Property Type

Legacy Partners, Lionstone Investments Break Ground on 623-Unit Mixed-Use Redevelopment in Downtown Redmond, Washington

by Amy Works November 12, 2021

REDMOND, WASH. — A joint venture between Legacy Partners and Lionstone Investments has broken ground for the redevelopment of the Redmond Square shopping center in downtown Redmond. When completed, the mixed-use development will feature 623 apartments spread across six buildings on 3.5 acres. The first phase of the development, located at 16595 Redmond Way, will offer 311 apartments and nearly 20,000 square feet of ground-floor retail space. Residences will feature built-in closets, Bertazzoni Italian appliances, kitchen range hoods, built-in microwaves, Carrera quartz countertops, floating bathroom vanities with framed mirrors, Latch smart home devices and air conditioning. The second phase, located at 16502 Cleveland St., will consist of 312 apartments and 13,000 square feet of retail and commercial space. Construction of the second phase is slated to begin in 2022. Tiscareno Associates is architect of record for both buildings, which will open in phases from winter 2023 to summer 2024.

November 12, 2021

Colorado Development Loans Multifamily Western

Prime West Receives $71.8M in Financing for Alloy Sunnyside Multifamily Development in Denver

by Amy Works November 12, 2021

DENVER — Prime West has obtained $71.8 million in combined joint venture equity and construction financing for the development of Alloy Sunnyside, an apartment community at 4120-4158 N. Jason St. in Denver’s Sunnyside neighborhood. JLL Capital Markets arranged co-general partner capital with Angelo Gordon, limited partnership joint venture equity through a REIT and construction financing from a national money center bank for the borrower. Leon McBroom, Mark Erland and Will Haass of JLL Capital Markets Debt Advisory team secured the financing for the borrower. Slated for completion in early 2023, Alloy Sunnyside will feature 209 apartments in a mix of studio, one-, two- and three-bedroom layouts averaging 731 square feet. Units will offer in-unit washer/dryers, luxury vinyl tile hardwood flooring, walk-in closets, stainless steel appliances and private balconies. The community will feature 2,400-square-foot of ground-floor retail space, structured parking, a community entertainment room, fitness center, outdoor pool and sundeck, terrace lounge, dog wash station and parcel lockers. The project team includes Catamount Constructors as general contractor and RATIO Architects as architect.

November 12, 2021

Arizona Development Industrial Western

CA Industrial, DWS/RREEF Break Ground on 1.5 MSF Luke Logistics Center in Glendale, Arizona

by Amy Works November 12, 2021

GLENDALE, ARIZ. — CA Industrial, in joint venture partnership with DWS/RREEF, has broken ground for the first phase of Luke Logistics Center at the northwest corner of Loop 303 and Glendale Avenue in Glendale. Situated on 90 acres, the four-building project features a total of 1.5 million square feet of industrial space. Each building will feature 32-foot to 40-foot clear heights, cross-dock and rear loading with 185-foot-deep gated truck courts, trailer storage, ample car parking, ESFR sprinkler systems and 60-foot speed bays. LGE Design Build is serving as the project’s designer and builder. John Lydon and Hagen Hyatt of JLL will handle leasing of the property.

November 12, 2021

Tustin-Rehabilitation-Hospital-Tustin-CA

Acquisitions California Healthcare Office Western

Cushman & Wakefield Brokers $18M Sale of Tustin Rehabilitation Hospital in Orange County

by Amy Works November 12, 2021

TUSTIN, CALIF. — Cushman & Wakefield has arranged the sale of Tustin Rehabilitation Hospital, a two-building, 73,180-square-foot medical facility at 14852 Yorba St. and 165 N. Myrtle Ave. in Tustin. An affiliate of Ventas sold the asset to an undisclosed buyer for $18 million. The property consists of a single-story, 17,180-square-foot nursing facility, which is currently vacant, and a two-story, 56,000-square-foot 48-bed inpatient rehabilitation facility that will become vacant by the end of the year. Travis Ives and Gino Lillio of Cushman & Wakefield’s US Healthcare Capital Markets team represented the seller in the deal.

