Property Type

Noble-Town-Center-Jenkinstown-Pennsylvania

IPA Negotiates Sale of 167,689 SF Noble Town Center Near Philadelphia

by Taylor Williams June 4, 2021

JENKINTOWN, PA. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Noble Town Center, a 167,689-square-foot shopping center in Jenkintown, a northern suburb of Philadelphia. The property was originally constructed in 1958 as a Wanamaker’s department store and was converted into a multi-tenant center in 1999. Anchor tenants include Ross Dress for Less, PetSmart, Bed Bath & Beyond and Walgreens. Brad Nathanson of IPA represented the undisclosed seller and procured the buyer, a joint venture between Paramount Realty Services and Edgewood Properties, in the transaction. Noble Town Center was 64 percent leased at the time of sale following the shuttering of space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy in August of last year.

June 4, 2021

Acquisitions Colorado Multifamily Western

29th Street Capital Acquires Parq at Iliff Station Apartment Community Near Denver for $134M

by Amy Works June 4, 2021

AURORA, COLO. — 29th Street Capital (29SC) has purchased Parq at Iliff Station, a multifamily property located in Southeast Aurora, for $134 million. Located at 2602 S. Anaheim St., Parq features 424 apartments and was built in 2018. 29SC plans to implement an improvement plan, including new smart-home technology packages, upgrading interior finishes and adding additional amenities throughout the community. Haven Residential, 29SC’s in-house property management group, will operate the community. Brian Eisendrath and Cameron Chalfant of CBRE arranged a fixed-rate acquisition through a life company for the buyer. The name of the seller was not released.

June 4, 2021

Acquisitions California Office Western

Bailard Sells Office Campus in Lake Forest, California to Kingsbam Real Estate Capital for $40M

by Amy Works June 4, 2021

LAKE FOREST, CALIF. — Bailard has completed the disposition of Bailard Real Estate Fund of Palm Terrace, an office campus located in Lake Forest. Kingsbam Real Estate Capital acquired the asset for $40 million in an off-market transaction. Located at 25521, 25531 and 25541 Commercentre Drive, the three-building campus features 155,795 square feet of office space. At the time of sale, the property was 97 percent leased to a variety of tenants, including Del Taco, PGM Holdings, Hometown Equity, Citadel Servicing and Anyone Home. The property features revamped landscaping, an outdoor common area and courtyard, open floorplates, ample natural light, abundant surface-level parking, building signage and energy-efficient lighting. Kevin Shannon, Paul Jones and Brandon White of Newmark represented the seller, while the buyer was self-represented in the deal.

June 4, 2021

Acquisitions Healthcare New Jersey Northeast

Colliers Brokers $20M Sale of Medical Office Complex in East Windsor, New Jersey

by Taylor Williams June 4, 2021

EAST WINDSOR, N.J. — Colliers International has brokered the $20 million sale of an 80,000-square-foot medical office complex in East Windsor, about 50 miles northeast of Philadelphia. Kim Kretowicz of Colliers represented the seller, Gordon Princeton Mab Associates, an affiliate of New Jersey-based medical office developer The Gordon Group. Kretowicz also represented the buyer, a partnership between global investment firm OrbVest and Wythe Medical Properties LLC NJ.

June 4, 2021

Colorado Development Multifamily Western

Southern Land Co. Breaks Ground on 385-Unit Multifamily Component of Karl’s Farm Development in Northglenn, Colorado

by Amy Works June 4, 2021

NORTHGLENN, COLO. — Southern Land Co. has broken ground on a residential portion at the Karl’s Farm development in Northglenn. Located at 1801 E. 120th Ave., the $90 million project will feature a mix of townhome, studio, one-, two- and three-bedroom apartments. Situated on 13.8 acres, the 385 residences will be split between three-story townhomes and four-story, elevator-served apartment buildings. The units will feature a boutique, modern industrial style. Community amenities will include a pool, private outdoor spaces, dog spa, bike shop and shared workspaces. The 66-acre Karl’s Farm development will include apartments, single-family homes, commercial space, parks, open spaces and trails. The project team for the residential portion includes Denver-based KTGY Group, Southern Land Co.’s in-house construction division, Denver-based Kimley-Horn and Houston-based Integrity Structural Group.

June 4, 2021

Acquisitions Illinois Industrial Midwest

TriStar Sells 2 MSF Industrial Campus in Edwardsville, Illinois

by Kristin Harlow June 4, 2021

EDWARDSVILLE, ILL. — A joint venture led by developer TriStar Properties has sold a 2 million-square-foot industrial campus occupied by World Wide Technology (WWT) in Edwardsville near St. Louis. The sales price was undisclosed. TriStar developed the property as a build-to-suit for WWT in 2019. The campus includes two equally sized buildings with clear heights of 36 feet. One building is devoted to production and assembly of technology equipment while the other is utilized for storage and distribution of products. The facility is located within TriStar’s Gateway Commerce Center, a 2,300-acre logistics park. An undisclosed institutional buyer purchased the asset.

June 4, 2021

Development Indiana Midwest Multifamily

Birge & Held Opens Five-Story Apartment Community in Indianapolis

by Kristin Harlow June 4, 2021

INDIANAPOLIS — Birge & Held has opened The E’Laan Apartments, a five-story apartment community located at 515 E. Market St. in downtown Indianapolis. The 71-unit property features studio, one- and two-bedroom floor plans. Amenities include a rooftop pool, lounge area, dog park and parking garage. Residents can now receive two months of free rent if they sign a 13-month lease prior to June 30. Monthly rents start at $1,276. Indianapolis-based Birge & Held, which served as the developer and contractor, has more than $1.6 billion in projects under management and has acquired over 14,000 units throughout the central United States.

June 4, 2021

California Loans Multifamily Western

BridgeCore Funds $2.1M Loan for Los Angeles Multifamily Property

by Amy Works June 4, 2021

LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.

June 4, 2021

Loans Midwest Missouri Multifamily

KeyBank Provides $22.5M Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow June 4, 2021

INDEPENDENCE, MO. — KeyBank Real Estate Capital (KBREC) has provided a $22.5 million Freddie Mac loan for the refinancing of Larkspur Pointe in Independence, about 10 miles east of Kansas City. Built in 1971 and renovated in 2015 and 2020, the 280-unit multifamily property consists of 12 buildings on 15 acres. Amenities at the garden-style complex include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground. John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group originated the 10-year loan, which features a 30-year amortization schedule. Jeff Seidenfeld of Seven Stone arranged the financing. The undisclosed borrower invested about $1.2 million in renovating the property.

June 4, 2021

Acquisitions Industrial Midwest Ohio

IRG Acquires Former Teledyne Manufacturing Plant in Toledo, Ohio

by Kristin Harlow June 4, 2021

TOLEDO, OHIO — Industrial Realty Group LLC (IRG) has acquired a former Teledyne manufacturing plant in Toledo for an undisclosed price. The 373,000-square-foot facility sits on 30 acres. The seller, Toledo-Lucas County Port Authority, sold the building as well as an additional 40 acres to the north. The additional acreage is designed to accommodate up to 700,000 square feet of industrial space, according to IRG. Hometown Food Co., a division of Smuckers, will continue to lease a portion of the building. IRG has begun pursuing additional tenants as well as planning for new construction.

June 4, 2021

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