Property Type

CapRock-Highlander-Logistics-Center-North-Las-Vegas-NV

CapRock Partners Buys Site for 1.5 MSF Industrial Project in North Las Vegas

by Amy Works September 28, 2023

NORTH LAS VEGAS, NEV. — CapRock Partners has purchased 85 acres of unimproved land in North Las Vegas for the development of CapRock Highlander Logistics Center. The Class A complex will feature two freestanding warehouse buildings totaling approximately 1.5 million square feet. CapRock entitled the site during a prolonged escrow and then acquired the property off-market from a private seller. Terms of the deal were not released. Construction is scheduled to begin in 2024, with completion slated for 2025. Upon completion, CapRock Highlander Logistics Center will feature a 1 million-square-foot facility with 164 dock-high doors, four ground-level doors and speculative office space, and a 460,800-square-foot building with 82 dock-high doors, four ground-level doors and speculative office space. The buildings will offer 40-foot clear heights, excess land for an outsized number of trailer and parking stalls, drive-around capability and private concrete yards and truck courts. Donna Alderson, Greg Tassi and Nick Abraham of Cushman & Wakefield represented CapRock in the acquisition. Will Strong and Kirk Kuller of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented CapRock in the asset’s equity financing.

September 28, 2023

Acquisitions California Office Western

HQ Development Acquires 28,512 SF Office Building in West Hollywood for $19M

by Amy Works September 28, 2023

WEST HOLLYWOOD, CALIF. — HQ Development, led by Robert Herscu, has purchased a vacant property at 825 N. San Vincente Blvd. in West Hollywood. Hilldale Property Owner sold the asset for $19 million. Christopher Bonbright and Jonathan Larsen of Avison Young handled the transaction on behalf of the seller, the property’s original owner and developer. Avison Young positioned the building as an opportunity for redevelopment, as the site is located between Sunset and Santa Monica boulevards near famous and popular venues like The Comedy Store, The Viper Club, The Troubadour and Whiskey A Go Go. Built in 1984 and renovated in 2014, the three-story property features 28,512 square feet of space and parking for 135 cars. According to Avison Young, the asset satisfies West Hollywood’s parking and zoning requirements for office, medical, co-working, health club and hospitality uses, including a boutique hotel and restaurant.

September 28, 2023

Affordable Housing Development Multifamily Utah Western

Hunt Capital Partners, CJM Development Open 120-Unit Sandstone Hills Apartments in Richfield, Utah

by Amy Works September 28, 2023

RICHFIELD, UTAH — Hunt Capital Partners, in collaboration with CJM Development Group, has opened Sandstone Hills Apartments in Richfield, 150 miles south of Salt Lake City. Located on 5.8 acres at the southeast corner of 1500 S St. and SR 118, the community features five three-story, garden-style residential buildings offering 20 one-bedroom, 70 two-bedroom and 30 three-bedroom apartments for households earning up to 55 percent of the area median income. The vision of Sandstone Hills Apartments began with Dale T. Smith & Sons Meat Packing Co., which wanted to move its operations to Richfield but was aware of the town’s acute housing shortage. The company enlisted CJM Development to lead the effort to develop affordable housing in the area. The project team includes Commercial Construction as general contractor, Think Architecture are the project architect, and CJM Properties, the developer’s affiliate, as the property management agent. Financing for the development includes the syndication of $9.3 million in federal Low-Income Housing Tax Credits (LIHTC) through Hunt Capital Partners Tax Credit Fund 43, as well as $1.1 million in state LIHTC with Standard Insurance as the investor. Zions Bank provided a $17.6 million construction loan, as well as a $12.4 million permanent loan. Additionally, …

September 28, 2023

California Hospitality Loans Western

PSRS Negotiates $4.8M Refinancing for Newport Channel Inn Hotel in Newport Beach, California

by Amy Works September 28, 2023

NEWPORT BEACH, CALIF. — PSRS has arranged $4.8 million in refinancing for Newport Channel Inn, an independent limited-service hotel in Newport Beach. Constructed in 1962 and renovated in 2013, the hotel features 31 guest rooms. Jacob Lee and Thomas Rudinsky of PSRS arranged the loan, which features a five-year term and a 30-year amortization schedule. A correspondent life insurance company provided the capital.

September 28, 2023

Acquisitions Industrial Self-Storage Texas

Marcus & Millichap Brokers Sale of 490-Unit Self-Storage Facility in Forney, Texas

by Taylor Williams September 28, 2023

FORNEY, TEXAS — Marcus & Millichap has brokered the sale of Bin 741 Storage, a 490-unit self-storage facility located in the eastern Dallas suburb of Forney. The facility was built in 2017 and spans 56,900 net rentable square feet. Danny Cunningham and Brandon Karr of Marcus & Millichap represented the seller, a locally based family partnership that originally built the property, in the transaction. The duo also procured the buyer, a Houston-based investment firm.

