SYOSSET, N.Y. — California-based boutique advisory firm Talonvest Capital has arranged a $13.8 million construction loan for a self-storage facility in the Long Island community of Syosset. The facility will consist of 1,025 climate-controlled units and 86 drive-up units for a total of 103,440 net rentable square feet. John Chase, Kim Bishop, Ivan Viramontes and Lauren Maehler of Talonvest arranged the loan, which carried a five-year term and four years of interest-only payments, through an undisclosed commercial bank. The borrower and developer is Barone Management. Delivery is slated for late 2024.
NORTON, MASS. — Locally based developer Condyne Capital Partners has completed a 220,000-square-foot industrial project in Norton, located about 40 miles south of Boston. The building is part of Phase II of Bluestar Business Park. Polar Design Build handled design and construction of the project, which features a clear height of 32 feet, 47 dock doors, EV charging stations and a solar-ready rooftop. Other project partners included Maugel DeStefano Architects, CBC Engineering, Flood Consulting and DiPrete Engineering.
INDIANAPOLIS — Pure Development and Third Street Ventures have broken ground on the next phase of North Mass District in Indianapolis. Stenz Construction Corp. is the general contractor. On the heels of its Box Factory project, the development team is moving forward with two new projects: The Penn Electric Switch and The Ingram Apartments. The Penn Electric Switch is an adaptive reuse project that will be home to creative office spaces and Shindig, the latest restaurant concept from Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax-increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is slated to begin in spring 2024. The Ingram is a $47 million apartment project that will feature more than 180 units. Plans call for onsite parking, bike storage and a host of other amenities for residents. The development received unanimous public financing from the City-County Council and the MDC to issue $6 million in developer-backed tax-increment finance bonds. Construction is expected to begin in summer 2024.
LOS ANGELES — Cityview has completed The Parker, an apartment property in the Pico-Robertson community of West Los Angeles. The transit-oriented development features 123 studio, one- and two-bedroom apartments, including 13 affordable units, and 4,000 square feet of retail space. Located at 5935 W. Pico Blvd., The Parker also offers a rooftop pool courtyard with daybeds, lounge chairs, firepits and landscaping; an open-air cinema with a projector and amphitheater seating; a ping pong table; lounge chairs; and festival lights. Other community amenities include a fitness center with a yoga area, treadmills, ellipticals, stationary bikes and weights; an outdoor training deck with battle ropes, a boxing bag and rock-climbing wall; coworking space; an outdoor dining room; barbecue grilling stations; and a built-in pizza oven. The pet-friendly property also features a dog playground with agility equipment and a dog wash and spa. Apartments feature stainless steel appliances, luxury vinyl plank flooring, smart thermostats, keyless entry and quartz countertops. The project team included WPIC Construction, AC Martin, Nadia Geller Design and Labib Funk + Associates.
CHICAGO — Spa provider Bathhouse has signed a 40,000-square-foot, build-to-suit lease at 1010 W. Madison St. in Chicago. The property will feature two levels of amenities as well as a rooftop pool and restaurant. The design of the concrete and glass building will pay homage to old-world bathhouses. Bathhouse offers hot saunas, cold plunges and massages. Guests can choose between day passes and specific treatments. The developer of the project, Fulton Street Cos., acquired the site in September 2020 from a private investor. It was a parking lot at the time.
SEATTLE — Kidder Mathews has negotiated the sale of Seventh and James Apartments, a multifamily asset in Seattle’s First Hill neighborhood. A large institutional owner sold the property to an undisclosed buyer for $26.9 million. Located at 600 7th Ave., Seventh and James Apartments features 96 units. The five-story, podium-style building was built in 1992. Dylan Simon, Matt Laird and JD Fuller of Kidder Mathews’ Simon Anderson team represented the seller and sourced the buyer in the transaction.
BENSENVILLE, ILL. — Dayton Street Partners (DSP) has acquired an industrial property situated on 11 acres at 700 Larsen Lane in the Chicago suburb of Bensenville. The purchase price was undisclosed. The property features a 37-door truck terminal, two truck maintenance facilities and a warehouse with one acre of outdoor storage. The asset, which is located directly across the street from the Chicago O’Hare International Airport, was 85 percent leased at the time of sale. Jack Brennan of CBRE represented the seller, a private investor, and will market the property for lease. DSP will commence a multi-million-dollar renovation of the terminal in November.
CHICAGO — Beity, a culinary concept inspired by Lebanese and French cuisines, and Voodoo Doughnuts, an Oregon-based doughnut chain, have signed new retail leases in Chicago’s Fulton Market. The Feil Organization owns both properties. Beity signed a 3,700-square-foot lease at 813 W. Fulton Market, a retail and residential development. Voodoo signed a 2,734-square-foot lease at 945 W. Randolph, a one-story, 12,400-square-foot retail space. Beity, which means “home” in Arabic, is the debut restaurant concept from Chef Ryan Fakih. Inspired by the cooking of his upbringing and the French cuisine that he honed while at Le Cordon Bleu in Paris, Fakih seeks to redefine French-Lebanese cuisine. The restaurant is expected to open in November. Quinn Thomas of Goldstreet Partners represented Beity in the lease. Voodoo’s lease marks its first location in Illinois. The doughnut company is known for its imaginative and creative confections. The Illinois location is scheduled to open in December. Sean Bossy and Ali Hicks of Tether Advisors represented Voodoo in the lease. Nick Dries represented Feil on an internal basis in both leases. The asking rent was $125 per square foot in both transactions.
SOUTHFIELD, MICH. — Friedman Real Estate has brokered the sale of a 62,752-square-foot office building in Southfield for an undisclosed price. The property is located at 16500 W. 12 Mile Road. Robert Moon of Friedman represented the seller, Atlas Holding Corp. The buyer, Kensington Community Church, will occupy the building.
SANTA FE SPRINGS, CALIF. — Equipment Manufacturing Co. has completed the sale of an industrial asset, located at 14930 Marquardt Ave. in Santa Fe Springs, just southeast of Los Angeles. Fortress Investment Group acquired the property for $10.5 million. Equipment Manufacturing Co. vacated the 31,373-square-foot heavy manufacturing facility, which was built in 1969. The new owner plans to renovate and reposition the property, which offers a large truck parking area and approximately one acre of excess land. Jason DuFault of KW Commercial represented the seller, while Phillip DeRousse of Lee & Associates represented the buyer in the deal.