Property Type

Pensam Provides $52M Refinancing for Rise Central Apartments in Beaverton, Oregon

by Amy Works July 17, 2020

BEAVERTON, ORE. — Miami-based Pensam has provided $52 million in capital to refinance Rise Central, a multifamily property located at 12875 SW Crescent St. in Beaverton. The floating-rate loan has a three-year term with extension options. The name of the borrower was not released. Built in 2019, Rise Central features 230 apartments and more than 5,000 square feet of retail space. With rents ranging from $1,000 to $3,200 per month, the community offers units with high-end finishes and open floor plans, along with a resort-style amenity package. Additionally, the property is located adjacent to the train station in the Westgate Redevelopment Master Plan, which comprises a 45,000-square-foot arts and cultural center and a hotel.

July 17, 2020

Industrial Loans Northeast Pennsylvania

Cushman & Wakefield Arranges $20.3M Refinancing of Industrial Asset in Mechanicsburg, Pennsylvania

by Taylor Williams July 17, 2020

MECHANICSBURG, PA. — Cushman & Wakefield has arranged a $20.3 million loan for the refinancing of 6345 Brackbill Boulevard, a 507,634-square-foot industrial asset in Mechanicsburg, located outside of Harrisburg. The property was fully leased at the time of sale and features proximity to several major thoroughfares, including Interstates 81, 76, 83 and 283. John Alascio, Sridhar Vankayala and Maya Steinberger of Cushman & Wakefield placed the loan through Univest Bank & Trust Co. on behalf of the borrower, Penwood Real Estate Investment Management LLC.

July 17, 2020

Acquisitions Arizona Healthcare NAI Office Western

NAI Horizon Negotiates $11.5M Sale of Banner Health Medical Building in Tucson, Arizona

by Amy Works July 17, 2020

TUCSON, ARIZ. — NAI Horizon has arranged the sale of a fully occupied medical building, located at 535 N. Wilmot Road in Tucson. 535 Wilmot Investors, an affiliate of The Schomac Group, sold the property to AP MP, an affiliate of MBRE Health Care, for $11.5 million. Banner Health occupies the 40,936-square-foot medical building on a long-term basis and recently renewed its lease for another 10 years. Justin Lanne and Andrew Sternberg with NAI Horizon’s Tucson represented the seller in transaction.

July 17, 2020

Acquisitions Multifamily New York Northeast

Global One Real Estate Acquires John Adams Apartment Building in Queens for $26.5M

by Taylor Williams July 17, 2020

NEW YORK CITY — Global One Real Estate Fund II, an affiliate of locally based investment firm Nelson Management Group, has acquired The John Adams, 115-unit apartment building in the Forest Hills neighborhood of Queens. The sales price was $26.5 million. The six-story building offers proximity to several public transit lines and amenities such as bike storage space, package lockers and onsite laundry facilities. The seller was not disclosed.

July 17, 2020

Acquisitions Arizona Multifamily Seniors Housing Western

Marcus & Millichap Brokers $5M Acquisition of Sunland North Apartment Complex in Arizona

by Amy Works July 17, 2020

MESA, ARIZ. — Marcus & Millichap has arranged the purchase of Sunland North, an age-restricted apartment complex located at 4740 E. Broadway Road in Mesa. A developer acquired the property from an undisclosed seller for $5 million. Built in 1984, the 35,000-square-foot property features 23 one-bedroom/one-bath units and 22 two-bedroom/one-bath units for residents age 55 or older. All units feature washer/dryer hookups and patios. Community amenities include a swimming pool, office, storage sheds and covered parking. Paul Bay of Marcus & Millichap’s Phoenix office procured the buyer in the deal.

July 17, 2020

Acquisitions Connecticut Northeast Retail

Marcus & Millichap Brokers $7.2M Sale of Urban Air Adventure Park Near New Haven

by Taylor Williams July 17, 2020

ORANGE, CONN. — Marcus & Millichap has brokered the $7.2 million sale of an 84,200-square-foot retail property in Orange, a southern suburb of New Haven. The property is situated on eight acres and is net leased to Urban Air Adventure Park, an entertainment concept that features trampolines, zip lines, laser tag and virtual reality games. Derrick Dougherty and Mark Krantz of Marcus & Millichap represented the seller, Bull Hill Associates, in the transaction. Brian Kaplan, also with Marcus & Millichap, represented the buyer, a limited liability company.

July 17, 2020

Acquisitions Connecticut Healthcare Northeast

Pearce Negotiates Sale of 35,000 SF Medical Office Complex in Orange, Connecticut

by Taylor Williams July 17, 2020

ORANGE, CONN. — Locally based brokerage firm Pearce Real Estate has negotiated the sale of 70 percent of the medical condominium units at Springbrook Common, a 35,000-square-foot medical office complex in the New Haven suburb of Orange. The property was built in 2008 and is leased to tenants such as U.S. Renal Dialysis, Physical Therapy & Sports Medicine and the Connecticut Kidney Center. Carl Russell of Pearce Real Estate represented the seller, a partnership between Springbrook Common LLC and Lakehouse Properties LLC, in the transaction. Nick Mastrangelo and Tom Cavaliere of Coldwell Banker represented the buyer, Water Street Management LLC.

July 17, 2020

Acquisitions Colorado NAI Retail Western

NAI Shames Makovsky Arranges $1.6M Sale of Retail Property in Colorado

by Amy Works July 17, 2020

ARVADA, COLO. — NAI Shames Makovsky has arranged the sale of retail building located at 5805 Independence St. in Arvada. RHB Arvada sold the property to JBM20 for $1.6 million. The building features 1,808 square feet of retail space. Jake Malman and Evan Makovsky of NAI Shames Makovsky represented the buyer in the deal.

July 17, 2020

Illinois Industrial Leasing Activity Midwest

Conor Commercial Negotiates 316,550 SF Industrial Lease with Amazon in Chicago

by Kristin Harlow July 17, 2020

CHICAGO — Conor Commercial Real Estate has negotiated a 316,550-square-foot industrial lease with an e-commerce retailer for the entirety of its Last Mile Logistics Center I-55 in Chicago’s Gage Park. The tenant is Amazon, according to Crain’s Chicago Business. The facility is located at the corner of 51st Street and St. Louis Avenue. The tenant plans to use the building as a last-mile distribution facility, serving residents in Chicago and the surrounding areas. Positioned on 19.5 acres, the project features 55 truck dock positions, four drive-in doors and 74 trailer stalls. Larry Goldwasser, Colin Green, Matthew Cowie and Jason West of Cushman & Wakefield represented Conor in the lease transaction. Last Mile Logistics Center I-55 provides direct access to more than 5.2 million people within a 30-minute drive, according to Conor.

July 17, 2020

Development Illinois Midwest Multifamily

Summit Design + Build Completes Construction of 105-Unit Apartment Building in Chicago

by Kristin Harlow July 17, 2020

CHICAGO — General contractor Summit Design + Build has completed construction of Edge on Broadway, a 105-unit apartment building in Chicago’s Edgewater neighborhood. Summit demolished an existing single-story building to make way for the new six-story project, which includes 3,700 square feet of ground-floor retail space and 45 parking spaces. Amenities include a bike room, fitness center, TV lounge and outdoor patio. City Pads and Catapult Real Estate Solutions are the developers. Cagan Management Group will serve as property manager. Architect Built Form designed the building and Clausen Management Services served as the owner’s representative.

July 17, 2020

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