PHILADELPHIA — Cushman & Wakefield has arranged undisclosed amounts of construction financing and joint venture equity for a 40,000-square-foot industrial project in Philadelphia that is a build-to-suit for Stateside Vodka. The facility will be located within Crown 95 Logistics Center, a 381,200-square-foot development on the city’s northeast side, and will feature a clear height of 28 feet and seven loading docks. John Alascio, Aaron Graves, Chuck Kohaut, T.J. Sullivan, Mitch Rothstein and Claire Oster of Cushman & Wakefield arranged the debt through Univest and the equity from Tramview Capital Management. The borrower/developer was not disclosed.
ABINGTON, MASS. — Marcus & Millichap has brokered the $2.5 million sale of a portfolio of three multifamily buildings totaling 16 units in Abington, about 25 miles south of Boston. The portfolio spans a combined 1.2 acres and consists of one studio apartment, 13 one-bedroom units and two two-bedroom residences. Tony Pepdjonovic and Evan Griffith of Marcus & Millichap represented the seller, an individual/personal trust, in the transaction and procured the buyer, a locally based limited liability company.
PARK CITY, UTAH — Crandall Capital is set to break ground on Studio Crossing, a mixed-use development in Park City, in late October. Spanning 320,000 square feet, Studio Crossing will feature 208 affordable housing units, approximately 100 townhomes and condominiums, retail, dining and open-air public spaces. With the first phase of the development slated for completion in 2025, Studio Crossing will add an entirely new neighborhood to Park City, while also providing eco-conscious solutions throughout its buildout. At full build out, the project will include: The project team includes Steed Construction as general contractor and Modern Out West as lead architect.
ROSEVILLE, CALIF. — 3650 REIT has provided a $71.5 million loan for the acquisition of Creekside Town Center, a retail center located in Roseville, roughly 20 miles northeast of Sacramento. Built in 2001, the property comprises 10 buildings and was 95.6 occupied at the time of financing. Tenants at the center include Best Buy, Barnes & Noble, Old Navy, Michaels, Marshalls, Nordstrom Rack, Burlington and Bob’s Discount Furniture. Palmer Capital arranged the financing on behalf of the borrower, Cane Cos. Management. The seller was not disclosed.
JERSEY CITY, N.J. — Whole Foods Market will open a 51,156-square-foot store at the corner of Washington Street and Columbus Drive in Jersey City on Nov. 9. The store, which will be the Austin-based grocer’s first in Jersey City, will offer more than 1,000 locally sourced items and will feature full-service meat and seafood counters, a bakery, prepared foods section and a wellness and beauty section.
VANCOUVER, WASH. — Colorado-based T&T Hospitality Services has purchased 4000 Columbia House Boulevard, a Class A office property in Vancouver. An undisclosed seller sold the asset for $21.1 million, or $478 per square foot. Nick Kucha, James Childress and Jakob Nicholls of Newmark represented the seller in the transaction. The buyer acquired the asset in a 1031 exchange, using proceeds from a hotel sale. Delivered in 2018, the 44,100-square-foot building is located within Vancouvers’s Lower Grand Employment Area that includes Grand Central Shopping Center and the Columbia Business Center.
SAN RAMON, CALIF. — Belmont Village Senior Living has completed vertical construction of Belmont Village San Ramon, its fifth seniors housing community in the Bay Area. The property is located within the Bishop Ranch master-planned community, which includes retail, dining and entertainment. Harrison Street Real Estate is the development partner, with Synovus Bank and Cadence Bank providing debt. Belmont Village San Ramon is a six-story, 175,320 square-foot senior living community that is scheduled to open in late 2024. With views of Mount Diablo and surrounding hills, Belmont Village San Ramon offers independent living, assisted living and memory care across 177 units in a variety of studio, one-bedroom and two-bedroom layouts.
GILBERT, ARIZ. — Midloch Investment Partners, in joint venture partnership with Scottsdale-based ATLAS, has acquired two industrial buildings and two additional acres of industrial outdoor storage in Gilbert. It is Midloch’s first acquisition in metro Phoenix. Terms of the transaction were not released. Located at 455 and 481 E. Baseline Road, the assets are a 36,325-square-foot facility occupied by Gannett Co., which publishes the Arizona Republic among other media; and a 25,220-square-foot building occupied by four tenants. Additionally, the sale included two outdoor storage yards that two tenants occupy.
CHAMPAIGN, ILL. — IPA Capital Markets, a division of Marcus & Millichap, has arranged an $11.5 million loan for the acquisition of Baytowne Shoppes & Square in Champaign, a city in central Illinois. The property is 99 percent leased to tenants such as PetSmart, Staples, Ulta, Dollar Tree, Party City, Rally House and Citi Trends. Adam Mengacci of IPA arranged the 10-year CMBS loan, which features a fixed interest rate of 6.97 percent and interest-only payments for the entire term. Stonefield Investment Advisors was the borrower.
WAUKESHA, WIS. — Bernard Financial Group (BFG) has secured a $10.1 million CMBS loan for the acquisition of a 112,010-square-foot shopping center in Waukesha, a western suburb of Milwaukee. Dennis Bernard and Joshua Bernard of BFG arranged the loan. The borrower was an entity doing business as Meadowbrook Marketplace Associates LLC.