GLASTONBURY, CONN. — CBRE has negotiated the sale of The Tannery, a 250-unit apartment community in Glastonbury, a southern suburb of Hartford. Built in 2017, The Tannery offers a pool, sundeck with grilling areas, fitness center with a yoga studio, dog park, gaming area and a resident lounge. Units feature stainless steel appliances, granite countertops and wood-style vinyl plank flooring. Jeffrey Dunne, Simon Butler, Biria St. John and John McLaughlin of CBRE represented the seller, a partnership between Lexington Partners LLC and a fund advised by UBS Realty Investors LLC, in the transaction. The team also procured the buyer, Jones Street Investment Partners.
BEDFORD, N.H. — New York City-based Dwight Capital has provided a $27 million loan for the refinancing of Bedford Hills Apartments, a 144-unit community located near Manchester in the southern part of the Granite State. Built in 2016, the property comprises four residential buildings and a clubhouse/leasing office on a 13-acre site. Other amenities include a pool and a courtyard with a grilling area. Josh Sasouness of Dwight Capital originated the loan. The borrower was not disclosed.
GREER, S.C. — Development and investment firm CRG has sold Building C at The Cubes at Inland 85 in Greer, located midway between Greenville and Spartanburg. Investment management firm PRP purchased the asset for $119.5 million. An affiliate of Techtronic Industries Co. Ltd. fully occupies the 1.4 million-square-foot distribution center. Techtronic is a global consumer products company headquartered in Hong Kong. Its brand portfolio includes Milwaukee, Ryobi, Hoover and others within the cordless power tools, accessories, floorcare and do-it-yourself segments. Completed in early November, Building C features a clear height of 36 feet, 246 dock doors, a 185-foot truck court and 555 trailer parking spaces. The building is situated five miles from the Greenville-Spartanburg International Airport and four miles from Inland Port Greer, with rail connection to the Port of Charleston. “The project benefits from great access to major transportation, which we know is more important than ever as e-commerce providers are striving to meet the growing consumer demands for quick delivery,” says Mike Demperio, partner and senior vice president of the Southeast region at CRG. “Additionally, Greenville-Spartanburg continues to be an attractive investment market because of its business-friendly, labor-rich environment and easy access to the Southeast and Eastern Seaboard.” …
ST. LOUIS — Cushman & Wakefield has brokered the sale of two industrial buildings totaling 1.1 million square feet in St. Louis for $75.1 million. The buildings are part of Gateway Commerce Center and are situated within the city’s Metro East submarket. The facilities, Gateway East 520 and Gateway East 624, were both developed in 2016. James Carpenter, Mike Hanrahan, Ed Lampitt and Elizabeth Given of Cushman & Wakefield represented the seller, Dallas-based L&B Realty Advisors. Plymouth REIT was the buyer.
CROWN POINT, IND. — Greystone has provided a $44 million bridge loan for the acquisition of Hidden Creek Apartments in Northwest Indiana’s Crown Point. The 432-unit apartment complex was built in 1976 and renovated in 2006. The garden-style community is comprised of 12 three-story buildings along with a clubhouse. Amenities include a pool, fitness center, playground, banquet room, lounge and tennis courts. Eric Rosenstock and Dan Sacks of Greystone originated the nonrecourse loan, which features a 24-month term and two six-month extension options. Greystone intends to transition the bridge loan secured by the property to permanent HUD-insured financing. Bayshore Properties was the borrower.
ELKHART, IND. — Holladay Properties has sold a 97,412-square-foot industrial building in Elkhart for an undisclosed price. The property, which is located at 2810 Bridger Court and built in 1999, is fully leased to All-State Industries and Midwest Sales and Service. Holladay acquired the asset from All-State Industries in 2020. Holladay’s Paul Phair coordinated the sale, while Ryan White of Pinnacle Properties represented the undisclosed buyer.
DES PLAINES, ILL. — Ready Capital has closed a $10.7 million loan for the acquisition, renovation and stabilization of a 120-unit multifamily property in Des Plaines. The undisclosed borrower plans to implement a capital improvement program to address deferred maintenance and renovate unit interiors, building exteriors and common areas. The nonrecourse loan features a floating rate and a three-year term.
ELGIN, ILL. — SVN | Chicago Commercial has brokered the sale of McLean Square in Elgin for $2.7 million. The 23,405-square-foot retail strip center is situated on 2.5 acres along McLean Boulevard. Dollar Tree is the anchor tenant. David Coupe of SVN worked alongside Lee Kotler of Konnect Real Estate to reposition and lease up the asset, which had fallen into receivership. Buyer and seller information was not provided.
BAYTOWN, TEXAS — Marcus & Millichap has arranged the sale of Main Plaza Storage, a 554-unit self-storage facility located in the eastern Houston suburb of Baytown. The property spans 66,500 net rentable square feet. Dave Knobler of Marcus & Millichap represented the seller, a private investor, in the transaction. Knobler also procured the New York-based buyer, which plans to implement a value-add program. Both parties requested anonymity.
DALLAS — Lubbock-based multifamily investment and development firm Madera Residential has acquired Armstrong at Knox, a 165-unit apartment community located in the Knox-Henderson area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, resident lounge and a business center. Jon Wooton, Mike Bryant and Victoria Langston of CBRE arranged $47.9 million in acquisition financing through a fund sponsored by CBRE Investment Management on behalf of Madera Residential.