Property Type

Endurance, Cabot Break Ground on 289,042 SF Spec Industrial Project in Burlington, New Jersey

by Taylor Williams November 13, 2020

BURLINGTON, N.J. — A partnership between an affiliate of Endurance Real Estate Group and Boston-based Cabot Properties has broken ground on a 289,042-square-foot speculative industrial project in Burlington, about 20 miles northwest of Philadelphia. The 56.6-acre site at 2609 Rancocas Road will house two warehouses that are expected to be complete in the fourth quarter of 2021. Building I will feature 217,986 square feet, 36-foot clear heights, 180 car parking spaces and 28 trailer parking spaces. Building II will total 71,056 square feet and will offer 32-foot clear heights and 69 car parking spaces. John Plower, Nate Demetsky and Ryan Cottone represented the development team in the acquisition of the land. Newmark represented the seller of the land.

November 13, 2020

Connecticut Leasing Activity Northeast Retail

Floor & Décor to Open Two Stores Totaling 154,000 SF in Connecticut

by Taylor Williams November 13, 2020

DANBURY AND FAIRFIELD, CONN. — Floor & Décor will open its first two stores in Connecticut during the first half of 2021 when the home improvement retailer rolls out a 74,000-square-foot store in Danbury and an 80,000-square-foot store in Fairfield. In Danbury, Floor & Décor purchased a 150,000-square-foot building that formerly housed Pilgrim Furniture and Bob’s Stores. In Fairfield, the company will backfill a space formerly occupied by Kohl’s. Grocer Aldi will share the backfilled space with Floor & Décor. Brian Katz of Katz & Associates represented the retailer in both deals.

November 13, 2020

Acquisitions Industrial Massachusetts Northeast

JLL Negotiates $12.2M Sale of Industrial Property Near Downtown Boston

by Taylor Williams November 13, 2020

BOSTON — JLL has negotiated the $12.2 million sale of a 26,500-square-foot industrial property located at 202 Southampton St. near downtown Boston. The single-story building features 29-foot clear heights, six loading docks with four drive-in doors and 33,000 square feet of excess parking housing 150 spaces. Michael Restivo of JLL represented the seller in the transaction. Brett Paulsrud and Sam Campbell of JLL arranged fixed-rate acquisition financing through Webster Five Centers Savings Bank on behalf of the buyer, a partnership between Oliver Street Capital and Bain Capital Real Estate.

November 13, 2020

Loans Midwest Multifamily Ohio Seniors Housing

KeyBank Structures $31M in Financing for Renovation of Affordable Seniors Housing Property in Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — KeyBank Real Estate Capital (KBREC) and KeyBanc Capital Markets (KBCM) have structured $31 million in financing for the renovation of Carnegie Tower at Fairfax in Cleveland. Built in 1976, the affordable seniors housing property rises 12 stories and features 171 units. It is a project-based Section 8 building and is situated on two acres next to Cleveland Clinic. Units come in one- and two-bedroom floor plans and are reserved for residents age 62 and older. KBREC provided a $14 million HUD construction-to-permanent loan while KBCM sold $17 million of tax-exempt bonds. Additionally, KeyBank Community Development Corp. provided $10 million of low-income housing tax credit equity to purchase credits awarded to the project. Robbie Lynn, Kelly Frank, Ryan Olman and Sam Adams of KeyBank structured the financing on behalf of the borrower, Columbus-based National Church Residences. The project will preserve the building as affordable housing and ensure the long-term viability of the development, according to KeyBank.

November 13, 2020

Illinois Loans Midwest Multifamily

Associated Bank Provides $9.4M in Tax Credit Equity for Rehabilitation of Two Chicago Apartment Buildings

by Kristin Harlow November 13, 2020

CHICAGO — Associated Bank has provided an equity investment totaling $9.4 million of low-income housing tax credits and federal historic tax credits for the rehabilitation of Major Jenkins Apartments in Chicago’s Uptown neighborhood. The two apartment buildings, originally constructed in 1928, are connected and each rise four stories. Upon completion of the renovations, there will be 156 units designated for individuals who are homeless, at risk of homelessness, physically disabled or have chronic or mental illnesses. The units will be further broken down by resident income. There will be 40 units designated for residents earning up to 30 percent of the area median income (AMI), 54 units for those earning up to 50 percent of AMI and 62 units for those earning up to 60 percent of AMI. Completion is slated for the first quarter of 2022. Teresa Rubio of Associated Community Development LLC managed the equity investment on behalf of the borrower, nonprofit developer Mercy Housing Lakefront. Associated Bank partnered with RBC Community Investments for the financing.

