PHILADELPHIA — Keystone Property Group has landed a new life sciences tenant at The Curtis, the metro Philadelphia-based developer’s 912,245-square-foot facility in Philadelphia that is a redevelopment of a former printing press. Aro Biotherapeutics Co., a developer of genetic medicines, has committed to an undisclosed amount of space at the 12-story building. Bob Zwengler, Anthony Pell, Matt Knowles and Paul Touhey of CBRE represented the tenant in the lease negotiations. Tim Conrey, Lisa Berger Baskin and K.J. Kulik of Scheer Partners represented Keystone.
ERIE AND MECHANICSBURG, PA. — HJ Sims has arranged $47.6 million in financing for Bethany Village Retirement Center and Springhill, two seniors housing properties that are respectively located in Mechanicsburg and Erie. Bethany Village includes two campuses with 400 independent living units, 100 assisted living units, a 69-bed skilled nursing center and amenities. Springhill features 158 independent living and 35 personal care units, plus an 80-bed skilled nursing facility. The loans refinance bonds from 2012 and include a $20.4 million bank loan and tax-exempt, fixed-rate bonds totaling $27.2 million. The borrower was Asbury Communities Inc.
WOODBRIDGE, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the sales of three multifamily properties totaling 88 units in various parts of New Jersey. The three assets sold for a combined $9 million. The properties include the 41-unit East Park Apartments in Vineland, located in the southern part of the state; the 30-site Farrell Place Manufactured Home Community in the Philadelphia suburb of Cherry Hill; and a 17-unit complex in the Northern New Jersey community of East Orange. Joni Sweetwood of Kislak represented the sellers and procured the buyers in all three deals.
CHICAGO — Faropoint has acquire a 757,017-square-foot industrial portfolio throughout Chicagoland for an undisclosed price. The seven-building portfolio was fully leased to 10 tenants at the time of acquisition. The tenant base includes a diverse mix of industries such as technology, manufacturing, robotics and energy. The properties are located in Elk Grove Village, Glendale Heights, Carol Stream, Hanover Park, Bolingbrook and Elgin. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers International represented the undisclosed seller.
ST. CHARLES, MO. — Contegra Construction will build a new 70,000-square-foot headquarters and manufacturing facility for Diode Dynamics in St. Charles, a northwest suburb of St. Louis. Situated within Fountain Lakes Commerce Center, the project will include a showroom, four drive-in engineering bays, a 14,000-square-foot manufacturing area, engineering laboratory, 37,000-square-foot warehouse and 16,000-square-foot office. Diode Dynamics is a designer, manufacturer and distributor of automotive lighting products. The company will move all of its existing employees from Earth City and plans to add 36 new positions over the next five years. Joining Contegra on the project team are Remiger Design, BAX Engineering and SSC Engineering. Bank of Franklin County provided project financing. Completion is slated for this fall.
HOUSTON — Marcus & Millichap has brokered the sale of Territory at Greenhouse, a 288-unit luxury apartment complex located in West Houston’s Energy Corridor. The price was undisclosed. Marcus & Millichap represented the seller, Mayde Creek Apartments LLC, and procured the buyer, Civitas Capital Management II LLC, in the transaction. Marcus & Millichap Capital Corp. arranged the acquisition financing. Dhanani Private Equity Group developed the 13-building, garden-style property in 2019. The one-, two- and three-bedroom units feature in-unit washers and dryers, private balconies and wood flooring. Amenities include an amphitheater and resort-style pool. Territory at Greenhouse is located within a five-minute drive time from I-10, Beltway 8, and Grand Parkway. Nearby national and regional employers include Wood Group, BP America, Shell Oil Co., ConocoPhillips, Gulf States Toyota PCL Industrial Construction Co., Citgo, Memorial Hermann Health System, Chase Bank and Houston Methodist Hospital.
AURORA, ILL. — Peak Construction Corp. is underway on a build-to-suit office remodel for Phoenix in Aurora, about 40 miles west of Chicago. Phoenix is a packaging company dating back to 1890. Peak demolished approximately 65 percent of the office building at 975 Meridian Lakes Drive. The 41,375-square-foot project will incorporate modern and high-end finishes. Completion is slated for the third quarter. Jeff Blake of Paine/Wetzel represented Phoenix in the acquisition of the property. Indianapolis-based CSO Architects is the project architect.
LYNWOOD, WASH. — Commercial mortgage banking firm Gantry has arranged a $32.5 million loan to refinance a newly completed, privately built student housing community adjacent to Edmonds College in Lynwood, located about 17 miles north of Seattle. Triton Court offers 104 units with 220 total beds, including more than 13,000 square feet of retail space and more than 15,000 square feet of office space. The property is the result of a quasi-public/private partnership, wherein a private developer built and owns the complex managed by the Housing and Residence Life Office of Edmonds College. Gantry’s Mike Wood and Alex Saunders worked with the borrower, a privately held limited liability company, to structure the funding. The loan was placed with a debt fund and carries a competitive, fixed interest rate with payments on an interest-only basis for the 10-year loan term. Gantry, a privately held company headquartered in San Francisco, is a full-service mortgage banking firm
BETTENDORF, IOWA — Southern California-based private equity firm IRA Capital has acquired the Genesis Center for Digestive Health in Bettendorf, one of the Quad Cities. The purchase price was undisclosed. The 14,000-square-foot medical office building is fully leased to Genesis Health. Constructed in 2004, the highly specialized endoscopy center features three operating rooms alongside a full gastroenterology clinic, which includes physician offices, exam rooms and procedure rooms. Gastroenterology Associates previously occupied the building before becoming part of Genesis in June. IRA acquired the property through a sale-leaseback with Genesis, which operates six hospitals and employs over 5,500 people in the region.
GREENWOOD VILLAGE, COLO. — Private equity real estate firm KBS has sold Peakview Tower in Greenwood Village, about 12 miles southeast of Denver, for $66 million. The nine-story, 264,149-square-foot office tower is situated in Fiddler’s Green Circle, a suburban micro market that historically has had low office vacancy rates. JLL’s Mark Katz and Peter Merrion represented KBS in the sale. The buyer was a joint partnership led by Vanderbilt Office Properties. Peakview Tower, which KBS acquired in August 2012, features 27,600-square-foot floor plates, 9-foot ceilings, covered and attached parking, and a two-story lobby atrium. KBS recently completed additions to the asset built in 2001, including a fitness center and tenant lounge with barista-staffed coffee service. “In addition to top-tier onsite amenities, Peakview Tower offers access to amenities typically only found in urban locations, such as a food hall, Starbucks, grocery store, movie theater, over 200 hotels rooms, Denver’s light rail system, and a variety of shopping, dining and entertainment options — all within a five-minute walk from the building,” says Tim Helgeson, asset manager for Peakview Tower. “This optimal location gives the property a distinct advantage in the market and made it especially attractive to buyers.”