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2890-W-116th-Pl-Westminster-CO
ColoradoLoansMultifamilyWestern

Mesa West Capital Provides $52M Refinancing for Multifamily Property in Westminster, Colorado

by Amy Works

WESTMINSTER, COLO. — Mesa West Capital has provided an affiliate of Crow Holdings Capital with $52 million in short-term, floating-rate first mortgage debt to refinance Canyon Reserve at the Ranch, an apartment community in Westminster. The property is located at 2890 W. 116th Place. Built in 1984, the 17-building, garden-style asset was fully repositioned by the sponsor in 2022. Canyon Reserve at the Ranch features 256 one- and two-bedroom units with modern finishes, including stainless steel appliances, in-unit washers/dryers, walk-in closets and private outdoor spaces. Community amenities include a resort-style swimming pool, outdoor grilling area, fitness center and dog park.

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Weberstown-Mall-Stockton-CA
AcquisitionsCaliforniaRetailWestern

Mershops Acquires Weberstown Mall in Stockton, California for $50.8M 

by Amy Works

STOCKTON, CALIF. — Family-owned real estate platform Mershops has acquired Weberstown Mall, an 800,000-square-foot regional shopping center located in Stockton, for $50.8 million. Originally opened in 1966, the center is anchored by JCPenney, Dillard’s and Barnes & Noble. Other tenants include Old Navy, Five Below, BoxLunch, Foot Locker, Lids, Victoria’s Secret and Journeys. Steerpoint Capital brokered the sale on behalf of Mershops. The seller was Washington Prime Group. This transaction marks Mershops’ sixth enclosed shopping center acquisition across California and Nevada. Mershops’ current portfolio includes North County Mall in Escondido, Calif.; Galleria at Sunset in Henderson, Nev.; Antelope Valley Mall in Palmdale, Calif.; The Shops at Montebello in Montebello, Calif.; Northridge Mall in Salinas, Calif.; and two office campuses in Silicon Valley. The company plans to make reinvestments for each property, blending retail, hospitality and community elements.

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Leasing ActivityMassachusettsNortheastRestaurantRetail

PREIT Welcomes Five Tenants to Dartmouth Mall in Massachusetts

by Taylor Williams

DARTMOUTH, MASS. — Pennsylvania Real Estate Investment Trust (PREIT) has welcomed five new tenants to Dartmouth Mall, a 671,000-square-foot regional shopping and dining destination in southeast Massachusetts. Boot Barn will open a 15,000-square-foot store this fall for its first location in the area. Locker Room by Lids expects to open at the end of the month, while Chick-fil-A is planning an outparcel restaurant at the property. Cinnabon and Carvel have already opened. These additions follow the redevelopment of the former Sears space, which is now occupied by Ulta Beauty, Burlington and Aldi.

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AcquisitionsCaliforniaIndustrialWestern

First Industrial Realty Trust Buys Silicon Valley Property for $10.6M

by Amy Works

SANTA CLARA, CALIF. — First Industrial Realty Trust has acquired a low-coverage industrial property located at 415 Aldo Ave. and 420 Nelo St. in Santa Clara for $10.6 million. Situated on 2.4 acres, the fully occupied site includes a 9,896-square-foot industrial facility and secured yard space. Ray Devlin of Colliers represented the buyer, while Mark Biagini of Biagini Properties represented the undisclosed sellers in the deal.

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19909-SE-Stark-St-Portland-OR
AcquisitionsHealthcareMultifamilyOregonWestern

Norris & Stevens Brokers $5.3M Sale of Residential Care Facility in Portland

by Amy Works

PORTLAND, ORE. — Norris & Stevens has arranged the sale of a 16-room residential care facility located at 19909 SE Stark St. in Portland. The Pribeagu family sold the asset to an undisclosed buyer for $5.3 million. Constructed in 2003 and zoned for 34 beds, the 13,414-square-foot facility comprises two buildings on 1.4 acres. All 16 rooms are fully furnished and ADA compliant with private bathrooms and individual temperature control. Facility amenities include a full kitchen, three laundry rooms, an intercom system, office spaces, a large community room, two storage sheds and approximately 3,000 square feet of garage space. David Chatfield of Portland-based Norris & Stevens represented the seller, while Lindsay Murphy of Apex Real Estate Partners represented the buyer in the deal.

