SEATTLE – Stuf, a self-storage startup company, has entered the Seattle market with two new locations. Stuf partners with property owners to monetize basements, garages and other spaces in buildings as tech-enabled storage. This model creates new cash flow opportunities for landlords while providing local communities with an easy-to-access and secure environment to store personal belongings, business inventory and more. Stuf’s first Seattle location is at 220 Second Ave. South in Seattle’s Pioneer Square district. Rubicon Point Partners owns the property. As part of the owner’s repositioning of the building, it partnered with Stuf to monetize 3,500 square feet of existing basement space into tech-enabled storage. Wright Runstad & Co. developed 400 University St., which will host Stuf’s downtown Seattle location. The startup is transforming 5,500 square feet of sub-grade mezzanine space in the 10-story office building into tech-enabled storage accessible through the garage level directly below the building.
ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.
NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has arranged the $150 million sale of the Sea Park Affordable Housing Portfolio, a collection of three mixed-income residential properties totaling 818 units on Brooklyn’s Coney Island. Victor Sozio, Shimon Shkury, Benjamin Vago and Remi Mandell of Ariel Property Advisors represented the seller, Arker Cos., in the transaction. The buyer was a partnership between Tredway, Gilbane Development Co. and ELH Management. The sale included a 89,357-square-foot parcel that can support 153 units of new development.
MINNEAPOLIS — Ryan Cos. US Inc. has topped out construction of Fourth & Park, a 25-story apartment building located one block west of U.S. Bank Stadium in downtown Minneapolis. Ryan is developing Fourth & Park in partnership with Weidner Apartment Homes. The project will include 350 apartment units, 100 parking stalls, a sixth-floor green roof and a rooftop pool deck. The project is now less than a year away from being move-in ready. Fourth & Park is part of Downtown East, a five-block redevelopment project that started in 2014. Ryan partnered with the City of Minneapolis, Minnesota Sports Facilities Authority, the Star Tribune and Wells Fargo to redevelop the neighborhood. The $708 million project includes 1.2 million square feet of office space across two 17-story towers for Wells Fargo, a 200-unit mid-rise apartment complex, multi-tenant office building, 4.2-acre public green space, hotel, parking ramp and skyways.
OAK FOREST, ILL. — Logistics Property Co. (LPC) has begun development of Oak Forest Logistics Center in Oak Forest, a southern suburb of Chicago. The nearly 665,000-square-foot development features immediate access to the I-57 four-way interchange at 167th Street. The building will feature four drive-in doors, 117 exterior docks and parking for 116 trailers and 500 cars. The project team includes general contractor FCL Builders, Architects Plus Design Studio and civil engineer SPACECO Inc. Jason West, Sean Henrick and Ryan Klink of Cushman & Wakefield are marketing the project for lease. Completion is slated for the end of the year.
BLOOMINGTON, MINN. — Midloch Investment Partners and Fountain Real Estate Capital have sold a 218,899-square-foot, last-mile industrial facility in the Minneapolis suburb of Bloomington for $15.4 million. Buligo Capital purchased the asset, which is located at 9231 Penn Ave. South. Midloch and Fountain acquired the property in January 2022 for $11.2 million, and invested in capital improvements to enhance leasing. Colin Ryan and Dave Berglund of JLL brokered the sale. Last-mile facilities are located close to urban areas and assist with the distribution of goods to consumers or retailers.
NEW YORK CITY — Long Island-based investment firm Bayrock Capital has acquired a 381-room Holiday Inn hotel located in the Long Island City area of Queens for $76.5 million. The 114,000-square-foot hotel, which is located at 37-10 10th St., opened in 2022 and offers a business center, fitness center and a convenience mart. Jake Blatter of KFIR Capital represented Bayrock Capital in the off-market transaction. The seller was New York-based owner-operator McSam Hotel Group.
ROYAL OAK, MICH. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. The sales price equated to $1,208.79 per square foot. Starbucks exercised an early renewal option for the property.
NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.
PLATTVILLE, WIS. — Hibbett Sports has signed a 4,875-square-foot retail lease at the Shoppes at Plattville. The property is located at 1845 Progressive Parkway in Plattville, a city in Southwest Wisconsin. Scott Satula of Mid-America Real Estate represented the landlord, an entity doing business as Prairie Sun Properties 1845 LLC.