Property Type

Gemdale USA Divests of Blake at Berkeley Apartment Community in Bay Area for $66M

by Amy Works December 17, 2021

BERKELEY, CALIF. — Gemdale USA has completed the sale of Blake at Berkeley, a multifamily property located at 2033 Blake St. in Berkeley. An undisclosed buyer acquired the community for $66 million, or $785,700 per unit. Completed in December 2021, Blake at Berkeley features 32 studio, 34 one-bedroom, 16 two-bedroom and two live-work units. Community amenities include a central courtyard, a roof deck with 360-degree views, two large common-area patios, coworking spaces and garage parking. Jason Parr, Scott MacDonald, John Hansen, Michael Bissada and Sydney Ladrech of Cushman & Wakefield’s Multifamily Advisory Group represented the seller in the transaction.

December 17, 2021

Acquisitions Build-to-Rent Colorado Single-Family Rental Western

Inland Real Estate Purchases Single-Family Rental Community Near Denver from NexMetro for $63.1M

by Amy Works December 17, 2021

BRIGHTON, COLO. — Phoenix-based NexMetro Communities has completed the disposition of Avilla Prairie Center, a purpose-built single-family-rental community in Brighton. Chicago-based Inland Real Estate Group of Cos. acquired the asset for $63.1 million, or $464,000 per unit. Located at 2103 Peregrine Drive, Avilla Prairie Center features 136 homes. Inland has purchased two other Avilla Homes communities from NexMetro. Dave Potarf, Matt Barnett, Dan Woodward and Jake Young of Walker & Dunlop handled the transaction.

December 17, 2021

Acquisitions California Retail Western

Lowe Acquires Sequoia Station Shopping Center in Redwood City from Regency Centers

by Amy Works December 17, 2021

REDWOOD CITY, CALIF. — Lowe has completed the purchase of Regency Centers’ portion of the Sequoia Station Shopping Center in downtown Redwood City. Terms of the transaction were not released. Lowe is in the process of seeking entitlements to redevelop the site into a modern mixed-use development as part of Redwood City’s proposed Transit District. The Regency portion of the property includes 103,000 square feet of retail space on 6.6 acres. Safeway and CVS/pharmacy anchor the property. Safeway will retain its current ownership within the shopping center and both Safeway and CVS/pharmacy will remain open and operating as the phased project is constructed.

December 17, 2021

Granger-Medical-Clinic-Salt-Lake-City-UT

Acquisitions Healthcare Office Utah Western

Montecito Medical Buys 95,000 SF Granger Medical Clinic Near Salt Lake City

by Amy Works December 17, 2021

WEST VALLEY CITY, UTAH — Montecito Medical has acquired Granger Medical Clinic, a medical office building located in West Valley City, a suburb of Salt Lake City. Terms of the transaction were not released. Built in 2020, the asset features nearly 95,000 square feet of space. Granger Medical Clinic fully occupies the property. Physicians at the property provide a variety of medical services, including urgent care, cancer care, endocrinology, ENT, audiology, family medicine, gastroenterology, internal medicine, ophthalmology, orthopedics, sports medicine, pediatrics and urology. The building also includes an imaging center, lab and pharmacy.

December 17, 2021

Acquisitions Industrial Nevada Western

Brass Cap Development Sells 70,000 SF Executive Airport Crossing Industrial Project Near Las Vegas

by Amy Works December 17, 2021

HENDERSON, NEV. — Brass Cap Development has completed the disposition of Executive Airport Crossing, a nearly complete industrial project in the West Henderson area near Raiders Way and Volunteer Boulevard. Terms of the transaction were not released. Totaling 70,000 square feet, the property features two buildings that are divisible from 14,446 square feet to 40,000 square feet. The buildings also offer dock- and grade-level loading areas. Executive Airport Crossing provides access to Interstate 15 and 215 Beltway. Las Vegas-based LM Construction designed and built the project.

