KANSAS CITY, MO. — Northmarq has brokered the sale of Province at Briarcliff in Kansas City for $23.8 million. The 120-unit multifamily property, built in 2002, is located at 1282 Northwest Vivion Road within the Briarcliff West neighborhood. Amenities include a business center, clubhouse, fitness center, pool and sundeck. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Forum Real Estate Group, and the buyer, Peak Capital Partners.
NORMAL, ILL. — Draper and Kramer’s Commercial Finance Group has arranged a $14.9 million refinance and construction loan for The Park at Constitution Trail Centre, a three-phase student housing development in Normal. The financing retired the existing debt on the first two phases of the project and provided funding on the remaining phase of construction. The off-campus community serves students at Illinois State University. The initial two phases, which were delivered between 2019 and 2022, include 204 fully leased beds. Phase III will offer an additional 76 beds upon completion, which is slated for August 2023. When complete, the development will contain a total of 280 beds across 13 buildings. The project is connected to The Constitution Trail, a paved 40-mile trail. Matthew Wurtzebach of Draper and Kramer arranged the loan on behalf of the borrower, 100 McKnight LLC.
LITCHFIELD, MINN. AND MONROE, WIS. — MAG Capital Partners LLC has acquired two industrial facilities totaling 205,410 square feet in Minnesota and Wisconsin in a sale-leaseback transaction with Monroe Truck Equipment Inc. The sales price was undisclosed. One of the properties totals 162,170 square feet and is located in Litchfield, Minn. The other spans 43,240 square feet and is situated in Monroe, Wis. Founded in 1958 in Wisconsin, Monroe Truck Equipment specializes in snow and ice control equipment, towing and service bodies. In 2021, the company joined Aebi Schmidt Group, a Switzerland-based infrastructure and terrain maintenance firm. Daniel Macks and Jonathan Wolfe of STREAM Capital Partners represented the seller. Led by Dax Mitchell and Andrew Gi, MAG Capital Partners is based in Dallas.
CHICAGO — NewCold has expanded its office lease at 500 W. Madison Street in Chicago from 6,000 square feet to 35,564 square feet. The office serves as the company’s North American headquarters. The 40-story, Class A office building is known as Accenture Tower. Built in 1987, the property totals 1.4 million square feet and features a two-level fitness center with a basketball court along with a conference center and tenant lounge. KBS acquired the building in 2013. Dougal Jeppe of Colliers represented NewCold, which is an advanced automated warehouse and cold chain logistics company.
FORT DODGE, IOWA — Colliers Mortgage has provided a $12.9 million HUD-insured loan for the refinancing of District 29 Apartments and Townhomes in Fort Dodge, about 90 miles north of Des Moines. The 118-unit property features studio, one- and two-bedroom apartment units as well as two- and three-bedroom townhome units. Amenities include a fitness center, community room, mail room and dog park. The loan features a 35-year term and a 35-year amortization schedule. Fritz Waldvogel of Colliers originated the loan on behalf of the borrower, District 29 Apartments LLC.
FRESNO, CALIF. — Dwight Capital has provided a $45 million HUD 223(f) loan for Villa Lucia Apartments, a multifamily community in Fresno. The financing features a 35-year term and fixed interest rate. Dwight previously provided a HUD 223(f) loan for Villa Lucia Apartments in 2016 and the subsequent cash-out refinance closed in December 2022. Ari Mandelbaum of Dwight Capital originated both transactions for the borrower, Latco Enterprises. The refinancing benefited from a Green Mortgage Insurance Premium Reduction set at 25 basis points because the property qualifies for National Green Building Standard Bronze Certification. Situated on 20 acres, the 272-unit community consists of 42 one- and two-story residential buildings, 19 garage buildings and a clubhouse. Community amenities include a courtyard, fitness center, playground, pool and spa.
SAN DIEGO — Pierce Education Properties has started construction of TOPAZ, a 169-bed student housing development located adjacent to the San Diego State University campus. Pierce Education Properties is developing the property in a joint venture with an undisclosed entity. The community will offer 53 units in one- to four-bedroom configurations with bed-to-bath parity. Select units will offer upgrades, including two ‘penthouse’ units on the upper level, which will feature balconies and 70-inch smart televisions. Four units will include a billiards table in the common area along with a large sectional sofa. Shared amenities are set to include landscaped courtyards; private study and conference rooms; a spa; lounge and game rooms; a fitness center; and vertical tanning booth. The development will also include 10,000 square feet of ground-floor retail space, with tenants set to include McDonald’s, Handel’s Homemade Ice Cream, Jimmy John’s and Dunkin’ Donuts. Units are currently being pre-leased at the property, which is scheduled for completion in August 2023.
LOS ANGELES — Blueprint Healthcare Real Estate Advisors has negotiated the sale of The Rehabilitation Centre of Beverly Hills, a 150-bed skilled nursing facility in Los Angeles. The Rehabilitation Centre of Beverly Hills is a premier, state-of-the-art, all-Medicare nursing facility located near Cedars-Sinai Medical Center, one of the most prestigious hospitals in the United States. A private, high-net-worth owner-operator based in Los Angeles was the buyer. The seller and price were not disclosed.
MORENO VALLEY, CALIF. — Dalfen Industrial has purchased Moreno Valley Logistics Center, an industrial property situated less than three miles from Interstate 215 in Moreno Valley. Terms of the transaction were not released. Moreno Valley Logistics Center features 95,922 square feet of industrial space. The asset is in close proximity to State Route 60 and State Route 91, enabling east-west connectivity including to the Port of Long Beach and Port of Los Angeles.
EVERETT, WASH. — Hanley Investment Group Real Estate Advisors has arranged the sale of a retail building located at 1031 SE Everett Mall Way in Everett. An Orange County, Calif.-based private investor company sold the asset to a Seattle-based private investor for $2.8 million. Pacific Dental Services and Coldwell Banker occupy the two-tenant 3,816-square-foot building, which was built in 1975 and renovated in 2017. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell, represented the seller, while Michael Finch of CenturyPacific represented the buyer in the deal.
