Property Type

Dwight Mortgage Trust Provides $44M Bridge Loan for Timberview Apartments in Oregon City

by Amy Works August 31, 2023

OREGON CITY, ORE. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has funded a $44 million bridge loan for Timberview Apartments & Townhomes in Oregon City. Situated on 9.6 acres, the newly constructed community features 180 apartments spread across 11 residential buildings. Additionally, the property features a clubhouse with a lounge and fireplace, a fitness center, bike lounge, dog wash and pool with a sundeck. Proceeds from the bridge loan will be used to retire the existing construction debt. McBride Capital brokered the transaction for the borrower, Pahlisch Commercial.

August 31, 2023

Acquisitions California Industrial Western

GI Partners Sells 75,350 SF R&D Facility in Silicon Valley to BGO

by Amy Works August 31, 2023

SUNNYVALE, CALIF. — GI Partners has completed the sale of a mission-critical R&D facility at 825 Stewart Drive in Sunnyvale. BGO acquired the asset for an undisclosed price. Most recently renovated in 2015, the two-story building features 75,350 square feet of R&D space and 242 surface parking spaces. An American multinational technology company, which has invested significant capital into the facility, fully occupies the building. Will Connors, Daniel Renz, Michael Manas, Cheri Pierce, Kendall Willet and Aisling Duffy of JLL Capital Markets represented the seller in the deal.

August 31, 2023

Acquisitions California Restaurant Retail Western

Hanley Brokers $3.2M Sale of Starbucks-Occupied Retail Property in Fresno, California

by Amy Works August 31, 2023

FRESNO, CALIF. — Hanley Investment Group Real Estate Advisors has brokered the $3.2 million sale of a single-tenant property located in Fresno. Starbucks Coffee occupies the newly constructed, 2,250-square-foot building. Bill Asher and Jeff Lefko of Hanley represented the developer and seller, Laguna Canyon Group, in the transaction. Patrick Conway of CBRE represented the buyer, a locally based private investor.

August 31, 2023

5010-El-Camino-Drive-Colorado-Springs-CO

Acquisitions Colorado Office Western

Marcus & Millichap Arranges Sale of 9,000 SF Office Building in Colorado Springs

by Amy Works August 31, 2023

COLORADO SPRINGS, COLO. — Marcus & Millichap has brokered the sale of an office building located 5010 El Camino Drive in Colorado Springs. A private investor sold the asset to an undisclosed buyer for $1.4 million. The two-story property features 9,000 square feet of multi-tenant office space. Erik Enstad, Brandon Kramer and Chadd Nelson of Marcus & Millichap represented the seller in the transaction.

August 31, 2023

California Industrial Leasing Activity Western

Harbinger Motors Signs 165,171 SF Industrial Lease in Garden Grove, California

by Amy Works August 31, 2023

GARDEN GROVE, CALIF. — Harbinger Motors has inked a deal to occupy 165,171 square feet of manufacturing and distribution space at 12821 Knott St. in Garden Grove. The landlord is Rexford Industrial. Harbinger Motors will manufacture electric light- and medium-duty delivery vehicles custom designed to customers’ specifications. To accommodate the tenant, the space will undergo extensive renovations, including 40,000 square feet of office and engineering space. Harbinger Motors is relocating to the facility from Gardena. Rexford Industrial acquired the property in 2019 and added significant improvements, including a 45,171-square-foot high-bay expansion and 20,000 square feet of high-finish office space. Clyde Stauff and Jace Gan of Colliers represented the landlord in the lease negotiations.

August 31, 2023

Loans Midwest Minnesota Multifamily

JLL Arranges $68.9M in Construction Financing for Apartment Community in Suburban Minneapolis

by Kristin Harlow August 31, 2023

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $68.9 million for Golden Triangle Station, a 237-unit apartment community in the Golden Triangle neighborhood of Eden Prairie. Greco and Eagle Ridge Partners were the borrowers. JLL arranged a $47 million construction loan through a regional bank and $21.9 million in joint venture equity from Amstar Group. Slated to break ground this fall, the project will include 315 underground parking spaces. Units will come in studios, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool, spa, theater room, clubroom, private dining and pickleball courts. As part of Eden Prairie’s inclusionary zoning, roughly 25 percent of the units will be rented at 50 and 80 percent of the area median income. As a result, the project has received support from city staff, including the approval of a tax-increment financing structure. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson made up the JLL team representing the borrower.

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Panasonic Leases 509,760 SF at Flint Commerce Center in De Soto, Kansas

by Kristin Harlow August 31, 2023

DE SOTO, KAN. — Panasonic Energy has leased 509,760 square feet of industrial space at Building C within Flint Commerce Center in De Soto, about 30 miles southwest of Kansas City. The 1 million-square-foot building is under construction and slated for completion in summer 2024. The 370-acre flint Commerce Center can accommodate users ranging from 200,000 to 2 million square feet. Flint Development is the developer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer represented Flint in the lease with Panasonic.

August 31, 2023

Development Midwest Multifamily Wisconsin

M&R Development Opens 2929 on Mayfair Luxury Apartment Complex in Suburban Milwaukee

by Kristin Harlow August 31, 2023

WAUWATOSA, WIS. — M&R Development has opened 2929 on Mayfair, a 258-unit luxury apartment complex in the Milwaukee suburb of Wauwatosa. M&R co-developed the project with Campbell Capital Group. RMK Management is the property manager. Located at 2929 N. Mayfair Road, the property is just down the street from The Mayfair Collection, a 69-acre mixed-use development. Illinois-based M&R has now opened three apartment communities in Wisconsin in the last three years. Units at 2929 on Mayfair range from 453 to 1,282 square feet. Monthly rents range from $1,250 to $2,610. A three-story clubhouse is at the center of the community with an adjoining courtyard and outdoor pool. The shared spaces include an entertainment kitchen, coffee bar, lounge, fitness center, yoga room, business center with private conference rooms and workstations, a pet washing station and package room. There is also a three-level parking garage with car wash and electric vehicle charging stations.

August 31, 2023

Acquisitions Indiana Industrial Midwest

CBRE Brokers $13.4M Sale of Building 4 Within Mount Comfort Logistics Center in Greenfield, Indiana

by Kristin Harlow August 31, 2023

GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Iconex Renews 88,461 SF Industrial Lease at Cambridge Business Park in Kansas City

by Kristin Harlow August 31, 2023

KANSAS CITY, KAN. — Iconex, a provider of label solutions and paper receipts, has renewed its 88,461-square-foot industrial lease at Cambridge Business Park in Kansas City. Copaken Brooks owns Cambridge Business Park, which totals 13 buildings and 464,521 square feet of light industrial and office space. There are more than 45 long-standing tenants at the property. Iconex has been a tenant since 2007. Its new lease goes through 2030. John Stafford of Colliers represented Iconex, while Jeremiah Dean represented Copaken Brooks on an internal basis.

August 31, 2023

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