Property Type

Carson Development Plans 200-Acre Ledge Rock Center Mixed-Use Community in Johnstown, Colorado

by Amy Works June 28, 2022

JOHNSTOWN, COLO. — Carson Development is developing Ledge Rock Center, a 200-acre, master-planned, mixed-use community in Johnstown, approximately 25 miles southeast of Fort Collins. At full build out, Ledge Rock Center will offer more than 1 million square feet of retail space, 1,200 apartments and 200 single-family residences. Murdoch’s Ranch and Home Supply has already committed to one anchor tenant space, pre-leasing 85,000 square feet. Phase I of the retail development is slated for completion at the end of 2022 or first-quarter 2023. Michael Kendall, Daniel Miller and Cameron Flint of CBRE will handle retail leasing efforts for the development.

June 28, 2022

Affordable Housing Iowa Loans Midwest Multifamily Nebraska Northmarq South Dakota

Northmarq Originates $199.1M Recapitalization for Midwest Affordable Housing Portfolio

by Kristin Harlow June 28, 2022

IOWA, NEBRASKA AND SOUTH DAKOTA — Northmarq has originated $199.1 million in Fannie Mae loans for the recapitalization of a 14-property multifamily portfolio located in Iowa, Nebraska and South Dakota. Brett Hood of Northmarq arranged the 14 separate loans on behalf of the borrower, Minnesota-based Monitor Finance. The portfolio includes 2,784 units, 98 percent of which are affordable for residents who earn up to 60 percent of the area median income. The loan amounts ranged from $5.6 million to more than $36.8 million. All of the loans were at a 70 percent loan-to-value ratio. All of the properties had existing fixed-rate agency debt with approximately six to eight years of loan term remaining. Twelve of the properties are located in greater Des Moines, two in Davenport, two in Omaha and one in Sioux Falls, S.D. The largest loan was for Camelot Village, a 485-unit community in Omaha.

June 28, 2022

California Development Multifamily Western

Toll Brothers Breaks Ground on 422-Unit Lindley Apartment Tower in San Diego

by Amy Works June 28, 2022

SAN DIEGO — Toll Brothers Apartment Living, the rental subsidiary of Toll Brothers (NYSE: TOL), has broken ground on The Lindley, a 37-story multifamily property located in San Diego’s Little Italy neighborhood. Totaling more than 800,000 square feet, the 37-story building will feature 422 apartments and more than 12,000 square feet of ground-floor retail space. The Lindley will offer studio, one- and two-bedroom floor plans, as well as penthouse and townhouse residences. Units will feature luxury vinyl tile flooring, European-style cabinetry, quartz countertops with tile backsplashes, stainless steel appliances, energy-efficient LED lighting and smart thermostats. The penthouse and townhouse residences, situated on floors 35 to 37, will feature higher ceilings, hardwood flooring, quartz backsplashes, upgraded appliances and automatic shades. Additionally, all residences will have private balconies, with four of the townhouses featuring additional private rooftop patios. The community will also feature an above- and below-grade structured parking garage with 561 parking spaces and capacity for 222 electric vehicle charging stations. The first-floor grand lobby and mezzanine host the onsite property management, concierge, and mail and secured packaged room. Community amenities will include high-end finishes, secured keyless entry, Wi-Fi and more than 22,000 square feet of interior and exterior amenity space. …

June 28, 2022

Acquisitions Illinois Midwest Retail

WS Development Purchases 100,000 SF Plaza del Lago Shopping Center in Suburban Chicago

by Kristin Harlow June 28, 2022

WILMETTE, ILL. — Massachusetts-based developer WS Development has purchased Plaza del Lago in the Chicago suburb of Wilmette for an undisclosed price. The roughly 100,000-square-foot, open-air shopping center is situated along the shore of Lake Michigan. The property was originally built in the 1920s and is the nation’s second-oldest shopping destination, according to WS, which purchased the center in partnership with CrossHarbor Capital Partners. Joe Girardi of Mid-America Real Estate brokered the transaction. The seller was undisclosed.

June 28, 2022

Affordable Housing Loans Midwest Minnesota Multifamily

Colliers Mortgage Provides $21M in Construction Financing for Minneapolis Affordable Housing Property

by Kristin Harlow June 28, 2022

MINNEAPOLIS — Colliers Mortgage has provided a $21 million Fannie Mae Forward Conversion loan for the construction of Gateway Northeast in Minneapolis. The 128-unit affordable housing property is situated in the Riverfront District. Amenities include a lounge, business center, rooftop patio, fitness room, dog wash and outdoor patio. CommonBond Communities, a St. Paul-based nonprofit, is the developer. The loan features a 15.75-year term and a 480-year amortization schedule.

