Property Type

Guardian Alarm Sells 66,000 SF Office in Southfield, Michigan, Relocates to 37,111 SF Space

by Kristin Harlow May 9, 2023

SOUTHFIELD, MICH. — Guardian Alarm has sold its 66,000-square-foot office headquarters in Southfield. The company has signed a new lease for 37,111 square feet at 26711 Northwestern Highway in Southfield. The new office will include a state-of-the-art alarm monitoring command center, updated training facilities and an expanded customer care center. The move also enables Guardian Alarm to consolidate its administrative offices, which are currently located in two separate buildings. The company expects to complete the move by late summer. Dan Verderbar of Friedman Real Estate represented Guardian Alarm in the sale and the new lease.

May 9, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Arranges $8.5M Sale of Chicago Multifamily Portfolio

by Kristin Harlow May 9, 2023

CHICAGO — Kiser Group has arranged the sale of an 85-unit multifamily portfolio in Chicago’s Beverly neighborhood for $8.5 million. The portfolio includes five buildings that are all situated within a two-block radius. John George and Joe Bianchi of Kiser brokered the deal. The seller, the Rubino Family, had owned the properties for about 25 years. Each property was owned by a different family member, making the escrow process longer and more complicated than usual. An entity doing business as Beverly Holdings LLC was the buyer.

May 9, 2023

Acquisitions Illinois Midwest Multifamily Retail

SVN Chicago Commercial Brokers Sale-Leaseback of Retail, Residential Building in Chicago

by Kristin Harlow May 9, 2023

CHICAGO — SVN Chicago Commercial has brokered the sale-leaseback of a 9,500-square-foot building located on North Clark Street in Chicago’s Andersonville neighborhood for an undisclosed price. The property features roughly 6,000 square feet of ground-floor commercial space that is occupied by Reza’s Restaurant. The restaurant plans to downsize its space, enabling future development opportunities for the buyer, a partnership between Chicago-based GW Properties and Howard Natinsky. Reza’s Restaurant will continue to lease back space from the new owner. Wayne Caplan of SVN Chicago Commercial brokered the sale.

May 9, 2023

Acquisitions Industrial New Jersey Northeast

Ridgecut Road, Marcus Partners Buy 11,500 SF Industrial Building in South Plainfield, New Jersey

by Taylor Williams May 9, 2023

SOUTH PLAINFIELD, N.J. — A partnership between locally based owner-operator Ridgecut Road and Boston-based investment group Marcus Partners has acquired an industrial building in the Northern New Jersey community of South Plainfield. According to LoopNet Inc., the 11,500-square-foot property at 456 Hollywood Ave. was built on 3.9 acres in 1984. The building was been owned and occupied by a crane rental and equipment business for the last 50 years. The sales price was not disclosed.

May 9, 2023

Acquisitions Industrial Massachusetts Northeast

SVN | Parsons Commercial Arranges $2M Sale of Industrial Property in Hudson, Massachusetts

by Taylor Williams May 9, 2023

HUDSON, MASS. — SVN | Parsons Commercial Group | Boston has arranged the $2 million sale of a 10,750-square-foot industrial property in Hudson, about 40 miles west of Boston. The property comprises two buildings totaling 8,750 and 2,000 square feet on a 1.7-acre site at 561 Main St. Alex Wood of SVN | Parsons Commercial represented the seller and procured the buyer, both of which were limited liability companies that requested anonymity, in the transaction.

May 9, 2023

Arizona Development Industrial Mixed-Use Western

Greystar Breaks Ground on Phase I of Peoria Place Mixed-Use Property in Peoria, Arizona

by Jeff Shaw May 9, 2023

PEORIA, ARIZ. — Greystar has broken ground on Peoria Place, a $500 million, mixed-use, master-planned project in Peoria. The first phase is a three-building, Class A industrial park that will be known as Caliber by Greystar. At build-out, Caliber will total 411,918 square feet of Class A product broken down as a 114,446-square-foot Building A, 122,863-square-foot Building B and 174,609-square-foot Building C. Buildings A and B will offer divisibility to serve a diversity of uses and tenant sizes. Peoria Place will eventually include luxury apartments, build-to-rent single-family homes, residential over retail, 20 acres of open space and the Caliber light industrial park, which is slated for completion in the second quarter of 2024. JLL serves as the project’s exclusive leasing broker.

May 9, 2023

Acquisitions Loans Multifamily Oregon Seniors Housing Western

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland

by Jeff Shaw May 9, 2023

PORTLAND, ORE. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction loan, a $21.3 million private placement permanent loan and Low-Income Housing Tax Credit (LIHTC) equity of $18.7 million. The project received local support and engagement through the Oregon State Affordable Housing Tax Credits and Section 8 Project-Based Rental Assistance (PBRA). Kortney Brown and Brett Sheehan of KeyBank CDLI structured the financing.

May 9, 2023

Affordable Housing Development Loans Multifamily Oregon Western

Evergreen Hospitality, Fine Hotel Group Receive $11.5M in Construction Financing for Cambria Hotel Hillsboro in Oregon

by Jeff Shaw May 9, 2023

HILLSBORO, ORE. — Evergreen Hospitality Development and Fine Hotel Group have received $11.5 million in construction financing for the 115-key Cambria Hotel Hillsboro. The hotel will be located at 5523 NE Huffman Street in Hillsboro. The fixed-rate loan carries a term of 24 months. The 22,000-square-foot upscale hotel will be constructed on land that is owned by Majestic Realty Co. A joint venture between Palladius Capital Management and Marquee Funding Group originated the loan.

May 9, 2023

Acquisitions California Hospitality Western

Cyrus & Emilia Investments Buys Lincoln Hotel in Downtown San Diego for $2.5M

by Jeff Shaw May 9, 2023

SAN DIEGO – Cyrus and Emilia Investments has acquired the Lincoln Hotel in downtown San Diego for $2.5 million. The hotel is located at 534-536 5th Ave. in the Gaslamp Quarter. The four-story building totals 14,503 square feet. El Cabron Restaurant occupies the ground floor, and 41 affordable housing units comprise the upper floors. Lincoln Hotel Partnership sold the property with representation by Bill Shrader of UPG. The buyer plans to renovate the affordable housing component of the property.

May 9, 2023

Leasing Activity Nevada Office Western

Deloitte Leases 14,000 SF Space at UnCommons in Las Vegas

by Jeff Shaw May 9, 2023

LAS VEGAS — Deloitte has leased a 14,000-square-foot office space in Phase II of UnCommons in Las Vegas. The firm’s space will be on the third floor of the development’s fourth office building, which will be completed this summer. Deloitte will take occupancy in late 2023. Matter Real Estate Group owns the building.

May 9, 2023

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