Property Type

Greystone Provides $30.8M Freddie Mac Loan for Expansion of Affordable Housing Property Near Minneapolis

by Kristin Harlow July 28, 2020

BLOOMINGTON, MINN. — Greystone has provided a $30.8 million Freddie Mac loan for the refinancing and expansion of Village Club in Bloomington, about 10 miles south of Minneapolis. The loan, in combination with other capital sources, will be used to construct 172 new apartment units on land adjacent to the existing complex. Two new buildings will offer three- and four-bedroom floor plans and will be known as SoLo Apartments. Construction is slated to begin in August. Kyle Jemtrud of Greystone originated the loan on behalf of the borrower, Aeon. The 18-year loan features a fixed rate and a 40-year amortization. The existing 306 units at Village Club serve mixed-income residents, with more than half of the units restricted to residents who earn at or below 60 percent of the area median income (AMI). The remaining units are at or below 80 percent of the AMI. Two-thirds of the new units at SoLo will be affordable at or below 60 percent of the AMI and one-third will be at or below 80 percent AMI.

July 28, 2020

Illinois Industrial Leasing Activity Midwest

Midwest Custom Case Leases 239,700 SF Warehouse in Monee, Illinois

by Kristin Harlow July 28, 2020

MONEE, ILL. — Midwest Custom Case Inc. has leased a 239,700-square-foot warehouse at 25975 Cleveland Ave. in Monee, about 40 miles south of Chicago. The designer and manufacturer of store fixture products will relocate from 425 Crossing Drive in University Park once the lease commences this fall. The facility features a clear height of 30 feet, 25 docks, four drive-in doors and 5,265 square feet of office space. Jim Estus and Matthew Stauber of Colliers International represented the tenant. The landlord was undisclosed.

July 28, 2020

Development Midwest Minnesota Multifamily

Stahl Completes Renovation of 39-Story Apartment Tower in Minneapolis

by Kristin Harlow July 28, 2020

MINNEAPOLIS — Stahl has completed a renovation of The Carlyle in the historic Mill District of Minneapolis. Stahl remodeled all common areas, including the addition of a new club room, the expansion of the fitness area and a new studio for yoga and other classes. The 249 units received upgraded finishes and technology. ESG Architects served as architect for the project that began in September 2019. The Carlyle was originally built in 2007.

July 28, 2020

Industrial Leasing Activity Midwest Missouri

Avison Young Negotiates 124,952 SF Industrial Lease for Elite Printing & Packaging in Suburban St. Louis

by Kristin Harlow July 28, 2020

HAZELWOOD, MO. — Avison Young has negotiated a 124,952-square-foot industrial lease on behalf of Elite Printing & Packaging at Hazelwood TradePort in Hazelwood, about 20 miles northwest of St. Louis. Elite outgrew its former space in Wentzville. Timothy Convy and Brian Kelley of Avison Young represented Elite in the lease at Hazelwood TradePort, which is owned by NorthPoint Development. The long-term lease is for space at 1601 TradePort Drive.

July 28, 2020

Market Reports New Mexico Office Western Western Market Reports

Office Market Remains Steady in Albuquerque

by Jeff Shaw July 28, 2020

By Jordan Shipley, Associate Broker, Allen Sigmon Real Estate Group Lease rates are up and vacancy is down, two important things all landlords want to hear. For office landlords in New Mexico, these are two promising trends that have continued for the past few quarters to round out 2019. Average asking rates in Albuquerque came in at $18.76 per square foot, full service, according to Collier’s fourth-quarter 2019 Albuquerque office market report. Colliers also noted this was the first time average market rates have stayed above $18 per square foot for three consecutive quarters. This is currently the highest-recorded asking rate on record for the market. Office users that are relocating are shrinking their overall space with fewer hard-wall offices and more collaborative work areas. With this trend comes ability to use tenant improvement money in different ways than simply walling off an office for each employee. Some of this money can now be spent on amenities like coffee bars, modern finishes, and wellness features, such as showers for those who bike to work or exercise at lunch. Collaboration is also extending beyond the demising walls of the office space as mixed-use projects become more popular. Winrock Town Center and Uptown Tower, two …

