DENVER — Equity Commonwealth (NYSE: EQC) is under contract to sell 1225 Seventeenth Street, an office property in Denver, for a gross sales price of $132.5 million. The 709,402-square-foot property is Equity Commonwealth’s last remaining property. The net purchase price is expected to be approximately $124.4 million after credits primarily for contractual lease costs. The undisclosed buyer has completed due diligence, and the earnest money deposit is non-refundable. The sale is scheduled to close later this month. The transaction is subject to customary closing conditions, and there is no assurance that the transaction will close.
SACRAMENTO, CALIF. — Developer and operator ONELIFE Senior Living has acquired The Woodlake Senior Living, a 137-unit community located in Sacramento. Amenities at the property, which offers assisted living and memory care residences, include a movie theater, game room, fitness center, salon, library and arts and crafts room. The acquisition marks the fourth senior living community in California for ONELIFE, which merged with Ally Senior Living earlier this year. “The Woodlake Senior Living represents a strategic expansion of our California presence,” says Dan Williams, CEO of ONELIFE. According to the company, the state’s population of individuals age 65 and older is expected to reach 9 million by 2040. Denver-based ONELIFE was founded in 2009.
COLORADO SPRINGS, CALIF. — Lafayette, Colo.-based Alloy Real Estate Capital has purchased Tech Center VI, a midrise office building at 5575 Tech Center Drive in Colorado Springs. Tech Center VI, an entity managed by Ogilvie Properties, sold the asset for $17.2 million. At the time of sale, the three-story 104,702-square-foot property was 97 percent leased to 17 tenants, most in the aerospace and defense contractor industries. Aaron Johnson, Jon Hendrickson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
EAGLE, COLO. — JLL Capital Markets has provided a $7.5 million Freddie Mac loan for House Apartments, a multifamily property in Eagle. Tony Nargi led the JLL Capital Market’s Debt Advisory team to originate the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Situated on 4.8 acres at 85 Pond Road, the three-story property features 54 units totaling 27,838 rentable square feet. Community amenities include an on-site exercise facility, community kitchen, elevator and dedicated work-from-home spaces. The asset was built in 1998.
CHESTER, N.Y. — Marcus & Millichap has brokered the sale of an 80-room hotel in Chester, located near the New York-New Jersey border. The Holiday Inn & Suites Chester-Monroe-Goshen, which sold for $10.5 million, offers amenities such as an indoor pool, fitness center and a business center. Jerry Swon of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.
JERSEY CITY, N.J. — IAVI has opened a 29,782-square-foot life sciences facility in Jersey City. The nonprofit scientific research organization relocated its vaccine design and development operations from the Brooklyn Army Terminal to the 350,000-square-foot building at 95 Greene St., which was originally built as a manufacturing facility for Colgate Palmolive. CBRE represented IAVI in its site selection and lease negotiations.
SAN MARCOS, CALIF. — North City Enterprise LLC has purchased a freestanding industrial building in San Marcos for $2.1 million. The buyer plans to relocate its business to the 5,474-square-foot facility, which is located at 110 Venture St. Chris Baumgart of JLL represented the buyer, while Chris Nelson of Mathews REIS represented the undisclosed seller in the deal.
HOFFMAN ESTATES, ILL. — Eastham Capital and Bender Cos. have acquired Haven Hoffman Estates, a 550-unit apartment community in the Chicago suburb of Hoffman Estates, for $75.8 million. The asset will be renamed Hoffman Hills Apartments as part of a property update program. South Florida-based Eastham Capital obtained a majority interest in the deal through its current fund, Eastham Capital Fund VI LP. Bender Cos., which has co-invested and partnered with Eastham Capital on multiple projects, will oversee the day-to-day management of the property. The community is currently 96 percent occupied with average rents of just over $1,349 per month. The acquisition includes a renovation budget of $6.5 million, which will include interior unit, exterior and amenity upgrades. Built in 1970, the property features amenities such as a pool, clubhouse, fitness center, private work-from-home suites and an outdoor dining area. Kevin Girard, Mark Stern, David Gaines, Zach Kaufman, Betsy Romenesko and Sam Grohe of JLL represented the sellers, Tricap Residential Group and Wolcott Group. Trent Niederberger, Medina Spiodic and Rebecca Brielmaier of JLL originated a five-year, fixed-rate loan through Freddie Mac for the buyers.
DECATUR, ILL. — Cinnaire has invested $7 million in New Markets Tax Credits to support the rehabilitation and expansion of the former Prairie Farms dairy plant into the Tillamook Decatur Creamery. The facility, located at 757 N. Morgan St. in Decatur, is being transformed into a modern 79,000-square-foot creamery to support Tillamook County Creamery Association’s (TCCA) production efforts in the eastern U.S. Construction began in June, and is slated for completion this month. The project, which has revitalized the vacant building into a dedicated ice cream manufacturing plant, marks a significant expansion as TCCA’s first wholly owned and operated manufacturing facility outside of Oregon and its only facility dedicated solely to ice cream production. Tillamook is an Oregon-based dairy co-op and manufacturer known for its cheese, yogurt, butter and ice cream. The Tillamook Decatur Creamery will create approximately 49 new full-time jobs. Originally opened in 1918 by Swift and Co., the Decatur plant was later acquired by Prairie Farms in 1977 where it served as an ice cream production facility until its closure in early 2022. TCCA is spending roughly $74 million adding automation, robotic palletizing and improving employee welfare spaces.
MERRILLVILLE, IND. — Marcus & Millichap has brokered the $4 million sale of Crossroads Plaza, a 184,721-square-foot shopping center in Merrillville, a northern suburb of Chicago. Located at 6110 Broadway, the property is anchored by Ruler Foods, Trader Buck’s and Treasure Hunt Deals. Ruler Foods, a subsidiary of Kroger, is the only grocer within a three-mile radius. Additional tenants include Family Dollar, Subway, Papa John’s and Rent-A-Center. Eric Abbott, Andrew Margulies, Adam Sklaver and Philip Kates of Marcus & Millichap represented the seller in partnership with AM Group and utilized Marcus & Millichap’s auction platform to execute the sale.