SIDNEY, OHIO — SEMCORP Advanced Materials Group has unveiled plans to invest $916 million for a new manufacturing facility in Sidney, about 35 miles north of Dayton. The facility, which is expected to create nearly 1,200 jobs, will be utilized to make separator film, a key component in batteries for electric vehicles. SEMCORP’s products will be used by electric vehicle battery makers across North America. The Sidney project will be located at Sidney Ohio Industrial Park and will span 850,000 square feet. A timeline for completion was not released. The City of Sidney provided incentives for the project, but specific details were not provided. According to a news release, China-based SEMCORP is currently the largest lithium-ion battery separator film producer in the world with six manufacturing facilities.
CHICAGO — Draper and Kramer’s Commercial Finance Group has arranged two loans totaling $114 million for two apartment developments in Chicago. Tandem Development was the borrower for both transactions. The first was a $58.4 million construction loan for 1044 West Van Buren, a 196-unit apartment project with 1,775 square feet of first-floor retail space in the West Loop neighborhood. Construction began on the building, designed by Antunovich Associates, in April. Completion is slated for the second quarter of 2023. The HUD 221(d)(4) loan features a 40-year term and a 40-year amortization schedule. The second loan totaled $55.6 million for the refinancing of Avenir Apartments in Chicago’s River West. Completed in 2019, the transit-oriented development features 196 units and 32,558 square feet of commercial space. Antunovich Associates also designed this property. The HUD 223(f) loan features a 35-year term and a 35-year amortization schedule. Matt Wurtzebach of Draper and Kramer originated both loans with assistance from colleagues Jeff Ross and Kevan Briscoe.
LOCKPORT, ILL. — Dwight Capital has provided a $49.8 million HUD 223(f) loan for the refinancing of Highland Ridge Apartments in Lockport, a southwest suburb of Chicago. Completed in 2019, the garden-style multifamily property consists of 240 units across 12 buildings. Amenities include a dog park, fitness center, pool, theater, shuffleboard and yoga room. Brandon Baksh of Dwight originated the 35-year loan on behalf of the borrower, Heartland Real Estate Partners. The fixed-rate loan benefitted from a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified.
NORTH KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant property occupied by Starbucks in North Kansas City for $2.3 million. The newly constructed building, which features a drive-thru, is located at 1930 Diamond Parkway near I-35. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Omaha-based Woodsonia Real Estate Inc. A Warrensburg, Mo.-based private investor was the buyer.
Newmark Negotiates $103.5M Sale of QuantumScape-Occupied Industrial Building in San Jose, California
SAN JOSE, CALIF. — Newmark has arranged the sale of 1710 Automation Parkway, an industrial property located in San Jose. The asset traded for $103.5 million. The names of the seller and buyer were not released. QuantumScape (NYSE: QS), a manufacturer of lithium batteries for electric cars, fully occupies the 196,647-square-foot building. The tenant and former owner made significant improvements to the property to create a state-of-the-art battery development facility. Steven Golubchik, Nicholas Bicardo, Jonathan Schaefler and Darren Hollak of Newmark facilitated the transaction.
LOS ANGELES — Boston-based Longpoint Realty Partners has purchased a 13.4-acre industrial park, including five buildings and two vacant land parcels, near the Van Nuys Airport in Los Angeles. A private ownership group sold the property for $85 million. Totaling 95,600 square feet and originally constructed in 1960s and 1970s, the properties are: a 12,000-square-foot restaurant building at 16320 Raymer St. a 14,700-square-foot industrial property at 16300-16310 Raymer St. a 33,000-square-foot industrial facility at 16251 Raymer St. a 20,000-square-foot industrial asset at 16201 Raymer St. a 15,900-square-foot industrial property at 16161 Raymer St. a 2.5-acre land parcel at 16141 Raymer St. a 1.4-acre land parcel at 8085 Woodley Ave. Jeff Chiate, Rick Ellison, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s National Industrial Advisory Group represented the seller in the transaction. Erik Larson, Robin Dodson and Paul Sims of Cushman & Wakefield provided local market advisory for the deal. JLL Capital Markets recently arranged $52 million in acquisition financing for the buyer.
TEMPE, ARIZ. — Western Wealth Capital has acquired Sonesta on University Apartment Homes, a multifamily property located in Tempe. Terms of the transaction were not released. The purchase is Western Wealth Capital’s 78th multifamily acquisition in the Phoenix market. Originally constructed in 1989, Sonesta on University features 212 apartments, two pools, a beach volleyball court, basketball court, putting green and resident clubhouse.
VISTA, CALIF. — JLL Capital Markets has secured $27.4 million in financing for the acquisition and repositioning of 2065 Thibodo Road, an industrial property in Vista. The borrower is a joint venture between Lincoln Property Co. and Angelo Gordon. The new owner plans to convert the existing 76,872-square-foot property, which is situated on 4.1. acres, into manufacturing space that meets Current Good Manufacturing Practices for life sciences users. The property features 149 parking stalls, five grade-level doors, 28-foot clear heights and 8,000 amps of power. Aldon Cole, Jordan Angel, Daniel Pinus and Auden Menke of JLL Capital Markets arranged the three-year, floating-rate loan through Citizens. Additionally, Joe Anderson of JLL brokered the sale from the previous owner and currently represents the borrower in its efforts to lease the building.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of a 50,000-square-foot industrial building located at 980 Elkton Drive in Colorado Springs. The property traded for $6.9 million. The names of the seller and buyer were not released. Cody Stambaugh of The Morgan Stambaugh Group and Peter Sengelmann of The Diesch Sengelmann Team, both of Pinnacle Real Estate Advisors, represented the seller in the transaction.
NEW YORK CITY — Parkview Financial has provided $207 million in financing for the acquisition and redevelopment of the former Hudson Hotel in Manhattan’s Clinton neighborhood. Located at 353-366 West 58th St., the 24-story hotel was most recently operated by Cain International until shuttering in 2020 under strain from the COVID-19 pandemic. The undisclosed borrower plans to convert the 385,124-square-foot property into a 438-unit residential tower. Units will feature eight-foot to 10-foot ceilings, hardwood floors, stainless steel appliances, quartz countertops and washers and dryers. The building will also offer 30,000 square feet of retail and 25,000 square feet of office space. The new ownership plans to market the units at a 20 percent discount to rates seen at other properties in the surrounding area in hopes of attracting young professionals, students and small families to the property, according to Paul Rahimian, CEO and founder of Parkview. The redevelopment is scheduled for completion in early 2023. The building was originally constructed in 1929 to act as the American Women’s Association clubhouse and residence for young women before being converted into the Henry Hudson Hotel in 1941. The property is located one block west of Columbus Circle near Billionaires’ Row. Parkview Financial provided the financing in conjunction with Montgomery Street Partners. …