Property Type

Huntley Investment Partners Breaks Ground on 60-Acre Industrial Project in Huntley, Illinois

by Kristin Harlow September 26, 2022

HUNTLEY, ILL. — Huntley Investment Partners (HIP), a partnership between The Prime Group Inc., Craig Realty Group Inc. and Capital Cos., has broken ground on Huntley Commercial Center in suburban Chicago. Development Solutions Inc. is the general contractor. The first, speculative building will span 540,960 square feet. Future plans call for an additional 177,320-square-foot, build-to-suit property. Both buildings will feature a clear height of 36 feet. Adam Marshall and Mark Deady of Newmark will serve as the leasing agents. A timeline for completion was not provided.

September 26, 2022

Development Industrial Midwest Minnesota Office

Graco Opens New 538,000 SF Facility in Dayton, Minnesota

by Kristin Harlow September 26, 2022

DAYTON, MINN. — GRACO Inc. (NYSE: GGG), a manufacturer of fluid handling equipment, has opened its new 538,000-square-foot facility in Dayton, a northern suburb of Minneapolis. The building, which houses office and factory space, marks Graco’s fourth campus in Minnesota. Graco, working with Impact Power Solutions, is investing in solar energy with the new building. The company added a 1.4-megawatt solar array, consisting of more than 3,100 solar panels on the roof of the building. Over the next 30 years, the solar array is expected to offset more than 23,000 tons of carbon dioxide. The project team included McGough as general contractor, HGA as architect and Tegra Group as project manager.

September 26, 2022

Affordable Housing Loans Midwest Multifamily Wisconsin

Associated Bank Structures $15.6M in Financing for Affordable Housing Renovation Project in Milwaukee

by Kristin Harlow September 26, 2022

MILWAUKEE — Associated Bank has structured a $6 million construction loan and $9.6 million in Low-Income Housing Tax Credit equity for the renovation of Townhomes at Carver in Milwaukee. The affordable housing community consists of 35 buildings. The Housing Authority of the City of Milwaukee originally developed the 122-unit property in 2001. Of the 122 units, 102 are restricted to households earning 30 to 60 percent of the area median income and 20 units are market rate. Additionally, 51 units benefit from a project-based Section 8 contract. Improvements will include new flooring; updates of bathroom and kitchen cabinets, countertops and fixtures; replacement of furnaces, air conditioners and hot water heaters; and window, siding and roofing updates. Completion is slated for 2023. Stefanie Bachrach and Teresa Rubio of Associated Community Development LLC, the bank’s community development corporation, managed the current loan and equity closings.

September 26, 2022

Iowa Loans Midwest Multifamily

Marcus & Millichap Capital Corp. Arranges $13.5M Loan for Refinancing of Iowa Apartment Building

by Kristin Harlow September 26, 2022

WATERLOO, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.5 million loan for the refinancing of Art Bloc in Waterloo, a city in northeast Iowa. The newly built, six-story building features 67 apartment units and 7,400 square feet of commercial space that is fully leased to an architecture firm. Robert Bhat of MMCC arranged the senior debt financing. The Fannie Mae loan features a 75 percent loan-to-value ratio, a fixed interest rate of 4.75 percent for 10 years, five years of interest-only payments and a 30-year amortization schedule.

September 26, 2022

Acquisitions Indiana Midwest Multifamily

Kiser Group Brokers $4M Sale of Apartment Building in Whiting, Indiana

by Kristin Harlow September 26, 2022

WHITING, IND. — Kiser Group has brokered the $4 million sale of City Place Apartments in Whiting, a city located on the southern shore of Lake Michigan about 16 miles from the Chicago Loop. Constructed in 2015, the four-story building features 24 units. Ron Plonis, Jeff Leibovich and Kyle Sissell of Kiser brokered the transaction. The out-of-state buyer assumed the debt on the property and expects to increase rents as units turn over.

September 26, 2022

Development Florida Multifamily Southeast Top Stories

MG Developer, Baron Property Receive $148M Construction Loan for South Florida Multifamily Project

by Taylor Williams September 26, 2022

HIALEAH, FLA. — A partnership led by locally based firm MG Developer and New York City-based Baron Property Group has received a $148 million construction loan for Metro Parc, a 559-unit multifamily project in the city of Hialeah, located within Miami-Dade County. Metro Parc will be situated on a 2.5-acre site and will consist of two buildings rising 10 stories, making it the tallest residential development in Hialeah, according to the development team. Units will come in two-bedroom formats that will range in size from 500 to 800 square feet. Communal amenities will include a pool, fitness center and outdoor kitchen. In addition, Metro Parc will house ground-floor retail space that is preleased to a Latin-inspired food marketplace, as well as onsite parking. Metro Parc will also offer proximity to a Metrorail transit station, the Hialeah Arts District and Amelia Earhart Park. The project team includes investment firms Township Capital as an equity partners. Construction is set to begin in December and to wrap up in the second quarter of 2024. Dmitry Levkov and Jeffrey Donelly of Colliers arranged the 30-month loan on behalf of the development team. Post Road Group provided the financing. The project will be the first …

