Property Type

Scannell Properties Breaks Ground on 479,000 SF Distribution Facility in Salem, Oregon

by Amy Works November 3, 2023

SALEM, ORE. — Scannell Properties has broken ground on a 479,000-square-foot distribution and manufacturing facility. Gensco Inc. will occupy the project at Scannell Logistics Park in Salem, approximately 50 miles south of Portland. The building is the second built-to-suit project at the logistics park. Designed by Mackenzie, the building will be a single-story, 399,000-square-foot facility, including 306,000 square feet of storage and distribution space, 93,000 square feet of manufacturing space and 6,400-square-foot office blocks on the north and south ends. Additionally, the property will feature a 68,000-square-foot storage mezzanine for a total floor area of 479,000 square feet. Perlo Construction will build the property, which is slated for completion in spring 2025.

November 3, 2023

Development Idaho Loans Multifamily Western

NewPoint Provides $22.5M in Financing for The Larkspur Workforce Housing Development in Victor, Idaho

by Amy Works November 3, 2023

VICTOR, IDAHO — NewPoint Real Estate Capital has provided $22.5 million in HUD/FHA 221(d)(4) construction-to-permanent financing to facilitate the development of The Larkspur, an 86-unit, market-rate, workforce multifamily community. Miami-based Plaza Equity Partners is developing the property in Victor, a small city of approximately 2,000 residents near the Wyoming border. Karen Kim of NewPoint originated the loan, which features a 22-month construction period followed by a 40-year term. The Larkspur is a planned three-story, garden-style community with 3,000 square feet of retail space. The property will feature 29 studio units, 43 one-bedroom units, 11 two-bedroom units and three three-bedroom units. Community amenities will include an outdoor fire pit, barbecue areas, a bark park, bocce ball court, controlled climate storage and winter/summer sports repair and storage rooms. The project team includes Victor-based Headwaters Construction Co.; Boise-based Syringa Property Management; and South Jordan, Utah-based AE Urbia Architects & Engineers. The Larkspur is situated within the Jackson, Wyoming-Idaho micropolitan statistical area.

November 3, 2023

Industrial Leasing Activity Lee & Associates Texas

Florida Tile Signs 14,903 SF Industrial Lease in Northwest Dallas

by Taylor Williams November 3, 2023

DALLAS — Florida Tile has signed a 14,903-square-foot industrial lease in northwest Dallas. According to LoopNet Inc., the property at 9755 Clifford Drive was built on 8.2 acres in 2001 and totals 114,320 square feet. Adam Graham and Stephen Williamson of Lee & Associates represented the landlord, Prologis, in the lease negotiations. The tenant representative was not disclosed.

November 3, 2023

Acquisitions Colorado Industrial Western

Berkeley Partners Sells Two Industrial Parks in Longmont, Colorado for $16.7M

by Amy Works November 3, 2023

LONGMONT, COLO. — Berkeley Partners has completed the disposition of two industrial parks totaling 98,600 square feet in Longmont, approximately midway between Denver and Fort Collins. Denver-based CentrePoint Properties acquired the assets for $16.7 million. Jeremy Ballenger, Tyler Carner, Jessica Ostermick and Jim Bolt of CBRE represented the seller in the deal. The industrial parks include four buildings located at 1501-1551 S. Sunset St. and 2120-2150 Miller Drive. The assets offer small-bay industrial space, catering to tenants that need between 3,500 square feet and 27,000 square feet. At the time of sale, the parks were 93 percent leased to nine tenants.

November 3, 2023

Leasing Activity Office Texas

Oxford Partners Negotiates 8,263 SF Office Lease in Houston’s Greenway Area

by Taylor Williams November 3, 2023

HOUSTON — Locally based brokerage firm Oxford Partners has negotiated an 8,263-square-foot office lease in Houston’s Greenway/Upper Kirby area. According to LoopNet Inc., the seven-story building at 2990 Richmond Ave. was constructed in 1967, renovated in 1995 and totals 83,617 square feet. Perry Mazzone & Ryan Hartsell of Oxford Partners represented the tenant, In-Home Attendant Services, in the lease negotiations. Priscilla Alexander of Hansen Partners represented the landlord.

