HOUSTON — Colliers has brokered the sale of a 180,030-square-foot office building located at 450 Gears Road in North Houston. The eight-story building, which was originally constructed on 4.5 acres in 1984, includes a four-story parking garage and a conference center. David Carter, Doug Pack and Sam Hansen of Colliers represented the seller in the transaction. Evens Grandoit of Krueger Real Estate represented the buyer. Both parties requested anonymity.
OAK BROOK, ILL. — Oak Brook-based Inland Private Capital Corp. (IPC) has sold 29 properties occupied by CVS and Walgreens across the country for $172.3 million. The separate transactions were completed over the course of five months. The sales included six CVS properties and 23 Walgreens assets totaling 398,040 square feet. IPC, through its subsidiary that serves as asset manager, facilitated the sales on behalf of nine IPC 1031 investment programs.
WISCONSIN AND NORTH CAROLINA — Affiliates of Phoenix Investors have acquired three former manufacturing facilities totaling more than 1 million square feet in Wisconsin and North Carolina. Phoenix plans to make various capital improvements to each facility in the coming months. The first property was formerly home to Silgan Container Manufacturing Corp. and is located at 500 Libby St. in Waupun, about 70 miles northwest of Milwaukee. The 260,000-square-foot building features 10 dock doors and a freight elevator. Scott Furmanski of CBRE brokered the sale. The second transaction involved a 375,000-square-foot facility formerly occupied by Eaton Corp. in Necedah, a city in central Wisconsin. Adam Matson and Patrick Hanrahan of Newmark represented the seller, MVP Logistics. The sales price was $3 million. The third facility is a 410,000-square-foot property formerly occupied by Alamac American Knits in Lumberton, a city in southern North Carolina. The property features manufacturing, warehousing and office space as well as parking for up to 650 vehicles. Thomas Turner of Newmark brokered the sale.
FORT WAYNE, IND. — Catalyst Healthcare Real Estate and National Real Estate Advisors LLC have broken ground on a 26,000-square-foot freestanding emergency department (FSED) building in Fort Wayne. Lutheran Health Network will occupy the facility. The two-story building will offer emergency services, imaging services, lab space and primary care services. A timeline for completion was not provided.
CHICAGO — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 32-unit apartment building in Chicago’s Logan Square neighborhood. The majority of the units at the property, built in 1926, are one-bedroom layouts. The building was fully leased at the time of the loan closing. Igor Zhizhin of ASC arranged the 20-year loan, which features a 10-year fixed rate, 10-year floating rate and a 30-year amortization schedule. An agency lender provided the loan for the borrower, a seasoned owner-operator.
HOBOKEN, N.J. — Northern New Jersey-based investment firm Faropoint has sold a national portfolio of 109 industrial properties totaling approximately 6.8 million square feet of $481 million. The properties are largely concentrated in Atlanta, Houston, Philadelphia and Memphis and feature an average building size of 62,000 square feet. At the time of sale, the portfolio was 98 percent leased to roughly 200 local, regional and national tenants. The buyer was not disclosed. Eastdil Secured served as Faropoint’s financial advisor on the deal.
GRAND RAPIDS, MICH. — Trinity Chiropractic has opened a 1,450-square-foot practice at 448 Leonard St. NW in Grand Rapids. Wesley Emert and Tina Emert of CityWide Real Estate Services assisted the holistic chiropractor in securing the space, which features two exam rooms, a waiting area and a kid’s area. The office is situated within a mixed-use building that CityWide acquired in August 2020. Other commercial tenants at the property include FURN on Leonard and Captain Bizzaro’s Treasure World.
FORT LEE, N.J. — Cushman & Wakefield has brokered the $51.7 million sale of The Sterling, a 128-unit multifamily property located in the Northern New Jersey community of Fort Lee. The community’s unit mix consists of 14 studios, 56 one-bedroom apartments, 56 two-bedroom residences and two four-bedroom units. Communal amenities include an updated lobby, pool and laundry facilities. Niko Nicolaou, Brian Whitmer, Ryan Dowd and Will Gerlin of Cushman & Wakefield represented the undisclosed seller and procured the buyer, Blue Diamond Equities, in the transaction.
COLONIE, N.Y. — Locally based developer Crisafulli Associates has broken ground on The Montage, a 114-unit multifamily project located in the upstate New York community of Colonie. The Montage will offer studio, one- and two-bedroom units that will be reserved for renters age 55 and older. Residences will feature stainless steel appliances, quartz countertops, individual washers and dryers and covered porches or balconies. Amenities will include a pool, fitness center, outdoor grilling stations, a billiards lounge, private dining room, walking trails and a dog park. Albany-based Capital Bank provided $22 million in construction financing for the project, which is slated for a fall 2023 completion.
FREEHOLD, N.J. — Los Angeles-based Thorofare Capital has provided a $28.5 million construction loan for a 206,881-square-foot industrial project that will be located in Freehold, an eastern suburb of Trenton. The facility will feature a clear height of 36 feet. The loan carries a two-year initial term and flexible prepayment options. The name of the locally based borrower was not disclosed.