SANTA CLARA, CALIF. — Marcus & Millichap has secured $3.8 million in financing for the purchase of a 20-unit apartment property located at 1577 Pomeroy Ave. in Santa Clara. David Campbell of Marcus & Millichap’s Palo Alto, Calif., office arranged the financing with a Western-based bank on behalf of a private client. Terms of the 30-year loan include a 6 percent interest rate with 30-year amortization and a 60 percent loan-to-value ratio.
CHICAGO — Evergreen Real Estate Group and nonprofit Latin United Community Housing Association (LUCHA) have completed Encuentro Square Apartments in Chicago’s Logan Square neighborhood. The duo developed the project in partnership with the Chicago Department of Housing, the Department of Planning and Development and the Chicago Housing Authority (CHA). The $67.5 million development comprises two buildings at the western terminus of The 606 trail, an area that has experienced housing costs soar in recent years. The units are designated for families and individuals with incomes at or below 60 percent of the area median income. Managed by Evergreen, Encuentro Square is nearly fully leased. In Spanish, “encuentro” means the act of coming together. Leopardo Cos. and All Construction were the general contractors. Designed by Canopy, the buildings feature rounded corners with orange paneling. The orange panels are meant to mimic the migration pattern of the monarch butterfly. Floor plans range from one- to three-bedroom units. Fifty-five of the homes benefit from long-term project-based rental assistance administered by the CHA, of which 44 are family-sized units with at least two bedrooms. Amenities include a community room, teaching kitchen, children’s playroom, private courtyard, resident lounges, laundry rooms and bike storage. A new …
NEW YORK CITY — Locally based development and investment firm Slate Property Group has begun leasing The Welz, a 162-unit apartment complex in Brooklyn. Designed by Aufgang Architects with interior design by Alchemy, the 19-story building is located in the Williamsburg area and offers studio, one- and two-bedroom units. Roughly 30 percent (49) of the residences are reserved for renters earning between 60 and 130 percent of the area median income, and residents also have access to a rooftop deck with grilling stations, a fitness center and package lockers. Slate developed the property in partnership with local real estate private equity firm Avenue Realty Capital. Rents start at $3,175 per month for a studio apartment.
FISHERS, IND. — AC Hotels by Marriott has committed to opening its first Indiana location at The Union at Fishers District in the Indianapolis suburb of Fishers. Thompson Thrift is the master developer of Fishers District. Local hotelier Dora Hospitality will own and operate the 135-room hotel. Seated on top of approximately 15,000 square feet of retail space, the property will feature meeting space, fitness equipment and European-inspired beverage and food offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the Fishers District. In addition to the AC Hotel, the mixed-use development will incorporate approximately 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment units and 70,000 square feet of Class A office space. Construction of The Union is expected to begin this quarter. Thompson Thrift is actively negotiating leases on the remaining 30 percent of retail space and has signed leases with restaurants such as Piedra, Niku Sushi, Kitchen Social, Everbowl and Racha Thai. Thompson Thrift began work on the Fishers District in 2015. Once completed the $750 million development will span 123 acres with an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options.
ELGIN, ILL. — David C. Cook, a 150-year-old nonprofit Christian ministry dedicated to equipping the global church with printed and digital resources, music and media, has leased 152,014 square feet of industrial space at 1700 Madeline Lane in Elgin. The space will serve as the main distribution center for the organization’s books and curricula divisions. David C. Cook, which got its start in the Chicagoland area and has had a presence in Elgin since the 1880s, is relocating within the submarket. The nonprofit is the anchor tenant in Seefried Industrial Properties’ recently completed speculative building, with 168,932 square feet available for lease. The property is strategically located along Chicago’s I-90 industrial corridor and features a clear height of 32 feet. John Hamilton of CBRE represented the tenant. Doug Pilcher and Jason West of Cushman & Wakefield represented the landlord, a joint venture between Seefried and a U.S.-based family office.
WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.
CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.
WILTON, CONN. — Institutional Property Advisors, a division of Marcus & Millichap, has negotiated the sale of a 102-unit apartment complex in Wilton, located in southern Connecticut’s Fairfield County. Avalon Wilton on River Road is an eight-building complex that was built in 1996 and renovated in 2012. The property offers 64 townhome-style residences and 38 garden-style units in two- and three-bedroom floor plans that have an average size of 1,552 square feet. Amenities include a pool and outdoor grilling and dining stations. Victor Nolletti, Eric Pentore, Wes Klockner and Ross Friedel of IPA represented the seller, Virginia-based REIT AvalonBay Communities, in the transaction and procured the buyer, AEW Capital Management.
WINSTED, CONN. — Marcus & Millichap has brokered the $14 million sale of The Shops at Ledgebrook, a 105,499-square-foot shopping center in Winsted, located northwest of Hartford. Grocer Stop & Shop anchors the center, which was built on 14 acres in 1989, with a 52,704-square-foot store. Other tenants include Webster Bank, Sophia’s Pizza Restaurant and China Delight. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the New York-based seller in the transaction and procured the New Jersey-based buyer. Both parties were private investors that requested anonymity.
MADISON, N.J. — Kelley Drye & Warren LLP has signed a 17,260-square-foot office lease in the Northern New Jersey community of Madison. The law firm is relocating from nearby Parsippany to Giralda Farms, a 1.3 million-square-foot corporate campus. Nick Savage and Greg Barkan of CBRE represented the tenant in the lease negotiations. Joshua Cohen and Bill Brown of Cushman & Wakefield represented the landlord, a partnership between Bergman Real Estate Group and Eightfold Real Estate Capital.
