WAYNE, N.J. — Florida-based owner-operator Basis Industrial has received a $24 million construction loan for a self-storage project in the Northern New Jersey community of Wayne. ExtraSpace Storage will operate the facility at 555 Hamburg Turnpike, which will span 85,330 net rentable square feet across 586 climate-controlled units. Construction is underway and expected to be complete in early 2028. NexBank and NexPoint provided the loan.
NEW YORK CITY — Fenwick & West has signed an 18,200-square-foot office lease expansion in Manhattan’s Flatiron District. The expanded space covers the entire 13th floor at 902 Broadway, and the law firm now occupies 72,800 square feet across four floors at the building, which was originally constructed in 1911. David Kleinhandler and Ken Rapp of CBRE represented Fenwick & West in the lease negotiations. The landlord, Koeppel Rosen, was self-represented.
SHAFTER, CALIF. — The Wonderful Co., through its Wonderful Real Estate business, has completed the disposition of 5104 Express Avenue in Shafter to a global technology and e-commerce company for an undisclosed price. Phil Lombardo, Andrew Starnes and Cruise Adams of Cushman & Wakefield represented the seller, while Colin MacMillan of KBC Advisors represented the buyer in the transaction. Situated within Wonderful Logistics Center, the facility features 1.1 million square feet of Class A industrial space and marks the buyer’s third location at the 2,000-acre, master-planned logistics and distribution campus. Developed on a speculative basis, the asset feature a clear height of 40 feet, 216 dock-high doors, two grade-level doors, 455 automobile parking spaces and 939 trailer stalls.
VALENCIA, CALIF. — Strauss Investments has acquired Commons at Valencia, a two-building office campus in Valencia, from Harbor Associates for $32 million, or approximately $204 per square foot. Sean Sullivan of CBRE led the brokerage team, and Andy Bratt of Gantry arranged financing for the acquisition. Situated on 9 acres at 25124 and 25152 Springfield Court, Commons at Valencia features 157,000 square feet of Class A office space. Wells Fargo, New York Life Insurance Co., Edward Jones, Lennar, Amines, HASA and FivePoint are tenants at the campus, which was built in 2005.
CHANDLER, ARIZ. — Oxford Properties, in partnership with Sagard Real Estate, has completed the disposition of 800 East Germann Road in Chandler to Cohen Asset Management for an undisclosed price. Will Strong, Jack Stamets, Molly Miller, Michael Matchett and Madeline Warren of Cushman & Wakefield represented the buyer and seller in the deal. Brian Share and Ernesto Sanchez of Cushman & Wakefield led the debt placement, securing a loan through an insurance company lender. Delivered in 2021, the 113,110-square-foot facility features 1.5 acres of secured excess yard space, a fully gated truck court and efficient circulation. Ferguson Enterprises fully leases the property, which is located within Chandler Airpark.
NORTH BEND, WASH. — Northmarq has arranged the sale of J.O. Borgen Plaza, a multi-tenant retail center in North Bend, approximately 30 miles southeast of Seattle. The asset traded for $8.2 million. Sean Tufts, Kevin Adatto, Joe Dugoni and Jack Hallberg of Northmarq’s Pacific Northwest retail investment sales team represented the undisclosed seller and undisclosed buyer in the deal. Located at 248-250 Bendigo Blvd. South and 249 Main Ave. South, the 28,418-square-foot center is occupied by a freestanding Wells Fargo branch, Jersey Mike’s Subs and The UPS Store. Additionally, the center features a 17,958-square-foot former Bartell Drugs building, which was vacant at the time of sale. The sale was aligned with a commercial national retailer to backfill the Bartell Drugs’ property, with an opening slated for 2027.
KANSAS CITY, MO. — Gantry has secured a total of $50.8 million in two permanent loans to refinance post-construction bridge debt for a pair of recently renovated apartment communities in Kansas City. The 222-unit Palisades Apartments is situated in the Eastside submarket, and the 133-unit Mayfair Apartments is located in the city’s Woodbridge neighborhood. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. The CMBS loans feature five-year terms and fixed interest rates.
CHICAGO — Greenstone Partners has brokered the $4.4 million sale of 1276 W. Washington Blvd., a development site in Chicago’s West Loop neighborhood. Danny Spitz and Malek Abdulsamad of Greenstone represented the buyer and seller. The property consists of a 14,850-square-foot parcel of land owned by a longtime Greenstone client. The buyer plans to build a condominium development on the site.
CHICAGO — Coworking concept Switchyards has inked two leases for additional locations in Chicago. JLL brokered both deals. Sarah Silva and Nicole Becker of JLL represented Switchyards and landlord Range Group in two simultaneous transactions — 2440 N. Lincoln Ave. in Lincoln Park and 1046 W. Kinzie St. in Fulton Market. Both clubs are scheduled to open Monday, Oct. 26.
SAN DIEGO — Harrison Street Asset Management and The Michaels Organization have announced a public-private partnership (PPP) agreement with the University of San Diego (USD) for the development of Presidio Terrace Apartments, a $230 million student housing project. Plans call for 700 beds across 321 units. The investment marks the university’s first-ever PPP agreement. “Presidio Terrace is a strong example of how PPPs can help universities address critical infrastructure needs, creating a win-win situation for academic institutions, investors and college communities,” says Jim Hennessy, head of PPP business development at Harrison Street. “Today, we are seeing more PPP activity than ever before, as more universities recognize that these structures allow them to focus on their core academic mission while conserving capital and transferring operational responsibilities to a private partner.” Located on campus between USD’s academic center and a nearby retail corridor, Presidio Terrace will be purpose-built for upperclassmen, graduate and professional students. Slated for completion in August 2029, the development will provide convenient access to USD’s business, nursing, engineering and law schools. The project is structured through a 99-year ground lease with USD and will benefit from a full real estate tax exemption as a university-affiliated facility. Michaels will lead …