September 26, 2022

Acquisitions California Industrial Office Western

BLT Enterprises Expands California Holdings with Seven-Building Acquisition for $130M

by Amy Works September 23, 2022

SANTA MONICA, CALIF. — Santa Monica-based-BLT Enterprises has purchased seven industrial and creative office properties throughout Los Angeles County, Orange County and San Diego County, Calif., for a total of $130 million. The acquisitions total nearly 270,000 square feet of buildings on more than 18 acres of land. Names of the sellers were not released. The properties include: A 49,307-square-foot creative office building located at 621 Hawaii St. in El Segundo and fully leased to Nexon America Inc., South Korea’s largest video game developer. A 10,400-square-foot warehouse at 7748 Industry Ave. in Pico Rivera. A 10,246-square-foot warehouse at 2901 Thornton Ave. in Burbank, which is fully leased to Reno Hardware. A 6,900-square-foot creative office building at 6368 Arizona Circle and an 8,100-square-foot creative office building, both in Los Angeles. A 12,620-square-foot warehouse located at 3539 Howard Way in Costa Mesa. A 175,000-square-foot distribution facility on 11.1 acres at 1 Viper Way in Vista.

September 23, 2022

Acquisitions California Industrial Western

Panattoni Sells Green Valley Corporate Park in Fairfield, California to TA Realty for $90.5M

by Amy Works September 23, 2022

FAIRFIELD, CALIF. — Panattoni has completed the disposition of Green Valley Corporate Park, a three-building industrial campus in Fairfield. TA Realty acquired the asset for $90.5 million. Situated on 26.5 acres at 4550-4750 Business Center Drive, Green Valley Corporate Park offers 415,107 square feet of Class A industrial space. The buildings feature 32-foot to 36-foot clear heights, 51 dock doors, 10 grade-level doors and 392 parking spaces. At the time of sale, the newly completed property was 75 percent pre-leased to Southern Glazer and Landsberg Orora. Ryan Sitov and Mark Detmer of JLL Capital Markets represented the seller in the deal. Glen Dowling, Matt Bracco and Chris Neeb of JLL handled leasing for the asset.

September 23, 2022

Acquisitions California Healthcare Office Western

CBRE Arranges $44.5M Acquisition of Pacific Professional Building Medical Office Property in San Francisco

by Amy Works September 23, 2022

SAN FRANCISCO — CBRE has negotiated the purchase of the fee simple interest of Pacific Professional Building, a 132,000-square-foot medical office building in San Francisco. Pan-Med Enterprises, a collection of doctors that occupies and operates practices at the property, acquired the underlying land out of a ground lease for $44.5 million. Mike Taquino, Kyle Kovac, Alec Haley and Giancarlo Sangiacomo of CBRE Capital Markets represented the buyer in the deal. Additionally, Mike Walker and Brad Zampa of CBRE’s Debt & Structured Finance team secured the $44.5 million, 10-year, fixed-rate, non-recourse loan to finance the purchase of the fee simple interest and repayment of the existing leasehold loan from a middle-market East Coast bank. Located at 2100 Webster St., Pacific Professional Building is a five-story medical office with an outpatient radiology lab, testing labs, pharmacy and health resource center. The building is 97 percent leased and was completely renovated in 2021.

September 23, 2022

Affordable Housing Colorado Development Multifamily Western

Highridge Costa Starts Construction of 50-Unit Northwest Affordable Apartments in Broomfield, Colorado

by Amy Works September 23, 2022

BROOMFIELD, COLO. — Highridge Costa has started construction on Northwest Apartments, an affordable multifamily property in Broomfield. The 50-unit community is designated for families earning 30 to 60 percent of area median income. Designed by Denver-based Santulan Architecture, the four-story building will feature 16 one-bedroom/one-bath units; 26, including an on-site manager’s unit, two-bedroom/two-bath units; and eight three-bedroom/two-bath units. Residences will include patios and balconies, quartz countertops, a range and oven, dishwasher, refrigerator, air conditioning, garbage disposal, window coverings and high-speed internet connections. Community amenities will include a clubroom, fitness center, play area, small dog park, laundry rooms and secure indoor storage for bicycles. Completion is slated for late fall 2023.

September 23, 2022

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