TETERBORO, N.J. — JLL has arranged a $39 million acquisition loan for a 221,448-square-foot warehouse and distribution center in the Northern New Jersey community of Teterboro. Building features include a clear height of 22 feet, 15 dock-high doors, 11 drive-in doors, 95 parking spaces and 15 trailer parking spaces. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged the fixed-rate loan through insurance giant Nationwide on behalf of the borrower, a joint venture between local developer The Hampshire Cos. and Atlanta-based Invesco Real Estate. The property was fully leased to Fashion Logistics at the time of sale.
LAS VEGAS — CapRock Partners has completed construction of two industrial warehouse distribution facilities in Las Vegas totaling nearly 700,000 square feet. The first asset, Tropical Logistics Phase II, contains three single-tenant buildings totaling 442,780 square feet in the North Las Vegas submarket. The space is fully pre-leased to high-quality tenants. The second asset is Spanish Ridge Industrial Park, which contains three buildings totaling 230,899 square feet in the Southwest submarket. It is partially pre-leased to investment-grade credit tenants. Rob Lujan, Xavier Wasiak and Jason Simon of JLL represented CapRock Partners in the leasing of Spanish Ridge Industrial Park and Tropical Logistics Phase II.
LOS ANGELES — Waterbridge Capital has received $75 million in short-term first mortgage debt for its acquisition of Union Bank Plaza in downtown Los Angeles. B.H. Properties structured the financing in partnership with Hankey Capital. The quick closing allowed the buyer to acquire the historic high rise at a significant discount and avoid paying an additional 5.5 percent transfer tax under Los Angeles’ newly enacted Measure ULA, which went into effect April 1. Newmark’s Kevin Shannon represented the seller in the transaction. Colliers’ Mark Schuessler, Sean Fulp, Ryan Plummer and Jason Roth sourced the financing on behalf of the borrower.
PHILADELPHIA — Regional brokerage firm Scope Commercial Real Estate has negotiated the $9.3 million sale of The Yellowjacket, a 24-unit multifamily property in Philadelphia’s Fishtown neighborhood. The complex houses one- and two-bedroom units and amenities such as a fitness center and a rooftop deck, as well as 5,000 square feet of ground-floor retail space. Phil Sharrow and Fahd Malik of Scope Commercial represented the seller, a local developer that is nearing completion of the project, in the all-cash transaction. The duo also procured the buyer, a family office that purchased the asset via a 1031 exchange.
LOS ANGELES — Stockdale Capital Partners has created a new open-ended, core-plus healthcare fund that will actively pursue medical office acquisitions. The seed investment was a 147,078-square-foot medical office building located at 2100 West 3rd Street Medical Center in Los Angeles. The space is 99 percent leased to major tenants, including Children’s Hospital of Los Angeles, Providence Health & Services and AltaMed Health Services Corporation.
LOWELL, MASS. — Northeast Private Client Group (NEPCG) has brokered the $4 million sale of Middlesex Street Apartments, a 24-unit multifamily complex located in the northern Boston suburb of Lowell. The 35,475-square-foot building is located in the downtown area and includes four commercial spaces. Brad Carlson of NEPCG represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The deal traded at a cap rate of approximately 7.3 percent.
RANCHO CUCAMONGA, CALIF. — Sky Zone has signed a lease for 30,700 square feet at 12449 Foothill Blvd. in Rancho Cucamonga. Sky Zone, which currently operates more than 200 locations throughout the country and Canada, will open an indoor entertainment park at the property, which is located within the 550,000-square-foot Foothill Marketplace. Paul Galmarini and Paul Su of Progressive Real Estate Partners arranged the lease on behalf of the landlord. Richard Cheng and Dan Fagan of Urban Lime Real Estate represented Sky Zone in the negotiations.
NEW YORK CITY — Securitas Security Services USA has signed a 19,500-square-foot office lease at 498 Seventh Avenue in Midtown Manhattan. The company will relocate from 1412 Broadway to the 14th floor of the 25-story, 960,000-square-foot building in the fourth quarter. Andrew Conrad and Matt Coudert internally represented the landlord, George Comfort & Sons, which owns the building in partnership with Loeb Partners Realty and JR AMC, in the lease negotiations. David Opper and Eddie Sisca of CBRE represented the tenant.
SALT LAKE CITY — Blueprint Healthcare Real Estate Advisors has arranged a new tenant for a 12-property, 1,275-bed skilled nursing portfolio in Utah. Blueprint was approached by a longstanding client to find a best-in-class tenant for the portfolio, which the client was under contract to acquire. The seller was a Utah-based owner and operator of skilled nursing facilities that was in the process of executing on a strategic firm-wide recapitalization. The new tenant is a Nevada-based operator that had strong interest in leasing the portfolio from the future buyer. However, after further discussions with its capital partner, a very compelling bid was submitted to acquire the portfolio.
MERRILLVILLE, IND. — Draper and Kramer Inc. has arranged a $54 million loan for the refinancing of Prairie Point and The Reserve at Prairie Point Apartments in Merrillville, a city in Northwest Indiana. Built between 2002 and 2015, Prairie Point and The Reserve is a 440-unit luxury apartment community that underwent renovations in 2018. The Class A property features townhome-style units with private entrances and garages. Amenities include a clubhouse, fitness center, pool, sundeck, playground and sand volleyball court. Mark Perkowski of Draper and Kramer’s Commercial Finance Group arranged the loan on behalf of the borrower, Weiss Entities. A life insurance company provided the five-year, fixed-rate loan.