CHICAGO — Kiser Group has arranged the sale of an 85-unit multifamily portfolio in Chicago’s Beverly neighborhood for $8.5 million. The portfolio includes five buildings that are all situated within a two-block radius. John George and Joe Bianchi of Kiser brokered the deal. The seller, the Rubino Family, had owned the properties for about 25 years. Each property was owned by a different family member, making the escrow process longer and more complicated than usual. An entity doing business as Beverly Holdings LLC was the buyer.
CHICAGO — SVN Chicago Commercial has brokered the sale-leaseback of a 9,500-square-foot building located on North Clark Street in Chicago’s Andersonville neighborhood for an undisclosed price. The property features roughly 6,000 square feet of ground-floor commercial space that is occupied by Reza’s Restaurant. The restaurant plans to downsize its space, enabling future development opportunities for the buyer, a partnership between Chicago-based GW Properties and Howard Natinsky. Reza’s Restaurant will continue to lease back space from the new owner. Wayne Caplan of SVN Chicago Commercial brokered the sale.
SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.
HUDSON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $2 million sale of a 10,750-square-foot industrial property in Hudson, about 40 miles west of Boston. The property comprises two buildings totaling 8,750 and 2,000 square feet on a 1.7-acre site at 561 Main St. Alex Wood of SVN | Parsons Commercial represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.
PEORIA, ARIZ. — Greystar has broken ground on Peoria Place, a $500 million, mixed-use, master-planned project in Peoria. The first phase is a three-building, Class A industrial park that will be known as Caliber by Greystar. At build-out, Caliber will total 411,918 square feet of Class A product broken down as a 114,446-square-foot Building A, 122,863-square-foot Building B and 174,609-square-foot Building C. Buildings A and B will offer divisibility to serve a diversity of uses and tenant sizes. Peoria Place will eventually include luxury apartments, build-to-rent single-family homes, residential over retail, 20 acres of open space and the Caliber light industrial park, which is slated for completion in the second quarter of 2024. JLL serves as the project’s exclusive leasing broker.
PORTLAND, ORE. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private placement permanent loan and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and Section 8 Project-Based Rental Assistance (PBRA). Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.
HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro. The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co. A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.
SAN DIEGO – Cyrus and Emilia Investments has acquired the Lincoln Hotel in downtown San Diego for $2.5 million. The hotel is located at 534-536 5th Ave. in the Gaslamp Quarter. The four-story building totals 14,503 square feet. El Cabron Restaurant occupies the ground floor, and 41 affordable housing units comprise the upper floors. Lincoln Hotel Partnership sold the property with representation by Bill Shrader of UPG. The buyer plans to renovate the affordable housing component of the property.
LAS VEGAS — Deloitte has leased a 14,000-square-foot office space in Phase II of UnCommons in Las Vegas. The firm’s space will be on the third floor of the development’s fourth office building, which will be completed this summer. Deloitte will take occupancy in late 2023. Matter Real Estate Group owns the building.
The future of retail has been questioned many times in the last few years, but the sector continues to evolve and overcome any obstacles that arise. Today’s consumers want a gathering place to dine, drink and be entertained, especially after the isolation and stay-at-home mandates they endured throughout the pandemic. With that in mind, owners are redeveloping many underutilized retail properties into new concepts that invigorate the towns in which they reside. Take ROECO, for example, a project that aims to transform a former Sears Roebuck location in Lansing, Michigan, into a retail and entertainment destination. Owner Gillespie Group purchased the property about 10 years ago when Sears was still operating. Sears opened the property in 1953 and vacated it about four years ago. Most recently, a local hospital utilized the site for COVID-19 testing. Pat Gillespie, CEO of Lansing-based Gillespie Group, says his firm is actively marketing the project and has about seven to eight letters of intent with retailers. Gillespie’s main focus is retail and entertainment, but the firm is having conversations about hospitality or housing for the far northeast corner of the 14-acre property. Gillespie says the design of ROECO will have a retro feel to play …