July 28, 2020

Acquisitions Loans Nevada Office Western

Moonwater Capital Receives $35M in Equity for Purchase of NV Energy Pearson Office Building in Las Vegas

by Amy Works July 28, 2020

LAS VEGAS — Los Angeles-based Dekel Capital has arranged $35 million in debt equity on behalf of Moonwater Capital for its acquisition of the NV Energy Pearson Building, an office building in Las Vegas. Located at 6226 W. Sahara Ave., the four-story property features 262,000 square feet of office space. NV Energy has been the sole tenant of the corporate headquarters building since it was constructed in 1983. The public utility, wholly owned by Berkshire Hathaway Energy, provides a wide range of services throughout the state of Nevada. In additional to raising joint venture equity for the Las Vegas-based borrower, Dekel arranged $23.8 million in long-term, fixed-rate, first mortgage debt from a West Coast-based regional bank. The borrower acquired the property as a core-plus asset to add to its office portfolio in the Las Vegas market, which totals approximately 700,000 square feet of commercial office space.

July 28, 2020

California Loans Multifamily Nevada Western

NorthMarq Arranges $31M Refinancing for Multifamily Portfolio in Nevada, California

by Amy Works July 28, 2020

LAS VEGAS AND LAKESIDE, CALIF. — NorthMarq has arranged a $31 million refinancing for a three-property multifamily portfolio in Las Vegas and Lakeside. The portfolio includes a combined 924 units. Gardiner Champlin of NorthMarq’s San Diego office secured the refinancing that was structured with 10-year, interest-only terms. The firm arranged the permanent-fixed loan for the borrower, a San Diego-based client, through its in-house Fannie Mae team. The two Las Vegas properties are Silverado Village at 3750 Arvill St. and Summerlin Entrada at 1701 Rock Springs Drive. Built in 1981, Silverado Village features 440 units, a clubhouse, two pools, an indoor spa, two dry saunas, three tennis courts and six laundry facilities. Summerlin Entrada, which was constructed in 1987, offer 352 units, a gated entrance, clubhouse, two pools, a spa, tennis court, basketball courts, fitness center, business center, tot lot and three laundry facilities. Located at 12840 Mapleview St. in Lakeside, Stoneridge Apartments features 132 units, tuck-under private garages, a pool and five laundry facilities. The property was built in 1986.

July 28, 2020

Acquisitions California Office Western

Colony Capital Sells Commerce Square Business Park in Riverside, California for $14M

by Amy Works July 28, 2020

RIVERSIDE, CALIF. — Colony Capital has divested of Commerce Square Business Park, a four-building office portfolio located at 1550 Marlborough Ave. and 1737, 1777 and 1989 Atlanta Ave. in Riverside. An undisclosed buyer acquired the asset for just over $14 million. At the time of sale, the 128,912-square-foot business park was 90 percent leased to 14 tenants ranging in size from 1,395 square feet to 23,000 square feet. Tenants include Level 3 Communications (Century Link), T-Mobile, Honeywell International and the State of California. Kevin Shannon, Ken White, Sean Fulp, Scott Schumacher and Ryan Plummer of Newmark Knight Frank represented the seller. The buyer was self-represented in the transaction.

July 28, 2020

Acquisitions California Industrial Western

Overton Moore Properties Buys 118,056 SF Industrial Building in Lathrop, California

by Amy Works July 28, 2020

LATHROP, CALIF. — Overton Moore Properties, in a joint venture with Invesco Real Estate, has acquired a single-tenant industrial facility located at 18231 Murphy Parkway in Lathrop. Terms of the transaction were not released. Situated on 11 acres, the 118,056-square-foot property is fully leased to Simwon America Corp., a Tier 1 supplier of Tesla. The buyer plans to expand the current building by approximately 80,000 square feet for Simwon’s growing manufacturing demands. Mike Goldstein and Ryan McShane of Colliers International, Stockton/Central Valley office, represented the buyer and undisclosed seller in the deal.

July 28, 2020

Acquisitions California Lee & Associates Office Western

Lee & Associates Brokers Acquisition of 23,125 SF Office Building in Costa Mesa, California

by Amy Works July 28, 2020

COSTA MESA, CALIF. — Lee & Associates has arranged the sale of an office building located at 3545 Howard Way in Costa Mesa. Sovereign Lending Group acquired the property from Davies-Torrance Trust for $5.1 million. Built in 1986, the two-story building features 23,125 square feet of office space. The buyer intends to occupy the building. Allen Basso of Lee & Associates Irvine represented the buyer, while Eric Tse of Kidder Mathews represented the seller in the deal.

July 28, 2020

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