June 28, 2022

Acquisitions Illinois Midwest Multifamily

Bayshore Properties Acquires 344-Unit Apartment Complex in Mt. Prospect, Illinois

by Kristin Harlow June 28, 2022

MT. PROSPECT, ILL. — Bayshore Properties Inc. has acquired Mount Prospect Greens, a 344-unit apartment complex in the Chicago suburb of Mt. Prospect. Built in 1973, the property features a mix of one-, two- and three-bedroom units. There are 156 units that have been renovated with new countertops, cabinets and appliances. Tyler Hague and Lauren Stoliar of Colliers represented the seller, Pepper Pike Capital Partners. Dan Sacks and Eric Rosenstock of Greystone originated a $44.2 million Fannie Mae loan for the $49.5 million acquisition.

June 28, 2022

Acquisitions Arizona Industrial Western

Stockbridge Acquires 147,435 SF Warehouse Facility in Mesa, Arizona

by Amy Works June 28, 2022

MESA, ARIZ. — Stockbridge has purchased a single-tenant warehouse/distribution building situated on 28.6 acres at 3115 N. Higley Road in Mesa from Lexin Capital for an undisclosed price. Built in 2018, a Fortune 10 global e-commerce company fully occupies the 147,435-square-foot property. Will Strong, Kirk Kuller, Greer Oliver and Connor Nebeker-Hay of Cushman & Wakefield’s National Advisory Group represented the seller in the deal. Designed as a last-mile delivery station, the Class A tilt-up concrete building features 32-foot clear heights, ESRF sprinklers, skylights, R-38 insulation and heavy power. Additionally, the property has ample parking and a 135-foot, fully secured, 100 percent concrete truck court.

June 28, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 47,000 SF LA Fitness-Occupied Property in Suburban Chicago

by Kristin Harlow June 28, 2022

WESTMONT, ILL. — Mid-America Real Estate Corp. has brokered the sale of a 47,000-square-foot property occupied by LA Fitness in the Chicago suburb of Westmont. The sales price was undisclosed. LA Fitness recently executed a new 15-year lease. Joe Girardi and Matt McParland of Mid-America represented the sellers, Kensington Development and IM Properties Plc. A 1031 exchange investor was the buyer.

June 28, 2022

Acquisitions California Industrial Western

LDG Commercial Buys 61,500 SF Distribution Building in San Diego’s Otay Mesa District

by Amy Works June 28, 2022

SAN DIEGO — LDG Commercial Real Estate has purchased a warehouse and distribution building in San Diego’s Otay Mesa submarket. The San Diego-based company acquired the asset for $10.5 million in an off-market transaction. The name of the seller was not released. Located at 9840 Siempre Viva Road, Across Town Movers fully occupies the 61,500-square-foot building.

June 28, 2022

Acquisitions California Industrial Leasing Activity Retail Top Stories Western

Prologis Buys California’s Great America Amusement Park Site in Silicon Valley from Cedar Fair for $310M

by John Nelson June 28, 2022

SANTA CLARA, CALIF. — Cedar Fair LP (NYSE: FUN), an amusement and water parks owner and operator based in Sandusky, Ohio, has sold the land at California’s Great America amusement park in the Silicon Valley town of Santa Clara. Prologis (NYSE: PLD), an industrial REIT based in San Francisco, purchased the 112 acres for $310 million and executed a lease with Cedar Fair to continue operating the park. Cedar Fair plans to eventually close Great America, which was built in 1976 by Marriott International Inc. (NASDAQ: MAR). The park features more than 60 rides and rollercoasters, as well as the Planet Snoopy children’s park and South Bay Shores waterpark, according to the property website. Cedar Fair will continue to operate the park for a period of up to 11 years and then will close existing park operations at the end of the lease term. After 40 years of leasing Great America, Cedar Fair purchased the land from the City of Santa Clara in 2019 per an order from the State of California. The city purchased the park from Marriott in 1985. Following company-wide park closures from the COVID-19 pandemic, Cedar Fair explored options to raise revenue within its existing portfolio. …

June 28, 2022

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