FORT WORTH, TEXAS — Shearer Supply, a wholesaler and distributor of HVAC parts and systems, has signed a 34,340-square-foot industrial lease at Everman Trade Center in Fort Worth. The four-building, 457,745-square-foot development is located on the city’s south side and features 24- to 32-foot clear heights and 130- to 210-foot truck court depths. Ken Wesson of Lee & Associates represented the tenant in the lease negotiations. Matt Carthey and Thomas Grafton of Holt Lunsford Commercial represented the landlord, Boston-based Cabot Properties.
LOS ANGELES — CIM Real Estate Debt Solutions has provided a $47.5 million loan through a CIM-managed fund to a joint venture between MWest Holdings and BGO. The borrower will use the proceeds to refinance debt on The View, a 13-story multifamily building in the Koreatown neighborhood of Los Angeles. Located at 3460 W. 7th St., The View features 158 studio, one- and two-bedroom units in a variety of floorplans. CIM Group acquired The View in August 2013 following the completion of a comprehensive renovation of the property, which was originally built in 1965. MWest and BGO purchased the asset in December 2018 after CIM Group completed a variety of improvements to the residences and the property’s leasing and management. The current owners have continued to invest in upkeep and improvements to the property, including its common areas and community amenities.
ARLINGTON, TEXAS — Lee & Associates has negotiated a 33,239-square-foot industrial lease in Arlington. According to LoopNet Inc., the property at 2019-2025 Meridian St. was built on 3.4 acres in 1980, totals 71,973 square feet and features 22-foot clear height and 13 exterior dock doors. Mark Graybill and Reed Parker of Lee & Associates represented the landlord, Chicago-based ML Realty Partners, in the lease negotiations. Adam Curran of Cushman & Wakefield represented the tenant, Centurion Service Group, a platform that connects buyers and sellers of medical equipment.
SALT LAKE CITY — JLL Capital Markets has arranged the sale of and financing for Sandy Commerce Park, a Class A creative office property at 9490 S 300 West in Salt Lake City. Nuveen Real Estate sold the asset to Alturas Capital Partners for an undisclosed price. Completed in 2017, the five-story 121,197-square-foot building features 25,000-square-foot average floorplates, floor-to-ceiling glass curtain walls and 360-degree views of the Wasatch and Oquirrh mountains. At the time of sale, the property was fully leased to eight tenants with an average weighted lease term of 3.7 years. Phil Brierly and Cole Macadaeg of JLL’s investment sales and advisory team represented the seller in the deal. Mark Root and Will Haass of JLL’s debt advisory team secured a five-year, fixed-rate acquisition loan through a life insurance company for the buyer.
LOS ANGELES — Gantry has arranged $21.6 million in construction-to-permanent financing for the development of a grocery-anchored retail project in the Studio City submarket of Los Angeles. Located at 11265-11321 Ventura Blvd., the project will feature 33,700 square feet of retail space. Braden Turnbull, George Mitsanas and Austin Ridge of Gantry arranged the five-year loan, which one of the firm’s correspondent lenders provided, for the private real estate entity borrower.
PHOENIX — Stos Partners has purchased an industrial complex located on 3.3 acres at 620 N. 43rd Ave. in Phoenix. Auto Body Parts LLC sold the asset for $9 million, or $181.77 per square foot. The 49,513-square-foot property features 20- to 22-foot clear heights, eight dock-high doors, four drive-in, ground-level doors, 1,600 AMPS of 277/440 volt power and 4,000 square feet of office space. The property can accommodate a full-building user, a two-tenant user or three separate tenants ranging from 12,000 square feet to 49,513 square feet. Stos plans to implement a capital improvement program to stabilize and re-tenant the asset.
SOUTH PASADENA, CALIF. — Gelt Ventures has completed the disposition of South Pasadena Storage, a self-storage facility located at 919 Mission St. in South Pasadena. An institutional buyer acquired the 677-unit asset for an undisclosed price. Built in 1986 on 1.8 acres, the six-building property includes 642 indoor storage units, 34 outdoor rental spaces and a live/work unit, as well as a site office. ExtraSpace Storage provides third-party management of the property. Adam Schlosser, Chico Le Claire and Keith Phillips of Marcus & Millichap represented the seller in the transaction. The buyer was self-represented.
PHILADELPHIA — New Jersey-based developer Saxum Real Estate has broken ground on a 187-unit multifamily project in Philadelphia’s Northern Liberties neighborhood. The project marks the second phase of a larger, 466-unit development. Amenities will include a pool, courtyard, fitness center and a dog wash. Michael Klein, Tom Didio and Ryan Ade of JLL arranged undisclosed amounts of construction financing through Corebridge Financial and joint venture equity from an unnamed partner on behalf of Saxum Real Estate. Information on floor plans and an expected completion date was also not disclosed.
WESTWOOD, MASS. — Developer Lightstone Life Sciences is nearing completion of The Labs@128 Station, a 165,000-square-foot project in Westwood, a southern suburb of Boston. Upon completion, which is slated for the first quarter of 2024, Labs@128 Station will offer turnkey spaces that will be subdividable down to 5,000 square feet. J. Calnan & Associates is the general contractor for the project. Newmark is the leasing agent.
AMHERST, MASS. — Largo Capital, a financial intermediary based in upstate New York, has arranged a $17 million construction loan for a 67-unit multifamily project in Amherst, about 90 miles west of Boston. The property will house a mix of one-, two- and three-bedroom units and roughly 7,000 square feet of ground-floor commercial space. Ned Perlman of Largo Capital arranged the financing. The names of the direct lender and borrower were not disclosed.