STERLING, VA. — KLNB has negotiated the $28.5 million sale of an 83,330-square-foot warehouse located at 45190 Ocean Court in Sterling, about 29 miles west of Washington, D.C. Ryan Goeller, Chase Stewart, Jeff Tarae and Tyler Cumberland of KLNB represented the buyer, JK Land Holdings, in the off-market transaction. The seller was an entity doing business as Sterling Davis Properties LLC. The current tenant, Belfort Furniture, plans to vacate the property in June. JK Land has tapped KLNB to market and lease the property going forward.
Property Type
Cleeman Realty Brokers Sale of Food Lion-Anchored Shopping Center in King, North Carolina
by John Nelson
KING, N.C. — Miami-based Cleeman Realty Group has brokered the sale of Mountain View Plaza, a 44,000-square-foot shopping center in King, about 16 miles northwest of Winston-Salem, N.C. Food Lion has anchored the 9.9-acre property since 2005. Other tenants include a Mexican restaurant, hibachi restaurant, barbershop, nail salon and a pet groomer. The seller, an unnamed family ownership group, sold the property to a group of private investors completing a 1031 exchange. Jeremy Scheer and Sara Shulman of Cleeman Realty represented both the buyer and the seller in the transaction. The sales price was not disclosed.
Uplift Development Acquires 18-Property Self-Storage Portfolio Across Colorado Rocky Mountains
by Amy Works
JOHNSTOWN, COLO. — Uplift Development Group has purchased an 18-property self-storage portfolio in Colorado. The transaction includes 500,000 square feet and more than 3,000 units spanning five cities and two counties. The portfolio is positioned within the high-growth corridors of Clear Creek and Grand County, with assets located along I-70 and Highway 40. Uplift plans to expand the portfolio by adding more than 70,000 square feet of new development, including climate-controlled units, fully enclosed boat and RV storage and specialized ski lockers. The company worked with Storage Rentals of America (SROA), Argenic, GYS General Contracting, JLL and Castor Capital to complete the transaction, which represents the largest of its kind in Colorado’s history, according to Uplift.
Article Student Living Receives Refinancing for 720-Unit Student Housing Property Near UC Berkeley
by Amy Works
BERKELEY, CALIF. — Article Student Living, an operating platform of QuadReal Property Group, has received refinancing for IDENTITY Logan Park, a two-phase student housing community serving the University of California, Berkeley. JLL Capital Markets secured financing with funds managed by Oaktree Capital Management for the borrower. Totaling 720 beds, IDENTITY Logan Park I and II are located at 2050 Durant Ave. and 2370 Durant Ave., less than half a mile from UC Berkeley’s campus in downtown Berkeley. The community features two buildings completed in 2022 and 2023 with a total of 204 studio, one-, two- and three-bedroom apartments. Units feature stainless steel appliances, in-unit washers/dryers and smart TVs. Community amenities include a 24-hour fitness center, rooftop sky lounge, study spaces and a dedicated campus shuttle service for residents.
DENVER — Stonebridge Cos. and Copford Capital Management have announced the March opening of Apiary Residences, a 193-unit apartment community in Denver’s Belleview Station. Located at 4855 S. Quebec St., Apiary Residences features one-, two- and three-bedroom floor plans and 13 penthouses. Each residence features premium fixtures and finishes, walk-in closets with built-ins and islands with waterfall edges. Additionally, nearly all apartments include a balcony with mountain or city views. The 20-story tower includes a Marriott-affiliated lifestyle hotel with 175 guest rooms, Keeper’s Cocktail Lounge and June Gap Market & Café. Apiary Residences will comprise floors seven through 20. Apiary residents will have access to hotel-like amenities, including valet service, a resident-only rooftop pool, a fitness center with a yoga and spin studio and dry sauna, a covered garage with electric vehicle charging stations and a car wash. The project was developed by Stonebridge Cos. and Copford Capital Management and designed and built by Beck Group. The Gettys Group is serving as interior designer and Studio Alvo is spearheading art curation and installation. Greystar will manage the property.
