PEABODY, MASS. — JLL has arranged a $20.3 million acquisition loan for a 157,293-square-foot industrial property located in the northeastern Boston suburb of Peabody. Built in 1986, the property was fully leased at the time of the loan closing to Wakefield Moving Storage and Paradigm Precision. Building features include a clear height of 24 feet, 17 tailboard docks, one drive-in door and ample parking. Brett Paulsrud and Amy Lousararian of JLL placed the seven-year, fixed-rate loan through Metro Credit Union. The borrower was a partnership between Oliver Street Capital and Bain Capital Real Estate.
WAYNE, N.J. — NAI James E. Hanson has brokered the sale of a 117,340-square-foot industrial building in the Northern New Jersey community of Wayne. Situated on 10.5 acres and fully leased at the time of sale, the property features a clear height of 26 feet. Scott Perkins, Chris Todd and William Ericksen of NAI Hanson represented the buyer, Chicago-based CenterPoint Properties, in the transaction. The seller was an entity doing business as 100 Demarest Drive LLC.
NEW YORK CITY — PNC Bank has signed a 70,000-square-foot office lease renewal at 340 Madison Avenue in Manhattan. The lease comprises 64,941 square feet of office space across several floors and a 5,336-square-foot retail branch. William Elder, Andrew Ackerman and Alexandra Budd represented the landlord, RXR Realty, on an internal basis. David Simson and David Falk of Newmark represented the tenant. PNC Bank has been a tenant at the building since 2008.
WESTFIELD CENTER, OHIO — Stonemont Financial Group has unveiled plans to build a 450,000-square-foot speculative industrial development in Westfield Center near Cleveland. Named Westfield Commerce Park, the Class A facility marks Stonemont’s first speculative development in Northeast Ohio. Plans call for a clear height of 36 feet, cross-dock configuration, 500 car parking spaces, 130 trailer stalls, 65 dock doors and four drive-in doors. Stonemont is the developer, while Pinnacle Bank and PCCP are debt and capital partners. JLL will oversee lease-up. Completion is slated for the first quarter of 2023.
FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services arranged the loan on behalf of the borrower, a joint venture between Andover Real Estate Partners and M Group LLC. Seven Hills is a real estate finance company managed by Tremont Realty Capital, an affiliate of The RMR Group.
FENTON, MO. — Syndicated Equities has acquired a 55,000-square-foot medical office and training facility in the St. Louis suburb of Fenton for $14.4 million. The two-story property is fully leased to SSM Health Care. The company uses the first floor for medical office space, including primary care, pediatrics, behavioral health, internal medicine and an express care clinic. The second floor serves as a training and simulation center for employees. The property is located across the street from one of SSM’s regional hospitals. The acquisition was partially funded with a loan from Huntington National Bank. The seller was not disclosed.
ROLLING MEADOWS, ILL. — SVN Chicago’s industrial team has arranged the sale of a 66,674-square-foot industrial building in the Chicago suburb of Rolling Meadows for nearly $3 million. The buyer will utilize the property, located at 1125 Carnegie St., as a cannabis production facility. The property features clear heights ranging from 16 to 22 feet, five interior docks, one drive-in door and 3,400 square feet of office space. John Joyce of SVN represented the buyer, 11th Level Inc., a cannabis growth company that is licensed by the State of Illinois. Mike Senner and Tom Rodeno of Colliers represented the seller, Adams Plastics.
ENGLEWOOD, OHIO — Huey Magoo’s has opened its first restaurant in the state of Ohio in Englewood, a northern suburb of Dayton. The 2,500-square-foot building, located at 9196 N. Main St., is the 27th restaurant nationwide for the chicken tenders brand. The Englewood restaurant will offer dine-in, take out, curbside pickup and delivery through third-party services Uber Eats and DoorDash. Huey Magoo’s franchisees Tim and Ronda Hobart will operate the restaurant.
PHOENIX — SB Real Estate Partners has purchased Azura Apartments, a multifamily property located at 2700 W. Sahuaro Drive in Phoenix, for $91 million. The buyer will rebrand the community as Portola North Phoenix. Built in 1980, Azura Apartments features 387 units in a mix of one- and two-bedroom floor plans ranging from 474 square feet to 924 square feet. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, barbecue areas and playground areas. Cliff David and Steven Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal.
MORENO VALLEY, CALIF. — Colliers has arranged the sale of Moreno Beach Plaza II, a shopping center located at 27610 Eucalyptus Ave. in Moreno Valley. A West Coast-based investment firm sold the asset to an undisclosed buyer for $21 million. LA Fitness, AutoZone, Carl’s Jr. and Panda Express are tenants at the 82,340-square-foot retail center. At the time of sale, the property was 96 percent occupied. The retail center consists of three single-tenant parcels, a multi-tenant pad building and a two-tenant anchor building situated on 9.1 acres. El Warner, Charley Simpson, Caitlin Zirpolo and Jordan Gomez of Colliers represented the seller in the deal.