NATICK, MASS. — Kula Bio, a provider of fertilizer for the agriculture industry, will open a 7,500-square-foot headquarters facility in the western Boston suburb of Natick. The company has tapped Massachusetts-based Dacon Corp. to lead the retrofit of an existing 14,350-square-foot building, with plans to immediately occupy 7,500 square feet and leave 6,850 square feet for future expansion. Completion of the retrofit is scheduled for October. About 30 people will work in the new facility.
CHICAGO — Interra Realty has arranged the sale of a seven-building, 39-unit multifamily rental community in Chicago’s Albany Park neighborhood for $11.4 million. The sales price equates to $293,590 per unit. Located on West Montrose Avenue, the property was built in 2013. The community features 26 two-bedroom units and 13 three-bedroom duplexes. Joe Smazal of Interra represented the seller, a private East Coast-based investor, as well as the buyer, Chicago-based HP Ventures Group.
INDIANAPOLIS — Slate Grocery REIT has acquired Glenlake Plaza in Indianapolis for $8.5 million. Concurrent with the acquisition, the REIT has secured a new long-term lease with the property’s anchor tenant, Kroger, for 15 years. The shopping center spans 104,679 square feet of gross leasable area and features an occupancy rate of 85 percent. An owner and operator of grocery-anchored real estate, Slate Grocery REIT’s portfolio comprises $1.4 billion of assets across major U.S. markets. The company trades on the Toronto Stock Exchange.
HUBER HEIGHTS AND VANDALIA, OHIO — Marcus & Millichap has brokered the sale of a Dayton-area retail portfolio occupied by Wendy’s for $4.6 million. The two properties are located in Huber Heights and Vandalia. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap marketed the portfolio on behalf of the seller, a private investor. Buyer information was not disclosed.
KENT, OHIO — SVN Summit Commercial Real Estate Advisors has negotiated the $1.2 million sale of an industrial building in Kent, about 40 miles southeast of Cleveland. Located at 4211 Karg Industrial Parkway, the property features 25,750 square feet of warehouse space, 2,250 square feet of office space on the first floor and 2,250 square feet of office space on the second floor. Tom Fox and Graydon Fox of SVN brokered the transaction. The buyer, SprayWorks Equipment Group, plans to utilize the space to expand product offerings and provide more training programs.
DENVER — PMG and Greybrook Partners have purchased a 2.3-acre development site at 123 Speer Blvd. in Denver. Scripps Media sold the land for $35 million. The joint venture plans to develop Society Denver, a mixed-use project at the site. The 12-story Society Denver will be the first Society Living multifamily property in Colorado. Society Denver will feature 600 apartments developed in two phases, amenities and 14,000 square feet of commercial space. Society Living developments offer traditional units with efficient layouts, rent-by-bedroom/co-living options and oversized amenities, including co-working spaces; modern gyms and fitness studios; communal kitchens; craft food and beverage operations; smart package lockers; app-based keys; and integrated retail space. PMG is also working with the Capitol Hill United Neighborhoods to ensure Society Denver suits the surrounding neighborhood and community needs. Jamie Roupp of Jones Lang LaSalle represented the seller in the land transaction.
BURLINGAME, CALIF. — Colliers International has arranged the sale of a single-tenant industrial property located in the Burlingame submarket of the San Francisco Peninsula. The asset traded hands for $55 million. The names of the seller and buyer were not released. Located at 1649 Adrian Road, the single-story facility features 129,759 square feet of industrial space on 6.6 acres. At the time of sale, the building was 100 percent leased to Lahlouh Inc., an end-to-end communications management services company that has been a tenant since 1996. The building was built in 1957. Tim Maas, Mike Davis, Tony Crossley and Darren Kuiper of Colliers represented the seller in the deal.
DENVER — RW Flats and Urban Villages, which also serves as property manager, have completed the disposition of Vita Flats, a Class B apartment property located at 101 N. Grant St. in Denver. Cohen Rojas acquired the community for $19.2 million. Built in 1961 and renovated in 2009, Vita Flats features 18 studio units, 47 one-bedroom units and nine two-bedroom units. The 11-story, 50,905-square-foot building features an Amazon package hub and a commercial-grade kitchen for resident use on the ground-floor. The new owner plans to renovate the units, as well as potentially add new units to the ground floor of the property. Patrick Henry, Boston Weir, Foster Gillis and Tommy Vento of Henry Group acted as transaction brokers in the sale.
GOODYEAR, ARIZ. — Tower Capital has secured $59 million in refinancing for a Class A multifamily community located in Goodyear. The name of the borrower was not released. Provided by a debt fund/life company, the loan features a 70 percent loan-to-value ratio and a 10-year fixed term with five years of interest-only payments followed by a 30-year amortization schedule. At the time of financing, the property was more than 96 percent occupied.
PHOENIX — Ready Capital has closed $36.7 million in financing for the acquisition, renovation and stabilization of a 240-unit apartment property located in Phoenix’s Deer Valley submarket. Upon purchase, the undisclosed borrower plans to fully renovate the remaining legacy units of the property and upgrade exteriors and common areas to help drive the property to stabilization. The non-recourse, interest-only, floating-rate loan features a 36-month term, two extension options, flexible prepayment and a facility to provide future funding for capital expenditures.