Tuesday, July 8, 2025
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Defoors Ferry Ave
AcquisitionsGeorgiaMultifamilySoutheast

Songy Highroads, Alex. Brown Realty Acquire Two-Property Apartment Portfolio in Atlanta

by Julia Sanders

ATLANTA — Atlanta-based Songy Highroads, in a joint venture with Baltimore-based Alex. Brown Realty Inc., has acquired a two-property apartment portfolio with a total of 108 units in the Atlanta’s Upper Westside neighborhood. The sellers and sales price were not disclosed. Chris Cain, John McCalla and Mason Taylor of Marcus & Millichap represented the sellers of both properties. The adjacent communities are located at 2100 and 2113 Defoors Ferry Ave., and the new owners plan to combine the properties into one apartment community. Songy Highroads and Alex. Brown Realty also plan to make capital investment improvements such as upgrading unit interiors, adding shared amenities and improving the curb appeal of the assets. The planned added amenities will include a shared gym / fitness center, a playground, grilling stations and improving the pool at both properties. The two Defoors apartments are located in the heart of the Upper Westside, close to Collier Village, West Midtown, The Works, Westside Village and Peachtree Road. The properties also feature access to Interstates 75 and 285. The 2100 Defoors apartments, a 60-unit community, offer one- and two-bedroom units with rents ranging from $1,200 to $1,525. Current unit features include quartz countertops, walk-in closets, in-unit washers …

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Willow Lake Crossing
AcquisitionsGeorgiaRetailSoutheast

Palomar Group Brokers $3.8M Sale of Willow Lake Crossing in Warner Robins, Georgia

by Julia Sanders

WARNER ROBINS, GA. — The Palomar Group has brokered the $3.8 million sale of Willow Lake Crossing, a 19,650-square-foot shopping center in Warner Robins. Built in 1998, Willow Lake Crossing is fully occupied, and shadow anchored by Target and Academy Sports + Outdoors. Other tenants include Shane’s Rib Shack, Stevi B’s and H&R Block. Located at 2907 Watson Blvd., the shopping center is situated about 19.5 miles from Macon and 8.9 miles from the Middle Georgia Regional Airport. The property is also situated at the intersection of Watson Boulevard and Houston Lake Road. Earlier this year the previous owner, an unnamed investor based in the Southeast, completed renovations at the center, including resealing and restriping of the parking lot, façade upgrades and LED lighting installation in the parking lot. Jordan Collier and Brian Sweeting with Meybohm Commercial represented the buyer, an unnamed regional investor. Palomar represented the seller, which had owned the center for over 20 years.

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AcquisitionsIllinoisMidwestMultifamily

Pensam Acquires 620-Unit Multifamily Portfolio in Metro Chicago

by Kristin Harlow

AURORA AND WHEATON, ILL. — Pensam has acquired Aspen Place Apartments in Aurora and Lakeside Apartments in Wheaton for an undisclosed price. The two-property multifamily portfolio totals 620 units. Of the 416 units at Aspen Place, 168 are townhomes with attached garages. Amenities include a clubroom, fitness center, conference room, grilling station and pool. The 204-unit Lakeside features amenities such as a clubhouse, fitness center, conference room, pool and grilling stations. Seller information was not provided. Pensam is a multifamily real estate investment firm managing over $3 billion in assets across its equity and lending platforms.

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IllinoisIndustrialLeasing ActivityMidwest

Signode Signs 360,709 SF Industrial Lease in Roselle, Illinois

by Kristin Harlow

ROSELLE, ILL. — Signode has signed a 360,709-square-foot industrial lease at 1600 Central Ave. in Roselle, a northwest suburb of Chicago. Signode, a global manufacturer of packaging and warehouse automation solutions, will open a global flagship facility for its Automation and Packaging Technologies (APT) platform following the completion of tenant improvements at the new site. Originally constructed as a build-to-suit for Sony Corp. in 1994, the building sits on 19 acres and features a clear height of 28 feet, 40 exterior docks and 46 trailer spots. The property is situated within the Turnberry Lakes Business Park, which offers convenient access to I-390 and O’Hare International Airport. Signode will house its APT platform at the new site, including manufacturing for a broad portfolio of equipment and a new, 100,000-square-foot customer experience center. Ron Behm and Jonathan Kohn of Colliers International Chicago represented the landlord, Prologis. Whit Heitman of CBRE represented Signode, which will occupy the entire building.

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AcquisitionsHospitalityMidwestWisconsin

Jenkins Organization Purchases RV Resort Park in Warrens, Wisconsin

by Kristin Harlow

WARRENS, WIS. — The Jenkins Organization Inc. (TJO) has purchased The Jellystone Park in the central Wisconsin town of Warrens. The purchase price was undisclosed. With 415 recreational vehicle (RV) sites, 162 park models and 42 tent sites across 130 acres, the park will be the largest within TJO’s portfolio. TJO plans to upgrade the park with enhanced Wi-Fi and cable as well as replace several cabins. Planned additions include gem mining, laser tag and a jumping pad. Over the winter months, TJO will renovate the ranger station, café, activities building and water attractions, and add a Wibit obstacle course. Current amenities at the park include 36 holes of mini golf, a shuffleboard court, wave pool, swimming beach, waterslide, lazy river and racer waterslide. The acquisition marks TJO’s fifth Jellystone Park and ninth RV resort since launching its Great Escapes RV Resorts brand in 2019.