COEUR D’ALENE AND SANDPOINT, IDAHO — Gantry has secured a total of $21.2 million in two permanent loans to refinance maturing debt for a pair of medical office buildings in Coeur d’Alene and Sandpoint. The financing included a $9.7 million loan for a 38,000-square-foot property located at 423 N. Third Ave. in Sandpoint and an $11.5 million loan for a 60,000-square-foot facility at 1919 Lincoln Way in Coeur d’Alene. Both assets feature outpatient and family medicine providers tied to local hospital systems. Demetri Koston and Abi Hunter of Gantry’s Inland Northwest production team represented the single borrower, a private real estate investor, for both loans. The five-year, fixed-rate loans were provided by a single pension fund lender from Gantry’s roster of debt sources and include prepayment flexibility after a 30-year amortization.
GARDNER, KAN. — Colorado-based developer Acclivity Capital is building Clare Crossing, a 58-acre mixed-use project in Gardner. Block & Co. Inc. Realtors is handling retail leasing. Plans call for drive-thru and sit-down restaurants, small-shop and multi-tenant retail and complementary uses such as truck stops, gas stations, hotels, medical offices, automotive services and financial institutions. All pad sites are available for lease, sale or build-to-suit. Mill Creek Residential Trust LLC will develop the residential component of Clare Crossing. Plans call for a 247-unit build-to-rent townhome community featuring two-, three- and four-bedroom residences with private entrances and attached garages. Homes will average 1,727 square feet. Amenities will include a pool, clubhouse, fitness studio, landscaped courtyards, controlled-access guest technology and high-speed internet service. Additional project partners include All Pro Capital LLC and Arvest Bank. Grant Summers and Daniel Brocato of Block & Co. are the retail leasing agents.
CHICAGO — Northwind Group, a Manhattan-based real estate private equity firm and debt fund manager, has provided a $58.5 million first mortgage loan for the acquisition and lease-up of 175 West Jackson Boulevard, a 22-story office building totaling more than 1.4 million square feet in Chicago’s Central Loop. The property also includes a 240-space parking garage. The loan was structured with $33.5 million initial advance at closing, with an additional $25 million reserved as a “good news” facility to fund future accretive leasing costs. A joint venture between 601W Cos. and David Werner Real Estate Investments was the buyer. The financing facilitated the acquisition at a significantly reset basis, reflecting an approximately 85 percent discount to the property’s prior purchase price by Brookfield, according to Northwind. The building has undergone extensive renovations and modernization, with over $24 million of capital improvements completed by prior ownership, including a new amenity center and rooftop space on the 22nd floor.
BLOOMINGTON, IND. — Kentucky-based Kaden Cos. has acquired Eastland Plaza, a 125,000-square-foot shopping center in Bloomington, for $22.4 million. Situated adjacent from College Mall on 12 acres, the property is home to anchor tenants Petco, DSW, Dollar Tree and Rally House. Additional tenants include Jimmy John’s, McAlister’s Deli, Noodles & Co. and Domino’s Pizza. The center was 80 percent leased at the time of sale. Rebecca Wells of Cushman & Wakefield represented the seller, an entity doing business as Eastland Plaza LLC.
MINNEAPOLIS — Marcus & Millichap has negotiated the $2.6 million sale of Santiago Apartments, a 23-unit multifamily property in Minneapolis. The asset is located at 516 University Ave. SE in the St. Anthony Main/Marcy-Holmes neighborhood near the Minneapolis riverfront and the University of Minnesota. Built in 1923, the property includes a mix of studio, one- and two-bedroom floor plans across 11,394 rentable square feet. Abe Roberts and Michael Jacobs of Marcus & Millichap represented the seller, MBR Investments, and procured the buyer, an entity related to Irving Properties.