RICHFIELD, UTAH — Hunt Capital Partners, in collaboration with CJM Development Group, has opened Sandstone Hills Apartments in Richfield, 150 miles south of Salt Lake City. Located on 5.8 acres at the southeast corner of 1500 S St. and SR 118, the community features five three-story, garden-style residential buildings offering 20 one-bedroom, 70 two-bedroom and 30 three-bedroom apartments for households earning up to 55 percent of the area median income. The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Co., which wanted to move its operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development to lead the effort to develop affordable housing in the area. The project team includes Commercial Construction as general contractor, Think Architecture are the project architect, and CJM Properties, the developer’s affiliate, as the property management agent. Financing for the development includes the syndication of $9.3 million in federal Low-Income Housing Tax Credits (LIHTC) through Hunt Capital Partners Tax Credit Fund 43, as well as $1.1 million in state LIHTC with Standard Insurance as the investor. Zions Bank provided a $17.6 million construction loan, as well as a $12.4 million permanent loan. Additionally, …
NEWPORT BEACH, CALIF. — PSRS has arranged $4.8 million in refinancing for Newport Channel Inn, an independent limited-service hotel in Newport Beach. Constructed in 1962 and renovated in 2013, the hotel features 31 guest rooms. Jacob Lee and Thomas Rudinsky of PSRS arranged the loan, which features a five-year term and a 30-year amortization schedule. A correspondent life insurance company provided the capital.
FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Bin 741 Storage, a 490-unit self-storage facility located in the eastern Dallas suburb of Forney. The facility was built in 2017 and spans 56,900 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership that originally built the property, in the transaction. The duo also procured the buyer, a Houston-based investment firm.
PLANO, TEXAS — Minnesota-based investment firm Founders Properties has sold a 114,000-square-foot industrial building located at 780 Shiloh Road in Plano. The building was constructed in 2001, renovated in 2007 and was fully leased at the time of sale to a single unnamed tenant. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented Founders Properties in the transaction. The buyer was an undisclosed, California-based private investor.
CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.
KATY, TEXAS — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the western Houston suburb of Katy that is triple-net-leased to Kohl’s. The seller, an undisclosed, institutional development group, is nearing completion of construction of the building, which sits on a 5.2-acre site. The lease term is 12 years. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the undisclosed out-of-state buyer, which acquired the asset via a 1031 exchange.
AURORA AND PALATINE, ILL. — PGIM Real Estate has provided a $66 million loan for the refinancing of two newly built industrial properties in suburban Chicago. The assets, which include 90 Logistics Center in Palatine and 2800 W. Diehl Road in Aurora, total 760,669 square feet. The borrower, Logistics Property Co., will use proceeds of the loan to pay off construction debt, cover closing costs and return equity to the company. Craig Foreman of PGIM originated the fixed-rate loan.
CHICAGO — AmTrust RE has unveiled plans for a $50 million capital improvements program at two of its Chicago office properties, One East Wacker and 33 North Dearborn. The improvements will provide tenants with a “hospitality-inspired setting,” equipped with amenities, modern finishes and furniture, and elevated conveniences. This initiative marks the initial stage of the company’s $100 million commitment to upgrading its Chicago portfolio. Additionally, AmTrust has enlisted Stream Realty Partners to manage leasing for its Chicago office portfolio. At One East Wacker, AmTrust will upgrade the property’s exterior and entrances along both Wacker Drive and State Street, create multiple spec suites and fulfill a corridor and restroom renovation. Additional plans call for a comprehensive lobby renovation envisioned by Chicago-based Eastlake Studio; creation of a comprehensive amenity floor on the second level overseen by wellness amenities management service Lulafit; and significant renovations to the top-floor lounge on the 41st floor. The office tower spans 540,000 square feet. Improvements to the 330,000-square-foot 33 North Dearborn include renovating and expanding the fourth-floor conference center to double in size; creating an outdoor tenant roof deck; enhancing building conveniences such as expanding the bike room; new ground-floor retail offerings; aesthetic upgrades to the building …
CLAYTON, MO. — Midas Construction has topped out an AC Hotel in the St. Louis suburb of Clayton. The $50 million project is slated for completion in spring 2024. The 11-story building includes 207 rooms. A team of Concord Hospitality, Homebase Partners, Koplar Properties, Eagle Realty and Midas Construction is developing the project. Designed for business and leisure travelers, the hotel will feature a rooftop bar and restaurant open to the public. The project revitalizes a historic, underutilized site that once housed the headquarters for the Clayton Police. Designed by DLR Group, the AC Hotel Clayton will feature the AC Lounge, where patrons can enjoy craft beer, handcrafted cocktails and tapas-style small plates, and the AC Kitchen, an onsite restaurant offering a European-inspired menu. The project team also includes DeLuca Plumbing LLC, Streib Co., TJ Wies Contracting Inc., Eisen Group, Acme Erectors, Jacobsmeyer Construction, Leonard Masonry, Vee-Jay, Titan Carpentry, Custom Service Crane, Grasse & Associates, Waterhout Construction and Castle Contracting.
AUSTIN, TEXAS — CCRM Fertility has signed a 20,000-square-foot office lease at Uplands Corporate Center in southwest Austin. The space spans about half of the third floor of the 124,081-square-foot Uplands II building. Mark Harris and Elizabeth Thompson of JLL represented the tenant in the lease negotiations. Matt Frizzell and Kevin Granger of Cushman & Wakefield represented the landlord, Drawbridge Realty.