Property Type

PCCP Provides $45M Refinancing for The Dylan Multifamily Community in Portland, Oregon

by Amy Works July 9, 2024

PORTLAND, ORE. — PCCP has provided a $45 million senior loan to a joint venture between Alamo Manhattan and MetLife Investment Management for the refinancing of The Dylan, an apartment property in Portland. Located at 3883 S. Moody Ave., The Dylan offers 232 apartments and 6,154 square feet of ground-floor retail space. Built in 2022, The Dylan features 19 studios, 185 one-bedroom and 28 two-bedroom units, with an average size of 724 square feet. The units feature nine-foot ceilings, stainless steel appliances, quartz countertops with designer backsplashes, plank flooring and washers/dryers. Select units include a kitchen island, separate shower, walk-in closet and private balcony. Community amenities include communal workspaces, a fitness center, top-floor resident lounge, dog wash station, private courtyard with fireplaces and barbecues, and a rooftop terrace with views of downtown Portland, as well as one floor of subterranean parking. Charles Halladay and Charlie Watson of JLL Capital Markets Debt Advisory arranged the non-recourse loan.

July 9, 2024

Acquisitions California Industrial Western

Dunleer Buys Industrial Park in Huntington Beach, California for $5.8M

by Amy Works July 9, 2024

HUNTINGTON BEACH, CALIF. — Los Angeles-based Dunleer has acquired a two-building industrial business park at 7602 Talbert Ave. in Huntington Beach, southeast of Los Angeles. A local private owner, a family member of the original developer, sold the asset for $5.8 million in an off-market transaction. Built in 1978 on 1.15 acres, the 22,382-square-foot park features 16 industrial units, eight small office units, 15 ground-level doors, 12-foot ceiling heights and 33 parking spaces. At the time of sale, the property was fully occupied by 19 tenants. Alexander Harrold of Matthews Real Estate Investment Services represented the buyer and seller in the deal.

July 9, 2024

Acquisitions Colorado Loans Multifamily Western

JLL Arranges $11.9M in Acquisition Financing for Eastglen Apartments in Longmont, Colorado

by Amy Works July 9, 2024

LONGMONT, COLO. — JLL Capital Markets has arranged $11.9 million in acquisition financing for Eastglen Apartments in Longmont, a suburb north of Denver. The borrower is a joint venture between Two Arrows Group and LEM Capital. Tony Nargi and Brock Yaffe of JLL Capital Markets Debt Advisory arranged the five-year, fixed-rate loan through its Freddie Mac Targeted Affordable Housing team. Jones Lang LaSalle Multifamily, a Freddie Mac Optigo lender, will service the loan. Located at 630 Lashley St., Eastglen Apartments features 102 apartments, laundry facilities, a community swimming pool, courtyard, on-site surface parking lot and access to parks and trails.

July 9, 2024

California Loans Retail Western

Majestic Realty Co. Receives $12.6M Refinancing for Two Shopping Centers in Walnut, California

by Amy Works July 9, 2024

WALNUT, CALIF. — Majestic Realty Co. Capital Markets has completed the refinancing of two shopping centers in Walnut, located between Los Angeles and the Inland Empire. PGIM Real Estate provided a $12.6 million first trust deed loan on Snow Creek Village West Shopping Center and retired the existing debt on Snow Creek Village East Shopping Center. Both assets are located at the intersection of Valley Boulevard and Grand Avenue. Developed by Majestic Realty Co. affiliates, the properties offer a total of 128,922 square feet of retail space. Current tenants include TJ Maxx, HomeGoods, Aldi, Panera Bread, McDonalds, Starbucks Coffee and Applebee’s Grill + Bar.

July 9, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Marcus & Millichap Brokers Sale of 13,827 SF Mixed-Use Property in Placerville, California

by Amy Works July 9, 2024

PLACERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a mixed-use property at 414-434 Main St. in Placerville, approximately 45 miles northeast of Sacramento. A private investor sold the asset to another private investor for $1.7 million. Constructed in the 1920s as a movie theatre, the 13,827-square-foot property has been converted into five ground-floor retail spaces and three top-floor residential units. Edward Nelson, Wyatt Figueroa and William Graves Jr. represented the seller, while Nelson procured the buyer in the deal.

