Property Type

Sherman Associates Completes $34M Affordable Housing Development in Minneapolis

by Kristin Harlow April 18, 2024

MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.

April 18, 2024

Development Illinois Industrial Midwest

Northern Builders to Construct Two Industrial Build-to-Suits at Cherry Hill Business Park in Suburban Chicago

by Kristin Harlow April 18, 2024

NEW LENOX AND JOLIET, ILL. — Northern Builders will serve as developer and general contractor for two industrial build-to-suits at Cherry Hill Business Park in New Lenox and Joliet. Agile Cold Storage will occupy a 202,759-square-foot facility on nearly 24 acres with expansion capabilities for an additional 150,000 square feet. The building is slated for completion in the second quarter of 2025. Illinois Truck Group (ITG) will utilize a 33,180-square-foot property as a truck maintenance and dealership facility. The project calls for nine maintenance bays, one wash bay, 5,000 square feet of office space and parking for 200 tractor cabs. Straddling both Joliet and New Lenox, Cherry Hill Business Park is located between I-55 and I-57 with immediate access to I-80 and I-355.

April 18, 2024

Affordable Housing Development Michigan Midwest Multifamily

Cherry Health, Woda Cooper to Build 56-Unit Affordable Housing Community in Wyoming, Michigan

by Kristin Harlow April 18, 2024

WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage. The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.

April 18, 2024

Loans Michigan Midwest Retail

District Capital Arranges $10M Loan for Refinancing of Retail Center in Oakland County, Michigan

by Kristin Harlow April 18, 2024

OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.

April 18, 2024

Acquisitions California Office Western

Bannon Investments Sells Natomas Corporate Center in Sacramento for $44.5M

by Amy Works April 18, 2024

SACRAMENTO — Bannon Investments Ltd. has completed the disposition of Natomas Corporate Center, an office property at 2020 W. El Camino Ave. and 2555 Natomas Park Drive in Sacramento. Chavez Management Group acquired the asset for $44.5 million. Situated on 21 acres, the property offers 419,000 square feet of office space spread across two buildings. Build in 2009, the 12-story, 319,325-square-foot building at 2020 W. El Camino Ave. is fully occupied by six tenants, including Department of Housing & Community Development, Lewis Brisbois Bisgaard & Smith LLP and the Department of Health Care Access and Information. The three-story, 86,872-square-foot building at 2555 Natomas Park Drive was built in 2020. Matt Havelock and Max Kelly of Avison Young represented the seller, while Michael J. Anthony of MJA Realty Investments represented the buyer in the transaction.

April 18, 2024

California Loans Multifamily Western

Northmarq Arranges $50.7M Loan for 10-Property Multifamily Portfolio Near Los Angeles

by Amy Works April 18, 2024

LOS ANGELES — Northmarq has secured $50.7 million in refinancing for a 10-property apartment portfolio in the Los Angeles/Hollywood areas. Panot Capital manages the buildings, which were built in the 1920s and offer a total of 482 units. Zalmi Klyne of Northmarq’s Los Angeles debt and equity team arranged the financing, which was structured with a seven-year term and four years of interest-only payments at a rate of 5.9 percent. The lender was Israel Discount Bank of New York.

April 18, 2024

Loans Multifamily Seniors Housing Washington Western

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Amy Works April 18, 2024

GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.

April 18, 2024

Acquisitions California Mixed-Use Multifamily Retail Western

Faris Lee Investments, SSG Realty Corp. Broker $4.4M Sale of Mixed-Use Property in Newport Beach, California

by Amy Works April 18, 2024

NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.

April 18, 2024

Acquisitions Colorado Industrial Self-Storage Western

Marcus & Millichap Negotiates Sale of 486-Unit AC Self Storage in Colorado Springs

by Amy Works April 18, 2024

COLORADO SPRINGS, COLO. — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of AC Self Storage, a self-storage facility in Colorado Springs. SmartStop Self Storage REIT acquired the asset from a Southern California-based limited liability company for an undisclosed price. Totaling 77,720 square feet, AC Self Storage consists of 16 single-story buildings comprising 486 non-climate-controlled drive-up units, 105 parking spaces and 30 office spaces. Facility amenities include a leasing office with retail display, security monitoring, perimeter fencing, elevated signage at all ingress/egress point, high-door units, expansion potential and wide-drive aisles. Adam Schlosser and Keith Phillips of The LeClaire-Schlosser Group of Marcus & Millichap represented the buyer and secured the seller in the transaction.

April 18, 2024

Development Multifamily Office Southeast Top Stories Virginia

Carr Properties Acquires Vacant Office Building for Multifamily Conversion in Alexandria, Virginia

by Katie Sloan April 18, 2024

ALEXANDRIA, VA. — Carr Properties has acquired a vacant office building located at 901 N. Pitt St. in the Old Town neighborhood of Alexandria with plans to convert the property into a 250,000-square-foot multifamily community. The site, which will be cleared to make way for the new development, is located roughly seven miles south of Washington, D.C., and 1.5 miles south of the former development site for Potomac Yards, a recently cancelled 9 million-square-foot mixed-use project. The community will rise eight stories and feature 234 units in a variety of configurations, ranging from studio apartments to three-bedroom units. An unspecified number of units will be dedicated to affordable housing. The development will also include below-grade parking, 15,800 square feet of outdoor space, a performing arts venue and 7,000 square feet of ground-floor retail space. Shared amenities are set to include an outdoor swimming pool and a resident lounge and amenity center. Carr Properties plans to break ground on the development this fall with completion slated for late 2026. The community will target LEED Silver certification. The development team for the project includes SK+I Architecture and interior design firm Edit Lab by Streetsense, which partnered with Carr on its previous Union …

April 18, 2024

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