EL PASO, TEXAS —The Silver Group, a single-tenant brokerage firm based on the West Coast, has arranged the sale of a 45,000-square-foot retail building in El Paso that is net leased to Best Buy. The property was originally built on 4.6 acres in 2002 and is located within Sunland Plaza, a retail power center that also houses tenants such as Target, Dick’s Sporting Goods, Marshall’s, Office Depot and Ulta Beauty. The buyer and seller were not disclosed.
MAPLE GROVE, MINN. — Colliers Mortgage has provided an $18.2 million Fannie Mae loan for the acquisition of Crossroads at Elm Creek in Maple Grove. The 98-unit apartment complex rises three stories. Amenities include a fire pit, children’s play area, outdoor seating, a fitness center, coffee bar, community room and storage lockers. Peak Capital Partners LLC was the borrower. The 10-year loan features a 30-year amortization schedule.
DELAVAN, WIS. — Coldwell Banker Commercial has arranged the $4 million sale of a 100,000-square-foot industrial building in Delavan, about 45 miles southwest of Milwaukee. Built in 2019, the property sits on 17.4 acres at 2153 Hobbs Drive. The building features a clear height of 30 feet, eight docks and one drive-in door. Bill Mears and Adam Schultz of Coldwell Banker Commercial McGuire Mears & Associates represented both the buyer and seller in the transaction. The buyer, Prop Shaft Supply, a division of Machine Service Inc., plans to move its 85 employees to the property.
CHICAGO — Dayton Street Partners has acquired a 7.8-acre industrial site in Chicago for an undisclosed price. The site, which includes several buildings totaling 66,154 square feet, is located at 2217 S. Loomis St. Southfield Corp. was the seller. Dayton Street says it expects to garner interest from tenants that require direct access to the city’s neighborhoods as well as users that require significant trailer or fleet parking and outdoor storage. David Lane of Burr and Temkin, along with Ed Wabick, Terry Lynch and Mark Hale of Paine Wetzel, will lead the marketing and leasing efforts.
GRAND FORKS, N.D. — SRS Real Estate Partners’ National Net Lease Group has brokered the $2.3 million sale of a single-tenant retail property occupied by OfficeMax in Grand Forks. The 23,500-square-foot building is located at 3225 30th Ave. Built in 1998, the property sits on 2.5 acres near the University of North Dakota and Columbia Mall. Joseph Simon of SRS represented the seller, a Madison, Wis.-based private investor. Simon also represented the buyer, an Oregon-based private investor completing a 1031 exchange.
SAN DIEGO — Sentre has purchased Rancho Bernardo Vista, a newly constructed Class A industrial facility situated on 10 acres at 16915 Via Del Campo in San Diego’s Rancho Bernardo area. An undisclosed seller sold the asset for $50 million. Delivered last year, the core industrial distribution property features 141,518 square feet of industrial space, including 32-foot clear heights, an ESFR fire protection system, deep truck court, 36 dock doors, four grade-level doors, mezzanine space and ample vehicle parking. The property was fully leased to the largest e-commerce company in the world prior to completion and will serve as a mission-critical, last-mile facility for the credit tenant. Bob Prendergast, Lynn LaChapelle and Sach Kirpalani of JLL Capital Markets represented the seller in the deal. Aldon Cole and Bradley Vansant of JLL Capital Markets Debt Placement team arranged $26 million in fixed-rate, financing with a seven-year term through a publicly traded life insurance company for the buyer. Jay Alexander and Andy Irwin of JLL represented the developer in its lease negotiations.
SANTA CRUZ, CALIF. — Anton DevCo has started construction of Anton Pacific, a 205-unit multifamily property located at the corner of Pacific Avenue and Laurel Street in downtown Santa Cruz. The development will feature 48 studio, 98 one-bedroom and 59 two-bedroom layouts, a rooftop deck, spa, fitness center and fire pits. The rooftop deck will offer fireside seating, dining areas and barbecue grills, as well as a 1,300-square-foot indoor lounge with kitchen and bar. The property will also feature 11,000 square feet of ground-floor retail space with two-story-high ceilings and outdoor patio areas to accommodate sidewalk dining. Anton Building Co. is serving as general contractor for the project, which is slated for completion in 2023.
DENVER — Confluent Development and Invesco Real Estate have unveiled plans for Central Park Business Center, an infill industrial business park located at the intersection of Interstate 70 and Central Park Boulevard. Construction is slated to start in March on the 243,950-square-foot project, located at 9575 E. 40th Ave., with delivery scheduled for fourth-quarter 2021 The industrial park will feature two Class A buildings, divisible down to approximately 20,000 square feet, with direct interstate visibility. Building One will consist of 130,900 square feet, divisible to 22,880 square feet, and Building Two will total 113,050 square feet, divisible to 19,760 square feet. Both facilities will offer front-park, rear-load design with 60-foot speed bays, dock-high and drive-in loading, 28-foot clear heights, ESFR sprinklers and a combined total of 248 parking spaces.
JERSEY CITY, N.J. — Developer KRE Group and National Real Estate Advisors (NREA) are nearing completion of Journal Squared 2, a 68-story apartment tower in Jersey City that will consist of 704 units overlooking the Hudson River and downtown Manhattan. Designed by HWKN Architects, the property will offer studio, one-, two- and three-bedroom residences, including two penthouse floors, that are furnished with stainless steel appliances and quartz countertops. Residents will have access to approximately 70,000 square feet of indoor and outdoor amenity space that includes a pool, multiple lounges and coworking areas, a fitness center with a yoga studio, dog park and a sky lounge. Leasing is set to begin in March. The first residential building at Journal Squared consists of 538 units in a 53-story building.
AURORA, COLO. — Legendary Capital has purchased Courtyard by Marriott Denver-Aurora, a newly constructed hotel located at 255 N. Blackhawk St. in Aurora, for $27.9 million. The name of the seller was not released. Completed last year, the four-story hotel features 141 guest rooms, a business center, three meeting rooms, a fitness center, an outdoor patio with seating and firepit, valet laundry service and a two-story, 55,715-square-foot parking deck. Additionally, the first-floor lobby offers seating areas, a bar/lounge/bistro area and 24-hour front desk. Gordon Allred and Joshua Tammen of Marcus & Millichap’s Ontario, Calif., office handled the transaction. Adam Lewis of Marcus & Millichap serves as broker of record in Colorado.