Property Type

Colliers Mortgage Provides $5.2M Acquisition Loan for Forest Park Apartments in Springfield, Tennessee

by John Nelson October 6, 2022

SPRINGFIELD, TENN. — Colliers Mortgage has provided a $5.2 million acquisition loan for Forest Park Apartments, an 80-unit, market-rate multifamily community in Springfield, about 30 miles north of Nashville. Zach Shope of Colliers Mortgage’s Atlanta office originated the 10-year, Fannie Mae loan on behalf of the repeat borrower client, an entity doing business in this transaction as Forest Park TN LLC. Built in 1978, Forest Park comprises six two-story apartment buildings and features a playground and basketball court, according to Apartments.com.

October 6, 2022

Acquisitions Indiana Industrial Midwest North Dakota Ohio

Provender Partners Buys 483,000 SF Refrigerated Warehouse Portfolio Across Four States for $29.9M

by Kristin Harlow October 6, 2022

NEWPORT BEACH, CALIF. — Newport Beach-based Provender Partners has purchased a four-property food production and distribution portfolio totaling 483,000 square feet from SpartanNash for $29.9 million. The portfolio is made up of four temperature-controlled buildings. These include a 171,371-square-foot food processing and distribution facility in Indianapolis; a 160,986-square-foot food distribution facility in Minot, N.D.; a 103,838-square-foot grocery distribution property in Newcomerstown, Ohio; and a 42,124-square-foot frozen and refrigerated distribution building in Lakeland, Fla. All of the buildings were constructed between 1990 and 2005 and feature clear heights of 30 feet or higher. Provender plans a multi-million-dollar capital improvements program across the portfolio, including a full refrigeration refit, roof repairs, and interior and exterior upgrades to meet the demands of today’s food companies. Chuck Rosien of JLL represented the seller. With this acquisition, Provender has purchased 1.8 million square feet of cold storage and temperature-controlled facilities in 2022.

October 6, 2022

Acquisitions Hospitality Illinois Midwest

Partnership Acquires 254-Room Marriott Suites Hotel in Downers Grove, Illinois

by Kristin Harlow October 6, 2022

DOWNERS GROVE, ILL. — A partnership between Frontier Development & Hospitality Group LLC, Sun Development & Management Corp. and 3H Group Inc. has acquired the 254-room Chicago Marriott Suites Downers Grove hotel. The seven-story hotel is located at 1500 Opus Place in the Chicago suburb of Downers Grove. Amenities at the property include 3,400 square feet of meeting space, indoor and outdoor pools, a fitness center, restaurant and bar, onsite parking and in-room dining. The hotel is scheduled to undergo a $10 million capital improvements plan. The seller and sales price were undisclosed.

October 6, 2022

Kansas Loans Lument Midwest Multifamily Seniors Housing

Lument Provides $21.6M Loan for Refinancing of Seniors Housing Community in Salina, Kansas

by Kristin Harlow October 6, 2022

SALINA, KAN. — Lument has provided a $21.6 million Fannie Mae loan for the refinancing of Eaglecrest Retirement Community in Salina, a city in central Kansas. Constructed in 2004, the independent and assisted living community features 102 units. Bill Wilson, Doug Harper and Casey Moore of Lument originated the loan. Midwest Health Inc. manages the property.

October 6, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 21,571 SF Retail Center in Chicago’s Beverly Neighborhood

by Kristin Harlow October 6, 2022

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of Shops of Beverly, a 21,571-square-foot retail center in Chicago’s Beverly neighborhood. The fully leased property is home to tenants such as Chipotle, Chase Bank and For Eyes. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, Sperry Equities. A private investor purchased the asset for an undisclosed price.

October 6, 2022

Loans Midwest Multifamily Wisconsin

Marcus & Millichap Arranges $12.6M Loan for Refinancing of Apartment Building in Oshkosh, Wisconsin

by Kristin Harlow October 6, 2022

OSHKOSH, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $12.6 million loan for the refinancing of The Brio Building in Oshkosh. The newly developed project features 60 apartment units and 10,000 square feet of retail space that is fully leased to a community-owned grocery store. Robert Bhat of MMCC arranged the Fannie Mae loan, which features a 75 percent loan-to-value ratio, a fixed interest rate of 4.8 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.

