Property Type

Jackson-Shaw Begins Work on 154,127 SF Industrial Project in Arlington

by Taylor Williams February 1, 2021

ARLINGTON, TEXAS — Locally based developer Jackson-Shaw has begun construction on Parc 20, a two-building, 154,127-square-foot industrial project in Arlington. Building 1 will span 96,931 square feet and Building 2 will total 57,196 square feet. Each building will feature flexible space designed to accommodate office, showroom, manufacturing, distribution, assembly and other uses. Ridgemont Commercial Construction is the general contractor for the project, with GSR Andrade as the architect. Stream Realty Partners is providing leasing services. Completion is scheduled for the third quarter.

February 1, 2021

Development Loans Multifamily Northeast Student Housing

ACRES Capital Provides $32.5M Construction Loan for Buffalo Student Housing Project

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — ACRES Capital Corp. has provided a $32.5 million construction loan for Auden Buffalo, a 481-bed student housing project that will be located a mile from State University of New York (SUNY) at Buffalo’s campus. The 154-unit property will offer a fitness center, clubroom, study lounges and a pool. Richard Horowitz, Nicholas Barbato and Justin Horowitz of Cooper Horowitz LLC arranged the debt on behalf of the sponsor and developer, New York City-based DMG Investments. An expected completion date was not released.

February 1, 2021

Development Healthcare Massachusetts Northeast

Dana-Farber Opens 140,000 SF Cancer Treatment Center at Former Atrium Mall in Metro Boston

by Taylor Williams February 1, 2021

NEWTON, MASS. — Dana-Farber has opened a 140,000-square-foot cancer treatment center at the site of the former Atrium Mall, located at 300 Boylston St. in Newton, a western suburb of Boston. The Bulfinch Companies led the redevelopment of the two-story facility, which offers a range of cancer therapy practices, clinical trials and supportive services for adult patients and families throughout the region. Bulfinch acquired the property in 2012 with plans to convert it into a medical and wellness facility.

February 1, 2021

Acquisitions Hospitality New York Northeast

Marcus & Millichap Brokers Sale of 207-Room Holiday Inn Hotel in Buffalo

by Taylor Williams February 1, 2021

BUFFALO, N.Y. — Marcus & Millichap has brokered the sale of the Holiday Inn Buffalo International Airport, a 207-room hotel, for $3.9 million. The property was built in 1968 and features banquet facilities, a fitness center, shuttle service, business center and an outdoor pool. Jerry Swon, Daniel Zagoria, Luke Prybylski and Will Nollmann of Marcus & Millichap represented the seller, DSM California LLC, in the transaction. The team also secured the buyer, Stephen Development LLC.

February 1, 2021

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $14.8M Acquisition Loan for Multifamily Property Near Boston

by Taylor Williams February 1, 2021

RANDOLPH, MASS. — Cornerstone Realty Capital has arranged a $14.8 million acquisition loan for Reed Street Apartments, an 88-unit multifamily property in Randolph, a southern suburb of Boston. The property’s unit mix consists of 15 studios, 49 one-bedroom apartments and 24 two-bedroom residences. The borrower, True North Capital Partners, plans to upgrade unit interiors, common areas and amenity spaces. The financing was structured with a fixed interest rate, a 30-year amortization schedule and 36 months of interest-only payments.

February 1, 2021

Illinois Industrial Leasing Activity Midwest

Venture One Completes Lease-Up of Crossroads 55 in Channahon, Illinois

by Kristin Harlow February 1, 2021

CHANNAHON, ILL. — Venture One Real Estate’s Crossroads 55 Business Park in Channahon is now fully leased. CJ Logistics America recently took occupancy of a 1 million-square-foot facility located at 24101 S. Frontage Road, about 13 miles southwest of Joliet. Additionally, Venture One recently began development of a 1.3 million-square-foot build-to-suit for Scotts Miracle-Gro, which will be located at 24231 S. Exchange Blvd. Clayco is building the facility, which is slated for completion in the fourth quarter. The remaining 1.1 million square feet of Crossroads 55 is leased to an undisclosed e-commerce company. Lynn Reich and Suzanne Serino of Colliers International represented CJ Logistics while David Prell and Phililp Pelok of CBRE represented Scotts Miracle-Gro. Jim Estus and Brian Kling of Colliers represented ownership.

February 1, 2021

Acquisitions Indiana Industrial Midwest Office

SomeraRoad Acquires Majority Stake in Historic Stutz Factory in Indianapolis, Plans Redevelopment

by Kristin Harlow February 1, 2021

INDIANAPOLIS — SomeraRoad, a New York City and Nashville-based real estate firm specializing in restoring and modernizing historic properties, has acquired the majority stake in the historic Stutz Factory in downtown Indianapolis for an undisclosed price. The company will embark on a long-term redevelopment and modernization plan for the 400,000-square-foot property. The seller, Turner Woodard, will retain a minority ownership position and consult on the redevelopment efforts. Woodard, an Indianapolis resident and adaptive reuse developer, has owned the Stutz Factory since 1992. The multi-building property was originally built in 1912 as the home of the Stutz Motor Car Co. It is currently home to more than 200 art studios and specialty businesses. Stutz was an American producer of high-end sports and luxury cars. Stutz manufactured its last car in 1934 and the company closed in 1937. Colliers International has been retained as property manager.

February 1, 2021

Development Illinois Industrial Midwest

Midwest Industrial Funds, PCCP to Develop $50M Industrial Project in Palatine, Illinois

by Kristin Harlow February 1, 2021

PALATINE, ILL. — Midwest Industrial Funds (MIF) and its joint venture partner PCCP have purchased a 25-acre site on Sellstrom Drive in Palatine, a northwestern suburb of Chicago. The developers are building a $50 million speculative industrial project spanning two buildings and 428,000 square feet. It will be branded as Palatine Corporate Center. Demolition of three existing buildings at the site will commence in February. Completion of the new buildings is slated for the fourth quarter of this year. Steve Trapp and Sam Durkin of JLL represented the undisclosed seller. The duo has also been retained by MIF to market the new buildings for lease. MIF’s in-house construction arm, MIF Construction LLC, will serve as the general contractor. Harris Architects and Spaceco provided design services for the project.

February 1, 2021

Acquisitions Midwest Minnesota Multifamily Seniors Housing

JLL Brokers $18.7M Sale of Active Adult Community in Andover, Minnesota

by Kristin Harlow February 1, 2021

ANDOVER, MINN. — JLL Capital Markets has brokered the $18.7 million sale of The Estates at Arbor Oaks in Andover, which is about a 30-minute drive from downtown Minneapolis. The 66-unit active adult community sits on 12.5 acres. It is currently 95 percent occupied. Resident amenities include a bistro, salon, fitness center, pickleball court, outdoor patio, underground parking, continental breakfast and recreational programs. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Estates of Arbor Oaks LLC. Matt Steffen, Ken Dayton and Russ Kappenman of JLL arranged acquisition financing on behalf of the buyer, PC Arbor Oaks LLC.

February 1, 2021

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Arranges $10.4M Sale of Multifamily Property Near Minneapolis

by Kristin Harlow February 1, 2021

NEW HOPE, MINN. — Marcus & Millichap has arranged the $10.4 million sale of Wincrest Apartments in New Hope, just north of Minneapolis. The 108-unit multifamily property, located on Winnetka Avenue, is comprised of three buildings. Units range in size from 750 to 1,050 square feet. Monthly rents average $912. The community was built in the late 1960s and recently received upgrades. Abe Roberts of Marcus & Millichap marketed the property on behalf of the undisclosed seller and procured the buyer, a local investor.

February 1, 2021

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