ARLINGTON, TEXAS — New York City-based Ready Capital has closed a $28 million loan for the acquisition, renovation and stabilization of an unnamed 310-unit apartment community in Arlington. The nonrecourse, interest-only loan was structured with a floating interest rate, 36-moth term, two extension options and a facility to fund future capital expenditures. The undisclosed sponsor plans to implement a value-add program.
CHICAGO — Foxtrot, a corner store, café and delivery market, has leased 1,739 square feet at The Shops at Tribune Tower in Chicago. Launched in 2013, Foxtrot offers grocery staples, sommelier-curated wine and locally sourced goods. The Chicago-based company currently operates 15 locations across Chicago, Washington, D.C., and Dallas. The Shops at Tribune Tower consists of 50,000 square feet of retail space that anchors the ground floor of the 36-story Tribune Tower, which is located at 435 N. Michigan Ave. Under the ownership of CIM Group and Golub & Co., the property has been transformed into 162 luxury condominium units. Foxtrot is slated to open in spring 2022.
LAWRENCEVILLE, N.J. — JLL has negotiated the sale of a 632-unit multifamily property in Lawrenceville, located outside of Princeton. Built between 1992 and 1996, the property consists of 19 buildings that house one-, two- and three-bedroom units with an average size of 1,120 square feet. Amenities include two pools, a fitness center, dog park, tennis court, racquetball court, playground and outdoor grilling areas. Jose Cruz, Michael Oliver, Steve Simonelli and Kevin O’Hearn of JLL represented the seller, AvalonBay Communities, in the transaction. The buyer and sales price were not disclosed.
WILDOMAR, CALIF. — Tricon Residential, Foremost Pacific Group and Woodbridge Pacific Group Cos. has broken ground on Bacara, a townhome single-family rental community in Wildomar. Located at 24808 Preilipp Road, Bacara will feature 170 rental townhomes with one-, two- and three-bedroom options with solar power, attached one- or two-car garages, keyless front-door entry and forecourt patios. Community amenities will include a dog park, lap pool and spa, gym and community center. Completion is slated for late 2022. Tricon Residential will operate Bacara upon completion. Foremost Pacific Group is serving as project developer and Woodbridge Pacific Group Cos. is serving as project contractor.
HILLSIDE, ROCHELLE PARK AND CLIFTON, N.J. — Locally based firm Quinlan Development Group has sold a portfolio of three self-storage facilities totaling 3,606 units to New York City-based RXR Realty for $108.5 million. The properties, which were completed between fall 2019 and summer 2021 and total 422,609 gross square feet, are located in the Northern New Jersey communities of Hillside, Rochelle Park and Clifton. Additional terms of the sale were not disclosed.
EL CAJON, CALIF. — La Maestra Family Clinic has purchased a multi-tenant retail center located at 1242-1248 E. Main St. in El Cajon. Main Street Trust sold the asset for $6.4 million. The buyer plans to convert the vacant, 22,694-square-foot retail center into a community health center. Mike Conger and Brian Jenkins of Commercial Asset Advisors represented the seller, while Keith Edwards of Keller Williams Realty Metro represented the buyer in the deal.
TUCSON, ARIZ. — Tucson Logistics Land LLC has purchased 9.1 acres of land from Butterfield Tucson Limited Partnership and 2.3 acres from Stewart Family Limited Partnership, with both parcels located at Butterfield Business Center Lot D in Tucson. Terms of the transactions were not released. The buyer plans to develop a for-lease, 194,750-square-foot industrial building on the site. Robert Glaser of Cushman & Wakefield | PICOR represented the seller, while Stephen Cohen of Cushman & Wakefield | PICOR represented the buyer in the deal. Cohen will also handle leasing of the completed project.
LAS VEGAS — Ready Capital has closed $26 million in financing for the acquisition, renovation and stabilization of a 278-unit apartment in the Central Las Vegas submarket. Upon acquisition, the undisclosed borrower plans to implement a capital improvement program for deferred maintenance and renovating unit interiors, building exterior and common area upgrades. Ready Capital closed the non-recourse, interest-only, floating-rate loan, which features a 36-month term, two extension and options, flexible prepayment and a facility to provide future funding for capital expenditures and interest shortfalls.
NEW YORK CITY — Developer and operator StorQuest Self Storage has opened a new facility at 155 King St. in the Red Hook neighborhood of Brooklyn. The number of units was not disclosed, but the five-story property spans approximately 84,000 net rentable square feet. Construction began in mid-2020. The property is StorQuest’s second in Brooklyn and 10th in the state of New York.
KAPOLEI, HAWAII — A joint venture between DXD Capital, a self-storage investor and developer, and InSite Property Group has acquired a 2.3-acre land site in Kapolei Business Park on Kalaeloa Boulevard in Kapolei. InSite will develop and operate an 853-unit self-storage facility on the property for the partnership under its SecureSpace brand. Construction of the self-storage facility is slated to begin in August 2022, with completion scheduled for September 2023. The property was acquired through DXD Self Storage Fund I, which DXD launched in November 2020. The $50 million fund will be used to primarily invest in ground-up development of Class A, multi-story, climate-controlled self-storage facilities across the United States.