Property Type

Echo Real Estate, LGE Break Ground on 676,176 SF Echo Park Industrial Project in Glendale, Arizona

by Amy Works September 26, 2022

GLENDALE, ARIZ. — Echo Real Estate Capital and LGE Design Build, as design-build contractor, have broken ground on Echo Park 303, a two-building industrial facility situated on nearly 40 acres in Glendale. Located near the intersection of Northern Parkway and Reems Road, Echo Park 303 will feature a 455,936-square-foot facility, a 220,240-square-foot building, 743 parking spaces and gated yards for nearly 250 trailer spaces. The buildings will feature two stories of storefront window systems to allow for natural lighting in the lobbies and offices situated on the corners of the buildings. Completion of the 676,176-square-foot park is slated for third-quarter 2023.

September 26, 2022

Leasing Activity New Jersey Northeast Retail

Total Wine & More Opens 32,000 SF Store in Totowa, New Jersey

by Taylor Williams September 26, 2022

TOTOWA, N.J. — Total Wine & More has opened a 32,000-square-foot store at Totowa Square, a 258,000-square-foot retail power center in Northern New Jersey. The retailer is backfilling a space formerly occupied by Babies ‘R’ Us. Brian Katz and Amy Staats of Katz & Associates represented the landlord in the lease negotiations. Brian Schuster of Ripco Real Estate represented the tenant.

September 26, 2022

Arizona Civic Development Western

McCarthy Building Cos. Starts Construction of $17.5M Student Experience Center at Arizona Western College in Yuma

by Amy Works September 26, 2022

YUMA, ARIZ. — McCarthy Building Cos. has broken ground for development of the $17.5 million Student Experience Center at Arizona Western College in Yuma. Serving more than 11,000 students, the two-story, 45,000-square-foot center will be situated on 3.5 acres. Slated to open in fall 2023, the center will feature a lecture hall, multiple instructional modalities, shared common areas, conference rooms, maker space, an eatery, game areas and a multimedia center and esports arena. The multimedia center will house the KAWC radio station and broadcast television studio with an emphasis on modern technology. Students and the public will be able to observe behind-the-scenes production through glass walls and TV monitors. The Student Experience Center will also offer a space for honors students to study and collaborate on group projects; a food pantry and clothing program for disadvantaged students; and 13,000 square feet of administrative space on the second floor. EMC2 is serving as the design architect on the project. The project team also includes Haxton Masonry, Delta Diversified Enterprises, Yuma Valley Contractors, Pacific Steel Inc. and Progressive Roofing.

September 26, 2022

Acquisitions Hospitality Washington Western

Crystal Investment Property Negotiates Sale of 30-Room Packwood Lodge in Washington State

by Amy Works September 26, 2022

PACKWOOD, WASH. — Crystal Investment Property (CIP) has arranged the sale of Packwood Lodge, a select-service hotel located at 13807 US-12 in Packwood. Terms of the transaction were not released. The 30-guest room Packwood Lodge includes extensive capital improvements, 21 updated guest rooms or suites and nine detached cabins. The property features a lobby with a breakfast area, office, laundry room, owner’s quarters and a hotel-adjacent leased restaurant. Rooms and suites include flatscreen TVs, mini fridges, microwaves, coffee makers and high-speed wireless internet. The cabins, completed in 2019, feature kitchenettes, dining areas, jacuzzi tubs and outdoor decks. Joseph Kennedy of CIP, along with the CIP team, represented the buyer and seller in the transaction.

September 26, 2022

Acquisitions Multifamily Nevada Western

Northcap Commercial Brokers $8.6M Sale of Stax Studios Apartment Complex in Downtown Las Vegas

by Amy Works September 26, 2022

LAS VEGAS — Northcap Commercial has arranged the sale of Stax Studios, a studio apartment community in downtown Las Vegas. Clark Studio Investar LLLP sold the asset to an undisclosed buyer for $8.6 million, or $196,591 per unit. Built in 1963 and fully renovated in 2019, the property offers 44 studio units. Stax Studios is located at 501 S. 10th St. Devin Lee, Robin Willett and Jerad Roberts of Northcap Commercial represented the seller in the deal.

September 26, 2022

Development Illinois Industrial Midwest

Huntley Investment Partners Breaks Ground on 60-Acre Industrial Project in Huntley, Illinois

by Kristin Harlow September 26, 2022

HUNTLEY, ILL. — Huntley Investment Partners (HIP), a partnership between The Prime Group Inc., Craig Realty Group Inc. and Capital Cos., has broken ground on Huntley Commercial Center in suburban Chicago. Development Solutions Inc. is the general contractor. The first, speculative building will span 540,960 square feet. Future plans call for an additional 177,320-square-foot, build-to-suit property. Both buildings will feature a clear height of 36 feet. Adam Marshall and Mark Deady of Newmark will serve as the leasing agents. A timeline for completion was not provided.

September 26, 2022

Development Industrial Midwest Minnesota Office

Graco Opens New 538,000 SF Facility in Dayton, Minnesota

by Kristin Harlow September 26, 2022

DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.

September 26, 2022

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $15.6M in Financing for Affordable Housing Renovation Project in Milwaukee

by Kristin Harlow September 26, 2022

MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.

September 26, 2022

Iowa Loans Midwest Multifamily

Marcus & Millichap Capital Corp. Arranges $13.5M Loan for Refinancing of Iowa Apartment Building

by Kristin Harlow September 26, 2022

WATERLOO, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.5 million loan for the refinancing of Art Bloc in Waterloo, a city in northeast Iowa. The newly built, six-story building features 67 apartment units and 7,400 square feet of commercial space that is fully leased to an architecture firm. Robert Bhat of MMCC arranged the senior debt financing. The Fannie Mae loan features a 75 percent loan-to-value ratio, a fixed interest rate of 4.75 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.

September 26, 2022

Acquisitions Indiana Midwest Multifamily

Kiser Group Brokers $4M Sale of Apartment Building in Whiting, Indiana

by Kristin Harlow September 26, 2022

WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.

September 26, 2022

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