BROADVIEW AND BUFFALO GROVE, ILL. — Lightstone has purchased two Chicago-area industrial properties totaling 558,000 square feet for an undisclosed price. The first property is a 332,000-square-foot warehouse and office building located at 2600 S. 25th Ave. in Broadview. The facility is 96 percent leased to 19 tenants. In Buffalo Grove, Lightstone purchased 990 and 1000 Deerfield Parkway, a 226,000-square-foot lab and warehouse property. The building is fully leased to Siemens. With these acquisitions, Lightstone’s industrial portfolio has grown to more than 6.5 million square feet across 15 markets. The seller was not provided.
CHICAGO — The Back Room, an entertainment destination and live music venue, has signed a 6,000-square-foot retail lease at 318 N. Carpenter St. in Chicago’s Fulton Market district. The Back Room, which has been a part of Chicago’s music scene for 50 years, is relocating from 1007 N. Rush St. The new property is an eight-story, 95,445-square-foot office building with ground-level retail space that is situated directly across the street from Google’s Chicago headquarters. James Schutter, Larry Kling and Nick Garlick of Newmark represented the building owner, a joint venture between Murphy Real Estate Services and Creek Lane Capital.
OVERLAND PARK, KAN. — Occidental Management has launched a 45,000-square-foot coworking space at its Aspiria office campus in Overland Park. Named Aspiria NOW, the coworking concept provides members with multiple membership options and workspace configurations. Amenities included in the membership packages include onsite Wi-Fi, free covered parking, printing allowances, fully equipped conference rooms, 24/7 security, dining options and free membership to the fitness center. Occidental hired coworking expert Robert Curland to help launch and run Aspiria NOW.
WICHITA, KAN. — Blue West Capital has negotiated the sale of Killarney Center, a 22,800-square-foot retail property in Wichita. Located at 3101 N. Rock Road, the center is home to Golftec, T-Mobile, Oh Yeah China Bistro, Oreck Clean Home and The Health Connection. The sale also included a Scooters Coffee ground lease. Shawn Dickmann and Carly Kelly of Blue West Capital represented the buyer, an out-of-state, private real estate investment company. The seller and sales price were not released.
PIQUA, OHIO — The Cooper Commercial Investment Group has brokered the $2.8 million sale of a newly built retail property occupied by Starbucks in Piqua, about 27 miles north of Dayton. The net leased building is situated near the Miami Valley Crossing shopping center. Starbucks has a 10-year lease with 10 percent rental increases every five years. Dan Cooper of Cooper Group represented the seller, a Midwest-based developer. The Missouri-based buyer purchased the property at the full ask price, representing a cap rate of 4.7 percent.
CHANDLER, ARIZ. — Berkadia Institutional Solutions has arranged the sale of 2150 Arizona South, an apartment community located at 2150 S. Arizona Ave. in Chandler. San Diego-based MG Properties acquired the asset from an undisclosed seller for $107 million. Mark Forrester, Ric Holway, Dan Cheyne and Andrew Curtis of Berkadia Phoenix represented the seller in the transaction. Charles Christensen of Berkadia Irvine secured $58 million in permanent acquisition financing for the buyer. The 10-year loan was financed through Fannie Mae. Built in 2001, 2150 Arizona South features 289 one-, two- and three-bedroom apartments with an average unit size of 994 square feet. Community amenities include two swimming pools and spas, a fitness center, clubhouse, detached garages, barbecue area, playgrounds, a theater, game room and dog park.
LAKE ELSINORE, CALIF. — Northmarq has brokered the sale of River’s Edge Apartments, a multifamily community located at 2088 E. Lakeshore Drive in Lake Elsinore. Weidner Apartment Homes sold the asset to an entity of Atlantic Pacific Cos. for $64.5 million. Built in 2007, River’s Edge Apartments features 184 apartments. Kyle Pinkalla of Northmarq’s San Diego investment sales team represented the buyer and seller in the deal.
PORTLAND, ORE. — Dwight Capital has provided a $17.5 million HUD 223(f) loan for Everett Street Lofts, a mixed-used development in Portland. Josh Sasouness of Dwight Capital originated the transaction, and Lake Oswego-based McBride Capital was the correspondent. Built in 2021, the property features 117 apartments and three ground-floor retail spaces. Community amenities include a dog wash station, keyless security access system, indoor bicycle storage and in-unit washers/dryers. Mikiko Mochi Donuts and Concrete Treehouse Salon occupy the retail space.
AUBURN, WASH. — Fortress Investment has acquired the former Cutwater Boat factory in Auburn from JJL LLC for $9.5 million. Situated on 4.5 acres at 47 37th St. NE, the property features 27,000 square feet. The buyer was able to separate the deal with a leaseback on half of the property, while it works toward developing the other half of the property for a future tenant. Matt Murray of Kidder Mathews represented the buyer and seller in the transaction.
RANCHO PALOS VERDES, CALIF. — PSRS has arranged a $6.4 million cash-out refinancing for an office property in Rancho Palos Verdes. Harbor Cove Plaza is a 45,837-square-foot, multi-tenant office building offering 65 units. Trevor Blood of PSRS secured the five-year loan with a 25-year amortization schedule. The name of the borrower was not released.