November 12, 2021

Illinois Leasing Activity Midwest Office

BDO Digital Inks Lease, Becomes First Major Corporate Tenant at Former McDonald’s Campus in Suburban Chicago

by Kristin Harlow November 12, 2021

OAK BROOK, ILL. — Accounting and advisory firm BDO USA LLP has signed a lease for 28,000 square feet of Class A office space in Oak Brook for the headquarters of its subsidiary, BDO Digital LLC. The company is the first major corporate tenant at Oak Brook Reserve, the redevelopment of the former McDonald’s campus. The firm expects to take occupancy in the fourth quarter of 2022. Oak Brook Reserve offers more than 400,000 square feet of office space and 2.5 miles of walking and biking trails. Amenities include a conference room, tenant lounge, café, concierge services and transportation shuttles. Jeff Shay and Jack Connors of JLL represented ownership, JPD Oak Brook Holdings, in the lease transaction. Larry Serota, Cece Conway and Daye Williams of Transwestern represented BDO Digital.

November 12, 2021

Development Illinois Industrial Midwest

Summit Design + Build Completes Warehouse Expansion for TLC Ingredients in Illinois

by Kristin Harlow November 12, 2021

CREST HILL, ILL. — Summit Design + Build has completed construction of a 55,012-square-foot expansion for TLC Ingredients in Crest Hill near Joliet. The warehouse for the food ingredients and industrial products distributor previously spanned 44,000 square feet. The expansion includes new warehouse and cold storage space along with four new loading docks, a breakroom and additional parking stalls. Harris Architects Inc. was the project architect.

November 12, 2021

Illinois Leasing Activity Midwest Office

Teradyne Signs 42,696 SF Office Lease in Deer Park, Illinois

by Kristin Harlow November 12, 2021

DEER PARK, ILL. — Teradyne has signed a 42,696-square-foot office lease at The Reserve at Deer Park in the Chicago suburb of Deer Park. The tenant will occupy the entire sixth floor of the 351,425-square-foot building, which is located at 21440 W. Lake Cook Road. Teradyne, an automatic test equipment designer and manufacturer, expects to take occupancy in June 2022. The office layout will include lab components. JLL’s Doug Shehan, Rick Benoy and Julie Koelzer represented building ownership, a joint venture between Arzan Wealth and 90 North Real Estate Partners. James Otto and Sam Badger of CBRE represented Teradyne. JLL also recently negotiated a lease for the fifth floor, which brings the building to full occupancy.

November 12, 2021

Kansas Loans Midwest Multifamily

Ready Capital Closes $5.8M Acquisition Loan for Multifamily Property in Kansas City

by Kristin Harlow November 12, 2021

KANSAS CITY, KAN. — Ready Capital has closed a $5.8 million loan for the acquisition, renovation and stabilization of a 62-unit multifamily property in the South Johnson County submarket of Kansas City. The undisclosed borrower plans to address deferred maintenance and make exterior improvements. The nonrecourse loan features a floating rate and a three-year term.

November 12, 2021

Acquisitions Hospitality Indiana Midwest

Marcus & Millichap Arranges $2.5M Sale of Motel 6 Property in Indianapolis

by Kristin Harlow November 12, 2021

INDIANAPOLIS — Marcus & Millichap has arranged the sale of a Motel 6 hotel property in Indianapolis for $2.5 million. The 72-room hotel is located at 4585 S. Harding St., about 10 miles from the Indianapolis International Airport. Ebrahim Valliani, Michael Klar, Chris Gomes, Allan Miller and Robert Marro of Marcus & Millichap represented the seller, a Texas-based private investor. Alexandre Duong and Alex Fifner of Marcus & Millichap represented the buyer, a limited liability company.

November 12, 2021

Loans Multifamily Southeast Virginia

Berkadia Secures $56.2M in Construction Financing for Multifamily Development in Norfolk, Virginia

by Julia Sanders November 11, 2021

NORFOLK, VA. — Berkadia has secured $56.2 million in construction financing for Gravity on 400, a 273-unit high-rise multifamily development in Norfolk. Amy Gay of Berkadia Richmond secured the construction financing on behalf of the borrower, Virginia-based Marathon Development Group. The HUD 221(d)(4) loan through the Green MIP Reduction program features a 40-year term and an 85 percent loan-to-cost ratio. Gravity on 400 will feature studio, one-, two- and three-bedroom floor plans. The six-story apartment building will offer first-story garage parking and an elevator. Community amenities will include a fitness center, club room, courtyard with a swimming pool, grilling stations and fire pits. Located at 400 Waterside Drive, Gravity on 400 will be situated off the Elizabeth River and near Interstate 264. Additionally, the property will be located approximately 0.3 miles from the MacArthur Square light rail station and next to the Waterside District, a mixed-use dining and entertainment hub with restaurants, live music and festivals.

November 11, 2021

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