DENVER — Brennan Investment Group has purchased 5050 Ironton, an industrial building on 8.7 acres within Montbello Industrial Park in Denver’s northeast industrial submarket. Terms of the transaction were not disclosed. Originally constructed in 1970, the 136,744-square-foot concrete and masonry facility features 18- to 26-foot clear heights, 13 dock-high doors, four drive-in doors, potential rail service, heavy industrial zoning and excess acreage with secure outdoor storage. The property is fully leased to a building products distributor that has occupied the building since the early 2000s. The building can accommodate either a single tenant or a two-tenant configuration.
TEMECULA, CALIF. — Gantry has secured a $9 million life company loan to retire a CMBS loan on Vail Ranch Town Square, a low-rise office building in Temecula. Tony Kaufmann, Toby Judge and Jake Davis of Gantry represented the borrower, a Southern California-based private real estate investor, in the financing. Gantry will service the fixed-rate, three-year loan for the lender. Located at 32605 Temecula Parkway, the three-story, 55,000-square-foot building is fully leased to a variety of medical, dental, behavioral health and professional service tenants.
DEER PARK, ILL. — Brand Street Properties and AEW Capital Management have acquired Deer Park Town Center, a 410,000-square-foot, open-air shopping center in Deer Park, about 35 miles northwest of downtown Chicago. Conor Lalor, Kyle Minter and Keely Polczynski of Newmark represented the seller, PGIM, with support from colleagues James Sharpe V and Brian Schneiderman. The sales price was $125 million. Deer Park Town Center is home to more than 60 tenants, including Apple, Crate & Barrel, Williams-Sonoma, Gap, Lululemon, Anthropologie and Sephora. Restaurants include Biaggi’s Ristorante Italiano, Sweetgreen, Stoney River, Ancho & Agave and California Pizza Kitchen. Built in 2000, the property is currently 85 percent leased. Brand Street will be responsible for the day-to-day management, operations and leasing of the center, with the intent of growing occupancy. Public gathering spaces will be reimagined to drive traffic and enhance customer experience.
HOPKINS, MINN. — Tempus Realty Partners, an Arkansas-based real estate investment firm, has acquired Excelsior Crossings, a two-building office property totaling 546,548 square feet in Hopkins. The purchase price was $66 million. The campus is 98 percent leased and sits in the I-394 corridor. U.S. Bank fully occupies one building, accounting for 54 percent of the property’s square footage. The second building is home to Element Fleet Management Corp., Digi International Inc., Michael Foods Inc. and Sovos Compliance LLC. The seven-story buildings are LEED Gold certified and sit on more than 20 acres around a central lake with covered parking, heated sidewalks and more than $1.4 million in recent capital upgrades.
CHICAGO — JLL represented Oil-Dri Corp. of America (NYSE: ODC) in a long-term lease renewal at the Wrigley Building, where the company has been headquartered since 1993. Oil-Dri will now relocate within the building to a newly built-out floor totaling 20,000 square feet. Oil-Dri was founded in Chicago in 1941 by Nick Jaffee and has grown from a local startup into a publicly traded consumer products company. Nicole Becker, Sarah Silva and Bess Cooney of JLL represented Oil-Dri in the lease. Erica Marshall and Katie Hull of Stream Realty represented the landlord, Mansueto Properties.
NEW ALBANY, IND. — Highgates has sold High Park Apartments, a 96-unit multifamily community in New Albany near Louisville, for $9.5 million. Highgates acquired the property in July 2019 for $6.7 million utilizing a 10-year, fixed-rate Fredie Mac loan at a rate of 4.4 percent. During the hold period, the firm invested roughly $500,000 in capital improvements, including roofing, HVAC systems and unit interiors.
COVINGTON, GA. — Piedmont Healthcare has filed a Letter of Determination with the Georgia Department of Community Health whereby the health system plans to invest nearly $600 million to relocate Piedmont Newton Hospital to a new site located directly off I-20. The current Newton County hospital is roughly two miles closer to the heart of Covington. Piedmont Healthcare is fully funding the project. Originally opened in 1954 as Newton Medical Center, the existing hospital is licensed for 128 beds. Piedmont partnered with Newton Medical Center to form Piedmont Newton in 2015. Piedmont says that the existing hospital is limited by its age and its landlocked site, whereas the planned relocation facility will facilitate modernization efforts. If approved, the new hospital would be Piedmont’s second-largest capital investment after the Marcus Tower that opened on its Piedmont Atlanta Hospital campus in 2020, according to the company.
KEY BISCAYNE, FLA. — Berkadia has arranged a $9.8 million loan to refinance a 61,504-square-foot, two-story retail center located on Key Biscayne, a barrier island situated south of Miami. Charles Foschini, Christopher Apone, Shannon Wilson and Lourdes Carranza-Alvarez of Berkadia secured the 10-year, fixed-rate loan through a correspondent life insurance company on behalf of the undisclosed owner, which purchased the property in 1997. The financing features a 23 percent loan-to-value ratio. The retail property is situated on Crandon Boulevard, Key Biscayne’s primary commercial corridor and its only land connection to mainland Miami. Built in 1990, the center was 98.8 percent leased at the time of sale to a mix of tenants such as T-Mobile and Northern Trust.
BERMUDA RUN, N.C. — Canvas Residential Partners and Kelley Properties plan to develop Wellstead at Kinderton Farms, a 141-unit build-to-rent project located in Bermuda Run, a town in Davie County roughly 13 miles west of Winston-Salem, N.C. Site work is expected to commence this month, with the first homes scheduled for delivery in spring 2028. Wellstead at Kinderton Farms will include 128 townhomes and 13 single-family detached homes. Townhomes will range up to 1,700 square feet in size and will offer two- to four-bedroom floorplans and two-car garages. Single-family homes will total up to 2,100 square feet in size and will feature four bedrooms and two-car garages. Amenities at the community will include a clubhouse and leasing center overlooking a lake, a dedicated wellness center, swimming pool, resident lounge, dog park and neighborhood sidewalks.
COLUMBIA, S.C. — Trinity Partners has negotiated the sale of 2930 Devine Street and 618 Sims Avenue, a 19,615-square-foot, multi-tenant retail property located in Columbia. The property was fully leased at the time of sale to tenants including Arabesque on Devine, Best Mattress, Eggs Up Grill and Za’s on Devine. William Mills and Robbie Cook of Trinity Partners represented the seller and sourced the buyer in the transaction. Further details of the transaction were not disclosed.