July 9, 2024

Loans Michigan Midwest Mixed-Use

Bernard Financial Group Arranges $30.5M Loan for Refinancing of Mixed-Use Property Near Detroit

by Kristin Harlow July 9, 2024

GROSSE POINTE WOODS, MICH. — Bernard Financial Group (BFG) has arranged a $30.5 million CMBS loan for the refinancing of a 272,312-square-foot mixed-use property in Grosse Pointe Woods, a northeast suburb of Detroit. The asset features office, retail and medical space. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Pointe Plaza Development LLC.

July 9, 2024

Acquisitions Multifamily Northeast Pennsylvania Student Housing

Berkadia Arranges $24.5M Sale of Student Housing Property in State College, Pennsylvania

by Taylor Williams July 9, 2024

STATE COLLEGE, PA. — Berkadia has arranged the $24.5 million sale of Blue Course Commons, a 276-bed student housing property that serves students at Penn State University in State College. The 92-unit property was fully occupied at the time of sale. Matthew Stefanski, Zachary Pierce, Maura Spellman, Kevin Larimer and Brandon Buell of Berkadia represented the seller, Pennsylvania-based College Town Communities, in the transaction. The buyer was Pennsbury Capital.

July 9, 2024

Development Industrial Midwest Minnesota

Opus Breaks Ground on 132,200 SF Spec Industrial Facility in Dayton, Minnesota

by Kristin Harlow July 9, 2024

DAYTON, MINN. — The Opus Group has broken ground on Dayton Parkway Business Center in Dayton, a northwest suburb of the Twin Cities. The 132,200-square-foot speculative industrial facility will be located at 17600 Territorial Road near the new Dayton Parkway Interchange and I-94. TurbinePROs, a provider of field services for rotating equipment manufacturers, has signed a lease for more than 87,000 square feet. The property will feature 19 dock doors, four drive-in doors, a clear height of 28 feet, 136 vehicle parking stalls and 14 trailer parking stalls. Opus is the developer, design-builder, architect and structural engineer. Dan Swartz and Austin Lovin of CBRE are marketing the space for lease. Completion is slated for early 2025.

July 9, 2024

Acquisitions Indiana Industrial Midwest

CBRE Brokers $5.2M Sale of Industrial Building in South Indianapolis

by Kristin Harlow July 9, 2024

INDIANAPOLIS — CBRE has brokered the sale of a 34,000-square-foot industrial building in Indianapolis for $5.2 million. Located at 5150 Elmwood Ave. and renovated in 2023, the property features a clear height of 22 feet, nine dock doors, 138 auto parking spaces and outdoor storage. Cinderella, a wholesale distributor of pool supply products, leases the facility. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Nick Busch and Terry Busch of CBRE Investment Properties represented the undisclosed seller. The asset sold to a high-net-worth buyer from California at a cap rate of 5.8 percent.

July 9, 2024

Acquisitions Illinois Midwest Restaurant Retail

Marcus & Millichap Negotiates $1.7M Sale of Andy’s Frozen Custard-Occupied Property in Mokena, Illinois

by Kristin Harlow July 9, 2024

MOKENA, ILL. — Marcus & Millichap has negotiated the $1.7 million sale of a 2,200-square-foot retail property occupied by Andy’s Frozen Custard in Mokena, a southwest suburb of Chicago. Built in 2024, the net-leased building is located at 11275 W. Lincoln Highway near Meijer, Panda Express and PetSmart. Nicholas Kanich of Marcus & Millichap represented the seller, an Illinois-based real estate investment firm. Kirk Trammel, David Cutler and Joshua Johnson of Marcus & Millichap represented the buyer, a California-based family trust. The property sold at 98 percent of the listing price. Andy’s Frozen Custard maintains more than 135 locations nationwide.

July 9, 2024

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