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404-Green-St.-Wrentham-Massachusetts
DevelopmentIndustrialMassachusettsNortheast

LPC, Stockbridge Begin Work on 176,800 SF Spec Industrial Project in Wrentham, Massachusetts

by Taylor Williams

WRENTHAM, MASS. — A partnership between Dallas-based Lincoln Property Co. and San Francisco-based private equity firm Stockbridge has begun construction on a 176,800-square-foot speculative industrial project in Wrentham, about 40 miles southwest of Boston. The site spans 34.5 acres and is located one mile from I-495. Building features will include a clear height of 32 feet, 35 dock doors, 130-foot truck court depths, 113 car parking spaces and 33 trailer parking stalls. ARCO National Construction Co. is the general contractor for the project, completion of which is slated for late 2023.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates $18.3M Sale of Apartment Complex in Vineland, New Jersey

by Taylor Williams

VINELAND, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the $18.3 million sale of Spring Gardens, a 130-unit apartment complex located in the Northern New Jersey community of Vineland. The property was built on 13.4 acres in 1974 and houses 64 one-bedroom units and 66 two-bedroom residences across 16 buildings. Joni Sweetwood of Kislak represented the buyer and seller, both of which requested anonymity, in the transaction.

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AcquisitionsIndustrialNew JerseyNortheast

Cushman & Wakefield Arranges $7.2M Sale of Industrial Building in Denville, New Jersey

by Taylor Williams

DENVILLE, N.J. — Cushman & Wakefield has arranged the $7.2 million sale of a 42,000-square-foot industrial building located in the Northern New Jersey community of Denville. The property sits on 3.4 acres, features a clear height of 18 feet and is currently leased to three tenants. Andrew Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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IndustrialLeasing ActivityNortheastPennsylvania

Stellar Signs 10,412 SF Industrial Lease Renewal in Lewisberry, Pennsylvania

by Taylor Williams

LEWISBERRY, PA. — Industrial design-build firm Stellar has signed a 10,412-square-foot lease renewal within Fairview Industrial Park in Lewisberry, a southern suburb of Harrisburg. Dan Alderman of NAI CIR represented Stellar in the lease negotiations. Victor Kelly represented the owner, Larken Associates, on an internal basis. Fairview Industrial Park comprises three buildings totaling 137,404 square feet.

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LoansMidwestMinnesotaMultifamily

Associated Bank Provides $30M Loan for Construction of Luxury Apartment Complex in Chaska, Minnesota

by Kristin Harlow

CHASKA, MINN. — Associated Bank has provided a $30 million loan for the construction of The Gallery of Chaska in suburban Twin Cities. The four-story luxury apartment complex will feature 175 units at 3200 Clover Ridge Drive. Amenities will include a courtyard and pool. Units will feature condo-style finishes, and residents will have access to an underground parking garage with 182 parking spaces. Completion is slated for February 2024. Randy Stille of Associated Bank managed the loan and closing on behalf of the borrower, Chase Real Estate.

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IllinoisLeasing ActivityMidwestOffice

IWG to Open Three New Flexible Workspaces in Illinois

by Kristin Harlow

CHAMPAIGN, EDWARDSVILLE AND ROCKFORD, ILL. — IWG, a provider of flexible workspaces, plans to open three new locations in Illinois. The company states that the demand for hybrid working continues to grow with companies of all sizes. IWG will open a new headquarters center at 206 N. Randolph St. in Champaign. Additionally, IWG will open two Regus centers at 101 W. Vandalia St. in Edwardsville and 220 E. State St. in Rockford. Timelines for the openings were not provided. IWG opens the vast majority of its new locations in partnership with commercial real estate owners, developers and franchisee investors.

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Affordable HousingLoansMichiganMidwestMultifamily

Greystone Provides $10.8M HUD-Insured Loan for Refinancing of Michigan Affordable Housing Community

by Kristin Harlow

SAGINAW TOWNSHIP, MICH. — Greystone has provided a $10.8 million HUD 223(f) loan for the refinancing of Lakeside Village Apartments in Saginaw Township within central Michigan. The 200-unit affordable housing community was constructed in 1980. Lisa Fischman of Greystone originated the 35-year loan, which features a fixed interest rate and a 35-year amortization schedule. The Altman Cos. was the borrower. The property qualifies for a lower annual mortgage insurance premium (MIP) of 0.25 percent because it is rent-restricted. In addition to the refinancing, loan proceeds will enable the borrower to continue with ongoing property improvements, according to Greystone.

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AcquisitionsIndianaMidwestMultifamilySeniors Housing

Blueprint Negotiates Sale of 148-Unit Senior Living Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors has arranged the sale of Discovery Commons at College Park, a 148-unit independent living community in Indianapolis. A publicly traded REIT sold the asset to Elevation Financial Group, which plans to convert the community to active adult living. The sales price was not disclosed.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Underway on 31,200 SF Industrial Building for Alvil Trucking in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Principle Construction Corp. is underway on a new 31,200-square-foot industrial building for Alvil Trucking at 2570 Millennium Drive in Elgin. The logistics company is relocating from Elk Grove Village. The project will include a 15,400-square-foot warehouse, 9,800-square-foot truck maintenance area and 6,000 square feet of office space. Additional building features include four dock doors, four drive-in doors and a clear height of 28 feet. Principle is also constructing a 972-square-foot mezzanine storage area and amenities for truckers, including showers and rest areas. More than 50 parking spaces will be available for both trucks and trailers. Harris Architects is the project architect. Principle expects to complete the project before the end of the year.

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Centro-Callan-San-Leandro-CA
CaliforniaDevelopmentLoansMixed-UseMultifamilyRetailWestern

JLL Arranges $69M Construction Loan for Centro Callan Mixed-Use Development in San Leandro, California

by Amy Works

SAN LEANDRO, CALIF. — JLL Capital Markets has arranged $69 million in construction financing for Centro Callan, a mixed-use apartment complex in San Leandro. The borrowers are The Martin Group, Sansome Pacific Properties and STARS REI. Brandon Roth, Spencer Bergthold and Elijah Lax of JLL Capital Markets secured the floating-rate construction loan through Principal Real Estate. The five-story Centro Callan will feature 196 apartments in a mix of studio, one-, two- and three-bedroom layouts with quartz countertops, backsplashes, stainless steel appliances, full-size washers/dryers, wide-plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. Community amenities include 31,000 square feet of ground-floor retail space anchored by Sprouts Farmers Market, 20,000 square feet of open space, a dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbecues and televisions, an outdoor game area and a secret garden.

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