December 17, 2021

Healthcare Loans New York Northeast

Excelsior Orthopaedics Refinances 114,250 SF Healthcare Portfolio Near Buffalo

by Taylor Williams December 17, 2021

AMHERST AND ORCHARD PARK, N.Y. — Excelsior Orthopaedics has refinanced a portfolio of four healthcare properties totaling 114,250 square feet near Buffalo with a $35.2 million loan. Specifically, the portfolio comprises three medical office buildings in Amherst and a surgery center in Orchard Park. The buildings were constructed between 2008 and 2016 and are 100 percent owner-occupied. Daniel Turley, Anthony Sardo and Brannan Knott of JLL arranged the seven-year, fixed-rate loan through Northwest Savings Bank.

December 17, 2021

Development Midwest Missouri Multifamily

CRG Begins Development of 245-Unit Apartment Project at Streets of St. Charles in Suburban St. Louis

by Kristin Harlow December 17, 2021

ST. CHARLES, MO. — CRG has begun development of Chapter at The Streets, a 245-unit apartment complex at The Streets of St. Charles, a mixed-use property in the St. Louis suburb of St. Charles. CRG is building the five-story building in partnership with AFL-CIO Building Investment Trust. Completion is slated for the second quarter of 2023. Chapter at The Streets will offer one- and two-bedroom units with monthly rents starting at $1,400. Amenities will include a pool, outdoor deck, fitness center, resident lounge, coworking space and pet grooming station. The project team includes Chicago-based Humphreys & Partners Architects LP and Chesterfield, Mo.-based Brinkmann Constructors. CRG’s Chapter-branded multifamily product is a national collection of upscale apartments. Chapter at The Streets is the third Chapter-branded project. The Streets of St. Charles is a 27-acre mixed-use development owned by Cullinan Properties Ltd.

December 17, 2021

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 184-Unit Multifamily Property in Hartford

by Taylor Williams December 17, 2021

HARTFORD, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Folly Brook Manor, a 184-unit multifamily property in Hartford. The seven-building community was built on 17 acres in 1961 and features two-bedroom units with an average size of 800 square feet. Eric Pentore, Victor Nolletti and Wes Klockner of IPA represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

December 17, 2021

Industrial Loans Michigan Midwest

Bernard Financial Group Arranges $57M Loan for Refinancing of Industrial Property in Romulus, Michigan

by Kristin Harlow December 17, 2021

ROMULUS, MICH. — Bernard Financial Group (BFG) has arranged a $57 million loan for the refinancing of a three-building industrial property totaling 1.8 million square feet in Romulus. Dennis Bernard and Joshua Bernard of BFG arranged the loan through Voya Investment Management LLC. An entity doing business as Ashley Romulus LLC was the borrower. Further details were not provided.

December 17, 2021

Civic Development Midwest Wisconsin

Kraus-Anderson to Wrap Up $42M Renovation of La Crosse Center in Wisconsin This Month

by Kristin Harlow December 17, 2021

LA CROSSE, WIS. — The Madison office of Kraus-Anderson (KA) is about to complete construction of the $42 million renovation and expansion of La Crosse Center. The civic center is located at 400 La Crosse St. in the western Wisconsin town of La Crosse. The center has remained open during construction, which is scheduled for completion by the end of the year. Designed by ISG Architects, the two-year renovation project expands the sports, entertainment and event center into 120,000 square feet of multipurpose space. There is a new 12,892-square-foot ballroom and 7,226-square-foot atrium along with seven meeting rooms and office space. The project also includes a rooftop terrace and a new lobby with a staircase to the ballroom level. KA renovated the existing arena with new seating; a higher-quality sound system; ADA-compliant platforms and railings; and upgraded and enlarged dressing rooms, locker rooms, restrooms and concession stands. In addition to sporting events and concerts, La Crosse Center will host weddings, conferences and trade shows.

December 17, 2021

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