Property Type

Stonemont Financial Group to Build 450,000 SF Spec Industrial Development Near Cleveland

by Kristin Harlow June 8, 2022

WESTFIELD CENTER, OHIO — Stonemont Financial Group has unveiled plans to build a 450,000-square-foot speculative industrial development in Westfield Center near Cleveland. Named Westfield Commerce Park, the Class A facility marks Stonemont’s first speculative development in Northeast Ohio. Plans call for a clear height of 36 feet, cross-dock configuration, 500 car parking spaces, 130 trailer stalls, 65 dock doors and four drive-in doors. Stonemont is the developer, while Pinnacle Bank and PCCP are debt and capital partners. JLL will oversee lease-up. Completion is slated for the first quarter of 2023.

June 8, 2022

Loans Michigan Midwest Multifamily

Seven Hills Realty Trust Originates $31.5M Acquisition Loan for Michigan Apartment Community

by Kristin Harlow June 8, 2022

FARMINGTON HILLS, MICH. — Seven Hills Realty Trust has originated a $31.5 million bridge loan for the acquisition and repositioning of Summit Apartments in the Detroit suburb of Farmington Hills. The 154-unit apartment community is situated along Summit Drive. Seven Hills funded an initial advance of roughly $28.5 million at closing with future advances of up to $3 million available for capital expenditures. The floating-rate loan features a three-year term. Q10|Lutz Financial Services arranged the loan on behalf of the borrower, a joint venture between Andover Real Estate Partners and M Group LLC. Seven Hills is a real estate finance company managed by Tremont Realty Capital, an affiliate of The RMR Group.

June 8, 2022

Acquisitions Healthcare Midwest Missouri

Syndicated Equities Acquires Medical Office Building in Suburban St. Louis for $14.4M

by Kristin Harlow June 8, 2022

FENTON, MO. — Syndicated Equities has acquired a 55,000-square-foot medical office and training facility in the St. Louis suburb of Fenton for $14.4 million. The two-story property is fully leased to SSM Health Care. The company uses the first floor for medical office space, including primary care, pediatrics, behavioral health, internal medicine and an express care clinic. The second floor serves as a training and simulation center for employees. The property is located across the street from one of SSM’s regional hospitals. The acquisition was partially funded with a loan from Huntington National Bank. The seller was not disclosed.

June 8, 2022

Acquisitions Illinois Industrial Midwest

SVN Chicago Arranges Sale of 66,674 SF Industrial Building in Rolling Meadows, Illinois

by Kristin Harlow June 8, 2022

ROLLING MEADOWS, ILL. — SVN Chicago’s industrial team has arranged the sale of a 66,674-square-foot industrial building in the Chicago suburb of Rolling Meadows for nearly $3 million. The buyer will utilize the property, located at 1125 Carnegie St., as a cannabis production facility. The property features clear heights ranging from 16 to 22 feet, five interior docks, one drive-in door and 3,400 square feet of office space. John Joyce of SVN represented the buyer, 11th Level Inc., a cannabis growth company that is licensed by the State of Illinois. Mike Senner and Tom Rodeno of Colliers represented the seller, Adams Plastics.

June 8, 2022

Leasing Activity Midwest Ohio Restaurant Retail

Huey Magoo’s Opens 2,500 SF Restaurant in Englewood, Ohio

by Kristin Harlow June 8, 2022

ENGLEWOOD, OHIO — Huey Magoo’s has opened its first restaurant in the state of Ohio in Englewood, a northern suburb of Dayton. The 2,500-square-foot building, located at 9196 N. Main St., is the 27th restaurant nationwide for the chicken tenders brand. The Englewood restaurant will offer dine-in, take out, curbside pickup and delivery through third-party services Uber Eats and DoorDash. Huey Magoo’s franchisees Tim and Ronda Hobart will operate the restaurant.

June 8, 2022

Acquisitions Arizona Multifamily Western

SB Real Estate Partners Buys Azura Apartments in North Phoenix for $91M

by Amy Works June 8, 2022

PHOENIX — SB Real Estate Partners has purchased Azura Apartments, a multifamily property located at 2700 W. Sahuaro Drive in Phoenix, for $91 million. The buyer will rebrand the community as Portola North Phoenix. Built in 1980, Azura Apartments features 387 units in a mix of one- and two-bedroom floor plans ranging from 474 square feet to 924 square feet. Community amenities include a recently modernized clubhouse, three swimming pools, three laundry facilities, secured-access gating, barbecue areas and playground areas. Cliff David and Steven Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer in the deal.

June 8, 2022

Acquisitions California Retail Western

Colliers Brokers $21M Sale of Moreno Beach Plaza II Shopping Center in Moreno Valley, California

by Amy Works June 8, 2022

MORENO VALLEY, CALIF. — Colliers has arranged the sale of Moreno Beach Plaza II, a shopping center located at 27610 Eucalyptus Ave. in Moreno Valley. A West Coast-based investment firm sold the asset to an undisclosed buyer for $21 million. LA Fitness, AutoZone, Carl’s Jr. and Panda Express are tenants at the 82,340-square-foot retail center. At the time of sale, the property was 96 percent occupied. The retail center consists of three single-tenant parcels, a multi-tenant pad building and a two-tenant anchor building situated on 9.1 acres. El Warner, Charley Simpson, Caitlin Zirpolo and Jordan Gomez of Colliers represented the seller in the deal.

June 8, 2022

Colorado Development Industrial Western

Starpoint Properties Plans 155,000 SF Point Central Business Park in Denver

by Amy Works June 8, 2022

DENVER — Starpoint Properties is developing Point Central Business Park, a two-building, 155,000-square-foot industrial complex in central Denver. Situated on 9.6 acres at 1051 E. 73rd Ave., the property will feature 155,000 square feet of Class A, LEED-certified industrial and warehouse space. Groundbreaking for the property is slated for July, with completion scheduled for summer 2023. Drew McManus, Ryan Searle and Bryan Fry of Cushman & Wakefield are handling leasing for the project. Point Central Business Park will offer two buildings: an 81,800-square-foot asset and a 73,500-square-foot building. The buildings will offer office space to suit, clerestory windows, high parking ratio, monument and building signage, a combined 25 dock doors, four drive-in doors and other modern design and functionality elements.

June 8, 2022

Acquisitions Arizona Multifamily Western

Greenlight Communities Divests of 244-Unit Cabana Power Multifamily Property in Mesa, Arizona

by Amy Works June 8, 2022

MESA, ARIZ. — Greenlight Communities has completed the sale of Cabana Power, an apartment property in Mesa. An undisclosed buyer acquired the asset for $84 million, or $344,262 per unit. Completed in 2022, Cabana Power features 244 apartments with nine-foot ceilings, eight-foot entry doors with keyless entry, smart thermostats and heat-reflecting windows. Select floor plans offer built-in workstation desks and full-size, front-loading washers and dryers. The community features a leasing office and clubhouse, coworking space, two laundry rooms, a resort-style swimming pool, Zen gardens, a multipurpose event lawn and outdoor fitness circuits. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

June 8, 2022

Acquisitions Montana Multifamily Seniors Housing Western

SLIB Negotiates Sale of 159-Unit Big Sky Senior Living in Butte, Montana

by Amy Works June 8, 2022

BUTTE, MONT. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Big Sky Senior Living in Butte. The community features 159 units of independent living, assisted living and memory care. The 87,000-square-foot asset was built in 1997 and sits on 11.3 acres of land. The seller is a locally based regional owner-operator. The buyer is a regional owner-operator based in the West that is expanding in the Mountain West. The price was not disclosed. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.

June 8, 2022

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