SOUTHFIELD, MICH. — Bernard Financial Group (BFG) has arranged a $4.8 million loan for the refinancing of a 129-unit multifamily property in the Detroit suburb of Southfield. Dennis Bernard and Joshua Bernard of BFG arranged the loan on behalf of the borrower, Claymoor Properties LP. Securian Life Insurance Co. provided the loan, details of which were not provided.
CHICAGO — SVN Chicago Commercial has brokered the sale of an eight-unit apartment building in the city’s Avondale neighborhood for $2.2 million. The property is located at 3110 W. Belmont Ave. and features units that average 2,000 square feet each. Paul Cawthon and Angelo Labriola of SVN represented the undisclosed seller. The buyer was based in New York.
FAIRMONT CITY, ILL. — HE Equipment has purchased a 16,867-square-foot truck repair facility in Fairmont City, just east of St. Louis. The purchase price was undisclosed. The property is located at 1087 State Route 3. Brokerage firm Barber Murphy represented both the buyer and the seller, Blackhawk Express.
CHULA VISTA, CALIF. — R.D. Olson Construction has completed the construction of Eastlake’s Springhill Suites by Marriott in Chula Vista, nestled between San Diego and the Mexico border. Delivered in 18.5 months, the 127,628-square-foot hotel features 179 guest suites, 1,900 square feet of meeting and conference space, a pool and a 1,095-square-foot fitness center. The hotel lobby features computers and printers for guest use at the business center with flexible workspace and free Wi-Fi, as well as a media and TV lounge with a fireplace. The property also offers a 930-square-foot dining space with complimentary breakfast; a full-service bar and lounge with 1,800 square feet of interior seating and nearly 1,500 square feet of covered patio seating; a 24/7 in-house market; a courtyard with two barbecues; and an event lawn with three fire tables for lounging. Additionally, several 700-square-foot suites bordering the courtyard pool have private patios and host ground-floor pool access. The property also has 10 electric vehicle charging stations. Project partners include Lee & Sakahara Architects and The Design Studio.
DENVER — Westfield Co. is developing Pivot Denver, a 472,800-square-foot, Class A industrial property in central Denver. The core and shell are already complete and the speculative development is 33.5 percent pre-leased to three tenants totaling approximately 159,000 square feet. Situated on the site of the Denver Merchandise Mart, Pivot Denver features four facilities: 162,000-square-foot Building 1; 33,600-square-foot Building 2; 154,800-square-foot Building 3 and 122,400-square-foot Building 4. The buildings offer ample dock/grade loading, 28-foot to 32-foot clear heights and ample parking. Total Tool, a construction tool supplier, inked a deal to occupy 59,000 square feet; an undisclosed tenant leased 75,000 square feet; and Crescent Electric Supply Co., an electric wholesale supply and distribution company, leased 25,000 square feet. Construction of Pivot Denver began in late 2022. Tyler Smith, Alec Rhodes and Aaron Valdez of Cushman & Wakefield are handling leasing of the project on behalf the landlord.
PHOENIX, ORE. — Commonwealth Development Corp. and WNC & Associates have released plans for Pacific Flats, an affordable multifamily community in Phoenix, a small city in the southern portion of the state near the California border. Slated for completion in June 2025, Pacific Flats will feature 72 Low-Income Housing Tax Credit (LIHTC) units spread across five three-story residential buildings. Amenities will include a clubhouse with a fitness center, business center and community room. Eight units will be reserved for families earning up to 30 percent of area median income (AMI), 20 units at 50 percent AMI and 44 units at 60 percent AMI. The property will include high-efficiency windows and Energy Star-rated appliances and building mechanical equipment. Pacific Flats residents will have access to supportive services, including educational classes and help with access coordination to other non-profit agencies. ACCESS, a local community action organization, will provide the services. WNC’s total investment in the project is $25.1 million. The deal was structured with 4 percent LIHTC Equity, a construction and permanent loan through Legacy Bank, a $13.5 million soft loan using LIFT funds and a $170,000 soft loan using OHCS MEP funds. Commonwealth Development also partnered with Native of One Wind Indigenous …
MESA, ARIZ. — Peak Southern LLC has purchased a 5.8-acre land site, located at 10834 E. Southern Ave. in the Phoenix suburb of Mesa. Signal Butte & Southern LLC sold the property for $3 million. John Jackson and Kristina Remon of Colliers in Arizona negotiated the transaction. The buyer plans to develop a retail center on the site. According to Colliers, the property will be divided into three pad sites that are available for purchase, build-to-suit or ground lease, and construction of the retail buildings will be based on purchase or lease timing.
GOLDEN, COLO. — DS Real Estate LLC has completed the disposition of a single-tenant office building located at 607 19th St. in Golden, a suburb west of Denver. An undisclosed buyer acquired the asset for $3.8 million, or $315.85 per square foot. Formerly a retail bank building, the 12,031-square-foot property was redeveloped into a modern office space in 2017. The asset features ample parking, offices with mountain views, two conference rooms, a breakroom with a built-in speakeasy bar in the former bank vault space, and bathrooms with large locker/shower areas. Brett MacDougall and Michael DeSantis of Unique Properties Inc. / TNC Worldwide represented the seller, while Kurt Liss of JLL represented the buyer in the deal.
DALLAS — Lincoln Property Co. has acquired a four-acre site at 2500 Cedar Springs Road in Uptown Dallas. The firm plans to develop a Class A mixed-use project with approximately 400,000 to 500,000 square feet of office space, 250 luxury apartment units, a 200-room hotel, 25,000 square feet of food-and-beverage retail, and ample green space. The project site is near the Crescent office and hotel, the Ritz-Carlton hotel, the Katy Trail, Klyde Warren Park, Victory Park, the American Airlines Center and numerous restaurants. Although a seller was not disclosed, the Dallas Business Journal reports that an entity connected to Greenway Investment Co. previously owned the property, a retail strip built in the 1950s. A timeline for development has yet to be finalized, according to Chase Prospere, senior vice president and office market leader at Lincoln in Dallas. “Complex developments like this are years in the making and it’s very early in the process, but we intend to move at pace to get to groundbreaking,” says Prospere. “We are actively marketing the project to prospective anchor tenants and expect leasing activity to be strong given the unique location and amenities of the project.” The Uptown submarket of Dallas posted an office …
SAN DIEGO — King Street Properties has released plans to redevelop a creative office building at 5825 Oberlin Drive in San Diego into a Mesa Labworks, a speculative lab and life sciences facility. Construction of Mesa Labworks’ first two spec lab suites is currently underway. Located in the Sorrento Mesa submarket, the 60,000-square-foot building will offer move-in ready spec lab solutions, with suites ranging from 8,000 square feet to 15,000 square feet. Scheduled for completion in August 2024, the new suites will deliver state-of-the-art lab infrastructure. Mike Novkov, Bill Cavanagh and Brett Ward of Cushman & Wakefield are handling leasing for the project.
