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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 48-Unit Oakmont Apartments in Coon Rapids, Minnesota

by Kristin Harlow

COON RAPIDS, MINN. — JLL Capital Markets has arranged the sale of Oakmont Apartments in Coon Rapids, a northern suburb of Minneapolis. The sales price was undisclosed. Built in 1974, the 48-unit multifamily property features an onsite laundry facility, garage parking and access to the neighboring Pheasant Ridge Park. Josh Talberg and Bill Mork of JLL represented the seller, Gaughan Cos. The asset was part of Gaughan’s Minnesota Legacy Apartment Portfolio, which consists of nearly 800 units. The buyer was a local private investor.

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HealthcareIllinoisLeasing ActivityMidwestOffice

Hummingbird Pediatric Therapies Signs 10,523 SF Office Lease in Elmhurst, Illinois

by Kristin Harlow

ELMHURST, ILL. — Hummingbird Pediatric Therapies has signed a 10,523-square-foot office lease at 501 W. Lake St. in the Chicago suburb of Elmhurst. The transaction marks the third location for Hummingbird in suburban Chicago. Renovation of the space is underway. Named the Hummingbird Therapy & Enrichment Elmhurst Center, the facility is slated to open this summer. Aubrey Englund of NAI Hiffman represented Hummingbird, while Norm Murdoch of Bradford Allen represented the undisclosed landlord. Hummingbird offers a wide variety of speech, feeding, occupational, physical and developmental therapies.

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Brickyards-on-Ellsworth-Mesa-AZ
ArizonaDevelopmentIndustrialWestern

Martens Development Starts Construction of 909,553 SF Brickyards on Ellsworth Industrial Project in Mesa, Arizona

by Amy Works

MESA, ARIZ. — Scottsdale-based Martens Development has broken ground on Brickyards on Ellsworth, an industrial development in Mesa, a suburb east of Phoenix. Completion is slated for second-quarter 2025. Upon completion, Brickyards on Ellsworth will feature eight buildings totaling 909,553 square feet of move-in-ready spaces for industrial tenants. The buildings will range from 35,000 square feet to 250,000 square feet. The project team includes FCL Builders, Ware Malcomb, Hunter Engineering, TLCP and Peterson Associates. Principal Asset Management is the construction lender. Jackie Orcutt, Kevin Cosca, Pete Wentis, Jonathan Teeter and Alex Wentis of CBRE are leading leasing for the development.

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Pinnacle-Peak-Commerce-Center-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Top 10 Properties Buys Pinnacle Peak Commerce Center in Phoenix for $21.8M

by Amy Works

PHOENIX — Top 10 Properties has acquired Pinnacle Peak Commerce Center, a freestanding, Class A light industrial building in Phoenix’s Deer Valley submarket. An undisclosed seller divested of the asset for $21.8 million. With immediate access to Interstate 17, Pinnacle Peak Commerce Center features 93,725 square feet of industrial space. At the time of sale, the property was 100 percent leased to three tenants. Will Strong, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West, in partnership with Tracy Cartledge and Robert Buckley of Cushman & Wakefield, brokered the transaction for the buyer and seller. Trevor McKendry and Chris Rogers of DAUM Commercial provided lease advisory.

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Level-Crossing-Phase-3-Surprise-AZ
ArizonaDevelopmentIndustrialWestern

Hardy World, Silver Creek Development Break Ground on 150,615 SF Industrial Project in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Hardy World LLC and Silver Creek Development have broken ground on the Phase III at the Level Crossing master-planned industrial development site in Surprise. Located at 13550 N. Dyasrt Road, the third and final phase will include a 150,615-square-foot speculative warehouse facility. Geared toward logistics and distribution tenants, the warehouse will have the potential to be divided into three tenant spaces for maximum flexibility. ARCO Construction Co. is providing design-build services for the project. The overall Level Crossing plan is slated for completion in early 2025.

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Thornton-Town-Center-Thornton-CO
AcquisitionsColoradoRetailWestern

Faris Lee Negotiates $14.4M Sale of Thornton Town Center in Thornton, Colorado

by Amy Works

THORNTON, COLO. — Faris Lee Investments has arranged the sale of Thornton Town Center. The retail property is located at the southeast corner of Interstate 25 Freeway and E. 104th Street in Thornton, a suburb north of Denver. A Southern California-based private investor sold the property to a Southern California-based value-add investor for $14.4 million. Thornton Town Center offers 265,181 square feet of retail space. Don MacLellan of Faris Lee Investments represented the seller and procured the buyer in the deal.

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Avenue-at-Olive-Park-Glendale-AZ
AcquisitionsArizonaRetailWestern

Western Retail Advisors Brokers $5.5M Sale of Avenue at Olive Park Retail Center in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — Phoenix-based Western Retail Advisors has arranged the sale of Avenue at Olive Park, a retail property at 5814 W. Olive Ave. in the Phoenix suburb of Glendale. A California family office sold the asset to 2015 K&A Kisidiaris Trust for $5.5 million. McDonald’s, dd’s Discounts, Panda Express, Jack in the Box and Circle K are tenants at the fully occupied retail center. Darrell Deshaw of Western Retail Advisors represented the seller, while Gabe Manzanares of Compass Commercial represented the buyer in the transaction.

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100-Frontage-Road-Newark
IndustrialLoansNew JerseyNortheast

JLL Arranges $81M in Financing for Newark Industrial Building

by Taylor Williams

NEWARK, N.J. — JLL has arranged $81 million in permanent financing for a 224,900-square-foot, newly constructed industrial building located in Newark. The 12.2-acre site at 100 Frontage Road is adjacent to Newark Liberty International Airport, and the building is fully leased to United Airlines. Building features include a clear height of 40 feet, 41 dock-high doors and parking for 130 cars and 38 trailers. Jim Cadranell, Greg Nalbandian and Michael Lachs of JLL arranged the five-year, interest-only loan through an undisclosed life insurance company. The borrower was Seagis Property Group.

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DevelopmentHealthcareNew YorkNortheastOffice

Simone Development to Redevelop 133,768 SF Office Building in Yonkers, New York

by Taylor Williams

YONKERS, N.Y. — Simone Development Cos. will redevelop One Executive Boulevard, a 133,768-square-foot office building in Yonkers, located north of New York City. The redevelopment will position the building to attract healthcare users, and renovations will include upgrades to the lobby, parking area, landscaping, bathrooms, façade and signage. Simone Development acquired the building last fall and subsequently signed SightMD, a provider of ophthalmology services, to a 9,049-square-foot lease.

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AcquisitionsMultifamilyNew JerseyNortheast

Berkadia Negotiates Sale of 36-Unit Marlaw Apartments in Elizabeth, New Jersey

by Taylor Williams

ELIZABETH, N.J. — Berkadia has negotiated the $4.8 million sale of Marlaw Apartments, a 36-unit multifamily complex located in the Northern New Jersey community of Elizabeth. The property’s unit mix comprises one studio, 17 one-bedroom units and 18 two-bedroom apartments. Nat Gambuzza, Trevor Fiebel, Tim Blashford and Nick Balancia of Berkadia represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The property was fully occupied at the time of sale.

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