LYCOMING COUNTY, PA. — Digger Specialties, an Indiana-based manufacturer of building products, will open a 160,000-square-foot production and distribution facility in Central Pennsylvania’s Lycoming County. The build-to-suit facility will be located on a 25-acre site within Timber Run Industrial Park and is expected to bring about 150 new jobs to the community. Howard Fertman of NAI Mertz represented Digger Specialties in its site selection. Construction is scheduled to begin in August and to be complete in the first quarter of 2022.
HAMBURG, PA. — JLL has negotiated the $22.3 million sale of a 149,632-square-foot industrial property in the Lehigh Valley community of Hamburg. Built in 2020, the building features a clear height of 32 feet, 24 overhead doors and an ESFR sprinkler system. John Plower, Pete Pittroff, Ryan Cottone and Jeff Lockard of JLL represented the seller, a joint venture between The Keith Corp. and Kiel Group, in the transaction. Boston-based TA Realty purchased the asset, which was fully leased to two tenants, S Walter Packaging and LTL Home Products, at the time of sale.
BETHLEHEM, PA. — Locally based developer J.G. Petrucci Co. Inc. has begun construction on a 100,000-square-foot industrial expansion project at the headquarters of Cigars International in the Lehigh Valley city of Bethlehem. The project will increase the total size of the building to 213,500 square feet and will include an interior build-out for advanced material handling equipment. The project is slated for completion by the end of the year.
PLAINFIELD, N.J. — New Jersey-based developer CHA Partners has completed The Randolph, a 120-unit apartment complex in the Northern New Jersey community of Plainfield. Construction of the project, which is located at the site of the former Muhlenberg Regional Medical Center, began in late 2019. Units feature one- and two-bedroom floor plans, and amenities include a fitness center, dog park, multi-purpose event rooms, outdoor lounge areas and an automated package system. CHA Partners developed the property in a public-private partnership with the City of Plainfield.
BROOK PARK, OHIO — Weston Inc., the DiGeronimo Cos. and Scannell Properties have purchased the former Ford Motor Co. plant in Brook Park, a southwest suburb of Cleveland. The purchase price was $31.5 million, according to Crain’s Cleveland Business. The existing facility spans 1.7 million square feet across 210 acres and is located next to Cleveland Hopkins Airport. The buyers plan to redevelop the property, details of which will be announced in the coming months.
Dwight Capital Provides $47.4M HUD-Insured Loan for Refinancing of Apartment Property in South Elgin
SOUTH ELGIN, ILL. — Dwight Capital has provided a $47.4 million HUD 223(f) loan for the refinancing of Springs at South Elgin, a 300-unit apartment property. Built in 2018, the asset consists of 15 townhome-style buildings. Amenities include a clubhouse, car care center, fitness center, pet park, pool and barbecue area. Josh Sasouness and Kevin Lifshitz of Dwight originated the loan on behalf of the borrower, Continental Properties. The loan includes a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points since the property is Energy Star-certified.
LEAWOOD, KAN. — First Federal Bank of Kansas City has relocated its headquarters to Park Place in Leawood. The bank, which is relocating from 6900 Executive Drive in Kansas City, will occupy 24,146 square feet. Jim Gates and Adam Tilton of JLL represented the tenant in the lease transaction. Most of the staff will have the option to work from home, but the new headquarters will feature a number of amenities for employees who choose to work in the new space, according to JLL. Helix Architecture designed Park Place’s interior space. KBS owns the office property.
WEST DUNDEE, ILL. — Pensam has acquired 1900 at Canterfield, a 260-unit apartment community in West Dundee, a far northwest suburb of Chicago. Built in 2018, the property consists of 18 buildings on 23 acres. Amenities include a clubhouse, fitness center, conference room, outdoor lounge area and pool. The seller and sales price were undisclosed. A multifamily real estate investment firm based in Miami, Pensam has invested more than $3 billion in 35,000 multifamily assets across the country.
New York Life Funds $44.5M Construction Loan for Two-Building Industrial Project in Kent, Washington
KENT, WASH. — New York Life Real Estate Investors has provided $44.5 million in construction financing for Bridge Point Kent 300, a two-building industrial project located in Kent. Situated on 16 acres on the former REI headquarters site, the property will feature 309,028 square feet of Class A warehouse distribution space spread across a 50,529-square-foot building and a 258,480-square-foot building. The buildings will feature 32- to 36-foot clear heights, 42 dock doors, 391 parking spaces and approximately 26,000 square feet of additional yard space. Steve Skok of Berkadia Commercial Mortgage placed the debt on the transaction.
OMAHA, NEB. — NorthMarq has arranged an $8 million loan for the refinancing of Maple Ridge Apartments, a 174-unit multifamily community in Omaha. Bill Mork of NorthMarq arranged the 15-year loan, which features a fixed interest rate of approximately 3 percent and a 30-year amortization schedule. A life insurance company provided the loan on behalf of the undisclosed borrower.