MAPLE GROVE, MINN. — JLL Capital Markets has brokered the $14.5 million sale of a 102,994-square-foot distribution center located at 8175 Jefferson Highway in the suburban Minneapolis community of Maple Grove. The single-tenant property is triple net leased to GAF Materials LLC, a roofing manufacturer. David Berglund and Colin Ryan of JLL represented the seller, a partnership between PCCP and Capital Partners. An affiliate of Boston-based STAG Industrial Inc. purchased the asset.
INDIANAPOLIS AND MAPLE GROVE, MINN. — SRS Real Estate Partners has negotiated the sale-leaseback of a two-property retail portfolio in the Midwest for $7.2 million. Christian Brothers Automotive sold both buildings and then signed 15-year leases. The first property is located at 3985 W. Smith Valley Road in Indianapolis. The 5,264-square-foot building sits on nearly two acres. The second asset is located at 9565 Zachary Lane in Maple Grove, a suburb of Minneapolis. The building spans 5,561 square feet on 1.4 acres. Frank Rogers and Michael Carter of SRS represented the all-cash buyer, a Midwest-based private investor that completed a 1031 tax-deferred exchange.
SAN ANTONIO — Cushman & Wakefield has arranged a loan of an undisclosed amount for the refinancing of Franklin Park Alamo Heights, a 221-unit seniors housing community in San Antonio. Built in 2017 by locally based owner-operator Franklin Park, the property offers independent living, assisted living and memory care services. Richard Swartz, Jay Wagner, Jim Dooley and Jack Griffin of Cushman & Wakefield arranged the loan through an unnamed regional bank on behalf of Franklin Park.
SAN ANTONIO — University Health System, a locally based healthcare provider, has purchased two office buildings totaling roughly 165,000 square feet in San Antonio. The properties are located at 5800 Farinon Drive and 5959 Northwest Parkway in the University Park submarket. Kevin Cosgrove and Scott Ferguson of Stream Realty Partners represented the seller, New York-based Clarion Partners, in the transaction. Ken Adams and Chad Gunter of Transwestern represented University Health Systems, which will also occupy the properties. The deal represents the largest office trade in San Antonio in 2020, according to the brokerage team
TOLLESON, ARIZ. — The Phoenix Business Unit of Trammell Crow Co., along with capital partner Clarion Partners, has started construction of Cowden Logistics Center in Tolleson. Situated on 16 acres at 420 S. 104th Ave., the industrial project will bring 285,131 square feet of logistics space to Phoenix’s Southwest Valley submarket. The facility will feature 36-foot clear heights, 237 car parking stalls, 41 trailer parking stalls, five points of ingress and egress, R-38 insulation and an ESFR sprinkler system. The project team includes Butler Design Group as architect and Wespac Construction as general contractor. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield are handling leasing for the project.
SALT LAKE CITY, UTAH — Kennedy Wilson Fund VI, a commingled fund managed by Kennedy Wilson (NYSE: KW), has acquired three two-story office buildings and two development sites totaling 247,000 square feet in Salt Lake City. An undisclosed seller sold the assets for $55 million. Situated on 24.2 acres within Parkway Center, the campus is fully occupied by five tenants, including Amazon and Verizon, with both occupying single-tenant buildings. The acquisition expands Kennedy Wilson’s presence in the Mountain States. Currently, the Fund VI portfolio includes 15 multifamily and commercial assets in markets including San Jose, Los Angeles, Salt Lake City, Denver and Seattle. The portfolio has an aggregate purchase price of $1.2 billion.
LOS ANGELES — A public-private partnership between American Campus Communities and the University of Southern California (USC) has completed a second phase of a student housing development. The residence hall is located at 1630 San Pablo St. near the university’s Curry Hall and the LAC+USC Medical Center. Shared amenities at the property include outdoor and indoor study areas, retail space and a rooftop courtyard. “We were able to commit 35 percent of the overall area to open space,” says Benjamin Kasdan, principal at KTGY Architecture + Planning, which designed the community. “This is desirable not only during the COVID period, but beyond. The project includes many trends and features we expect to see in the future based on input from students and housing developers.”
SAN FRANCISCO — Thor Equities Group has completed the sale of 634 Second Street, a mixed-use commercial building located in San Francisco’s SOMA neighborhood. Terms of the transaction were not released. The 46,752-square-foot property features three stories, a rooftop deck and 100 feet of frontage along Second Street. At the time of sale, the property tenants included Okta, a cloud security company; Cloudflare, a hosting provider; and Sajj Mediterranean, a restaurant. Kyle Kovac, Mike Taquino and Mandy Lee of CBRE represented Thor Equities in the transaction. Ben Vago and Avram Posner of Wachtel Missry LLP served as legal counsel for Thor Equities.
STANFIELD, ARIZ. — Marcus & Millichap has brokered the sale of a retail property located at 60 Albany Way in Stanfield. A limited liability company sold the asset to a Wisconsin-based investor for $1.3 million. Family Dollar occupies the 8,320-square-foot property on a net-lease basis. The tenant has eight years remaining on a corporate-guaranteed lease. Zack House, Mark Ruble, Chris Land and Jamie Medress of Marcus & Millichap represented the seller in the deal.
LEDGEWOOD, N.J. — New Jersey-based Woodmont Properties has completed the lease-up of Woodmont Parc at Roxbury, a 230-unit apartment community in Ledgewood, about 45 miles west of New York City. Units feature quartz countertops, stainless steel appliances and private balconies/patios. Amenities include a heated pool, fitness center, resident lounge, game room and a theater room. Leasing began in July 2019, and the property has now reached 100 percent occupancy.
