ROLLING MEADOWS, ILL. — Marcus & Millichap has arranged the $1.5 million sale of Carnegie Street Business Center in the Chicago suburb of Rolling Meadows. The industrial property, located at 1225 Carnegie St., spans 25,800 square feet, includes seven suites ranging in size from 1,800 to 6,200 square feet. Peter Doughty of Marcus & Millichap represented the seller, a local private investor. Neil Bresnahan of Marcus & Millichap secured and represented the buyer, also a local private investor.
PEORIA, ILL. — The Cooper Commercial Investment Group has brokered the sale of a single-tenant property occupied by Oak Street Health in Peoria for $1.5 million. Dan Cooper of Cooper Group represented the seller, a private investment fund. The property sold to an all-cash buyer based in California. The sales price represented a cap rate of 6.7 percent. The property sold for 97 percent of the list price. Oak Street Health operates roughly 125 medical centers across 20 states and maintains a joint venture partnership with Humana Inc. Oak Street Health executed a new 10-year lease for the Peoria property in 2021.
FORT LEE, N.J. — CBRE has brokered the $116.5 million sale of Hudson Lights, a 276-unit apartment community located in the Northern New Jersey community of Fort Lee that was completed in 2016. According to Apartments.com, the property offers one-, two- and three-bedroom units ranging in size from 666 to 2,072 square feet. The amenity package comprises a pool with cabanas, fitness center with a yoga studio, resident lounge with a billiards table and catering kitchen and a children’s playroom. Jeff Dunne, Stuart MacKenzie, Eric Apfel, Zach McHale, Fahri Ozturk, Richard Gatto and Travis Langer of CBRE represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between Skylight Real Estate Partners and Los Angeles-based PCCP LLC.
BELVIDERE, ILL. — Anytime Fitness has signed a 6,276-square-foot retail lease at Southtowne Shopping Center in Belvidere, a city in northern Illinois. The property is located at the corner of Highway 20 and Pearl Street. Rick Scardino of Lee & Associates represented the landlord, Southtowne Ventures LLC, in the transaction. Jack Siragusa of CBRE represented the tenant.
CARTERET, N.J. — NAI James E. Hanson has negotiated a 406,437-square-foot industrial lease renewal in the Northern New Jersey community of Carteret. Coffee distributor Continental Terminals will continue to occupy the entirety of the building at 200 Middlesex Ave. Scott Perkins, Chris Todd, Andrew Somple, Greg James and Justin Allessio of NAI Hanson represented the landlord, an undisclosed institutional investment firm, in the lease negotiations. Tom Carragher, Steve Korfiatis, Craig Engelhardt and Chris Carragher of Newmark represented the tenant.
WESTON, MASS. — Newmark has arranged financing for Riverside Labs, a 340,000-square-foot life sciences project in Weston, a western suburb of Boston. Riverside Labs will comprise three buildings, the first of which is slated for a summer 2023 delivery. David Douvadjian Sr., Timothy O’Donnell, Brian Butler, David Douvadjian Jr. and Conor Reenstierna of Newmark arranged the debt through Royal Bank of Canada on behalf of the borrower, a partnership between Greatland Realty Partners and Rockwood Capital. The loan, the amount of which was not disclosed, is part of Royal Bank of Canada’s $150 million total commitment to the development.
BRIGHTON, COLO. — Houston-based Lovett Industrial has broken ground on Lovett 76 Logistics Center, a Class A industrial facility in Brighton. Situated within Bromley Business Park, the 613,758-square-foot, cross-dock building will feature 36-foot clear heights, seven-inch reinforced concrete slab, 224 dock-high doors, 180-foot truck courts and at least 121 trailer parks, tenant dependent. Construction started in September and completion is slated for July 2023.
BILLINGS, MONT. — Dwight Capital has provided a $37.7 million HUD 221(d)(4) construction loan for InterUrban Apartment Homes Phase II, a proposed multifamily expansion project in Billings. The borrower is Montana-based Stock Development. Situated on more than 10 acres, the community will feature six three-story, garden-style buildings and a one-story clubhouse. The 216 units will offer patios, soundproofing, in-unit washers/dryers and smart home packages, which include remote access to HVAC, lighting and security. The buildings will be constructed to National Green Building Standard Bronze guidelines, which enabled the borrower to qualify for a Green Mortgage Insurance Premium Reduction set at 25 basis points. Brandon Baksh of Dwight Capital originated the transaction for the borrower. Dwight Capital also provided a $24.4 million HUD 223(a)(7) loan for the first phase of the property in April 2020.
MARRIOTT-SLATERVILLE, UTAH — St. John Properties has broken ground on 12th Street Exchange, a 19-acre business park located at 1200 South and S 1900 West in Marriott-Slaterville, approximately 35 miles north of Salt Lake City. Once completed, 12th Street Exchange will offer 170,000 square feet of commercial flex/R&D and retail space. This project is St. John Properties’ fourth Utah development and its first project north of Salt Lake City in Weber County.
STANTON, CALIF. — Marcus & Millichap has brokered the sale of Village Courtyard Apartments, a multifamily community in Stanton. A private individual sold the asset to another private individual for $19 million, or $328,017 per unit. Village Courtyard Apartments features 58 units. The property has an average occupancy of 97.7 percent, according to Marcus & Millichap. Tyler Leeson and Matt Kipp of Marcus & Millichap represented the seller and procured the buyer in the deal.