Property Type

PSRS Arranges $22M Refinancing for Laguna Del Rey Apartments in California

by Amy Works August 15, 2022

PLAYA DEL REY, CALIF. — PSRS has arranged a $22 million cash-out refinance of Laguna Del Rey Apartments, a multifamily property in Playa del Rey. Seth Ludwick secured the non-recourse loan that features a seven-year interest-only term, which includes a six-month forward rate lock and step-down prepay after year three. The loan was financed with one of PSRS’ life insurance correspondents. Laguna Del Rey Apartments features 130 units in a variety of floor plans, common area amenities and open parking spaces.

August 15, 2022

Acquisitions California Multifamily Western

Silver Star Real Estate Buys 304-Unit Multifamily Property in Riverside, California

by Amy Works August 15, 2022

RIVERSIDE, CALIF. — CBRE has arranged the sale of Metro 3610, a value-add apartment community located at 3610 Banbury Drive in Riverside. La Palma, Calif.-based Silver Star Real Estate acquired the asset for an undisclosed price. Dean Zander and Stewart Weston of CBRE represented the undisclosed sellers in the deal. Built in 1984 on 15.2 acres, Metro 3610 features 304 apartments; two swimming pools with a spa and wading pool; tennis courts; a resident clubhouse; fitness center; and open green space with picnic areas, grilling stations and a playground. Apartments feature kitchens with a complete appliance package, air conditioning, walk-in closets and washers/dryers in two-bedroom floorplans.

August 15, 2022

Acquisitions California Retail Western

Matthews Negotiates Sale of Vacant 80,000 SF Big Box Retail Space in Cathedral City, California

by Amy Works August 15, 2022

CATHEDRAL CITY, CALIF. — Matthews Real Estate Investment Services has brokered the all-cash sale of a vacant big box retail building in Cathedral City. Andrew Gross and Lee Cordova represented the undisclosed seller in the deal. The name of the buyer and acquisition price were not released. Located at 35900 Date Palm Drive, the asset spans 80,000 square feet. The retail space sits on a 262,000-square-foot lot near an Amazon facility, gym and bank.

August 15, 2022

Arizona Industrial Loans Western

Gantry Secures $20M Refinancing for Flex Industrial Building in Central Phoenix

by Amy Works August 15, 2022

PHOENIX — Gantry has secured a $20 million permanent loan to refinance a flex industrial building in Central Phoenix. Tim Storey of Gantry arranged the financing on behalf of the borrower, a private investor. The 10-year, fixed-rate loan features interest-only payment terms. One of Gantry’s institutional debt fund lenders provided the loan. A single credit tenant occupies the 100,000-square-foot property, which is customized for use in human and pet pharmaceutical product manufacturing and distribution, on a long-term lease.

August 15, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $9M Sale of Village 28 Apartment Community in Phoenix

by Amy Works August 15, 2022

PHOENIX — ABI Multifamily has arranged the sale of Village 28, a multifamily property located at 4750 N. 28th St. in Phoenix. A Washington-based seller sold the asset to a Washington-based buyer for $9 million, or $361,000 per unit. Built in 1969 and renovated in 2018, Village 28 consists of 25 garden-style, two-bedroom/one-bath units with private patios and in-unit washers/dryers. John Klocek, Patrick Burch, Mitchell Drake, Carson Griesemer and Dallin Hammond of ABI Multifamily represented both parties in the transaction.

August 15, 2022

Indiana Loans Midwest Multifamily

Eastern Union Arranges $54M in Acquisition Financing for Indianapolis Multifamily Portfolio

by Kristin Harlow August 15, 2022

INDIANAPOLIS — Eastern Union has arranged $54 million in acquisition financing for a three-property multifamily portfolio totaling 628 units in Indianapolis. Built in 1980, Lake Marina features 348 units across 28 buildings. Lake Marina Realty LLC was the seller. Country Lake Townhomes is a 184-unit property that was built in 1974. Country Lake Apartments LLC was the seller. Zidan Realty Investments sold the 96-unit Fountainview, which was constructed in 1965. Michael Muller of Eastern Union arranged the 10-year, floating-rate loan with interest-only payments for the first five years. Arbor provided the Fannie Mae loan. The borrower was undisclosed.

August 15, 2022

Acquisitions Michigan Midwest Retail

Mid-America Brokers Sale of 91,266 SF Shopping Center in Suburban Detroit

by Kristin Harlow August 15, 2022

CLAWSON, MICH. — Mid-America Real Estate Corp. has brokered the sale of Clawson Center in the northern Detroit suburb of Clawson for an undisclosed price. The fully leased shopping center spans 91,266 square feet. Tenants include Staples, Dollar Tree, Billings Lawn Equipment, Burn Fitness, Cosmoprof, H&R Block, Joe’s Army/Navy, Play It Again Sports and Salon Suites. Ben Wineman and Daniel Stern of Mid-America represented the seller, a Dallas-based family office. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial Real Estate Advisors represented the buyer, a metro Detroit-based private investment group.

August 15, 2022

Indiana Leasing Activity Midwest Office

Industrious to Open New Location in Indianapolis

by Kristin Harlow August 15, 2022

INDIANAPOLIS — Industrious, a flexible workspace provider, is opening a new location at 71060 N. Capitol Ave. in the former Stutz Motor Car Co. factory in Indianapolis. SomeraRoad is repositioning the property as retail, office, arts and event space. The new location marks the third for Industrious in the Indianapolis market and is slated to open in December. The workspace will feature 350 seats across 28,000 square feet and include a mix of private offices, shared workspaces, conference rooms and lounge areas.

August 15, 2022

Hospitality Loans Michigan Midwest Northmarq

Northmarq Arranges $12.2M Loan for Refinancing of Staybridge Suites Hotel Portfolio in Michigan

by Kristin Harlow August 15, 2022

KALAMAZOO AND OKEMOS, MICH. — Northmarq has arranged a $12.2 million loan for the refinancing of two Staybridge Suites hotels in Michigan. The Kalamazoo property, located at 2001 Seneca Lane, was built in 2006. The Okemos hotel, located at 3553 Meridian Crossing Drive, was built in 2008. Each hotel features 95 rooms and rises three stories. Jeff Dietz of Northmarq arranged the fixed-rate loan, which features a five-year term and a 25-year amortization schedule. A life insurance company provided the loan to the borrower, Hotel Development Services LLC, which will use the loan proceeds to take out maturing CMBS loans. The Staybridge Suites brand targets extended-stay and corporate travelers.

August 15, 2022

Illinois Leasing Activity Midwest Office

Wellington Management Signs 24,000 SF Office Lease in Chicago’s Fulton Market

by Kristin Harlow August 15, 2022

CHICAGO — Wellington Management has signed a 24,000-square-foot office lease at 345 N. Morgan in Chicago’s Fulton Market. Sterling Bay broke ground on the office and retail development in August 2021 and expects to wrap up construction this September. Amenities include private outdoor terraces, a 5,000-square-foot roof deck, lounge, fitness center, coworking library and conference spaces. Eckenhoff Saunders Architects was the project architect. Russ Cora and Austin Lusson negotiated the lease transaction on an internal basis for Sterling Bay. Brendan Callahan, Gabrielle Harvey, Eddie Viliunas and Matt Carolan of JLL represented Wellington Management, which currently houses its Chicago operations in a 6,000-square-foot space in the Loop. The company is a private investment management firm.

August 15, 2022

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