COMMACK, N.Y. — San Francisco-based developer Bristol Group is nearing completion of a 178,124-square-foot speculative industrial project in the Long Island community of Commack. The property features a clear height of 36 feet, 31 dock-high loading doors, two drive-in ramps, 205 car parking spaces and 16 trailer parking stalls. The site can also support future expansion or additional parking requirements. Full delivery is slated for June. JLL is marketing the property for lease.
DENVER — Crestone Partners has received a $66 million refinancing for a 279,188-square-foot office property in Denver. The asset consists of two interconnected, Class A office towers in Denver’s LoDo submarket. The space is nearly 95 percent leased to 13 tenants. There is also 25,188 square feet of ground-floor retail space and a 467-space parking garage on the first and second floors. JLL’s Bob Flynn, Garth Tait, Dave Meares and Heidi McKernan represented the borrower and operator, Crestone Partners, to secure the five-year, fixed-rate loan through an international correspondent life insurance company.
PASADENA, CALIF. — JLL has arranged $36.8 million in construction financing for a 194-room AC Hotel by Marriott development in Pasadena. The six-story hotel will be situated in the Playhouse District. It will feature a rooftop lounge, Peloton fitness room, event space and AC Lounge. JLL’s Marc Schillinger and Matt Stewart represented the developer, Welcome Group Inc., to secure the three-year loan with two one-year extension options.
LEE’S SUMMIT, MO. — Avanti Residential has acquired the 308-unit Summit Square apartment community in the Kansas City suburb of Lee’s Summit for $80 million. Avanti now owns eight apartment properties in the greater Kansas City market. Built in 2018, Summit Square is located at 789 NW Donovan Road. Mac Crowther and Whittaker Potts of Newmark represented the seller, NorthPoint Development. Avanti owns and operates more than 8,000 apartment units in Colorado, Arizona, Utah, Florida and metro Kansas City.
GLENDALE, ARIZ. — An affiliate of Cohen Asset Management has purchased Phase I of Falcon Park 303 in Glendale for $81.7 million. The 599,486-square-foot, Class A industrial building was built on a speculative basis in 2022 and is fully leased. It is part of a larger industrial campus totaling 925,504 square feet. The property is located at 15132 West Camelback Road. Will Strong, Kirk Kuller, Micki Strain and Molly Hunt with Cushman & Wakefield’s National Industrial Advisory Group – Mountain West team represented the seller, USCD.
AURORA, ILL. — Seefried Industrial Properties and Endeavour’s Edged Energy division have broken ground on a three-building data center campus in Aurora. Located on a four-way interchange at I-88 and Eola Road, the 65-acre project will be constructed in phases. The first building is slated for completion in June 2024. The project will feature sustainable initiatives such as advanced waterless cooling technology, electric vehicle charging and onsite solar panels. ComEd, the electrical company serving northern Illinois, is providing the infrastructure needed to power the new campus from its nearby regional substation. Seefried and Edged Energy also intend to add a new substation on site to support future phases of development. FCL Builders is the general contractor, Ware Malcomb is the architect and Kimley-Horn is the civil engineer. Paul Roeser and Ryan O’Leary of KBC Advisors represented Edged Energy on the transaction, while Jim DeRose and Michele Keller of DuPage Property Venture represented the land seller.
BROOMFIELD, COLO. — LaPour Partners has received governmental approval to build Arista 36, a 359,800-square-foot, Class A industrial park in Broomfield. The company plans to break ground in September for delivery in early 2025. The three-building project is situated on a nearly 30-acre site in the northwest section of the city. It will feature 48 electric vehicle charging stations; two tenant community gathering spaces with shade elements and plenty of seating; walking and bike trail tie-ins; and enclosed bike racks for bike-to-work capability. Stream Realty Partners’ Tyler Reed, Peter Beugg, Dominic DiOrio and Buzz Miller will handle leasing at the property.
NORMANDY, MO. — McCarthy Building Cos. has broken ground on the new home of the USDA’s Food Safety and Inspection Service Midwestern Laboratory in Normandy, a northwest suburb of St. Louis. The state-of-the-art, 83,000-square-foot facility will support science and technology to address present and future public health challenges. The project will consist of two loading docks for shipping and receiving, a large warehouse for field operations storage, a processing center, microbiology labs, chemistry labs and administrative offices. The General Services Administration signed a lease with US Federal Properties for a term of 20 years and a total contract value of $115.5 million. Site and civil work are expected to be completed in the fall, with building construction occurring in 2024 and 2025. Hoefer Welker is the designer. The Food Safety and Inspection Service’s roughly 60 employees at its St. Louis-based laboratory are expected to move to the new facility in mid-2025.
SAN DIEGO — DivcoWest has purchased a 72,506-square-foot, Class A life sciences building in the San Diego submarket of Torrey Pines. The fully leased building is located at 11119 N. Torrey Pines Road. This represents the first Torrey Pines acquisition by a private real estate investor since 2000. It is one of only three research properties in the market not owned by a public REIT, nonprofit or owner/user. The seller is an affiliate of Alexandria Real Estate Equities. Eastdil Secured marketed the property to a limited group of qualified buyers.
HIGHWOOD, ILL. — Interra Realty has brokered the $16.9 million sale of Station440 in Highwood, a North Shore suburb of Chicago. The 48-unit luxury apartment complex is located at 440 Green Bay Road. Constructed in 2022, the community features amenities such as covered parking, a fitness center, community room, lounge and roof deck. Craig Martin of Interra represented the seller, Benchmark Developers, and the buyer, Chicago-based HP Ventures Group.
