NEW HAVEN, CONN. — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.6 million CMBS loan for a portfolio of eight multifamily properties totaling 99 units in New Haven. Robert Noeldechen arranged the nonrecourse loan, which includes five years of interest-only payments, on behalf of the locally based borrower, Pike International. The direct lender was not disclosed.
MAPLEWOOD, N.J. — The Kislak Co. Inc. has brokered the $7.6 million sale of The Alivia, a 20-unit apartment building in Maplewood, located in Essex County. All units feature walk-in closets and full-size washers and dryers, and select units offer balconies. Amenities include a fitness center, lounge, virtual concierge service and storage lockers. Joni Sweetwood of Woodbridge, N.J-based Kislak represented the seller and developer, 479 Valley Road LLC, in the transaction. Sweetwood also procured the buyer, Sunblossom Alivia 479, LLC.
MARLBOROUGH, MASS. — Avison Young has negotiated a 40,650-square-foot lease at an industrial flex property located at 753 Forest St. in Marlborough, a western suburb of Boston. Built in 1986, the 75,000-square-foot property can accommodate office, storage, distribution and technical training uses. Bill Sullivan and Jon Pezzoni of Avison Young represented the tenant, Richardson Electronics, and the landlord, True Associates of Westwood, in the lease negotiations.
GREENFIELD, IND. — Colliers International has brokered the sale of IFCO 70/Connect Distribution Center, a 281,888-square-foot facility in Greenfield, an eastern suburb of Indianapolis. IFCO, a provider of reusable packaging solutions for fresh foods, fully occupies the newly built property. Located immediately off I-70, the facility features a clear height of 32 feet, 28 docks and ample car and trailer parking. Alex Cantu of the Colliers Indianapolis office, as well as Jeff Devine and Steve Disse of Colliers Chicago, represented the seller, Carmel-based Lauth Group. The buyer and sales price were undisclosed.
MAPLE GROVE, MINN. — Davis will develop Maple Grove Specialty Center, a 44,000-square-foot medical office building in Maple Grove, a northwest suburb of the Twin Cities. Construction of the two-story project is scheduled to begin in late July. MNGI Digestive Health has signed a lease to occupy the entire 22,000-square-foot second floor. Davis will own the building and provide property management and leasing services. Completion is slated for August 2022. The project team includes Plymouth-based Timco Construction Inc. and Minneapolis-based Synergy Architecture Studio. Davis is a national healthcare real estate firm.
CHICAGO — U.S. Xpress Enterprises Inc. (NYSE: USX) has signed a long-term lease for approximately 40,000 square feet of office space encompassing three floors at 306 West Erie in Chicago’s River North. The building, owned by North Wells Capital and Urban Innovations, has now reached full occupancy. Xpress, a truckload carrier that is expanding and relocating its offices from within the same area, is slated to begin occupying the new space in the first quarter of 2022. Xpress Technologies, the company’s digitally enabled freight brokerage division, will occupy the bulk of the new space. The division has more than doubled the size of its workforce nationwide since mid-2020. Part of a three-building collection known as Verso, 306 West Erie recently underwent a renovation and expansion following North Wells’ acquisition of the property in 2017. New amenities include a sixth-floor tenant lounge and gaming area as well as an outdoor terrace. JLL is the leasing agent for the entire Verso portfolio. Melissa Rubenstein, Annie Nicolau and Anna Panici of JLL represented ownership in the lease transaction with Xpress. Dan Persa of CBRE represented the tenant.
CHICAGO — Five Iron Golf, an indoor golf and entertainment experience, has signed a lease to occupy 11,000 square feet at the shopping, dining and entertainment destination known as Block 37 in Chicago’s Loop. The new location, the company’s second in Chicago, will offer golf simulators, high-speed cameras, a putting green and entertainment offerings such as a full bar, kitchen, widescreen TVs and games. Technology helps capture data, analyze each golf swing and provide real-time feedback for guests. Five Iron Golf operates nine locations across the country.
Coldwell Banker Commercial Arranges $2.5M Sale of Two Multifamily Buildings in Bloomington, Illinois
BLOOMINGTON, ILL. — Coldwell Banker Commercial has arranged the sale of a pair of multifamily buildings in Bloomington known collectively as Anglers Cove for $2.5 million. The first building at 1002 Arlene Court was constructed in 1982 and consists of 36 units. The adjacent building at 1005 Arlene Court was constructed in 1984 and features 12 two-bedroom units. Meghan O’Neal-Rogozinski of Coldwell Banker Commercial represented the buyer, All Season Properties LLC, which plans to update the units as they become vacant. Seller information was undisclosed.
By Billy Eagle and Erik Olson, Senior Vice Presidents of Investment Properties, Multifamily, CBRE In Albuquerque, New Mexico’s largest city, multifamily demand remains high. Rents have steadily increased, though multifamily development remains sluggish due to the lack of developable land sites and geographic constraints. Most other New Mexico cities are also seeing a small pipeline of new multifamily projects due to increased material costs. However, contrary to other cities in New Mexico, the northern New Mexico City of Santa Fe has seen a boom in multifamily development. Santa Fe’s highly resilient and fundamentally sound multifamily market is highlighted throughout the pandemic. The state capitol is renowned for its Southwest culture, luxurious resorts and world-class art markets. Its economic drivers include, but are not limited to, tourism (more than 1 million visitors per year), government (Los Alamos National Labs is located nearby), medical and boutique financial services. The Santa Fe apartment market had record occupancies at 96.91 percent in January 2021 and year-over-year rent growth of 7.6 percent. The average weighted rent was $1,102 per month among a total of 3,385 market-rate units. Nearly 16 months later, they are averaging almost $1,300 per month, an 18 percent increase. Santa Fe also added 503 market-rate units to …
MIAMI — CP Group, formerly Crocker Partners, has acquired One Biscayne Tower, a 38-story office tower in downtown Miami, in a joint venture with funds managed by Rialto Capital Management and Sabal Capital Partners. Dow Chemical sold the asset for $225 million, according to the Daily Miami News. L&B Realty has managed One Biscayne Tower on behalf of Dow for the last 20 years. Located along the waterfront, the property overlooks Bayfront Park, Biscayne Bay, Miami Beach and the Atlantic Ocean. Trammell Crow Co. developed the property in 1973, with Gutierrez-Latimer and Praga Associates as designers, according to the Council on Tall Buildings and Urban Habitat. One Biscayne Tower features nine floors of parking below 24 floors of office space. Amenities include a newly renovated lobby, fitness center, Pilates studio, two banks, a deli and a variety of services such as a florist, car wash, hair salon, print shop and Amazon locker delivery. The acquisition brings CP Group’s total downtown Miami holdings to over 2 million square feet, including SunTrust International Center and Citigroup Center, formerly known as Miami Center. The company claims it is now the largest office landlord in downtown Miami, largest commercial landlord in Florida, third-largest landlord …