Property Type

JLL Arranges $12.8M Loan for Refinancing of Two Industrial Buildings in Fridley, Minnesota

by Kristin Harlow February 15, 2022

FRIDLEY, MINN. — JLL Capital Markets has arranged a $12.8 million loan for the refinancing of Northern Stacks VIII and The Boiler Room, two buildings within the 122-acre Northern Stacks industrial park in the Minneapolis suburb of Fridley. Northern Stacks VIII is a 178,763-square-foot distribution and warehouse facility, while The Boiler Room is a 13,186-square-foot brewery. Northern Stacks VIII and The Boiler Room were renovated in 2020 and 2019, respectively, and are fully leased to five tenants. The Boiler Room is home to Forgotten Star Brewery and Northern Stacks Event Center. Brock Yaffe and Britta Lund of JLL arranged the loan behalf of the borrower, a joint venture between Minneapolis-based Hyde Development and Mortenson Properties Inc. A regional bank provided the seven-year, fixed-rate loan, proceeds of which will be used to take out two acquisition and redevelopment loans.

February 15, 2022

Acquisitions Healthcare Illinois Midwest

Marcus & Millichap Negotiates $3M Sale of Medical Office Building in Suburban Chicago

by Kristin Harlow February 15, 2022

ARLINGTON HEIGHTS, ILL. — Marcus & Millichap has negotiated the sale of a 38,864-square-foot medical office building in the Chicago suburb of Arlington Heights for $3 million. The property, located at 2010 S. Arlington Heights Road, is 84 percent occupied by medical tenants. It recently underwent upgrades such as a new HVAC system, new elevator, new tile in the first-floor corridors and updated suites. Tammy Saia and Tami Andrew of Marcus & Millichap represented the seller, a local limited liability company. An Atlanta-based limited liability company was the buyer.

February 15, 2022

Acquisitions Industrial Midwest NAI Wisconsin

NAI Greywolf Brokers Sale of 36,154 SF Industrial Building in Grafton, Wisconsin

by Kristin Harlow February 15, 2022

GRAFTON, WIS. — NAI Greywolf has brokered the sale of a 36,154-square-foot industrial building in Grafton, about 20 miles north of Milwaukee. The sales price was undisclosed. The property, which features both manufacturing and office space, is located at 1000 Hickory St. and features a clear height of 14 feet. David Hodge of NAI Greywolf represented the buyer, World Emblem, which plans to hire about 75 employees to work out of the facility.

February 15, 2022

Acquisitions Development Florida Industrial Southeast

Easton Group, LBA Logistics Acquire Land for $29.4M, Plan for Distribution Development in Metro Miami

by Julia Sanders February 15, 2022

HIALEAH, FLA. — Doral, Fla.-based The Easton Group and Irvine, Calif.-based LBA Logistics have acquired a 26.4-acre development site in Hialeah, about 11.6 miles from Miami. The joint venture purchased the land for $29.4 million with plans to build two speculative warehouse and distribution facilities on the site. The two buildings will total 462,954 square feet. Building features will include 36-foot clear heights, 124 trailer stalls and 407 parking spaces. Construction is expected to start towards the end of the year and take about 18 months to complete. Located at 4220 West 91st Place, the project is located about 17 miles from Miami Beach and 10 miles from the Miami International Airport. Easton Group and LBA Logistics are also partnering on a 266,760-square-foot warehouse development in nearby Hialeah Gardens, which is slated for completion by the second quarter of this year. Easton Group is scheduled to deliver 393,910 square feet of industrial space in Miami-Dade County over the next six months.

February 15, 2022

Development Florida Multifamily Southeast Student Housing

Landmark to Develop 760-Bed Student Housing Project Near University of South Florida in Tampa

by Julia Sanders February 15, 2022

TAMPA, FLA. — Athens, Ga.-based Landmark Properties has plans to develop The Metropolitan at Tampa, a 760-bed student housing community within a half-mile of University of South Florida (USF). Construction is slated to begin in June with the property opening to students in August 2024. The Metropolitan at Tampa will offer studio, one-, two-, three- and four-bedroom floorplans. In total, the four-story residential community will include 276 units and 1,779 net square feet of ground-floor retail space. The property was formerly a Quality Inn hotel. Located at 2701 E. Fowler Ave., The Metropolitan’s features will include fully furnished units, a complete appliance package and high-speed internet and cable. Community amenities will include a rooftop pool deck, ground floor courtyards, fitness center, 620-space covered parking deck and study and gaming lounges.