November 3, 2023

Acquisitions California Retail Western

Cushman & Wakefield Brokers $10M Sale of Las Tunas Plaza Retail Center in San Gabriel, California

by Amy Works November 3, 2023

SAN GABRIEL, CALIF. — Cushman & Wakefield has arranged the sale of Las Tunas Plaza, a neighborhood shopping center in San Gabriel, an eastern suburb of Los Angeles. The property traded for $10 million, or $572 per square foot. The names of the seller and buyer were not released. Situated on 1.3 acres at 805-841 W. Las Tunas Drive, Las Tunas Plaza offers 17,473 square feet of retail space. At the time of sale, the property was 90 percent leased to a variety of tenants, including 7-Eleven, Golden Deli and Bopomofo Café. Joseph Lising, Mitchell Neff and Maureen Gitto of Cushman & Wakefield’s Southern California Retail and Capital Markets team represented the seller in the deal.

November 3, 2023

Acquisitions Industrial New Jersey Northeast

Urban Edge Properties Sells Northern New Jersey Light Industrial Portfolio for $217.5M

by Taylor Williams November 3, 2023

EAST HANOVER, N.J. — Urban Edge Properties (NYSE: UE) has sold a portfolio of seven light industrial buildings totaling 1.2 million square feet in the Northern New Jersey community of East Hanover. The portfolio was fully leased to a roster of 13 tenants at the time of sale, and the buildings feature an average clear height of 21 feet. Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce of JLL represented Urban Edge Properties in the transaction. The buyer was a partnership between an investment fund managed by Morgan Stanley and New Jersey-based owner-operator Saxum Real Estate.

November 3, 2023

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates $30M Sale of Multifamily Property in Griswold, Connecticut

by Taylor Williams November 3, 2023

GRISWOLD, CONN. — Locally based brokerage firm Chozick Realty has negotiated the $30 million sale of Pleasant View Estates, a 102-unit, newly built multifamily property in Griswold, located near the Connecticut-Rhode Island border. The unit mix consists of two-bedroom apartments with an average size of 1,036 square feet and three-bedroom townhouses that range in size from 1,363 to 1,693 square feet. Amenities include a clubhouse, game room, playground and walking/biking trails. Rick Chozick of Chozick Realty brokered the deal. The buyer and seller were not disclosed.

November 3, 2023

Affordable Housing Development Midwest Multifamily Wisconsin

McShane Completes 172-Unit Affordable Housing Community in Sun Prairie, Wisconsin

by Kristin Harlow November 3, 2023

SUN PRAIRIE, WIS. — McShane Construction Co. has completed The Wildwood at Main in Sun Prairie, a northwest suburb of Madison. Roers Cos. was the developer. The 172-unit affordable housing community is comprised of two buildings at 150 Schneider Road. Units come in one, two- and three-bedroom layouts. Amenities include a clubroom, fitness center, yoga studio, outdoor patio, playground and storage lockers. A heated underground parking garage provides 209 spaces for residents. Korb + Associates provided architectural services. Income restrictions for residents were not disclosed.

November 3, 2023

Development Illinois Loans Midwest Multifamily

PACE Equity Provides $10.9M in C-PACE Financing for Multifamily Conversion Project in Rockford, Illinois

by Kristin Harlow November 3, 2023

ROCKFORD, ILL. — PACE Equity has provided $10.9 million in Commercial Property Assessed Clean Energy (C-PACE) financing for a multifamily conversion project in Rockford. The C-PACE capital will help fund energy-efficient improvements for a 215-unit multifamily development to be built at 150 Loomis St. Specifically, the financing is for HVAC, LED lighting, windows, walls, roof and water conservation improvements. The property previously served as industrial space and consists of two buildings. The Illinois Energy Conservation Authority (IECA), an Illinois tax-exempt 501(c)(3) nonprofit organization, worked to close the financing with PACE Equity.

November 3, 2023

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