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IllinoisLoansMidwestOffice

North Wells Capital Receives $21M Loan for Refinancing of Chicago Office Building

by Kristin Harlow

CHICAGO — North Wells Capital LLC has received a $21 million loan for the refinancing of 440 North Wells in Chicago’s River North neighborhood. The office and retail building rises eight stories and spans 95,316 square feet at the intersection of Wells and Hubbard streets. The property is currently 97 percent occupied, with the office space anchored by Curo Technologies and the retail space anchored by Ligne Roset. Urban Innovations provides property management, leasing and construction services for the building. North Wells Capital and Urban Innovations have owned and managed the property since 1996. CIBC Bank USA provided the loan, terms of which were undisclosed.

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AcquisitionsMidwestMissouriRetail

Stan Johnson Co. Brokers Sale of 81,185 SF Summit Orchards Shopping Center Near Kansas City

by Kristin Harlow

LEE’S SUMMIT, MO. — Stan Johnson Co. has brokered the sale of Summit Orchards Shopping Center in Lee’s Summit near Kansas City. The sales price was undisclosed. The newly built property, which spans 81,185 square feet, was fully leased at the time of sale to tenants such as Aldi, HomeGoods, Ross Dress for Less and Five Below. Margaret Caldwell, Patrick Kelley, Jason Powell and Max Van Dresser of Stan Johnson represented the seller, Townsend Summit, an affiliate of Townsend Capital, which is a Maryland-based investor and developer. Jenel Real Estate, a private family office based in New York, was the buyer.

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CaliforniaLoansMultifamilyNorthmarqWashingtonWestern

NorthMarq Arranges $132M Refinancing for Six Multifamily Properties in California, Washington

by Amy Works

SAN FRANCISCO — NorthMarq’s San Francisco office has arranged the $132 million in refinancing for six multifamily properties in California and Washington comprising 965 units. Dennis Williams and Tom Wright of NorthMarq arranged the financing for the borrower, JB Matteson, through its long-time correspondent relationship with Allianz. The six permanent loans featured fixed interest rates with interest-only payments for the full 10-year terms. The financing includes: A $19.2 million loan for Avanti Apartments, a 216-unit property located at 4450 El Centro Road in Sacramento. A $31.4 million loan for Millworks Apartments, a 124-unit community located at 900 Reichert Ave. in Novato, Calif. An $18.5 million loan for Reflections at the Park, a 244-unit complex located at 11510 NE 112th Drive in Vancouver, Wash. A $19.4 million loan for Tustin Cottages, a 93-apartment community at 1361 El Camino Real in Tustin, Calif. A $25.5 million loan for Urban Village, a 129-unit property at 1081 Long Beach Blvd. in Long Beach, Calif. An $18 million loan for Waterfront Apartments, a 96-unit community with 4,000 square feet of commercial space in Petaluma, Calif.

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Madison-Town-Center-Valencia-CA
AcquisitionsCaliforniaMultifamilyWestern

Gemdale USA Sells Madison at Town Center Apartment Complex in Valencia, California for $62M

by Amy Works

VALENCIA, CALIF. — Gemdale USA has completed the disposition of The Madison at Town Center, a multifamily property in Valencia. Fairfield Residential acquired the asset for $62 million, or $476,923 per unit. Built in 2003, The Madison at Town Center features 130 apartments, a heated swimming pool, fitness center, internet café and 24-hour maintenance concierge. The property offers 16 different floor plans, ranging from one- to three-bedrooms, with in-unit washers and dryers, walk-in closets, upgraded appliances, gallery-style track lighting with spotlight, soaking tubs and single vanities. Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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Benson-Hotel-Portland-OR
HospitalityLoansOregonWestern

Coast Hospitality Receives $51.1M Refinancing for Benson Hotel Renovations in Portland

by Amy Works

PORTLAND, ORE. — Seattle-based Coast Hospitality has received a $51.1 million loan for the refinancing and renovation of Benson Hotel in downtown Portland. Dallas-based Hall Structured Finance closed a first lien bridge loan for the borrower. Originally built in 1912 and expanded in 1959, the 13-story hotel features 287 guest rooms, including 57 suites; two restaurants; a bar/mezzanine lounge; and almost 18,000 square feet of indoor meeting space spanning across 18 different rooms, including two separate ballrooms; a 12-story historic stairwell; fitness center; and business center. The borrower plans to renovate the hotel’s common areas, including the meeting space, lobby and food and beverage outlets. The property, which previously operated independently of a national brand, will be flagged under the Hilton Curio Collection in the fourth quarter of 2021. Jonathan Falik of JF Capital Advisors advised Coast Hospitality on the loan and the branding.

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