LEWISBERRY, PA. — Industrial design-build firm Stellar has signed a 10,412-square-foot lease renewal within Fairview Industrial Park in Lewisberry, a southern suburb of Harrisburg. Dan Alderman of NAI CIR represented Stellar in the lease negotiations. Victor Kelly represented the owner, Larken Associates, on an internal basis. Fairview Industrial Park comprises three buildings totaling 137,404 square feet.
Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota
CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.
CHAMPAIGN, EDWARDSVILLE AND ROCKFORD, ILL. — IWG, a provider of flexible workspaces, plans to open three new locations in Illinois. The company states that the demand for hybrid working continues to grow with companies of all sizes. IWG will open a new headquarters center at 206 N. Randolph St. in Champaign. Additionally, IWG will open two Regus centers at 101 W. Vandalia St. in Edwardsville and 220 E. State St. in Rockford. Timelines for the openings were not provided. IWG opens the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.
SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.
INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.
ELGIN, ILL. — Principle Construction Corp. is underway on a new 31,200-square-foot industrial building for Alvil Trucking at 2570 Millennium Drive in Elgin. The logistics company is relocating from Elk Grove Village. The project will include a 15,400-square-foot warehouse, 9,800-square-foot truck maintenance area and 6,000 square feet of office space. Additional building features include four dock doors, four drive-in doors and a clear height of 28 feet. Principle is also constructing a 972-square-foot mezzanine storage area and amenities for truckers, including showers and rest areas. More than 50 parking spaces will be available for both trucks and trailers. Harris Architects is the project architect. Principle expects to complete the project before the end of the year.
SAN LEANDRO, CALIF. — JLL Capital Markets has arranged $69 million in construction financing for Centro Callan, a mixed-use apartment complex in San Leandro. The borrowers are The Martin Group, Sansome Pacific Properties and STARS REI. Brandon Roth, Spencer Bergthold and Elijah Lax of JLL Capital Markets secured the floating-rate construction loan through Principal Real Estate. The five-story Centro Callan will feature 196 apartments in a mix of studio, one-, two- and three-bedroom layouts with quartz countertops, backsplashes, stainless steel appliances, full-size washers/dryers, wide-plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. Community amenities include 31,000 square feet of ground-floor retail space anchored by Sprouts Farmers Market, 20,000 square feet of open space, a dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbecues and televisions, an outdoor game area and a secret garden.
SHERWOOD AND BEAVERTON, ORE. — SR Watt Co. has acquired a two-property apartment portfolio, including Cannery Row at 22550 SW Highland Drive in Sherwood and Westline at 4545 SW Angel Ave. in Beaverton. Madison Park Financial Group sold the assets for $60 million. Built in 2013, Cannery Row features 101 apartments in a mix of studio, one-, two- and three-bedroom layouts with an average unit size of 840 square feet. Community amenities include a resident lounge, fitness center, community patios and pet grooming station. Constructed in 2017, Westline offers 87 studio, one- and two-bedroom units, with an average size of 737 square feet. Onsite amenities include 2,280 square feet of retail space, pet/bike wash station, fitness center and a rooftop deck with barbecue grills, fire pit and views of Mt. Hood. SR Watt Co. was self-represented, while Ira Virden, Carrie Kahn and Frank Solorzano of the JLL Capital Markets Investment Sales Advisory team represented the seller in the transaction.
BROOMFIELD, COLO. — New York City-based Lightstone has purchased an 11-building, multi-tenant industrial portfolio in Broomfield for $72 million. The name of the seller was not disclosed. Known as the Commander Industrial Portfolio, the asset totals 512,000 square feet on 31 acres, with suites ranging in size from 5,000 square feet to more than 68,000 square feet. At the time of sale, the portfolio was fully leased to 17 tenants. Peter Rotchford and Mark Robot of JLL Capital Markets arranged $40 million in acquisition financing through Wintrust Financial for Lightstone. With this transaction, Lightstone’s industrial portfolio now includes more than 7.5 million square feet of space in 16 markets across the country, including Chicago, Charlotte, Dallas and Tampa.
LAKEWOOD, WASH. — Orange County, Calif.-based MCA Realty has completed the disposition of Lakewood Business Park, a multi-tenant industrial park located at 10107 S. Tacoma Way in Lakewood, approximately 40 miles southwest of Seattle. A private 1031 exchange buyer acquired the asset for $32.9 million. Built in 1978/1981, the park features six buildings offering a total of 136,350 square feet of industrial space. The property is less than eight miles from the Port of Tacoma, and less than two miles from Lewis-McChord joint army and air force base. At the time of sale, the asset was 100 percent occupied. MCA Realty originally acquired the park in December 2020 for $18.2 million and implemented updates to the property, including new paint, asphalt, curbing, lighting repairs and landscaping. Brett Hartzell, Paige Morgan and Rebecca Perlmutter of CBRE, along with Nick Ratzk and John DeHan of Neil Walter, represented seller. Gary Stache, Anthony DeLorenzo and Bill Maher of CBRE represented the buyer in the deal.