WEST ORANGE, N.J. — Prism Capital Partners has begun leasing the final phase of The Residences at Edison Lofts, a 300-unit apartment complex in West Orange, about 20 miles west of New York City. The property is part of the 21-acre Edison Village, which is a redevelopment of Thomas Edison’s historic Invention Factory and Commerce Center. Residential amenities include a 5,000-square-foot fitness center, heated indoor pool, 12,000-square-foot rooftop lounge, a café and concierge services.
FAIRFIELD, N.J. — The Stro Companies, a New Jersey-based investment firm, has acquired a 78,000-square-foot industrial building in Fairfield, about 25 miles west of New York City. The property was fully leased at the time of sale and features 21-foot ceiling heights, proximity to several interstates and additional land for trailer parking. Robert Nathin of Sheldon Gross Realty represented the undisclosed seller in the transaction.
CHICAGO — Weber-Stephen Products LLC has entered into a sale-leaseback for its 622,000-square-foot manufacturing facility near the Chicago O’Hare International Airport. W.P. Carey Inc. purchased the building for $40 million. Weber-Stephen, a manufacturer of barbecue grills, occupies the facility on a 15-year lease. The property serves as the tenant’s primary North American manufacturing facility. Since 2014, Weber-Stephen has made capital improvements totaling over $28 million at the site.
MINNEAPOLIS — JLL Capital Markets has brokered the sale of Stadium Village Apartments near the University of Minnesota for $25 million. Originally constructed in 1960, the 121-unit multifamily property is located at 1015 Essex St. within the Stadium Village neighborhood. Floor plans range from studios to two-bedroom units. Stewart Hayes, Josh Talberg, Dan Linnell, Mox Gunderson, Scott Clifton, Teddy Leatherman and Riley McChesney of JLL represented the seller. Buyer and seller information was not disclosed.
OAK CREEK, WIS. — Greystone has provided a $9.3 million Fannie Mae loan for the refinancing of Country Oaks Apartments in Oak Creek, just south of Milwaukee. The 300-unit multifamily community features a swimming pool and a stackable washer and dryer in each unit. Clint Darby of Greystone originated the fixed-rate, 10-year loan, which features a 30-year amortization. The borrower was undisclosed.
MUNSTER, IND. — Robert Lynn Investments, a division of commercial real estate services firm NAI Robert Lynn, has acquired a 23,346-square-foot dialysis center located at 10120 Calumet Ave. in Munster, about 30 miles south of Chicago. The purchase price was undisclosed. This is the first acquisition for Robert Lynn’s Med Strategy Fund I, a $30 million equity fund dedicated to the aggregation of medical properties. American Renal Associates is the primary tenant within the building. Frank Roti of Marcus & Millichap represented the seller.
ORLAND PARK, ILL. — The Boulder Group has arranged the sale of a 15,120-square-foot retail property occupied by Walgreens in Orland Park for $6.8 million. The single-tenant building is situated at 14680 S. La Grange Road in suburban Chicago. The Walgreens lease expires in September 2032. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate developer. A West Coast-based investor purchased the asset.
TOLEDO, OHIO — Welltower Inc. (NYSE: WELL) has sold three separate portfolios totaling $1.3 billion in value. The portfolios comprise 11 seniors housing facilities in the Western United States, six seniors housing communities in Massachusetts and 20 outpatient medical facilities across five states. Separately, Welltower also announced on Monday a strategic personnel change in the C-suite as the Toledo-based REIT promoted Shankh Mitra from chief operating officer to CEO effective immediately. Tom DeRosa is stepping down from his role as CEO after six years. Mitra will also retain his chief investment officer title. Details of seniors housing sales The sales price of the Western portfolio totaled $702 million, or $466,000 per unit. The unnamed properties are situated in California, Washington and Nevada and have an average age of 12 years. Welltower’s previous ownership stake in the portfolio was 80 percent. The buyer was not disclosed. The sales price of the Massachusetts portfolio totaled $200 million, or $395,000 per unit. The unnamed properties have an average age of 19 years. Welltower is reducing its ownership stake from 95 percent to 20 percent. The remaining 80 percent of the portfolio will be owned by a fund co-managed by Taurus Investment Holdings and …
LONE TREE, COLO. — Colorado Springs-based Griffis/Blessing has completed the disposition of Lofts at Lincoln Station, a four-story apartment building located at 9375 Station St. in Lone Tree. Boston-based Eaton Vance acquired the property for $30.5 million. Built in 2015, Lofts at Lincoln Station features 102 apartments in a mix of one- and two-bedroom layouts, with an average unit size of 787 square feet. Community amenities include a clubhouse, fitness center, dog wash station, outdoor kitchen and outdoor wading pool with two spas. Dan Woodward, David Potarf, Matt Barnett and Jake Young of CBRE Capital Markets in Denver represented the seller in the deal.
TUCSON, ARIZ., AND OKLAHOMA CITY, OKLA. — Gantry has secured $86.5 million in refinancing for a seven-property multifamily property in Arizona and Oklahoma. Patrick Barkley, Chad Metzger and Kevin Valenzuela of Gantry represented the borrower, BWL Properties, in the transaction. Wells Fargo arranged the 10-year Fannie Mae loans with five years of interest-only payments. Totaling 1,601 units, the seven apartment communities were built between 1972 and 1985.