September 28, 2023

Acquisitions Industrial Texas

Founders Properties Sells 114,000 SF Industrial Building in Plano

by Taylor Williams September 28, 2023

PLANO, TEXAS — Minnesota-based investment firm Founders Properties has sold a 114,000-square-foot industrial building located at 780 Shiloh Road in Plano. The building was constructed in 2001, renovated in 2007 and was fully leased at the time of sale to a single unnamed tenant. Randy Baird, Jonathan Bryan, Ryan Thornton, Nathan Wynne and Eliza Bachhuber of CBRE represented Founders Properties in the transaction. The buyer was an undisclosed, California-based private investor.

September 28, 2023

Acquisitions Industrial Midwest Missouri Ohio Wisconsin

BGO IREIT Acquires Interest in $948M Midwest Industrial Portfolio

by Kristin Harlow September 28, 2023

CINCINNATI, KANSAS CITY, ST. LOUIS AND KENOSHA, WIS. — BGO Industrial Real Estate Income Trust Inc. (BGO IREIT) has acquired an indirect 34.2 percent ownership interest in a portfolio of Midwest industrial assets valued at approximately $948 million in exchange for 13 million units of its operating partnership. The purchase price of the portfolio was approximately $130 million. The portfolio consists of 29 industrial buildings totaling more than 9.4 million square feet in Cincinnati, Kansas City, St. Louis and Kenosha, Wis. Developed between 2012 and 2023, the portfolio is 90 percent leased to multiple tenants with a weighted average remaining lease term of approximately five years.

September 28, 2023

Acquisitions Retail Texas

SRS Real Estate Arranges $14.6M Sale of Retail Building Leased to Kohl’s in Katy, Texas

by Taylor Williams September 28, 2023

KATY, TEXAS — SRS Real Estate Partners has arranged the $14.6 million sale of a 55,000-square-foot retail building in the western Houston suburb of Katy that is triple-net-leased to Kohl’s. The seller, an undisclosed, institutional development group, is nearing completion of construction of the building, which sits on a 5.2-acre site. The lease term is 12 years. Matthew Mousavi and Patrick Luther of SRS represented the seller and procured the undisclosed out-of-state buyer, which acquired the asset via a 1031 exchange.

September 28, 2023

Illinois Industrial Loans Midwest

PGIM Provides $66M Loan for Refinancing of Two Industrial Properties in Suburban Chicago

by Kristin Harlow September 28, 2023

AURORA AND PALATINE, ILL. — PGIM Real Estate has provided a $66 million loan for the refinancing of two newly built industrial properties in suburban Chicago. The assets, which include 90 Logistics Center in Palatine and 2800 W. Diehl Road in Aurora, total 760,669 square feet. The borrower, Logistics Property Co., will use proceeds of the loan to pay off construction debt, cover closing costs and return equity to the company. Craig Foreman of PGIM originated the fixed-rate loan.

September 28, 2023

Development Illinois Midwest Office

AmTrust RE Unveils Plans for $50M Capital Improvements Program at Two Office Properties in Chicago

by Kristin Harlow September 28, 2023

CHICAGO — AmTrust RE has unveiled plans for a $50 million capital improvements program at two of its Chicago office properties, One East Wacker and 33 North Dearborn. The improvements will provide tenants with a “hospitality-inspired setting,” equipped with amenities, modern finishes and furniture, and elevated conveniences. This initiative marks the initial stage of the company’s $100 million commitment to upgrading its Chicago portfolio. Additionally, AmTrust has enlisted Stream Realty Partners to manage leasing for its Chicago office portfolio. At One East Wacker, AmTrust will upgrade the property’s exterior and entrances along both Wacker Drive and State Street, create multiple spec suites and fulfill a corridor and restroom renovation. Additional plans call for a comprehensive lobby renovation envisioned by Chicago-based Eastlake Studio; creation of a comprehensive amenity floor on the second level overseen by wellness amenities management service Lulafit; and significant renovations to the top-floor lounge on the 41st floor. The office tower spans 540,000 square feet. Improvements to the 330,000-square-foot 33 North Dearborn include renovating and expanding the fourth-floor conference center to double in size; creating an outdoor tenant roof deck; enhancing building conveniences such as expanding the bike room; new ground-floor retail offerings; aesthetic upgrades to the building …

September 28, 2023

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