Property Type

Bridge Investment Group Purchases 508,590 SF Office Property in Hopkins, Minnesota

by Kristin Harlow February 8, 2022

HOPKINS, MINN. — Bridge Investment Group has purchased Excelsior Crossings in Hopkins near Minneapolis for an undisclosed price. The 508,590-square-foot office property, located on Excelsior Boulevard, consists of two Class A buildings that are each seven stories tall. Developed in 2008, Excelsior Crossings is 91 percent leased and recently underwent a $1.5 million amenity enhancement program. Bridge plans to invest an additional $6 million in capital and tenant improvements, including upgrades to the courtyard and common areas, kitchen, lobbies and elevator corridors. Current tenants include Element Fleet, Digi International and U.S. Bank’s Home Mortgage Division headquarters, which fully leases one of the buildings. Tom O’Brien of Cushman & Wakefield represented the seller, Colony Capital. Bridge Commercial Real Estate LLC, Bridge’s office operating company, will oversee capital improvements and management.

February 8, 2022

Acquisitions Michigan Midwest Retail

KJ Commercial Brokers $10.5M Sale of Retail Center in Dearborn, Michigan

by Kristin Harlow February 8, 2022

DEARBORN, MICH. — KJ Commercial has brokered the sale of a 52,000-square-foot retail center in Dearborn for $10.5 million. Rite Aid and Goodwill anchor the fully leased property. Kevin Jappaya and David Jappaya of KJ Commercial represented the seller, the center’s original developer, as well as the buyer, a local real estate investor. The transaction marked the first time that the property traded hands.

February 8, 2022

Acquisitions Midwest Minnesota Multifamily

Monument Capital Management Acquires LUX Apartments in Suburban Minneapolis for $9.9M

by Kristin Harlow February 8, 2022

FRIDLEY, MINN. — Monument Capital Management, an A-Rod Corp. company, has acquired LUX Apartments in Fridley, a northern suburb of Minneapolis, for $9.9 million. The 72-unit apartment community is located at 1230 Cheri Lane NE. This is the second acquisition in Minnesota within a week for the firm, which was founded by baseball star Alex Rodriguez and Ramon Corona in 2012. Built in 1963, LUX Apartments is spread across four buildings. Amenities include a barbecue area, dog park, laundry centers and garages. Monument plans to upgrade common areas and units. Ted Brickel of Colliers represented the seller, Quality Trusted Property Management. Monument purchased the asset in a joint venture with unnamed private investors. Monument now owns and manages seven multifamily properties in Minnesota totaling 819 units.

February 8, 2022

Loans Midwest Multifamily Wisconsin

Ready Capital Closes $8.2M Acquisition Loan for Apartment Complex in Madison, Wisconsin

by Kristin Harlow February 8, 2022

MADISON, WIS. — Ready Capital has closed an $8.2 million loan for the acquisition, renovation and stabilization of a 56-unit apartment complex in Madison. The undisclosed borrower plans to renovate unit interiors. The nonrecourse loan features a three-year term, floating rate and interest-only payments.

February 8, 2022

Acquisitions Illinois Industrial Midwest

Venture One Buys 37,247 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow February 8, 2022

WAUKEGAN, ILL. — Venture One Real Estate has purchased a 37,247-square-foot industrial building in Waukegan for an undisclosed price. The single-tenant property is located at 1429 Shields Drive. Constructed in 2004, the building features a clear height of 28 feet, four exterior docks, one drive-in door and 5,738 square feet of office space. Venture One plans to make improvements such as office renovations, new paint and new LED lighting. The undisclosed tenant is vacating the property in December of this year. Chris Volkert, Ned Frank and Pat Hake of Colliers will market the building for lease. Venture One’s acquisition fund, VK Industrial V LP, is a partnership between Venture One and Kovitz Investment Group.

February 8, 2022

Acquisitions California Office Western

Prologis Acquires Pacific Vista Office Campus in Orange County for $96M

by Amy Works February 8, 2022

LAKE FOREST, CALIF. — Prologis has purchased Pacific Vista, a corporate office campus at 25500-25550 Commercentre Drive in Lake Forest. An undisclosed party sold the asset for $96 million. Situated on 24.4 acres, Pacific Vista consists of five two-story buildings featuring a 322,262 square feet of Class A office space. At the time of sale, the property was leased to seven long-term tenants. Jason Ward of Cushman & Wakefield represented the buyer, while John Harty, Jeffrey Cole, Nico Napolitano and Ed Hernandez of Cushman & Wakefield represented the seller in the transaction.

