J. — Equity Commonwealth (NYSE: EQC) and Monmouth Real Estate Investment Corp. (NYSE: MNR) have agreed to merge, signaling their intent to build a leading industrial real estate business and participate in the long-term growth of the sector. Based on the structure of the deal, Equity Commonwealth would acquire Monmouth in an all-stock transaction valued at approximately $3.4 billion, including the assumption of debt. The combined company is expected to have a pro forma equity market capitalization of approximately $5.5 billion. Under the terms of the agreement, Monmouth shareholders will receive 0.67 shares of Equity Commonwealth stock for every share of Monmouth stock they own. Equity Commonwealth and Monmouth shareholders are expected to own approximately 65 percent and 35 percent, respectively, of the pro forma company following the close of the transaction. Monmouth’s portfolio comprises 120 industrial properties totaling 24.5 million square feet. The Holmdel-based company is also under contract to purchase six properties totaling 1.8 million square feet, with the deals expected to close later this year or early next. Equity Commonwealth is a Chicago-based office REIT with a portfolio of four properties totaling 1.5 million square feet. “The transaction provides Equity Commonwealth with a high-quality, …
BOLINGBROOK, ILL. — JLL Capital Markets has brokered the $93.5 million sale of Riverstone Apartments, a 789-unit affordable housing community in the southwest Chicago suburb of Bolingbrook. The property underwent a significant redevelopment between 2005 and 2007 using low-income housing tax credit equity. Amenities include a clubhouse, two outdoor pools, two fitness centers, volleyball and soccer courts, a media center, playground, business center and dog park. Doug Childers, Marty O’Connell and Michael Fox of JLL represented the seller, Jackson Square Properties. Paul Smith and CW Early of JLL secured a $60.8 million Freddie Mac acquisition loan on behalf of the buyers, Alliant Strategic Investments and Nuveen Real Estate. JLL Real Estate Capital LLC provided the loan. The buyers will maintain the affordability requirements on all units through 2036.
CHICAGO — Clune Construction has completed Sterling Bay’s new headquarters in Chicago’s Fulton Market. IA Interior Architects designed the 28,000-square-foot space, which pays tribute to Chicago and its architectural history. Sterling Bay owns the property, which is located at 333 N. Green St. Construction began in February 2020 and the project was severely impacted by COVID-19 a month later. Sterling Bay is a Chicago-based real estate investment and development company.
MINNEAPOLIS — Ryan Cos. US Inc. has acquired the commercial property management, property engineering and construction management business of The Excelsior Group (TEG). The transaction, which closed April 29, grows Ryan’s real estate management portfolio by eight office buildings totaling 1.4 million square feet. Minneapolis-based Ryan now manages more than 16 million square feet across the country, including 9 million square feet in Minnesota. TEG is based in St. Louis Park, Minn.
SARTELL, MINN. — Grandbridge Real Estate Capital has arranged a $5.7 million loan for the refinancing of a 78-unit apartment community in Sartell, about 70 miles northwest of Minneapolis. Tony Carlson of Grandbridge arranged the nonrecourse loan, which features a 15-year term, a 20-year amortization schedule and a fixed interest rate. An insurance company provided the loan on behalf of the undisclosed borrower.
GLENDALE HEIGHTS, ILL. — Associated, a supply chain solutions company, has signed a 44,300-square-foot industrial lease at 490 Windy Point Drive in Glendale Heights. The building, which will complement the company’s existing 87,000-square-foot headquarters, features 2,300 square feet of office space, recently updated interior finishes and fenced outdoor storage access. Corey Chase of Newmark represented the tenant in the lease transaction. The landlord information was undisclosed.
Whether you are buying undeveloped land or assessing a property for potential redevelopment, thorough due diligence is critical to good decision-making. With the speed at which today’s commercial real estate market operates, you may face time constraints and you definitely want to limit expenditures related to due diligence — but you don’t want to cut corners. An incomplete understanding of the challenges at the site will limit your ability to scope out the project and could impact your ability to keep it on schedule and within budget. Even if you need to complete due diligence on an expedited timeline, make sure you check all the boxes. Here are six key items that should be on your checklist to ensure you limit unexpected costs and delays. 1. Geotechnical and Environmental Investigations Depending on your project scope, some form of a geotechnical investigation makes sense. Prior to design, it’s important to find out if soil constraints pose risks or design challenges. Geotechnical due diligence will disclose information about the physical properties of the underlying soil including rock, historic fill, unsuitable organic layers, seasonal groundwater and/or buried debris. Environmental due diligence will provide information about existing site challenges including wetlands, floodplains, brownfields, archeological factors …