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Varenita-Temecula-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

CFG Provides $32.9M Construction Financing for Assisted Living, Memory Care Facility in Temecula, California

by Amy Works

TEMECULA, CALIF. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy or other projects and make repayments via an assessment on the property tax bill. The financing arrangement then remains with the property even if it is sold, facilitating long-term investments in building performance.

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7200-E-36th-Ave-Denver-CO
AcquisitionsColoradoIndustrialSelf-StorageWestern

Armstrong Capital Development Sells 80,400 SF Self-Storage Facility in Denver

by Amy Works

DENVER — Armstrong Capital Development has completed the disposition of a self-storage facility in Denver. An institutional buyer acquired the asset for an undisclosed price. Located at 7200 E. 36th Ave., the 80,400-square-foot facility consists of a three-story, climate-controlled building with 569 units ranging in size from 5-foot by 5-foot to 10-foot by 30-foot. Onsite amenities include 24-hour video surveillance, prominent visibility and convenient access to more than 68,900 vehicles per day. Built in 2019, the property was 96 percent occupied at the time of sale.

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Aegis-Living-Greenwood-Seattle-WA.jpg
DevelopmentMultifamilySeniors HousingWashingtonWestern

Aegis Living Opens 96-Unit Seniors Housing Community in Seattle

by Amy Works

SEATTLE — Aegis Living has opened its 35th community, Aegis Living Greenwood, in the Greenwood neighborhood of Northwest Seattle. The 89,000-square-foot property features 96 units. The five-story building is inspired by the neighborhood and built with Tudor Revival architecture, a classic style most popular in the United States in the 1920s and ‘30s. Ankrom Moisan was the architecture firm and Venture was the general contractor. Aegis has several additional communities in development, including a property in the Eastlake neighborhood of Seattle opening next month.

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AcquisitionsIndustrialNevadaWestern

RealComm Brokers $3.8M Sale of Industrial Building in Las Vegas

by Amy Works

LAS VEGAS — RealComm has arranged the sale of an industrial facility in Las Vegas. JPFS LLC sold the asset to 3934 Silvestri Lane LLC for $3.8 million. Located at 3924 Silvestri Lane, the property features 16,888 square feet of industrial space. Jennifer Levine and Elizabeth Moore of RealComm Advisors represented the seller in the deal.

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DevelopmentIllinoisMidwestOffice

BMO Financial Group Opens 50-Story Office Tower in Chicago

by Kristin Harlow

CHICAGO — BMO Financial Group has opened BMO Tower at 320 S. Canal St. in Chicago’s West Loop Gate neighborhood. The 50-story office tower will serve as BMO’s new U.S. headquarters. More than 3,000 employees will be based at BMO Tower, which rises more than 700 feet. Developed by Riverside Investment & Development, the property’s main floor features a new technology-enabled BMO bank branch. The project, which features a fitness center and 1.5-acre greenspace, was designed to achieve WELL Building Platinum and LEED Gold certifications.

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DevelopmentIllinoisIndustrialMidwest

Venture One Breaks Ground on 729,823 SF Spec Industrial Facility in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Venture One Real Estate has broken ground on a 729,823-square-foot speculative industrial facility in Huntley, a northwest suburb of Chicago. Known as Venture Park 47, the project will be located at the intersection of Illinois Route 47 and Jim Dhamer Drive. The building will feature a clear height of 40 feet, 72 docks, four drive-in doors, 448 car parking stalls and 130 trailer stalls. Completion is slated for the third quarter of 2023. Brian Kling and Reed Adler of Colliers will market the project for lease.

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DevelopmentIllinoisMidwestMultifamilySeniors Housing

McShane Completes Construction of 166-Unit Senior Living Community in Algonquin, Illinois

by Kristin Harlow

ALGONQUIN, ILL. — McShane Construction Co. has completed The Oaks at Algonquin, a 166-unit senior living community in suburban Chicago. Spectrum Retirement Communities was the developer. The property features independent living, assisted living and memory care units. Amenities include three restaurants, a pub, salon, media lounge, theater, health club, rooftop deck, memory care garden and doctor and therapist offices. Vessel Architecture provided architectural services for the three-story community.

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IndustrialLeasing ActivityMichiganMidwest

Diversified Synergies Signs 200,000 SF Industrial Lease in Detroit

by Kristin Harlow

DETROIT — Diversified Synergies LLC has signed a 200,000-square-foot industrial lease at 201 Waterman St. in Detroit’s Delray neighborhood. The Bedrock-owned Fort Street Industrial Campus, formerly named the Sakthi Industrial Campus, is slated to open as early as July. Diversified Synergies packages and distributes products for pharmaceutical, food and consumer goods for Fortune 500 companies. The Highland Park, Mich.-based company is a joint venture between Staffing Synergies Inc. and Diversified Chemical Technology Inc. Bedrock acquired the former Sakthi Industrial Campus in September 2020. The property features roughly 529,000 square feet of industrial space, 89,000 square feet of flex office space and more than 10 acres of developable land. Bedrock is the full-service real estate arm of billionaire businessman Dan Gilbert.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Builds 178,850 SF Spec Industrial Facility in Chicago

by Kristin Harlow

CHICAGO — Principle Construction Corp. has completed a 178,850-square-foot speculative industrial building in Chicago. IDI Logistics was the developer. Located at 3700 S. Morgan St., the property features a clear height of 36 feet, 32 dock positions, two drive-in doors and 103 car parking stalls. Principle’s Darrin Dehmlow served as project manager and Matt Frane was the onsite superintendent. Macgregor Architects served as project architect.

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DevelopmentMidwestMixed-UseMultifamilyOhioTop Stories

City Club Starts Redevelopment of Historic Union Central Tower in Cincinnati to 281-Unit Apartment Building

by Jeff Shaw

CINCINNATI — City Club Apartments has broken ground on the redevelopment of Union Central Tower, a historic skyscraper in downtown Cincinnati. Plans call for 281 luxury apartments in a mix of unfurnished long-term rentals and furnished short-term rentals, as well as ground-floor commercial space. The total cost of the redevelopment is estimated to be $90 million. Union Central Tower, most recently known as PNC Tower, was built in 1913 and at 31 stories was the fifth-tallest building in the world upon completion, as well as the second-tallest outside of New York City. The property was designed by legendary turn-of-the-century Cincinnati architecture firms Garber & Woodward and Cass Gilbert. “Investments like the Union Central project are a key part of attracting the young, diverse talent that our city needs in order to thrive,” says Cincinnati Mayor Aftab Pureval. The community will feature a ground-floor lobby, library and lounge; 17th-floor private club with views of the Ohio River, Roebling Bridge and sports stadiums; abundant coworking spaces; 19th-floor Sky Park and Entertainment Sky Club with gourmet kitchen; rooftop terrace with wellness sauna, rooftop pool, hot tub, wraparound loungers, cabanas, fireplace, grilling stations, outdoor kitchen and Zen garden; 24/7 fitness center; indoor and outdoor theaters; multi-function …

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