ITASCA, ILL. — Cawley Commercial Real Estate has brokered the sale of 12 parcels of land totaling 14.2 acres in Itasca for an undisclosed price. Located on Marino Court, the site had long been a coveted location for developers over the past decade, with multiple unsuccessful attempts to secure the parcels. Andrew Maletich of Cawley worked on the deal for 27 months to secure contracts for all the parcels, overseeing the annexation and rezoning of the site into the Village of Itasca. He ultimately brokered the sale of the property, which sold to a large data center company.
STERLING HEIGHTS, MICH. — Bernard Financial Group (BFG) has arranged a $4.2 million loan for the refinancing of a 231-unit multifamily property in Sterling Heights, a northern suburb of Detroit. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, One Durham LP. Symetra Life Insurance Co. was the lender.
TRAVERSE CITY, MICH. — PACE Loan Group has arranged nearly $4 million in C-PACE financing for The Boardwalk, a short-term rental condominium project under construction in Traverse City. The property is being built in two phases. The first phase, which features 42 units with first-floor retail space, received $1.7 million in early 2023 and is slated for completion in March. The second phase, which features 48 units, received $1.8 million and is scheduled for completion in the second quarter. The project is utilizing modular construction methods. The senior lender for both C-PACE loans was a local credit union. The PACE proceeds will be used to finance energy conservation and renewable energy measures, including increased building insulation, Energy Star windows, high-efficiency HVAC and plumbing fixtures, and LED lighting. The renewable and energy conservation measures are expected to save $120,140 annually in the payback period of 13.5 years. The Boardwalk marks the fourth PACE project in Grand Traverse County and the 76th in the state of Michigan. The PACE program is administered in a public-private partnership through Lean & Green Michigan. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing …
PARSIPPANY, N.J. — Cushman & Wakefield has negotiated a 10,583-square-foot office lease renewal in the Northern New Jersey community of Parsippany. The tenant, Business Credentialing Services, is taking space at 199 Cherry Hill Road, which according to LoopNet Inc. was built in 1970, renovated in 2017 and totals 57,445 square feet. William O’Keefe and Courtney Rosenkrantz of Cushman & Wakefield represented the landlord, locally based investment firm The Birch Group, in the lease negotiations.
WESTLAKE VILLAGE AND THOUSAND OAKS, CALIF. — FPA Multifamily has purchased a two-property apartment portfolio in Ventura County from a private multifamily investor for $153 million. The portfolio includes Oakview Apartment Homes, a 242-unit asset built in 1970 in Westlake Village, and The Biltmore at Thousand Oaks, a 167-unit property built in 1965 in Thousand Oaks. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and facilitated the buyer in the deal.
SAN DIEGO — BKM Capital Partners has purchased Canyon Industrial Center, a multi-tenant industrial park in San Diego’s Kearny Mesa submarket, for $70.2 million. Situated at 9424-9560 Chesapeake Drive, Canyon Industrial Center features 198,728 square feet of space spread across 13 buildings, with a 31 percent office component. Built in 1979, Canyon Industrial Center offers 49 units ranging in size form 552 square feet to 18,953 square feet with 14- to 20-foot clear heights, ample parking, 56 grade-level doors and seven dock-high doors. BKM plans to invest more than $1.7 million to bring the property from Class B to Class A status, including upgrades to its roofs, HVAC systems, parking lots, paint, signage and landscaping. The company also plans to demolish and re-tenant two large industrial units, totaling 32,000 square feet, into four small-bay suites averaging 8,000 square feet. At the time of sale, Canyon Industrial Center was 99 percent leased to 46 tenants. Jeff Cole, Jeff Chiate and Bryce Aberg of Cushman & Wakefield represented the seller, a global investment advisor, while BKM represented itself in the transaction.
LAKEWOOD, COLO. — NorthPeak Commercial Advisors has arranged the sale of 1975 Oak Street, an apartment building in Lakewood, just southwest of Denver. The asset traded for $10.5 million, or $239,285 per unit. Scott Fetter and Joe Hornstein of NorthPeak Commercial Advisors represented the undisclosed seller, while Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the buyer in the deal. The 33,703-square-foot property offers 42 residential units.
VERNON, CALIF. — Privy, an apparel wholesaler, has acquired an industrial building located at 2640 E. 26th St. in Vernon. A private investment company sold the asset for $13.7 million. Privy plans to use the 40,129-square-foot property as its expanded headquarters. Anthony Bergeman, Michael Chase and Krishna Shegran of DAUM Commercial’s capital markets office in Costa Mesa represented the seller, while Steven Kim of One Commercial represented the buyer in the deal. Moon Lim and Ryan Judd of DAUM’s Los Angeles office also participated in the transaction.
SEATTLE — Gantry has arranged a $6.2 million permanent loan to refinance Lake Union Center, a Class A property in Seattle’s North Lake Union submarket. The borrower is a private real estate entity. Mike Wood and Colin Ceithaml of Gantry’s Seattle office secured the 10-year loan, which features a fixed rate and 25-year amortization schedule. Located at 1441 N. 34th St., the property features 65,000 square feet of office space that was fully occupied at the time of sale.
KANSAS CITY, MO. — The NFL’s Kansas City Chiefs have announced plans for an $800 million renovation of the team’s Arrowhead Stadium. Developed in 1972, the stadium most recently underwent large-scale renovations in 2010. Plans for the new renovation were created in collaboration with a team of experts from Populous, a locally based sports design and architecture firm. The Kansas City Chiefs plan to pay $300 million of the $800 million total price tag, with the remainder coming from Jackson County taxpayers funded through the extension of a 3/8th-cent sales tax, according to reports by The Kansas City Star. County voters will go to the polls April 2 during a special election to decide the issue. Plans for the project include the addition of a new turf-covered “activation zone” with tailgate areas and covered entertainment space at the current site of Kauffman Stadium, home to the MLB’s Kansas City Royals. The baseball team also recently announced plans to develop a new stadium in downtown Kansas City. The stadium’s upper concourse will receive a new connection bridge and canopy, providing weather protection for fans and additional space for food and beverage offerings. New VIP entry points and sideline clubs under the …