GROVE CITY, OHIO — Bernard Financial Group (BFG) has arranged an $11.7 million loan for the acquisition of a 223,750-square-foot industrial building in Grove City, a southern suburb of Columbus. Dennis Bernard, Joshua Bernard and Dan Duggan of BFG arranged the loan on behalf of the borrower, an entity doing business as 3555 Partners LLC. Ameritas Life Insurance Corp. was the lender.
PHILADELPHIA — Colliers has brokered the sale of Barclay Flats, a 24-unit apartment building in Philadelphia’s Arts North/Fairmount & Ridge neighborhood. The five-story building was originally constructed in 2018 and offers one-bedroom units, according to Apartments.com. Jeff Algatt, Michael Barmash and Larry Steinberg of Colliers brokered the deal. The buyer and seller were not disclosed.
MINNEAPOLIS — Marcus & Millichap has brokered the sale of First Avenue Apartments, a 52-unit apartment property located on First Avenue in Minneapolis. The sales price was undisclosed. Constructed in 1917 and 1919, the asset is comprised of two neighboring buildings within the city’s Stevens Square neighborhood. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the buyer and seller, both of which requested anonymity.
MILWAUKEE — LifeStance Health, formerly operating as Cornerstone Counseling Services SC, has renewed its 8,226-square-foot office lease at 5007 S. Howell Ave. in Milwaukee. Joe Mortiz of Colliers negotiated the lease. LifeStance Health employs approximately 6,600 psychiatrists, advanced practice nurses, psychologists and therapists, and operates across 33 states and approximately 550 centers.
PEWAUKEE, WIS. — Anchor Wealth Partners LLC has signed a 1,953-square-foot office lease in Pewaukee, a western suburb of Milwaukee. The property, Squires III, is located on Riverwood Drive. John Davis and Ned Purtell of Founders 3 Real Estate Services represented the owner, R2 Properties.
NEW YORK CITY — Chances for Children has signed a 10-year, 3,000-square-foot office lease in The Bronx. The nonprofit organization will relocate from 1178 Anderson Ave. to a custom-built space on the fourth floor of the building at 412-424 E. 147th St. Alexander Smith and Kate Whitman of OPEN Impact Real Estate represented the tenant in the lease negotiations. Jesse Rubens of JLR Realty Inc. represented the landlord.
Nearly one-fifth of Americans rent self-storage space, according to a recent study conducted by StorageCafe, an online platform that provides storage unit listings across the nation. Owners and operators of the property type are keen to capitalize on the strong demand. According to StorageCafe, the total amount of new storage space delivered in 2023 reached 49 million square feet, up 15.6 percent from the prior year. The national average rate for a standard 10-by-10-foot, non-climate-controlled unit is currently around $122 per month. The primary demand drivers for self-storage are what the industry refers to as the four D’s — death, divorce, dislocation and downsizing. But there are additional factors at play. Matt Clark, director of operations for Skokie, Illinois-based StorSafe Self Storage, cites remote work and flexible lifestyles; decluttering and minimalism; and urbanization. “With the rise of remote work, individuals seek storage solutions for work-related equipment and belongings, while those with flexible lifestyles require storage for items not needed during travels or temporary stays,” he says. “Minimalism prompts individuals to seek storage for sentimental items or occasional-use belongings. Urban dwellers in compact spaces require storage for seasonal items or bulky furniture that doesn’t fit in their homes.” David Perlleshi, a …
HUDSON, OHIO — Joann Inc. (NASDAQ: JOAN), a fabrics and sewing retailer based in Hudson, has filed for prepackaged Chapter 11 bankruptcy. The company’s 829 stores and its website (JOANN.com) will remain open for business. Following the bankruptcy process, if approved, Joann will become a private company owned by some of its lenders and other industry parties, and its shares will no longer be listed on Nasdaq or any other national stock exchange. As of this writing, the company’s stock has been delisted. Joann expects to emerge from the voluntary bankruptcy process as early as April. In addition to the bankruptcy decision, the 81-year-old company has entered into a transaction support agreement with a majority of its financial stakeholders and additional industry financing parties. As part of the agreement, Joann has received commitments for approximately $132 million in new financing and related financial accommodations. “This agreement is a significant step forward in addressing Joann’s capital structure needs, and it will provide us with the financial resources and flexibility necessary to continue to deliver product assortments and enhance the customer experience wherever they are shopping with us,” says Scott Sekella, Joann’s chief financial officer. He adds that 95 percent of the company’s …
DENVER — A joint venture between Westfield and Reinsurance Group of America has purchased Centerpark, a three-building industrial project in Denver, from an undisclosed seller for $73 million. Situated on more than 22 acres, the three buildings are located at 4900, 5000 and 5050 Osage St. At the time of sale, the 431,157-square-foot multi-tenant property was fully leased to 10 tenants. Centerpark features multiple points of ingress/egress, suitable tenant size flexibility with various storefronts, loading options (Buildings C and D are spine cross-dock), functional column spacing, ample parking, concrete truck aprons and ESFR sprinklers. Additionally, the property is located within a Denver Enterprise Zone. Will Strong, Jim Carpenter, Kirk Kuller, Michael Matchett, Molly Hunt and Dean Wiley of Cushman & Wakefield’s National Industrial Advisory Group brokered the transaction. Alec Rhodes, Aaron Valdez and Tyler Smith of Cushman & Wakefield provided leasing advisory for the buyers, which retained the team for future leasing of Centerpark.
HOUSTON — JLL has arranged a loan of an undisclosed amount for the refinancing of Montrose Collective, a shopping and dining destination in Houston’s Midtown neighborhood. Montrose Collective opened in 2022 and was 98 percent leased at the time of the loan closing to restaurants such as Marmo and Uchi, as well as tenants such as Live Nation and Reformation Brewery. Prime Finance provided the loan to the borrower, a partnership between Radom Capital and institutional investors advised by J.P. Morgan Global Alternatives. Colby Mueck, Michael Johnson and Jack Britton led the JLL team that placed the loan, which retires the original construction loan that JLL arranged for the development in 2020.
