Property Type

Halaby Capital Sells Willowbrook Apartments in Colorado for $11.7M

by Amy Works February 25, 2020

WESTMINSTER, COLO. — Denver-based Halaby Capital has completed the sale of The Willowbrook Apartments, a multifamily asset located at 7155 Raleigh St. in Westminster. Summit Communities of Denver sold the property for $11.7 million, or $123,684 per unit. Built in 1973, Willowbrook features 95 apartment units and is located directly across the street from the England Park and Westminster Greenhouse Redevelopment and a short walk via the Little Dry Creek path to the new Westminster Light Rail Station B Line. Bill Morkes and Craig Stack of Colliers International represented the seller, while the buyer was self-represented in the deal.

February 25, 2020

Acquisitions Industrial Northeast Pennsylvania

ROCK Commercial Brokers Sale of 215,344 SF Industrial Property in York, Pennsylvania

by Alex Patton February 25, 2020

YORK, PA. — ROCK Commercial Real Estate has brokered the sale of a 215,344-square-foot industrial property in York, located approximately 100 miles west of Philadelphia. Situated at 441 East Market St., the property was originally built in 1900. The buyer was Mark Lane LLC, a company that acquires aged buildings for the purpose of redeveloping them for storage space, artist studios and industrial uses. Ted Turnbull, Jason Turnbull, Damian Reed and Heather Kreiger of ROCK Commercial represented the seller, IWM International LLC, in the transaction. The team also represented Mark Lane LLC.

February 25, 2020

Arizona Hospitality Loans Restaurant Retail Western

Mag Mile Capital Arranges $10.1M Loan for Hotel Conversion in Tempe, Arizona

by Amy Works February 25, 2020

TEMPE, ARIZ. — Mag Mile Capital has completed a $10.1 million loan for the refinancing and conversion of a hotel and restaurant property in Tempe. Located at 670 N. Scottsdale Road, the asset includes 103 hotel rooms and an on-site restaurant. Kuber Hotel Group, the borrower, plans to use the loan proceeds to refinance and convert the existing Best Western Hotel into a Holiday Inn Express. Rushi Shah, Leonard Smith and Prabhat Jayara of Mag Mile Capital arranged the 36-month, floating-rate, interest-only loan that features options to extend and includes a $2 million conversion and renovation fund. The lender was not disclosed.

February 25, 2020

Industrial Leasing Activity Massachusetts Northeast

Omni Logistics Signs 115,822 SF Industrial Lease in Billerica, Massachusetts

by Alex Patton February 25, 2020

BILLERICA, MASS. — Third party logistics (3PL) company Omni Logistics has signed a 115,822-square-foot industrial lease in Billerica, located approximately 20 miles northwest of Boston. The space is situated within Billerica Commerce Center, a 612,685-square-foot facility located at 90 Salem Road. The property was built in 1982, renovated in 2007 and features 38-foot clear heights, 17 loading docks and convenient access to Interstate 495. David Corkery, Steve Clancy and Rachel Marks of CBRE represented Omni Logistics in the lease negotiations. The team also represented the landlord, New York City-based Clarion Partners.

February 25, 2020

Industrial Loans Office Oregon Western

Ready Capital Closes $7.7M Refinancing for Industrial, Office Portfolio in Portland, Oregon

by Amy Works February 25, 2020

PORTLAND, ORE. — Ready Capital has closed $7.7 million in financing for the recapitalization, renovation and lease-up of an industrial and office portfolio located in the Lloyd District submarket of Portland. The sponsor will use loan proceeds to recapitalize funds and repurpose the older industrial buildings into a combination of Class B creative office, commercial kitchen and industrial office space. Ready Capital closed the non-recourse, floating-rate loan that features a 36-month term, two extension options, flexible pre-payment and a facility to provide future funding for capital expenditures, tenant leasing costs and interest and carry shortfalls.

February 25, 2020

Acquisitions New York Northeast Retail

Marcus & Millichap Closes Sale of 21,000 SF Retail, Office Property in West New York

by Alex Patton February 25, 2020

WEST NEW YORK, N.Y. — Marcus & Millichap has closed the $6.5 million sale of a retail and office property in West New York, a western suburb of New York City. Located at 4912 Bergenline Ave., the property is leased to 7-Eleven and Telco. The upper floors are occupied by office tenants on a month-to-month basis. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.

February 25, 2020

Development Multifamily New York Northeast Seniors Housing

Sunrise Completes 90-Unit Seniors Housing Community on Long Island

by Alex Patton February 25, 2020

HUNTINGTON, N.Y. — Sunrise Senior Living has completed construction of Sunrise of Huntington, a 90-unit seniors housing community located in the Long Island town of Huntington. The community features assisted living and memory care services, as well as convenient access to Syosset Hospital and Plainview Hospital. Sunrise held a ribbon-cutting ceremony on Wednesday, Feb. 19, for the .

February 25, 2020

Indiana Leasing Activity Midwest Office

Do it Best Corp. to Anchor $440M Electric Works Project in Fort Wayne, Indiana

by Kristin Harlow February 25, 2020

FORT WAYNE, IND. — Do it Best Corp. has signed on as the anchor tenant of Electric Works in Fort Wayne. The company will relocate its headquarters and all 440 of its employees to a nearly 200,000-square-foot space within the campus as well as add up to 90 new jobs. The Electric Works project is a $440 million office redevelopment of the abandoned GE campus in Fort Wayne. Construction is expected to begin later this year. The 1.2 million-square-foot project is approximately 60 percent pre-leased. Besides office space, plans call for a coffee shop, restaurant and health and educational facilities. The 39-acre campus once employed 40 percent of the city’s population at its peak in the 1920s. Do it Best Corp. is a hardware, lumber and building materials cooperative, which is a type of organization that is both owned and controlled by its members.

February 25, 2020

Development Illinois Industrial Midwest

Trammell Crow Breaks Ground on 1.6 MSF Industrial Development for Ferrara in DeKalb, Illinois

by Kristin Harlow February 25, 2020

DEKALB, ILL. — Trammell Crow Co. has begun development of a 1.2 million-square-foot distribution center and a 466,000-square foot packaging facility at ChicagoWest Business Center in DeKalb, about 70 miles west of Chicago. Ferrara Candy Co. will occupy the two buildings. The new development is expected to be fully operational in the second quarter of 2021. Ferrara expects to bring approximately 500 jobs to the city. The project team includes Krusinski Construction Co., Harris Architects Inc. and Jacob & Hefner Associates Inc. Joe Grimes of Trammell Crow will oversee the design and construction. Matt Mulvihill and Kevin Segerson of CBRE represented Ferrara in the negotiations.

February 25, 2020

Illinois Loans Midwest Retail

Associated Bank Provides $17.7M Loan for Land Acquisition, Construction of Shopping Center Near Chicago

by Kristin Harlow February 25, 2020

GLENVIEW, ILL. — Associated Bank has provided a $17.7 million loan for the acquisition of land and development of a 62,540-square-foot shopping center in Glenview, about 20 miles northwest of Chicago. Known as Willows Crossing, the multi-tenant center will be located at the southwest corner of Willow and Pfingsten roads. Previously signed leases at the project include Mission BBQ, First Watch Café and an undisclosed 35,000-square-foot grocery tenant. Completion is slated for spring 2021. Daniel Barrins of Associated Bank managed the loan and closing on behalf of the borrower and developer, GW Properties.

February 25, 2020

Newer Posts

Older Posts