February 8, 2022

Affordable Housing Arizona Loans Multifamily Seniors Housing Western

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Amy Works February 8, 2022

TUCSON, MESA AND PHOENIX, ARIZ. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, located at 8111 E. Broadway Blvd. in Tucson, features 612 independent living and assisted living units in a mix of studio, one- and two-bedroom floor plans with a private balcony or patio. Community amenities include central dining, transportation services, recreational venues, swimming pools, a fitness center and laundry facilities. Twenty percent of the units must be rented to residents with incomes at or below 50 percent of the area median income (AMI) and 46 of the units are targeted to households at or below 80 percent AMI. The remainder of the units are rent restricted to 30 percent to 80 percent of AMI. Fellowship Square Historic Mesa, located at 35 …

February 8, 2022

Affordable Housing Development Multifamily Washington Western

Africatown, Community Roots Break Ground on Affordable Housing Development in Central Seattle

by Amy Works February 8, 2022

SEATTLE — Africatown Community Land Trust (ACLT) and Community Roots Housing (CRH) have broken ground on 23rd and East Spring Street in Seattle’s Central District. Situated on a half-acre site, the seven-story building will feature 126 affordable housing units, including 59 studio apartments for households earning up to 50 percent of the area median income (AMI). Additionally, the community will feature 36 one-bedroom and 31 two- and three-bedroom units for households earning up to 60 percent of AMI. The landlord will provide heat, hot water, potable water, sewer and trash collection for the residents. The building’s ground floor will contain space for ACLT’s new headquarters, an affordable commercial kitchen to be used by local culinary entrepreneurs, a community room and bike storage. The design team includes GGLO, DREAM Architects and David Baker Architects. The general contractor group is a joint venture between Absher and MAD Construction, which is an African American-owned general contractor. In addition, 30 percent of the total value of the mechanical, electrical and plumbing work has been awarded to Adept Mechanical & General Contracting, an African American-owned subcontractor. KeyBank Community Development Lending and Investment is providing $37.4 million of construction financing and $14.2 million of permanent financing, …

February 8, 2022

California Development Multifamily Western

Stockbridge Real Estate, Cityview Buy South Bay X Multifamily Development in Gardena, California

by Amy Works February 8, 2022

GARDENA, CALIF. — A joint venture between Stockbridge Real Estate and Cityview has purchased South Bay X, a development site fully entitled for sustainable multifamily housing located at 12850 Crenshaw Blvd. in Gardena. South Bay X will feature 265 units in a mix of studio, one- and two-bedroom apartments ranging from 510 square feet to 1,197 square feet. The joint venture plan to achieve LEED Silver certification with the project, designing the Class A property to realize 20 to 30 percent improved energy efficiency over other similar non-green buildings. South Bay X will feature high-performing lighting, enhanced indoor air quality and a solar thermal water heating system that relies on renewable energy. The property will offer premier interior finishes, a fitness center and expansive outdoor amenities, including a pool, spa, lanai, outdoor strength area, barbecues and three open-air courtyards. The project is slated to break ground in the fourth quarter, with completion scheduled for early 2025.

February 8, 2022

Acquisitions California Industrial Lee & Associates Western

Lee & Associates Brokers $11.7M Sale of Industrial Building in Vista, California

by Amy Works February 8, 2022

VISTA, CALIF. — Lee & Associates – NSDC has arranged the sale of a single-tenant industrial property located within Oak Ridge Business Center in Vista. Elion Partners acquired the asset for $11.7 million from Tom E. Dixon Trust. The 47,560-square-foot property features three dock-high doors, two grade-level doors and heavy power. Additionally, the building is 100 percent temperature controlled. Rusty Williams, Chris Roth and Jack Rubendall of Lee & Associates Williams-Roth Group represented the seller, while Greg Pieratt of Lee & Associates represented the buyer in the deal.

February 8, 2022

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