Property Type

Marcus & Millichap Brokers Sale of Two-Property Marriott Hotel Portfolio in Orem, Utah

by Amy Works January 24, 2024

OREM, UTAH — Marcus & Millichap has negotiated the sale of a two-property Marriott portfolio in Orem, just north of Provo. A limited liability company acquired the asset. The name of the seller and acquisition price were not released. The sale included TownePlace Suites Provo Orem and Fairfield Inn & Suites Orem, two four-story hotels sharing a total of 190 guest rooms. Located at 879 N. 120 West, the TownePlace Suites Provo Orem offers 100 guest rooms, and Fairfield Inn & Suites Provo Orem, located at 901 N. 1200 West, features 90 guest rooms. Adam Lewis of Marcus & Millichap handled the transaction.

January 24, 2024

Acquisitions Multifamily Seniors Housing Texas

Blueprint Arranges Sale of 93-Unit Seniors Housing Complex in Dallas

by Taylor Williams January 24, 2024

DALLAS — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 93-unit seniors housing complex in Dallas. The unnamed property is located in the Preston Hollow area and offers assisted living and memory care services. The buyer was the existing operator, Juniper Communities, and the seller was undisclosed. Alex Florea, Giancarlo Riso and Amy Sitzman handled the transaction for Blueprint.

January 24, 2024

Leasing Activity Multifamily Texas

Keller Williams Metropolitan Signs 20,656 SF Office Lease in Houston

by Taylor Williams January 24, 2024

HOUSTON — Keller Williams Metropolitan has signed a 20,656-square-foot office lease on the eighth floor at 4265 San Felipe Street, a 223,545-square-foot building in Houston’s River Oaks neighborhood. Ty Martin of McCann Commercial represented the tenant in the lease negotiations. Brad Fricks and Matt Asvestas of Stream Realty Partners represented the landlord, Woodbranch Management Inc. The building is now 90 percent leased.

January 24, 2024

Acquisitions California Industrial Western

BLP Acquires 57,671 SF Logistics Facility in Compton, California

by Amy Works January 24, 2024

COMPTON, CALIF. — Bridge Logistics Properties (BLP) has purchased an infill, last-mile logistics facility in Compton, just south of Los Angeles. Terms of the transaction were not released. Located at 1215 W. Walnut St., the 57,671-square-foot, rear-load warehouse features 25-foot clear heights, eight dock-high positions, a secured truck court and 83 parking spaces. The property is fully leased through June 2025. The asset is located adjacent to the 91 Freeway in Compton, with connectivity to the ports of Los Angeles and Long Beach, Los Angeles International Airport and downtown Los Angeles. Rob Flores and Brian Held of CBRE represented BLP in the deal.

January 24, 2024

The-August-at-Steelpointe-Harbor-Bridgeport

Connecticut Development Multifamily Northeast

Partnership Breaks Ground on $190M Multifamily Project in Bridgeport, Connecticut

by Taylor Williams January 24, 2024

BRIDGEPORT, CONN. — A partnership between two developers, Indianapolis-based Flaherty & Collins Properties and locally based firm RCI Group, has broken ground on The August at Steelpointe Harbor, a $190 million multifamily project in Bridgeport. The property will comprise 420 units in one-, two- and three-bedroom floor plans on a 6.5-acre site within the 52-acre Steelpointe Harbor master-planned community. Amenities will include a pool, fitness center, coworking lounge, pet park, outdoor kitchens and a pickleball court, as well as 10,000 square feet of retail space. Cupkovic Architecture designed the project, and KBE Building Corp. is serving as the general contractor. Old National Bank provided a $111 million senior construction loan for the project, with a myriad of private institutions and public agencies also contributing to the financing. Completion is slated for August 2025.

January 24, 2024

Illinois Loans Midwest Multifamily Student Housing

JLL Arranges $45M Loan for Refinancing of Student Housing Property at University of Chicago

by Kristin Harlow January 24, 2024

CHICAGO — JLL Capital Markets has arranged a $45 million loan for the refinancing of Vue53, a 403-bed student housing property at the University of Chicago. Vue53 offers 267 units in studio, one- and two-bedroom layouts. Amenities include a bike storage facility, business center, study lounges, a fitness center, clubroom and sundecks. Residents also have access to a 24-hour doorman, onsite parking, package storage and handling, and campus shuttle pickup. The property features 27,367 square feet of ground-floor retail space that is anchored by a Target with a Starbucks. Brian Walsh, Dan Kearns, Tara Hagerty and Dave Hunter of JLL arranged the loan on behalf of the borrower, a venture between Blue Vista and Bain Capital Real Estate. A fund managed by Argentic Investment Management LLC provided the loan.