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Leasing ActivityLife SciencesMassachusettsNortheastOffice

Lantheus Signs 41,000 SF Office, Life Sciences Lease in Bedford, Massachusetts

by Taylor Williams

BEDFORD, MASS. — Lantheus has signed a 41,000-square-foot office and life sciences lease in Bedford, a northwestern suburb of Boston.The provider of diagnostic and therapeutic products and services is taking space at The Core @ Crosby, a nine-building, 592,000-square-foot campus. Cushman & Wakefield represented Lantheus in the lease negotiations. The landlord is a partnership between Boston-based investment firm Anchor Line Partners and Alloy Properties, the national life sciences platform of TPG Real Estate.

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DevelopmentIllinoisMidwestMultifamily

Wingspan, Tucker Development Deliver First Townhomes at Multifamily Project in Skokie, Illinois

by Kristin Harlow

SKOKIE, ILL. — A joint venture between Wingspan Development Group and Tucker Development has delivered the first rental townhomes at The Henry at Harms Woods, a 294-unit multifamily property in Skokie. Located next to Life Time Fitness and near Westfield Old Orchard mall just west of I-94, the 11-acre development will include 245 apartment units, 49 rental townhomes and approximately 13,000 square feet of commercial space. First move-ins for the townhomes start this month, with the balance slated for this fall. Designed by HKM Architects + Planners and built by Nicholas & Associates, The Henry at Harms Woods will offer studio, one-, two- and three-bedroom luxury apartment units and three- and four-bedroom townhomes. The four-bedroom Maple and Oak floor plans, which span approximately 2,500 square feet, start at $6,800 per month. Amenities include expansive courtyards, an outdoor pool, fitness center and work-from-home stations.

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AcquisitionsMidwestMissouriMultifamily

Berkadia Arranges Sale of 110-Unit Multifamily Property in Downtown Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Berkadia has arranged the sale of The Locarno, a 110-unit multifamily property in downtown Kansas City. Located at 235 Ward Parkway, the high-rise asset features views of Country Club Plaza and Brush Creek. The property was built in 1928 and renovated in the mid-1980s. Michael Spero, Niko Vrentas and Simon Rodewald of Berkadia represented the seller, Locarno Partners LLC. The asset sold to ELKCO Properties in joint venture with Leale Capital. Both companies are based in Denver.

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AcquisitionsMidwestMultifamilyOfficeWisconsin

Marcus & Millichap Brokers $7.3M Sale of Apartment, Office Building in Marinette, Wisconsin

by Kristin Harlow

MARINETTE, WIS. — Marcus & Millichap has brokered the $7.3 million sale of Dunlap Square, a multifamily and office building in Marinette, a city in northeast Wisconsin. Built in 1920 and located at 1655 Ludington St., the property features 97 apartment units and 21 office suites. Dan Bowar of Marcus & Millichap represented the seller, Three Sixty Real Estate Solutions, and procured the buyer, Ruesch Management Inc. The buyer plans to renovate the unoccupied street-level retail space.

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AcquisitionsIllinoisMidwestRetail

Nicholas Family Acquires 63,000 SF Glacier Ice Arena in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — The Nicholas Family of Cos. has acquired Glacier Ice Arena, a 63,000-square-foot indoor ice arena with two NHL-regulation rinks in the Chicago suburb of Vernon Hills. Nicholas will own and manage the hockey and ice skating rink and will commence large-scale renovations later this year. Nicholas Family’s portfolio of ice rink facilities includes Mount Prospect Ice Arena at Nicholas Sportsplex in Mount Prospect; Rosemont Ice Arena, which is set to open this month in Rosemont; and Elk Grove Ice Arena, which is scheduled to begin construction this month. All will be operated by the company’s internal sports and recreation firm Spectate Group. Glacier Ice Arena is affiliated with Ice Dogs Hockey Club and serves as the primary venue for the Ice Dogs Hockey Association, which is home to roughly 15 teams. There is potential for Nicholas Family’s integrated hospitality company, Big Fish Hospitality Group, to be incorporated into future phases of planning following the acquisition. Glacier currently has 10 locker rooms, study rooms, party and meeting rooms, a snack bar and video game room.

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