February 15, 2022

Acquisitions Georgia Retail Southeast

RealSource Arranges $9.4M Sale of LA Fitness-Occupied Property in Metro Atlanta

by Julia Sanders February 15, 2022

LAWRENCEVILLE, GA. — RealSource Group has arranged the $9.4 million sale of a single-tenant property occupied by LA Fitness at Lawrenceville Town Center, a shopping center in the eastern Atlanta suburb of Lawrenceville. Austin Blodgett of RealSource, in association with ParaSell Inc., represented the seller, New York-based DLC Management. The undisclosed buyer was a private investor based in Dallas. Built in 2020, the LA Fitness building spans 34,000 square feet. The property’s co-tenants include a Kroger supermarket and fuel station, H&R Block, O’Reilly Auto Parts, Verizon Wireless, Aaron’s, Rainbow Shops, Ameris Bank, Coast Dental, Burger King, Tidal Wave Auto Spa, Kumon and Lawrenceville Health Center. Located at 600 Gwinnett Drive, the property is positioned at the signalized intersection of Grayson Highway and Gwinnett Drive. The property is also situated 3.2 miles from Georgia Gwinnett College, 42.7 miles from downtown Atlanta and 42.6 miles from Hartsfield-Jackson Atlanta International Airport.

February 15, 2022

California Loans Office Western

CBRE Arranges $145M Refinancing for Glendale Plaza Office Tower in California

by Amy Works February 15, 2022

GLENDALE, CALIF. — CBRE has secured $145 million in refinancing for Glendale Plaza, a recently renovated, Class A office tower in Glendale. Located at 655 N. Central Ave., the 24-story, 542,000-square-foot tower was originally constructed in 1999 and is currently 77 percent leased to a mix of media companies, blue-chip financial services firms and law firms. The property includes an adjacent eight-level parking structure. Brad Zampa, Michael Walker and Greg Grant of CBRE’s Debt & Structured Finance group represented the borrower and building owner, DivcoWest, in the financing. The five-year, floating-rate loan was secured through a multinational investment banking company. DivcoWest acquired Glendale Plaza in 2017 and has invested more than $17 million into building upgrades, including the addition of an indoor/outdoor experience, common areas, event and conference space for tenants, a fitness area and modernization of the restrooms. The company is also planning to add a restaurant and café to the asset.

February 15, 2022

Acquisitions Arizona Multifamily Western

Sares Regis Multifamily Buys Arboretum at South Mountain Apartments in Phoenix for $118.2M

by Amy Works February 15, 2022

PHOENIX — Sares Regis Multifamily Value-Add Fund IV has acquired Arboretum at South Mountain, a multifamily property in the Ahwatukee Foothills Village region of Phoenix. Khosro Khaloghli sold the asset for $118.2 million, or $379,006 per unit. Built in 1999 on 12.5 acres, the 15-building property features 312 apartments with nine-foot ceilings, full-size washers/dryers and private balconies or patios. The community also offers a swimming pool and freestanding fitness center with pool views. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in transaction.

February 15, 2022

California Loans Retail Western

Gantry Secures $33.3M Refinancing for Marina Pacific Shopping Center in Long Beach, California

by Amy Works February 15, 2022

LONG BEACH, CALIF. — Gantry has arranged a $33.3 million refinancing for Marina Pacific Shopping Center, located on Pacific Coast Highway in Long Beach. George Mitsanas, Peter Hillakas and Austin Ridge of Gantry’s Los Angeles production office represented the borrower, a private investor, in the financing. Situated on 20 acres, the property features 296,958 rentable square feet of retail space in nine buildings. Anchor tenants include Ralphs Supermarket, Nordstrom Rack, Barnes & Noble, AMC Theatres, LA Fitness and Howards Appliances.

February 15, 2022

Acquisitions Arizona Industrial Western

Stos Partners Sells 227,000 SF Industrial Property in Tolleson, Arizona

by Amy Works February 15, 2022

TOLLESON, ARIZ. — Stos Partners has completed the disposition of a single-tenant industrial facility located at 10300 W. Buckeye in Tolleson. An undisclosed institutional buyer acquired the property for $27.5 million. Built in two phases in 2005 and 2016, the 227,000-square-foot property features 32-foot clear heights, dock-high loading doors and a variety of high-quality amenities. Stos Partners originally purchased the facility in December 2020 for $16.3 million.

February 15, 2022

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