SHOREVIEW AND MINNETONKA, MINN. — Alerus Financial, a diversified financial services company, has signed two office leases totaling nearly 53,000 square feet in metro Twin Cities. The company is relocating its Shoreview and Minnetonka offices. The new Shoreview office will be located at The Lex at 4100 Lexington Ave., while the new Minnetonka office will be located at Crescent Ridge II at 10900 Wayzata Blvd. Both offices will enable Alerus to install exterior top-of-building signage. Eddie Rymer and Alex Ach of JLL represented the tenant in both leases. Eagle Ridge Partners is the landlord for the Shoreview property, while Piedmont Office Realty Trust is the owner of the Minnetonka building. JLL project and development services teams are assisting both build-outs.
INDIANAPOLIS — The Life Properties, the property management and construction management affiliate of Olive Tree Holdings, is underway on a $4 million capital improvement program at The Life at Belhaven Place in Indianapolis. The project is 71 percent complete, with completion slated for the second quarter of 2025. The 248-unit multifamily community is receiving select interior renovations to all units and upgrades to the office clubhouse. Exterior improvements include new paint and repairs to the roof, property signage, pool, parking lot, sidewalk, playground and dog park. There is also a new security camera system and landscaping improvements. Sustainable updates include low-flow plumbing retrofits and repairs to the LED lighting. Built in 2006, The Life at Belhaven Place features a mix of one-, two-, three- and four-bedroom units.
PHILADELPHIA — JLL has arranged a $33.5 million loan for the refinancing of a portfolio of 10 industrial properties totaling 443,488 square feet in the Philadelphia metro area. The portfolio was fully leased at the time of sale to a mix of local and national tenants, including Boeing and Fiserv. Building features include clear heights ranging from 16 to 22 feet and a total of 82 dock-high doors, 15 drive-in doors and 768 parking spaces. Michael Klein, Steven Klein, Ryan Ade and Ryan Carroll of JLL arranged the five-year, fixed-rate loan through Securian Financial on behalf of the borrower, Wharton Industrial.
CHATHAM, N.J. — New Jersey-based developer BNE Real Estate Group is nearing completion of The Ivy, a 245-unit multifamily project in the Northern New Jersey community of Chatham. Designed by Minno & Wasko Architects & Planners, the six-story building will house one- and two-bedroom units that will be furnished with stainless steel appliances, quartz countertops and tile backsplashes. The property will also feature 34,000 square feet of indoor and outdoor amenity space. Specifically, the amenity package will include a pool, an outdoor movie lawn and dining areas, fitness center, resident lounge, bar, game room, sport simulator lounges, children’s play area, pet spa and a media screening room. Leasing will begin later this fall.
SANTA FE, N.M. — Community Preservation Partners (CPP) has entered the Santa Fe market with the acquisition and planned renovation of two multifamily communities — Sangre De Cristo Apartments and Santa Fe Apartments. Once renovated, the two communities will be restricted to households earning 60 percent or less of the area median gross income and will continue to benefit from project-based rental assistance. Located at 255 Camino Alire, Santa Fe Apartments features 64 units and was built in 1968. Sangre De Cristo Apartments, located at 1801 Espinacitas St., offers 164 units. Both communities offer one-, two- and three-bedroom layouts, with Sangre De Cristo also offering four-bedroom units. Renovation costs are estimated at $96,700 per unit. CPP’s total investment for both properties is approximately $93.7 million, which includes the combined purchase price of $41.8 million. CPP expects to complete renovations by December 2024. Project partners include the New Mexico Mortgage Finance Authority, US Bank and KeyBank.
SCOTTSDALE, ARIZ. — Colliers has brokered the sale of 3 Palms Hotel, located at 7707 E. McDowell Road in Scottsdale. California-based investors — Peter Sun of Five Star Inn One LLC and Lily Hsue of Five Star Inn Two LLC — acquired the asset from Roger Abbott of La Jolla, Calif., for $23 million. Originally constructed in 1980 and remodeled in 2006 and 2007, 3 Palms Hotel features 130 guest rooms with full-length mirrors, complimentary newspapers, high-speed Wi-Fi and deluxe spas. Situated on 3.4 acres, the hotel offers an outdoor pool and spa, a rooftop sundeck, fitness center and concierge. James Meng of Colliers handled the negotiations and transaction.
PORTLAND, ORE. — Fairfield has completed the disposition of The Perch PDX, an apartment community in the Overlook neighborhood of Portland. Green Leaf Capital Partners acquired the asset for an undisclosed price. Built in 2020, The Perch PDX features 141 studio, one- and two-bedroom units, averaging 648 square feet. Apartments offer stainless steel appliances, modern cabinetry, quartz countertops, vinyl plank flooring and full-size washers and dryers. Community amenities include seventh- and third-floor terraces, a game room, fitness center, co-working spaces, secured access garage parking and a dog washing station. The Perch PDX is located at 5325 N. Interstate Ave. Ira Virden, Carrie Kahn and Frank Solorzano of JLL Capital Markets’ investment sales and advisory team represented the seller and procured the buyer in the transaction.
SAN FRANCISCO — PGIM Real Estate, the San Francisco-based real estate investment and financing business of PGIM, has arranged a $259 million Fannie Mae credit facility addition secured by six multifamily properties on the West Coast. The borrower is The Sobrato Organization. The properties, totaling 1,141 units, are located in suburban West Coast locations benefiting from strong regional demographics and proximity to major employment nodes, according to PGIM. Natalia Todorov, Lauren Kiesel, Elizabeth Velazquez and A.J. Hamer of PGIM handled the transaction. Further details were not disclosed.
RIVERSIDE, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the acquisition of five retail outparcels located at Citrus Landing, a 124,904-square-foot retail center in the Inland Empire city of Riverside. Tenants at the outparcels, which total 25,916 square feet, include Carl’s Jr., Quick Quack Car Wash, Arrowhead Credit Union, Panda Express, Café Bottega, Pacific Dental and Chick-fil-A, which is scheduled to open next year. Stater Bros. anchors Citrus Landing, which was fully occupied at the time of sale. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the 1031-exchange buyers in the transaction. REZA Investment Group represented the seller, Paragon Commercial Group.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $28.2 million sale of a 75-unit multifamily building located at 69 E. 125th St. in East Harlem. Built in 2017 by Greystone Development, the 12-story building includes two commercial spaces and is subject to a 421a tax abatement through 2043. Victor Sozio, Shimon Shkury, Mark Anderson, Gabriel Elyaszadeh and Michael Tortorici of Ariel Property Advisors represented Greystone and the buyer, GO-RE Partners, in the transaction. JP Morgan Chase provided acquisition financing for the deal.