LAWRENCE, MASS. — Locally based design-build firm Dacon Corp. has completed a 97,000-square-foot industrial expansion project in Lawrence, a northern suburb of Boston, for commercial linen and uniform service provider Unitex. The project represents the second phase of Unitex’s redevelopment of the former headquarters of global food and beverage manufacturer Crown Holdings into a facility with laundry processing and office space. The first phase of the project comprised 90,000 square feet.
MILPITAS, CALIF. — SummerHill Apartment Communities has completed the sale of Eleanor, a multifamily property in the Silicon Valley city of Milpitas. MG Properties purchased the asset for $193 million, or $579,580 per unit. Completed in 2021, Eleanor features 333 apartments in one- and two-bedroom layouts, including penthouse units. The property is a five-minute walk from the Milpitas Transit Center, which offers BART and VTA Light Rail services. Philip Saglimbeni, Stanford Jones, Salvatore Saglimbeni and Alex Tartaglia of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SEATTLE — AIMCO has completed the disposition of 2900 on First, an apartment community located in Seattle’s Belltown neighborhood. An undisclosed buyer purchased the asset for $69 million, or $511,111 per unit. 2900 on First features 135 apartments spread across three connected seven-story residential towers. Apartments feature flat-panel cabinetry, full-size washers/dryers, keyless entries and Wi-Fi-enabled thermostats. Select apartments have wood-burning fireplaces and private balconies. Additionally, the community features a standalone amenity building atop a parking garage podium and a 14,644-square-foot retail space. Amenities include a leasing office with a resident clubhouse and kitchen, conference room, multi-level fitness center, courtyard and lawn. A restaurant, spa, bakery, beauty store and pizza delivery service occupy the street-level retail space. Philip Assouad, Giovanni Napoli, Ryan Harmon and Nicholas Ruggiero of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
FLAGSTAFF, ARIZ. — JLL Capital Markets has arranged $49.4 million in construction financing for the development of Flagstaff Elkwood, an apartment community in Flagstaff. Brad Miner and Eric Tupler of JLL Capital Markets secured the 65 percent loan-to-cost-ratio loan with a commercial bank for the borrower, Wexford Development. Slated for completion in late 2024, Flagstaff Elkwood will feature 224 apartments in a mix of studio, one- and two-bedroom layouts spread across four four-story residential buildings. Units will offer stainless steel appliances, quartz countertops, wood-style flooring and in-unit washers/dryers. On-site amenities will include a 4,000-square-foot leasing center, 6,000 square feet of retail space, a clubhouse with lounge area, fitness center, pool, spa and grilling area. The community will be situated on 13.5 acres at the northeast corner of East Butler Avenue and N. Fourth Street, three miles from downtown Flagstaff and Northern Arizona University.
WASHINGTON AND OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions. The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing. The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community in Washington. Berkadia provided acquisition financing plus funding for capital expenditures and closing costs through Berkadia’s proprietary lending program. The third transaction was a $4.8 million loan for a standalone memory care facility in Oregon. Berkadia’s proprietary lending program provided the short-term, variable-rate financing. The 55-bed memory care facility was 96 percent occupied at the time of financing, which Berkadia plans to refinance through HUD within the next 12 to 18 months.
OMAHA, NEB. — Marcus & Millichap has negotiated the sale of a two-property multifamily portfolio in metro Omaha for $27.5 million. Built in 2000 and 2001, Northridge and Flatwater total 192 units. The communities are located 10 miles apart and feature a mix of one- and two-bedroom floor plans. Jason Hornik, Greg Parker and Kent Guerin of Marcus & Millichap represented the seller and buyer, neither of which were disclosed.
LITTLE ROCK, ARK. — Cushman & Wakefield has negotiated the sale of Pinnacle Park at Chenal Valley, a 216-unit multifamily community located in Little Rock. Martin Bynum and Craig Hey of Cushman & Wakefield represented the seller, entities doing business as Chenal Valley – Orchard LLC and Chenal Valley – Foxwood LLC, in the transaction. Greystone closed on the assumption of the Fannie Mae loan, which was originated in 2019. The sales price and loan amount were not disclosed. Built in 1999 on the west side of Little Rock, Pinnacle Park at Chenal Valley features a clubhouse, 24-hour virtual fitness center, swimming pool, coffee bar and a 24-hour package room.
OMAHA, NEB. — Investors Realty has brokered the sale of a 123,664-square-foot retail property in Omaha for $21.4 million. Located at the intersection of 72nd and Pacific streets, the asset is home to Aldi, Cavender’s and Kohl’s. Ember Grummons of Investors Realty represented the seller, NewStreet Properties. Jason Taylor of Equity Management Group represented the buyer, Caller Properties.
FONTANA, CALIF. — A collaboration between Real Estate Development Associates (REDA), Clarion Partners and ECM Management has broken ground on I-10 Almond Commerce Center, a warehouse facility in Fontana. Premier Design + Build Group is constructing the ground-up project. The 210,355-square-foot warehouse will feature 36-foot clear heights, eight-inch reinforced concrete slab and a four-ply built-up roof system, as well as an ESFR sprinkler system and 2,000 GMP fire pump. The facility will also offer an office area with mezzanine space and parking for 101 vehicles and 32 trailers. HPA is serving as architect for the project, which is slated for completion in May 2023. Thienes Engineering and Darin Fong and Associates are providing engineering services for the property.
MINOT, N.D. — Kraus-Anderson has completed construction of a 110,000-square-foot Scheels store at Dakota Square Mall in Minot. Designed by R.L. Engrebretson Architecture, the $20.6 million project involved the remodeling of an 85,000-square-foot former Sears store combined with a 25,000-square-foot space for a conference room, classroom and offices. The store offers a selection of sports gear, clothing and shoes. Shoppers can also enjoy Ginna’s Café, which serves soups, sandwiches and coffee, and Fuzziwig’s Candy Factory, which sells homemade fudge.