MICHIGAN AND OHIO — SpareBox Storage has acquired 28 self-storage properties in Michigan and Ohio for an undisclosed price. The acquisition marks the addition of 1.9 million net rentable square feet to SpareBox’s portfolio and is the largest purchase for the company to date. SpareBox’s portfolio now includes 91 facilities and 5.6 million square feet of rentable space. Launched in 2020, SpareBox is sponsored by Rizk Ventures, an investment platform with a focus on real estate, technology and healthcare. Aaron Swerdlin and Kenneth Cox of Newmark’s self-storage group represented the undisclosed seller in the transaction.
JANESVILLE, WIS. — Zilber Property Group has purchased an industrial portfolio spanning four buildings and 525,000 square feet in southern Wisconsin’s Janesville. The purchase price and seller were not disclosed. Ranging in size from 45,000 square feet to 250,000 square feet, the buildings are fully occupied by Cummins Inc., Pepsi, National Food Distributors and Panoramic. The properties are located at 101 W. Venture Drive, 505 S. Wuthering Hills Drive, 1700 E. Delavan Drive and 525 E. Conde St.
OAK BROOK, ILL. — Architect Antunovich Associates and developer Hines have revealed the amenity renderings for One Oak Brook Commons, a 17-story luxury apartment building in Oak Brook. Amenities will include a pool deck, fitness center, library, rooftop, social lounge and sports simulator. The 250 units will range in size from studios to three-bedroom penthouses. Pre-leasing is slated to begin later this year with first move-ins anticipated in January 2022. Monthly rents for one-bedrooms will start at $2,395. Luxury Living Chicago Realty is completing marketing and leasing for the property, which is part of the larger Oak Brook Commons, a mixed-use development with restaurants, retail, creative office space and a new park entitled The Pitch.
ELK GROVE VILLAGE, ILL. — JC Watson Packing Co. has signed a 68,021-square-foot industrial lease in suburban Chicago’s Elk Grove Village. Headquartered in southwest Idaho, the tenant focuses on packing, selling and distributing onions. The rail-served facility will enable the company to expand its footprint in the Midwest as well as its distribution channels to the East Coast. Sam Deihs of Entre Commercial Realty represented JC Watson in the lease transaction. Hamilton Partners represented the undisclosed landlord.
BAYTOWN, TEXAS — TGS Cedar Port Partners, a division of Trans-Global Solutions Inc., has broken ground on a 1.2 million-square-foot speculative industrial project within Cedar Port Industrial Park, a 15,000-acre master-planned development located near Port Houston in Baytown. Building features will include 40-foot clear heights, oversized truck courts, an ESFR sprinkler system and more than 1,000 trailer parking stalls and 1,500 car parking spaces. In addition, the property will offer office space that can be built to suit tenants’ specific needs. Powers Brown Architecture is designing the project, and E.E. Reed Construction is serving as the general contractor. Bank of Texas provided construction financing, and NAI Partners is the leasing agent. Completion is slated for the second quarter of next year.
PHOENIX — Virtú Investments has completed the sale of Peak 16, an apartment community located in Phoenix, to an institutional investment manager for $81.3 million, or $349,142 per unit. Built in 2018 on four acres, Peak 16 features 233 apartments, a heated and chilled swimming pool, media room, dry cleaning service, fitness center and guest apartment. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
TEMPE, ARIZ. — Shorenstein Properties has acquired Fountainhead Office Plaza, an office property located in Tempe. Terms of the transaction, including the name of the seller and acquisition price, were not released. Built in 2011, the two-building asset features 446,000 square feet of Class A office space, as well as a six-story standalone parking facility. The LEED Gold-certified six- and 10-story buildings offer floor plates averaging approximately 28,000 square feet. On-site amenities include a large café, fitness center with showers and lockers and an outdoor gathering area surrounding a large pond.
MESA, ARIZ. — Irvine, Calif.-based SB Real Estate Partners has acquired ReNew 3030, a Class B apartment community in Mesa. An undisclosed seller sold the property for $24.3 million. SB Real Estate renamed the asset Portola East Mesa and will implement a capital improvement program. Located at 3030 E. Broadway Road, Portola East Mesa features 126 garden-style apartments in a mix of one- and two-bedroom units ranging from 580 square feet to 805 square feet with walk-in closets, in-unit washers/dryers and high-speed internet. On-site amenities include a swimming pool, picnic area with grill, fitness center and bark park. Chris Canter, Brad Goff and Brett Polacheck of Newmark represented the seller the transaction. Chinmay Bhatt, Noam Franklin and Cody Kirkpatrick of Berkadia JV Equity & Structured Capital arranged joint venture equity as part of a larger program, as the buyer plans to close on more than $150 million of multifamily acquisitions during third-quarter 2021 across Arizona, California and Nevada.
BRIGHTON, COLO. — CP Capital US has partnered with Greystar to develop Brighton Park, a multifamily property located at the intersection of Longs Peak Street and North 42nd Avenue in Brighton, a northeast suburb of Denver. Situated on 13 acres, the three-story, garden-style property will feature 288 apartments with stainless steel appliances and stone-surface countertops. Community amenities will include a fitness center, resort-style swimming pool, dog park, detached garages and surface parking spots. Groundbreaking is slated for the fourth quarter of 2021, with the first units scheduled for delivery in early 2023. Total build out is scheduled for the second quarter of 2023. CP Capital, formerly known as HQ Capital Real Estate, has partnered with Greystar on four development projects, with the most recently projects being The Gabriel in North Pomona, Calif., and Monty in North Charleston, S.C.
SEATTLE — Columbia Pacific Advisors Bridge Lending, a platform within Columbia Pacific Advisors, has provided a $14.3 million bridge loan to Labor Temple, a landmark office building located at 2800 First Ave. in Seattle’s Belltown neighborhood. Originally built in 1942 and expanded in 1955, the building now totals 40,000 square feet and sits on half-block site with high-end offerings designed for modern office tenants. The property features a roof deck, courtyard, private meeting rooms on each floor, a fitness center and 67 office suites. The property was landmarked in 2008. FAUL, a Seattle-based real estate owner and developer, acquired Labor Temple in December 2020.