CHATHAM, N.J. — New Jersey-based Cronheim Mortgage has arranged a $7.8 million loan for the refinancing of a self-storage and retail asset located in the Fort Worth area. The property, formerly a grocery-anchored retail center, consists of a CubeSmart-branded self-storage facility with roughly 1,000 units and a 10,000-square-foot retail space occupied by Goodwill. David Turley, Janet Proscia and David Poncia of Cronheim arranged the nonrecourse, fixed-rate loan on behalf of the borrower, an affiliate of California-based DealPoint Merrill. An undisclosed national bank provided the loan. The address of the property was not disclosed.
PONTOON BEACH, ILL. — Contegra Construction Co. has completed the third distribution center at NorthPoint Development’s Gateway Tradeport in Pontoon Beach, about 13 miles northwest of St. Louis. Contegra is now building a 1 million-square-foot facility at the development that will be the largest speculative distribution center in the St. Louis area, according to the general contractor. With the completion of the 624,000-square-foot Gateway Tradeport III, the 600-acre Gateway Tradeport is now home to more than 1.7 million square feet of distribution space, all of which was built by Contegra. Building III features a clear height of 40 feet, 64 dock doors and parking for 181 trailers. Building IV is slated for completion in 2022.
CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and borrowers typically benefit from a single lending entity and blended interest rate, according to KeyBank.
SHAWNEE, KAN. — Northmarq has arranged the sale of Park 67, a 352-unit apartment complex in Shawnee, for $35.5 million. Park 67 was built in 1969 and recently underwent renovations for 30 percent of the units. The property features a pool, fitness center, playground, business center and onsite laundry facilities. Jeff Lamott and Gabe Tovar of Northmarq represented the seller, Kansas City-based Worcester Investments. Charlotte, N.C.-based Greystone Capital Holdings LLC was the buyer.
MT. COMFORT, IND. — Colliers International has brokered the sale of Buildings 1 and 2 at Mount Comfort Commercial Park for an undisclosed price. The properties, totaling 650,987 square feet, are located on Enterprise Drive in Mt. Comfort, about 15 miles northeast of Indianapolis. Building 1 spans 260,406 square feet and features a clear height of 32 feet and 26 docks. Building 2 is a 390,581-square-foot facility with a clear height of 36 feet and 38 docks. Both buildings offer 135-foot trailer courts and were completed on a speculative basis. Alex Cantu, Jimmy Cohoat, Jason Speckman, Andrea Hopper and Alex Davenport of Colliers represented the sellers, Becknell Industrial and Cross Harbor Capital. An affiliate of EQT Exeter was the buyer.
LOMBARD, ILL. — Marcus & Millichap has negotiated the $10.2 million sale of Oak Creek Center in Lombard, a western suburb of Chicago. The 79,462-square-foot industrial facility is located on Oak Creek Drive. Tenants include Home Depot and Kia Motors. Peter Doughty of Marcus & Millichap represented the seller, a private investor. He also secured and represented the buyer, a private investor. Frank Montalto and Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged acquisition financing on behalf of the buyer.
REDMOND, TUKWILA, RICHLAND, LAKEWOOD AND VANCOUVER, WASH. — Dallas-based SPI Hospitality has acquired five Woodspring Suites properties in Washington for a total of $88 million. West77 Partners sold the portfolio for $88 million. The 596-room, extended-stay hotel portfolio includes Woodspring Suites Redmond at 7045 180th Ave. NE in Redmond, Woodspring Suites Tukwila at 15637 W. Valley Highway in Tukwila, Woodspring Suites Richland at 1370 Tapteal Drive in Richland, Woodspring Suites Lakewood at 11329 Pacific Highway in Lakewood and Woodspring Suites Vancouver at 200 NE 104th Ave. in Vancouver. The Redmond and Tukwila properties were completed in 2018, the Richland and Lakewood assets opened in late 2020 and the Vancouver hotel is slated to open in November. Matthew Behrens, Chris Burdett and Jordan Caudill of CBRE Hotels represented the seller in the transaction.
SAN DIEGO — CapRock Partners has completed the disposition of a newly renovated distribution center located at 1855 Dornoch Court in San Diego’s Otay Mesa submarket. An investment firm acquired the property for an undisclosed price. CapRock completed several million dollars in capital improvements to the 210,156-square-foot building, which was originally built in the late 1980s. Situated on 10.6 acres, the facility features functional divisibility with a variety of bay sizes, 26- to 28-foot clear heights, grade- and dock-high loading doors, ESFR sprinkler systems and concrete truck courts. Bryce Aberg, Jeff Chiate, Jeffrey Cole, Ed Hernandez, Mike Adey and Zach Harman of Cushman & Wakefield represented the seller in the deal. Brant Aberg of Cushman & Wakefield along with Joe Anderson and Andy Irwin of JLL provided market leasing advisory.
HEALDSBURG, CALIF. — San Francisco Zen Center and The Kendal Corp. have broken ground on Enso Village, a 221-unit seniors housing community in the Bay Area city of Healdsburg. The development will sit on approximately 16 acres of land in what is called the North Village. The community will feature a vegetarian restaurant, demonstration kitchen, indoor pool and gym, meditation hall and onsite farm for growing fresh produce for the restaurant. Weitz is building the project, which is scheduled for completion in 2023.
REDMOND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the sale of Oakridge Business Park One, an industrial property in Redmond. A local investor acquired the property from an undisclosed seller for $14.2 million. Located at 17965 NE 65th St., Oakridge Business Park One features 41,900 square feet of industrial space. At the time of sale, the property was fully leased to a single tenant on a long-term lease. The buyer plans to eventually redevelop the asset. Brian Leibsohn and Raymond Vara of The Leibsohn Group in Marcus & Millichap’s Seattle office represented the seller and procured the buyer in the deal.