CHINO AND POMONA, CALIF. — JLL Capital Markets has arranged $32.2 million in financing for Proficiency Capital’s acquisition of McGee Business Center I & II, an industrial portfolio in Chino and Pomona. Peter Thompson, Kyle White and Nick Englhard of JLL secured the three-year, floating-rate loan through a bank for the borrower. McGee Business Center consists of two fully leased industrial parks totaling 231,696 square feet. Business Park 1, located at 2300 S. Reservoir St. in Pomona, features four buildings totaling 128,800 square feet. Business Park II, located at 12301-12395 Mills Ave. in Chino, consists of five buildings totaling 101,896 square feet. Constructed in 1981 and 1987, the property features 71 industrial suites averaging 3,263 square feet.
SAN DIEGO — Encinitas, Calif.-based Ambient Communities has acquired 530 B Street, a 24-story office tower in downtown San Diego. An undisclosed seller sold the building for $27.5 million. At the time of sale, the 250,181-square-foot tower was 76.8 percent occupied, with US Bank as a major tenant occupying 77,414 square feet. Ambient Communities plans to eventually convert the office building to primarily residential units. Mickey Morera of Kidder Mathews represented the buyer in the deal. Mary Blagg of Kidder Mathews is overseeing management of the building.
TEMPE, ARIZ. — Boca Raton, Fla.-based Pinnacle Holdings has completed the disposition of Rancho Las Palmas Apartments in Tempe to an Arizona-based private investor for $18 million, or $160,714 per unit. Built in 1986 on 5.2 acres, Rancho Las Palmas features 112 apartments spread across six two-story and three-story buildings. The community offers 48 one-bedroom units and 64 two-bedroom units with an average size of 777 square feet. Unit amenities include balconies/patios, vaulted ceilings in select units and fully equipped kitchens with stainless steel appliance packages in select units. Community amenities include a clubhouse, fitness center, swimming pool, spa, laundry facility, gated entry and ample parking. Avison Young’s Peter Sherman, Keith O’Donnell and Mark Seale, along with Alon Shnitzer, Rue Bax, Eddie Chang, Doug Lazovick and Tyler Bruggman of ABI Multifamily, brokered the transaction.
LEWISVILLE, TEXAS — Disney Investment Group (DIG) has brokered the sale of a 47,857-square-foot, single-tenant retail building located at 724 W. Main St. in the northern Dallas suburb of Lewisville that is leased to ethnic grocer Fiesta Mart. According to LoopNet Inc., the property was built in 1983 and renovated in 1992. David Disney and Adam Crockett of DIG represented the seller in the transaction. DuWest Realty represented the buyer. Both parties requested anonymity.
COLORADO SPRINGS, COLO. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $4.7 million loan for the refinancing of a medical office building located at 2860 S. Circle Drive in Colorado Springs. Tenants at the medical office include a mental health clinic, a counseling clinic, an esthetic clinic, an acupuncture clinic and a treatment center. Garrett Fierstein of MMCC secured the financing with a local credit union on behalf of a private client. Terms of the 10-year loan include a 6.75 percent fixed interest rate with a 25 year-amortization schedule and a loan-to-value ratio of 65 percent.
HURST, TEXAS — Locally based brokerage firm DuWest Realty has negotiated the sale of a 16,938-square-foot retail building in Hurst, located northeast of Fort Worth. According to LoopNet Inc., the building at 924 NE Loop 820 was constructed in 1999. Giancarlo Carriero and Scott Rodgers of DuWest Realty represented the seller, De La Vega Development | Capital, in the transaction. The buyer was Houston-based investment and brokerage firm Jolink Wallace Commercial, which plans to redevelop the building for western footwear and apparel retailer Boot Barn.
LIBERTYVILLE, ILL. — BWE has arranged a $20 million loan for the acquisition of Innovation Park, a 1 million-square-foot mixed-use office and research laboratory campus in the Chicago suburb of Libertyville. Originally constructed in the 1990s to serve as an R&D facility for the Motorola Corp., Innovation Park spans 83 acres. The property was 71 percent leased at the time of loan closing. Anchor tenants include Valent BioSciences, Medline Industries and Juno Therapeutics. Daniel Rosenberg, Chris Caroll, Logan Petersmeyer and Max Miller of BWE arranged the loan through a depository institution on behalf of the borrowers, a joint venture between Chicago-based developer R2 and Chicago-based JDI Realty. The five-year loan features multiple years of interest-only payments and structured flexibility.
FARGO, N.D. — Gindi Equities has acquired Timber Creek Apartment Homes, a 252-unit apartment community in Fargo. The purchase price was undisclosed. Built in 2015, the property at 4720 Timber Parkway South offers one- to three-bedroom units. Amenities include a playground, beach volleyball court and a pergola grilling area. Gindi plans to implement interior upgrades, including the installation of new features and fixtures to apartment kitchens and bathrooms. Common areas and grounds will also be renovated, and new exterior amenities will be added. Gindi acquired the asset from Property Resources Group, which will continue to manage and service the asset. The purchase marks Gindi’s second acquisition in the Fargo market.
ROGERS, MINN. — Two tenants have signed leases at I-94 Distribution Center in Rogers, a northwest suburb of Minneapolis. The deals total 116,042 square feet of warehouse space and 66,179 square feet of outdoor space, bringing the 297,756-square-foot property to full occupancy. ABC Supply Co. Inc, a wholesale distributor of roofing and other select exterior and interior building products in North America, signed a lease for 49,954 square feet inside the building and 66,179 square feet, or approximately 1.5 acres, of secure outdoor space. UPAC2, a food packaging company, will occupy 66,088 square feet within the property. Nate Erickson and Alex Baron of Transwestern Real Estate Services represented the landlord, Dalfen Industrial. The previous tenant exited I-94 Distribution Center in March, and both new tenants plan to move into their spaces in early 2025. Joe Owens of Colliers represented ABC Supply, while Austin Lovin of CBRE represented UPAC2.
AUSTIN, TEXAS — Benchmark Development has welcomed four new retailers to Goodnight Ranch, a 700-acre mixed-use development in southeast Austin. Meow Bark Veterinary will open a 2,474-square-foot clinic by the end of the year, as will Action Behavior Centers, which helps children diagnosed with autism and has committed to a 6,844-square-foot space. Amazing Explorers plans to debut a 12,156-square-foot childcare center in early 2025, and Boba Magic will open a 1,241-square-foot café sometime next year.