TRACY, CALIF. — Seefried Partners and USAA Real Estate have acquired a 19-acre site at the northwest corner of Grant Line Road and Chrisman Road for the development of a distribution warehouse. Construction for the speculative, 335,157-square-foot building is slated to begin in fourth-quarter 2023. The building will feature ample auto and trailer parking, 36-foot clear heights, ESFR sprinklers, and LED warehouse and site lighting that meets the needs of modern industrial users. Mike Goldstein and John Steinbuch of Colliers represented the development partners in the land transaction and will handle leasing efforts for the project. HPA Architecture is serving as project architect and Kier & Wright is the civil engineer.
TACOMA, WASH. — Cushman & Wakefield and Greystone have jointly closed a $44 million loan for the for the refinancing of Koz on MLK Way, a newly built apartment community in Tacoma. Dave Karson, Chris Moyer, Paul Roeter, John Spreitzer and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured Finance team represented the borrower, an affiliate of Koz Development, in the financing. Greystone provided the Fannie Mae DUS loan. Located on Martin Luther King Junior Way, the six-story property features 161 apartments in a mix of studio, one-, two- and three-bedroom units averaging 395 rentable square feet. On-site amenities include a furnished courtyard space with barbecues and lounge seating; laundry facilities, including in-unit washers/dryers; and private balconies on select units. Additionally, the property features 6,370 square feet of ground-floor retail space.
OCEANSIDE, CALIF. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Merrill Gardens Oceanside. The 144-unit independent living, assisted living and memory care community is located in Oceanside, a coastal city between Los Angeles and San Diego. The community was built in 1999, totaling approximately 96,905 square feet on 4.4 acres of land. The seller was an East Coast-based private equity firm. The buyer is a Southern California-based investment group, with this being their first seniors housing acquisition. The price was not disclosed. Jason Punzel, Brad Goodsell and Brad Clousing of SLIB handled the transaction. “The Oceanside property is an exciting opportunity for the buyer as they enter into the seniors housing space,” says Goodsell. “With some minor tweaks, the property should do very well in a high-barrier-to-entry market.”
NORWALK, CONN. — CBRE has arranged the $48.6 million sale of Reserve41, a 164-unit apartment community located in the southern coastal Connecticut city of Norwalk. Built in 1959 and renovated between 2018 and 2020, the property offers one-, two- and three-bedroom units. Amenities include a pool, playground and landscaped outdoor spaces. Jeff Dunne, Eric Apfel and Stuart MacKenzie of CBRE represented the seller, a partnership led by Connecticut-based real estate investment firm Belpointe, in the transaction. The trio also procured the buyer, New Jersey-based Yellowstone Property Group.
BURNHAM, PA. — Axiom Realty Services, a metro Philadelphia-based investment firm, has acquired Greater Lewistown Plaza, a 177,752-square-foot shopping center in Burnham, located in the central part of the Keystone State. Regional grocer Weis Markets anchors the center, which was 94 percent leased at the time of sale. Other tenants include J.C. Penney, Dunham’s Sports, Geisinger Health and Citizens Bank. Bennett Williams of Bennett Williams Commercial represented the seller, Northpath Investments, in the transaction. The buyer and sales price were not disclosed.
TINTON FALLS, N.J. — Monmouth Medical Center, an affiliate of RWJBarnabas Health, will open a 138,000-square-foot cancer care facility in the Northern New Jersey community of Tinton Falls. The project, which is expected to add about 300 new jobs to the local economy, represents the first phase of redevelopment of the former site of the Myer Center, a Cold War-era industrial facility that was demolished several years ago. Construction of the new facility, which will also offer imaging, radiation and ambulatory surgery services, is set to begin in the first quarter. Plans for Phase II are still being finalized.
OMAHA, NEB. — Hanley Investment Group Real Estate Advisors has negotiated the sale of Applewood Centre, a 112,005-square-foot shopping center in Omaha, for $17.2 million. Anchored by Hy-Vee, the property is nearly 99 percent leased and was built in 1989. Hy-Vee has occupied space at the center ever since it was built and has expanded and renovated its store over the last 10 years, including a drive-thru for the pharmacy, an interior Starbucks and Wahlburgers, and a full wine and spirits section. Additional tenants at the property include Edward Jones, Great Clips, H&R Block, Papa John’s, Pet Supplies Plus and Sun Tan City. Jeff Lefko and Bill Asher of Hanley represented the seller, Omaha-based Woodsonia Real Estate Inc. The all-cash buyer was a family office based in Oregon.
CHICAGO — Kiser Group has arranged the sale of a 52-unit multifamily property in Chicago’s Edgewater neighborhood for $9.2 million. Named Mabel Exchange, the building was originally constructed in 1928 to serve as the corporate headquarters of makeup company Maybelline. The property features 35 studios, 15 one-bedroom units, two two-bedroom units and 20,000 square feet of commercial space. Andy Friedman, Jake Parker and Lee Kiser of Kiser Group represented both the seller and the buyer, Envoi Partners. The buyer plans to add amenities and improve the commercial space. The seller purchased the building in 2019 and upgraded units, replaced plumbing and installed new electric service.
CHANUTE, KAN. — In a sale-leaseback transaction, MAG Capital Partners LLC has acquired a nearly 216,000-square-foot industrial property in Chanute, a city in eastern Kansas. The sales price was undisclosed. Located at 1700 S. Washington Ave., the 47-acre property features rail access with roughly 7,600 feet of track. Gary Glatter of Cresa represented the seller, Babcock & Wilcox Enterprises Inc. Founded by Dax Mitchell and Andrew Gi, Dallas-based MAG Capital Partners is focused on industrial real estate.
CHICAGO HEIGHTS, ILL. — SVN | Chicago Commercial has brokered the $3.5 million sale of American Plaza, a 63,148-square-foot retail center in Chicago Heights, a southern suburb of Chicago. The property sits on over four acres on Chicago Road and is home to both national and local tenants. Karen Kulczycki of SVN brokered the sale and assisted in leasing the property to 94 percent occupancy. The asset sold to an out-of-state buyer.