LOS ANGELES — Champion Real Estate Co. has received a $16.1 million loan to refinance Victory on Portland, a 139-bed student housing community located at 2353 Portland St. in Los Angeles. The company, which purchased the asset in March 2020 for $14.1, secured the long-term, fixed-rate financing through Wintrust Bank. Champion renovated the property by upgrading the mechanical systems, renovating the interior units, enhancing curb appeal, increasing the amenity package and rebranding the community. The company also added eight units, totaling 37 beds, to the property.
DRAPER, UTAH — Clearlink has signed a deal to occupy 135,000 square feet of office space at 42 Future Way in Draper. The company will consolidate its existing offices at Salt Lake Center International Center and Utah County into the new campus. The Class A office campus, which was originally designed for Pluralsight, offers new furniture, fixtures, conference facilities, a cafeteria and fitness facilities. In 2022, Utah-based Clarke Capital Partners partnered with Sitel Group to drive the growth of Clearlink as a platform that empowers customers to make informed decisions around daily purchases. Brandon Fugal of Colliers represented Clearlink in the lease.
AURORA, ILL. — Engineering and consulting firm Crawford, Murphy, Tilly Inc. has renewed its 18,000-square-foot industrial lease at 550-600 N. Commons Drive in Aurora. Jon Springer and Gary Fazzio of CBRE represented the tenant. Clear Height Properties owns the building.
BATAVIA, ILL. — Marcus & Millichap has arranged the sale of a 2,225-square-foot retail building occupied by Starbucks in Batavia for $2 million. Constructed in 2022, the net-leased, build-to-suit property is located at the intersection of Randall Road and McKee Street. The building features a drive-thru and outdoor seating. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a Chicagoland limited liability company. The duo also secured and represented the buyer, a Wisconsin-based private investor.
SCHAUMBURG, ILL. — Lee & Associates has negotiated the sale of a 12,500-square-foot property formerly occupied by Frankly Yours restaurant in Schaumburg for an undisclosed price. Rick Scardino and Michael Petrik of Lee & Associates represented the buyer, the Village of Schaumburg. Attorney Steven Dobrofsky represented the seller, Chicago Title Land Trust Co.
KENT, OHIO — The Cooper Commercial Investment Group has brokered the $1.9 million sale of a single-tenant, ground-leased property occupied by Taco Bell in Kent. Constructed in 2019, the net-leased building serves as an outparcel to Maplecrest, a shopping center anchored by Meijer and Menard’s. Dan Cooper of Cooper Group represented the seller, a private investment group based in Northeast Ohio. The undisclosed buyer purchased the asset at 99 percent of the list price, which represented a cap rate of 4.52 percent and $897 per square foot.
WIXOM, MICH. — Torch Tobacco has signed a 1,250-square-foot retail lease at Wixom Charms Plaza in Wixom, a northwest suburb of Detroit. CVS anchors the shopping center, which still has spaces available for lease. Michael Murphy and Bill McLeod of Gerdom Realty & Investment represented the undisclosed landlord. Jonathan Semma of 365 Realty represented the tenant.
CINCINNATI — Nicol Investment Co. has sold the Riverfront Portfolio at The Banks, a mixed-use development in downtown Cincinnati, to Crawford Hoying. The sales price was not disclosed, but the Cincinnati Business Courier reports the assets traded for approximately $177 million. The project consists of two multifamily properties totaling 592 units, Current at the Banks and Radius at the Banks, in addition to approximately 100,000 square feet of ground-floor retail space. The properties are located in the city’s Central Business District, nestled between Great American Ballpark (home of the MLB’s Cincinnati Reds), Paycor Stadium (home of the NFL’s Cincinnati Bengals) and the Ohio River, which separates Ohio from Kentucky. The 300-unit Current at the Banks includes more than 77,000 square feet of ground-floor retail space leased to The Holy Grail, Jefferson Social, Fishbowl and Ruth’s Chris. Radius at the Banks features 292 units as well as 19,000 square feet of ground-floor retail, which includes E+O Kitchen and Taste of Belgium. “Crawford Hoying brings tremendous value to the high-profile project as a manager and operator of various commercial real estate projects throughout Ohio,” says Ron Johnson, chief financial officer at Nicol. “We’d like to thank the CBRE Riverfront Team, led by …
POMPANO BEACH, FLA. — The Estate Cos. (EIG) has broken ground on Soleste Pompano Beach, an eight-story multifamily project located at 208 N. Federal Highway in South Florida’s Broward County. Upon completion, the community will feature 253 apartments in one- and two-bedroom configurations and 4,000 square feet of commercial space. Amenities will include a pool and sun deck, fitness center and a picnic area. The property will also include a parking garage with 367 spaces and an additional 11 spaces at ground level.
EAST POINT, GA. — Crown Bay Group LLC has purchased Cameron Run, a workforce housing community in East Point, for $35 million. Located at 4395 Washington Road, the property comprises 284 units in one-, two- and three-bedroom layouts. Originally built in 1972, the community recently underwent $1 million in capital improvements and features a gym, playground, artificial turf sports field and a dog park. Cameron Run was 93 percent occupied at the time of sale. Crown Bay Group plans to hold the property for three to five years and make capital improvements. The seller and sales price were not disclosed.