LAREDO, TEXAS — New York-based Arbor Realty Trust has provided a $3.2 million Fannie Mae loan for the refinancing of Bella Brisa Apartments, a 42-unit community located in the Rio Grande Valley city of Laredo. The property was built in 2012. Jared Stein of Arbor originated the loan, which was structured with a 10-year term, a fixed interest rate and a 30-year amortization schedule. The borrower was not disclosed.
SALT LAKE CITY — KBS Development, in partnership with Salt Development, has completed the construction of Hardware Apartments, a multifamily community located at 455 W. 200 North near downtown Salt Lake City. Immediately following the completion, Sacramento-based Oakmont Properties acquired the resort-style asset from KBS Real Estate Investment Trust III for an undisclosed amount in an off-market transaction. KBS and Salt Development began ground-up construction of the 453-unit apartment property in mid-2016 with Hardware West, the 267-unit first phase, delivered in June 2018. Hardware East comprises the remaining 186 units. Hardware Apartments is situated within Hardware Village adjacent to the historic Salt Lake Hardware Building, a five-story office building constructed in 1909. Hardware Apartments features a mix of penthouse, loft, studio, one-bedroom and two-bedroom apartments, as well as townhomes and brownstone row houses. Community amenities include a fitness center, yoga room, climbing wall, resident library, mediation garden, game room, conference room and rooftop lounge with infinity pool. Eli Mills and Patrick Bodnar of CBRE represented the buyer and seller in the deal. Although the price was not disclosed, the transaction represents the largest multifamily asset sale in the Utah’s history, according to CBRE. Additionally, Bruce Fischer, Tatyana Litovsky, Chrisdo Fan …
MENIFEE, CALIF. — C.W. Driver Cos. has broken ground on the reconstruction of Menifee Valley Middle School, located at 26255 Garbani Road in Menifee. The $38 million, 71,277-square-foot project will help transition the campus to a magnet school focused on visual and performing arts. The redevelopment includes the addition of two new classroom buildings, restorations to the Visual and Performing Arts Center, construction of an open-concept library and renovations to existing locker rooms. Slated for completion in spring 2021, the renovated campus will also feature the reconstruction of temporary portable classrooms into permanent classrooms and lab spaces that create a centralized academic courtyard and cohesive community. Additional modifications include a new music and choir space, a renovated stage in the Visual and Performing Arts Center, introduction of outdoor learning spaces, large classroom windows and active learning spaces optimized for use in the arts, music and sciences known as flex labs. Menifee Valley Middle School’s new library will include a flexible plan configuration, collaboration spaces to facilitate group work and soft seating areas for students. On the athletic front, the redevelopment will renovate existing locker rooms with ADA upgrades, AV improvements and the addition of washers and dryers. BakerNowicki Design Studio …
COSTA MESA, CALIF. — Matthews Real Estate Investment Services has brokered the sale of a recently vacated retail property located at 2666 Harbor Blvd. in Costa Mesa. Red Mountain Retail Group, a real estate developer, acquired the asset from a private family for an undisclosed price. Ace Hardware formerly occupied the 104,980-square-foot lot, located at the southwest corner of Harbor Boulevard and Mesa Verde Drive. Ace vacated the property when its lease expired on April 30. Additionally, there was a sublease in place with an auto dealer that expired with the Ace Hardware lease. Bill Pedersen, Michael Pakravan and Matthew Sundberg of Matthews Real Estate handled the transaction.
RICHMOND, CALIF. — Dermody Properties has purchased Goodrick Logistics Center, a two-building, 172,445-square-foot e-commerce and distribution facility located at 2589 and 2593 Goodrick Ave. in Richmond. Terms of the transaction, including the name of seller and acquisition price, were not released. The property at 2589 Goodrick Ave. is currently available for lease and can accommodate one to three tenants ranging in size from 15,000 square feet to 57,872 square feet. An international mattress distributor occupies the entire facility at 2593 Goodrick Ave. Built in 2018, 2589 Goodrick Avenue features 24-foot clear height, 10 drive-in doors, 75-foot by 65-foot column spacing, LED warehousing lighting and an ESFR fire protection system. Mark Detmer, Bo Mills and Ryan Sitov of JLL represented Dermody Properties in the sale. Jason Ovadia, Patrick Metzger, Eddie Shuai and Mike Murray, also of JLL, will handle leasing for the property.
URBANA-CHAMPAIGN, ILL. — Jackson Dearborn Partners (JDP) has broken ground on ICON, a 276-bed student housing development located near the University of Illinois in Urbana-Champaign. The project is being developed in partnership with Sub4 Development and Green Street Realty. Amenities will include a fitness center, lobby and lounge area and a third-floor deck with an outdoor grilling area. The developers raised equity through CrowdStreet, an online investment platform. Alpha Capital CRE arranged a $19.9 million construction loan with Associated Bank. Alec Bliss of Associated Bank managed the loan and closing. ICON is slated to open for the 2021-22 academic year.
LINCOLNSHIRE, ILL. — Premier Design + Build Group has completed a tenant buildout for Probat, a global manufacturer of industrial coffee processing equipment. Probat’s new space occupies approximately 118,000 square feet of a new industrial building located at 325 Marriott Drive in Lincolnshire. Premier’s team completed design and construction of the 186,616-square-foot building last year. The property features a clear height of 36 feet and 14 exterior truck docks. Harris Architects Inc. was the project architect. Jim Woldenberg owns the building.
KANSAS CITY, MO. — U.S. Bank’s Private Wealth Management Group has signed an 11,468-square-foot office lease at Plaza West in Kansas City. The tenant will relocate from Prairie Village in July. Stanton Road Capital owns the Class A office property, which is located at 4600 Madison Ave. The 16-story, 276,558-square-foot building is currently 84 percent occupied. Travis Helgeson and Miles McCune of Cushman & Wakefield are the property leasing agents. Michael Finley of Colliers International represented U.S. Bank in the lease.
CHICAGO — SVN Chicago Commercial has arranged the sale of the Chicago BrauHaus restaurant property for $3.1 million. The historic building is located at 4732 N. Lincoln Ave. within Chicago’s Lincoln Square. Tim Rasmussen and Marcus Sullivan of SVN represented the buyer, GW Properties. Matt Feo of Essex Realty Group represented the sellers, Harry and Guenter Kempf, who are longtime owners of the Chicago BrauHaus. The restaurant closed in late 2017 after 52 years.
NEW LONDON, WIS. — KW Commercial has brokered the sale of Wolf River Plaza in New London, about 40 miles west of Green Bay. Anchored by Family Dollar, the 52,280-square-foot retail center is home to a mix of regional and national tenants. Matthew Klein and Anthony Passanante of KW represented the buyer, Sunnyside Retail Partners LLC. The seller and sales price were undisclosed.