November 13, 2020

Acquisitions Michigan Midwest Multifamily

Greystone Bel Arranges Sale of Six-Property Multifamily Portfolio in Detroit for $9M

by Kristin Harlow November 13, 2020

DETROIT — Greystone Bel Real Estate Advisors has arranged the sale of the Whitmore Apartments Portfolio in Detroit for $9 million. The multifamily portfolio comprises six properties and 223 units in the Palmer Park district. The assets were built between 1928 and 1953. Nick Kirby and Cary Belovicz of Greystone Bel represented the seller, a family that had owned the portfolio since the 1960s. The duo also procured the undisclosed buyer.

November 13, 2020

Acquisitions Indiana Industrial Midwest

Sealy & Co. Acquires Westfield Business Centre Near Indianapolis

by Kristin Harlow November 13, 2020

WESTFIELD, IND. — Sealy & Co. has acquired Westfield Business Centre in Westfield, north of Indianapolis. The purchase price was undisclosed. The distribution center spans 133,160 square feet and is located on Oak Ridge Road. The Peterson Co. built the property in 2018. It is fully leased to distribution and manufacturing tenants, with Aptiv occupying 40 percent. Other tenants include Grinds LLC, ETI Fab and 3rd Dimension Industrial Printing. Alex Cantu and Alex Davenport of Colliers International brokered the sale on behalf of the seller, Oak Ridge LLC, which is an affiliate of Carmel-based Jackson Development LLC.

November 13, 2020

Leasing Activity Midwest Office Ohio

ResellerRatings Signs 3,500 SF Office Lease in Downtown Cleveland

by Kristin Harlow November 13, 2020

CLEVELAND — ResellerRatings, a Cleveland-based technology company, has signed a 3,500-square-foot office lease at the historic Caxton Building in downtown Cleveland. ResellerRatings, which is a ratings website where consumers submit reviews of online retailers, is scheduled to move into its new space in November. Stephen Morris of CBRE represented the tenant in the lease transaction. Katherine and Bill Bolton own the eight-story property. The Caxton Building opened in 1903 and was named after William Caxton, the first to introduce the printing press to England. The building was designed to house graphic arts and printing businesses.

November 13, 2020

Acquisitions California Hospitality Multifamily Western

Skya Ventures, Gelt Sell Marina Dunes RV Resort in Northern California for $28.5M

by Amy Works November 13, 2020

MARINA, CALIF. — A joint venture between Skya Ventures and Gelt has completed the sale of Marina Dunes RV Resort located at 3330 Dunes Drive in Marina. An undisclosed, publicly traded REIT acquired the asset for $28.5 million in an off-market transaction. Situated on 5.6 acres, the property features 96 sites, as well as upscale camping options with fully furnished tents, private yards and fully equipped campsites. The property features privately fenced patios with landscaping, off-street parking, upgraded utility pedestals and bollard streetlights, as well as individual telephone, cable, Wi-Fi and propane tanks at each site. Common area amenities include a clubhouse with game room, billiards, flat-screen television, fire pit, horseshoes and volleyball. Additionally, the property features a retail store and check-in office with an assortment of convenience store items and other merchandise. Jonathon McClellan, Kyle Baskin, Connor Outcalt and Steve Seligman of Institutional Property Advisors, a division of Marcus & Millichap, represented the buyer and seller in the deal.

November 13, 2020

Acquisitions Arizona Industrial Western

Cale Enterprises, 36th Street Partners Divest of Two-Building Industrial Project in Phoenix

by Amy Works November 13, 2020

PHOENIX — Cale Enterprises and Los Angeles-based 36th Street Partners have completed the disposition of Desert Gateway II, a two-building industrial property located at 747 and 777 W. Pinnacle Peak Road in Phoenix. A California-based private investor acquired the asset for $13.4 million in an off-market transaction. Completed in January 2018, the property features 76,874 square feet of Class A industrial space spread across two multi-tenant buildings. The 36,004-square-foot and 40,870-square-foot buildings feature 20-foot clear heights, 12-foot by 14-foot overhead doors, office build-out and air conditioning throughout the office and warehouse space. At the time of sale, the property was 95 percent occupied. Dylan Scott, Mike Ciosek and Eric Bell of Kidder Mathews served as leasing agents prior to the sale.

November 13, 2020

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