October 6, 2022

Development Loans Multifamily Oregon Western

PCCP Provides $67.5M Construction Loan for Sunshine Dairy Apartment Project in Portland

by Amy Works October 6, 2022

PORTLAND, ORE. — PCCP has provided a $67.5 million loan to finance the construction of Sunshine Dairy, a seven-story, podium-style multifamily property located at 801 NE 21st Ave. in Portland. NBP Capital plans to start construction of the 271-unit community in fourth-quarter 2022, with completion scheduled for fourth-quarter 2024. The development will feature one level of controlled-access subterranean parking. Unit interiors will include vinyl plank flooring, quartz countertops, two-tone modern cabinetry, kitchen peninsulas, pendant and recessed lighting, patios on ground-floor units and in-unit washers/dryers. The property will feature 6,000 square feet of community space and 400 square feet of ground-floor retail space. On-site amenities will include a courtyard garden plaza, fitness center, yoga studio, kitchen, fireside lounge, movie room and a work lounge with private working spaces and a coffee bar.

October 6, 2022

Acquisitions Arizona Single-Family Rental Western

Northmarq Negotiates $30.1M Sale of Single-Family Rental Community in Phoenix

by Amy Works October 6, 2022

PHOENIX — Northmarq has brokered the sale of Proximity of 16th Apartments, a single-family rental property in Phoenix. Scottsdale-based Avenue North LLC sold the asset to Sandy, Utah-based Bridge Founders Group for $30.1 million, or $354,118 per unit. Built in 2021, Proximity on 16th features 85 single-family rental residences in a mix of one-, two- and three-bedroom homes that range in size from 679 square feet to 1,339 square feet. The community includes 60 one-story and 25 two-story units with stainless steel appliances, quartz countertops, full-size washers/dryers, walk-in closets, wood-inspired flooring and patios with private backyards. The community features a pool, barbecue area, garages, covered parking and electric vehicle charging. At the time of sale, the property was 95 percent leased. Trevor Koskovich, Jesse Hudson, Bill Hahn and Ryan Boyle of Northmarq’s Phoenix investment sales team represented the seller in the deal.

October 6, 2022

Palisade-Wild-Horse-Commerce-Center-McCarran-NV

Development Industrial Nevada Western

North Palisade Partners to Develop 141,882 SF Palisade Wild Horse Commerce Center Near Reno

by Amy Works October 6, 2022

MCCARRAN, NEV. — Los Angeles-based North Palisade Partners has purchased a 6.4-acre site in McCarran for the development of Palisade Wild Horse Commerce Center, a Class A industrial property. Located at 99 Wild Horse Canyon Drive within Tahoe Reno Industrial Center in McCarran, the 141,882-square-foot facility will feature 36-foot clear heights, more than 80 parking spaces, ESFR sprinklers, 18 dock-high loading positions, two grade-level doors, LED lighting and 2,000 amps of power with the ability to quickly expand power capabilities. The building will also be divisible to spaces of 90,000 square feet and 50,000 square feet. Completion is slated for mid-2024. Chris Fairchild of Colliers brokered the acquisition transaction.

October 6, 2022

Acquisitions Arizona Industrial Western

CBRE Brokers $17.2M Sale of Warehouse Facility in Phoenix

by Amy Works October 6, 2022

PHOENIX — CBRE has negotiated the sale of an industrial warehouse in Phoenix. James Greaves of G2 Capital sold the asset to a partnership of three private 1031 exchange buyers for $17.2 million. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE represented the seller, while Geoffrey Turbow and Gary Cornish of CBRE represented the buyer in the transaction. Built in 1983 and renovated in 2022, the 115,260-square-foot, rail-served warehouse features 28-foot clear heights, 14 dock doors, a grade-level ramp, two rail-served doors, 6,225 square feet of steel mezzanine and 2,035 square feet of office space. Building updates include a new parking lot, paint, landscaping, fencing, roofing, AC units, roll-up doors, rail spurs and exterior metal doors.

October 6, 2022

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