Property Type

Realterm Acquires 274,000 SF Tacoma Gateway II Industrial Property Near Seattle

by Amy Works November 24, 2021

TACOMA, WASH. — Realterm has purchased Tacoma Gateway II from a partnership between Panattoni Development Co. and Crow Holdings Capital for an undisclosed price. Located at 12005 Steele St. South in Tacoma, Tacoma Gateway II is a newly developed, 274,000-square-foot distribution building with dock-high and grade-level loading, 36-foot clear heights and more than 200 trailer parking stalls on an adjacent 4.7-acre yard. Unis, a third-party logistics company, fully occupies the property, which was completed in July 2021. Brett Hartzell of CBRE’s National Partners Group and Shawn Childs and Monte Decker of CBRE’s Tacoma and Seattle offices represented the seller in the transaction.

November 24, 2021

Acquisitions Arizona Multifamily Western

Investors Capital Group Sells Cantala Multifamily Community in Glendale, Arizona for $51.6M

by Amy Works November 24, 2021

GLENDALE, ARIZ. — Investors Capital Group has completed the disposition of Cantala, an apartment property in Glendale. Western Wealth Capital acquired the asset for $51.6 million, or $280,435 per unit. Built in 1986, Cantala features 184 units in a mix of one- and two-bedroom layouts with open-concept living area, in-unit washers/dryers and private patios or balconies. Community amenities include a swimming pool, spa, fitness center, clubhouse and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

November 24, 2021

Acquisitions Multifamily Nevada Western

Bascom Group Enters Reno Market with $31M Multifamily Acquisition

by Amy Works November 24, 2021

RENO, NEV. — The Bascom Group has purchased Sierra Point Apartments in Reno for $31 million, or $210,884 per unit, in an off-market transaction. The name of the seller was not released. Built in 1996 and 1998, Sierra Point features 147 apartments, with 84 percent two-bedroom floorplans. Bascom plans to renovate unit interiors with new countertops and appliances, wood plank flooring, backsplashes, new baseboards, cabinetry improvements, new fixtures and lighting and a two-tone paint scheme. Additionally, Bascom will add a dog park, tot lot and an outdoor barbecue and recreational area. AMC Management Services will provide property management and SD Cap Construction Management will provide construction management services. Charles Halladay, Jamie Kline and Annie Rice of JLL Capital Markets arranged the acquisition financing, which LoanCore provided.

November 24, 2021

Acquisitions Arizona Healthcare Office Western

Montecito Medical Acquisition Co. Buys 68,000 SF Akos Medical Campus in Avondale, Arizona

by Amy Works November 24, 2021

AVONDALE, ARIZ. — Montecito Medical Acquisition Co. has purchased Akos Medical Campus, a newly completed medical office building in Avondale. Akos MOB I LLC sold the asset for an undisclosed price in an off-market transaction. The three-story, 68,000-square-foot Akos Medical Campus features a state-of-the-art imaging suite, multi-specialty ambulatory surgery center (ASC) and a cardiovascular ASC, as well as an urgent care, pharmacy and clinical office space. At the time of sale, the property was fully leased to a variety of tenants, including Peak Heart & Vascular and Apricus Health. J.T. Taylor of ORION Investment Real Estate represented the seller in the deal.

November 24, 2021

Acquisitions Kentucky Office Southeast

Marcus & Millichap Brokers Sale of 165,759 SF Office Building in Lexington

by Julia Sanders November 24, 2021

LEXINGTON, KY. — Marcus & Millichap has arranged the sale of 101 Yorkshire Blvd., a 165,759-square-foot office property located in Lexington. The sales price was $11.5 million. Joseph DiSalvo, Alexander Nulf and Gus Poulos of Marcus & Millichap represented the seller, an undisclosed private investor, in the deal. John Mundell of Marcus & Millichap represented the buyer, an undisclosed private investor. Colby Haugness of Marcus & Millichap also assisted in closing this transaction. 101 Yorkshire is a four-story office property located on 15.3 acres with 350 parking spaces. The building has a mixture of executive offices, conference rooms and cubicle spaces. The property is located just off the intersection of US Route 25 and Man O War Boulevard, which is the outer loop bypass for State Road 68 and Interstate 75. Previously, 101 Yorkshire operated as a single-tenant call center for Xerox prior to its recent separation of operations from Conduent. As a result of the separation, Conduent absorbed and redistributed all call center operations from this facility effective June 2020 to predominately East Coast locations. The office property has since been completely vacant.

November 24, 2021

Acquisitions Industrial Self-Storage Texas

Simply Self Storage Buys 9,878-Unit Self-Storage Portfolio in Houston, Dallas

by Taylor Williams November 24, 2021

HOUSTON AND DALLAS — Orlando-based Simply Self Storage has purchased a portfolio of 14 facilities in the Houston and Dallas areas totaling 9,878 units. The specific names and locations of the properties were not disclosed. The portfolio spans more than 1 million net rentable square feet, of which nearly two-thirds is climate-controlled space. Aaron Swerdlin and Kenneth Cox of Newmark represented Simply Self Storage in the transaction. The seller and sales price were also not disclosed.

November 24, 2021

Development Illinois Midwest Multifamily

Related Midwest Breaks Ground on 43-Story Apartment Tower in Chicago

by Kristin Harlow November 24, 2021

CHICAGO — Related Midwest has broken ground on 900 Randolph, a 43-story apartment tower in Chicago’s Fulton Market. LR Contracting Co., the contracting division of Related Midwest, and BOWA Construction are the general contractors. Designed by Morris Adjmi Architects, the project will feature 300 apartment units, 60 of which will be designated as affordable housing. Further details of the project were not provided.

November 24, 2021

Development Illinois Midwest Multifamily Retail

AECOM-Canyon, Tucker Underway on Multifamily, Retail Project in Lincolnwood, Illinois

by Kristin Harlow November 24, 2021

LINCOLNWOOD, ILL. — AECOM-Canyon Partners and Tucker Development are underway on the development of District 1860, a multifamily and retail project in the Chicago suburb of Lincolnwood. Plans call for 299 multifamily units, an Amazon Fresh grocery store and more than 40,000 square feet of additional retail and restaurant space. Pacific Western Bank provided a senior construction loan. Completion is slated for 2023.

November 24, 2021

Industrial Loans Midwest Ohio

Ready Capital Closes $8M Acquisition Loan for Industrial Property in Dayton, Ohio

by Kristin Harlow November 24, 2021

DAYTON, OHIO — Ready Capital has closed an $8 million loan for the acquisition and stabilization of a 196,000-square-foot industrial property in the Miamisburg submarket of Dayton. The buyer plans to address deferred maintenance and increase rents as tenants’ leases expire. The nonrecourse loan features interest-only payments, a floating rate and a four-year term.

November 24, 2021

Industrial Leasing Activity Texas

Newmark Negotiates 861,840 SF Industrial Lease in Fort Worth

by Taylor Williams November 24, 2021

FORT WORTH, TEXAS — Newmark has negotiated an 861,840-square-foot industrial lease at 11900 S. Freeway Service Road in Fort Worth. Gary Lindsey and Ladson Montgomery of Newmark represented the tenant, Saddle Creek Logistics, in the lease negotiations. CBRE represented the landlord, an entity doing business as FW I-35 Logistics 1 LLC. According to the Fort Worth Business Press, the tenant plans to operate a distribution center out of the facility, which features 40-foot clear heights and 120 dock doors.

November 24, 2021

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