UPPER DARBY, PA. — Dwight City Group, the investment arm of New York City-based lender Dwight Capital, has completed a multifamily adaptive reuse project in Upper Darby, a western suburb of Philadelphia. The project converted a 125,000-square-foot warehouse at 901 Quarry St. that was constructed in 1925 and had been dormant for three decades into an 84-unit apartment complex. The complex now features one- and two-bedroom units and amenities such as a playground and dog park. Rents start at roughly $1,500 per month for a one-bedroom apartment.
CRYSTAL LAKE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Crystal Point, a 317,006-square-foot shopping center in the Chicago suburb of Crystal Lake. The sales price was undisclosed. The grocery-anchored property is 87 percent leased and features a vacant Bed Bath & Beyond space. Tenants include TJ Maxx, Best Buy, Ross Dress for Less, The Fresh Market, Ulta, Steinhafels Furniture and Cost Plus World Market. Ben Wineman, Rick Drogosz and Joe Girardi of Mid-America represented the seller, IRC Retail Centers/DRA Advisors. PMAT Real Estate Investments was the buyer. The sale marks the 100th transaction for PMAT since its inception in 2003. The property was managed by Pine Tree.
KANSAS CITY, MO. — Vertical Cold Storage, a developer and operator of temperature-controlled distribution centers sponsored by real estate investment firm Platform Ventures, has broken ground on a 300,000-square-foot facility in south Kansas City. The facility is scheduled to be operational by the end of 2024 and employ up to 130 full-time team members. The project site is located adjacent to the CPKC intermodal terminal. The property will offer roughly 50,000 pallet positions, blast freezing technology and four rooms convertible to -20 degrees Fahrenheit. Primus Builders is the general contractor.
DES PLAINES, ILL. — JVM Realty Corp. has purchased Ellison Apartments in the Chicago suburb of Des Plaines for an undisclosed price. The 113-unit luxury apartment complex, built in 2019, features a variety of floor plans averaging 894 square feet. Amenities include a spa pool, sundeck, clubroom, business center, fitness center, pet spa, bike room and indoor garage parking. John Jaeger of CBRE brokered the deal, which marks the ninth Illinois property in JVM’s portfolio. The seller was undisclosed.
ROSSFORD, OHIO — Colliers has arranged the sale of a 182,000-square-foot distribution center in Rossford near Toledo for an undisclosed price. UPS Mail Innovations Inc., a wholly owned subsidiary of UPS Inc., occupies the facility on a new seven-year double net lease with two five-year renewal options. Located at 29940 Glenwood Road directly off I-75, the newly built property features a clear height of 32 feet and 32 dock doors. Alex Cantu and Alex Davenport of Colliers represented the buyer, an entity doing business as Congaree River LLC. Scannell Properties, which developed the facility in 2022, was the seller.
BLOOMINGTON, MINN. — A joint venture between Clear Height Properties and Harbert US Real Estate has acquired a 121,684-square-foot industrial property in the Minneapolis suburb of Bloomington. Located at 9201 E. Bloomington Freeway, the complex is home to 14 tenants. The facility features 20 dock-high doors and five drive-in doors. Bentley Smith and Judd Welliver of CBRE brokered the transaction. The sales price and seller were undisclosed.
DENVER — JLL Capital Markets has arranged a $99 million refinancing for The Fitzgerald, an 11-story multifamily property in Denver’s LoDo neighborhood. Charles Halladay, Jordan Angel, Andy Scott, Rob Bova and Ethan Habecker of JLL Capital Markets Debt Advisory secured the floating-rate, three-year loan through Otera Capital for the borrower, Greystar. Built in 2022, The Fitzgerald features 282 studio, one- and two-bedroom units with stainless steel appliances, quartz countertops, wood-style furniture and an average size of 963 square feet. Community amenities include an indoor/outdoor fitness and wellness studio; onsite retail collection; coworking spaces; private meeting rooms; and a pool deck, spa and a social lounge with barbecues, fire pits and TVs. The Fitzgerald is located at 1840 Market St.
EUGENE, ORE. — A joint venture between CRG and Kenter Capital has broken ground on Chapter at Eugene, a 302-bed development located near the University of Oregon campus in Eugene. The project is scheduled for completion in September 2024. Upon completion, the community will offer 119 units in a mix of studio, two-, three-, four- and five-bedroom configurations. Units will feature bed-to-bath parity, contemporary furniture and smart televisions. Shared amenities are set to include a 5,000-square-foot rooftop deck with a dog run; dining areas and fire pits; a 12th-floor lounge with a demonstration kitchen and study rooms; state-of-the-art fitness center and yoga room; resident storage; and a coffee lounge. The community will also offer 50 parking spaces and bicycle storage. The development team for the project includes Jackson Main Architecture and John Hyland Construction Inc. Pre-leasing for the property is currently underway.
SALT LAKE CITY — Dart Interest LLC has purchased a 2.32-acre development site in downtown Salt Lake City from an undisclosed seller for $19.7 million. Comprising two parcels, the site includes a vacant, 305,000-square-foot data center and a one-acre parking lot. Kip Paul, Michael King and JT Redd of Cushman & Wakefield represented the seller in the deal. The buyer plans to develop two high-rise apartment projects on the site, which will undergo environmental remediation and demolition of the current data center. The site’s D1 zoning allows for buildings no less than 100 feet in height and no more than 375 feet in height.
PHOENIX — Marcus & Millichap has arranged the sale of a retail property located at 320 W. Bell Road in Phoenix. A limited liability company sold the asset to another limited liability company and private investor for $3.6 million. Mark Ruble and Chris Lind of Marcus & Millichap’s Phoenix office represented the seller, while Matthew Jarecki, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer in the transaction. At the time of sale, the 7,700-square-foot property was fully occupied by Tropical Smoothie Café, Athletico Physical Therapy and The Buffalo Spot, which are all operating under triple-net leases. The leases have terms ranging from five to eight years, featuring annual rental increases and multiple renewal options for all tenants.