January 24, 2024

Affordable Housing Illinois Loans Midwest Multifamily

KeyBank Provides $34.3M for Rehabilitation of Six Affordable Housing Communities in Chicago

by Kristin Harlow January 24, 2024

CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program for the rehabilitation of six affordable housing communities on Chicago’s South Shore. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project-based Section 8 contract. The remaining five properties provide 126 units for families. Evergreen Real Estate Group is the sponsor. The communities are owned by a Low-Income Housing Tax Credit (LIHTC) partnership created by the Housing and Human Development Corp. (HHDC), a nonprofit public housing facility in Chicago. The project also received LIHTC and tax-exempt bond allocations from the Illinois Housing Development Authority. KeyBanc Capital Markets served as the sole manager and underwriter for the $55.1 million bonds. Improvements will include new cabinets, countertops, flooring, energy-efficient appliances and fixtures for resident units as well as elevator modernization, upgrades to mechanical, electrical and plumbing systems, replacement of roofs and exterior repairs. HHDC serves as the owner-operator and will provide onsite social service coordinators. Leslie Meyers and Robbie Lynn of KeyBank CDLI structured the HUD financing, and Sam Adams of KeyBanc Capital Markets marketed the bonds.

January 24, 2024

Industrial Leasing Activity Midwest Wisconsin

Haribo Signs 447,216 SF Industrial Lease in Bristol, Wisconsin

by Kristin Harlow January 24, 2024

BRISTOL, WIS. — Haribo of America Inc. has signed a full-building industrial lease for 447,216 square feet at Bristol Highlands Commerce Center East in Bristol, a city in Southeast Wisconsin. Chicago-based HSA Commercial Real Estate owns the 68-acre industrial park. The lease marks the largest industrial lease executed in the Southeast Wisconsin submarket last quarter, according to HSA. Haribo, a global manufacturer of gummi products, currently occupies the 157,656-square-foot Building 1 at Bristol Highlands Commerce Center East. The warehousing and distribution operations will move from Building 1 to Building 3 upon completion of the interior build-out in the second quarter. Completed in 2022, Building 3 features a clear height of 36 feet, 73 truck docks and ample employee parking. Once Haribo moves into Building 3, the company’s former space in Building 1 will be available for lease. Haribo also maintains a North American production plant two miles away in Pleasant Prairie. Whit Heitman and Sam Badger of CBRE represented Haribo in the lease. Jeff Hoffman of Cushman & Wakefield | Boerke, Eric Fischer of Cushman & Wakefield and Tim Thompson of HSA represented ownership.

January 24, 2024

Acquisitions Industrial Northeast Pennsylvania

Prologis Acquires 449,500 SF Warehouse in Bath, Pennsylvania

by Taylor Williams January 24, 2024

BATH, PA. — San Francisco-based Prologis has acquired a 449,500-square-foot speculative warehouse in Bath, located north of Allentown in the Lehigh Valley. The building is located within the 40-acre Cubes at Lehigh Valley development and features a clear height of 40 feet, 42 dock-high doors, four grade-level doors, an ESFR sprinkler system and parking for 111 trailers and 237 cars. CRG, a development and investment firm with eight offices around the country, developed and sold the building, which was fully leased to Smart Warehousing at the time of sale.

January 24, 2024

Acquisitions Indiana Industrial Midwest

CBRE Brokers $24.5M Sale of Suburban Indianapolis Industrial Building

by Kristin Harlow January 24, 2024

WHITESTOWN, IND. — CBRE has brokered the $24.5 million sale of Park 130 at Whitestown Building 2, a 356,900-square-foot industrial building in the Indianapolis suburb of Whitestown. The property at 5828 Commerce Drive is triple net leased to Maxxis Tires, a global manufacturer of high-quality tires. Completed in 2019, the building is situated on nearly 22 acres within the larger Park 130 at Whitestown. The property features a clear height of 32 feet, 42 insulated dock doors and two drive-in doors. Kevin Foley, Anthony DeLorenzo, Andrew Morris and Jeremy Woods of CBRE Investment Properties represented the private seller. A private, high-net-worth buyer purchased the asset at a cap rate of 5.6 percent.

January 24, 2024

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