BLOOMINGTON, IND. — The Annex Group has completed the development of Union at Crescent, a 146-unit affordable housing community in Bloomington near Indiana University. The eight-acre project features one-, two- and three-bedroom floor plans. Amenities include a community and business center, exercise facility and playground. The property features both affordable housing units as well as market-rate units. The affordable units are designated for residents who earn between 50 and 70 percent of the area median income. Finance partners include T&H Investment Properties, Indiana Housing Community Development Authority, R4 Capital and R4 Capital Funding. Axis Architecture + Interiors and Smith Brehob & Associates made up the design team. Crestline Communities will manage leasing efforts.
SIOUX FALLS, S.D. — Merchants Capital has arranged approximately $14 million for the refinancing of West Pointe Commons, a 141-unit rental townhome community in Sioux Falls. Merchants Bank of Indiana provided the loan for the borrower, a local investment group. West Pointe Commons offers one-, two- and three-bedroom floor plans. Amenities include a fitness center, clubhouse, pool and playground.
ORLAND PARK, ILL. — Duluth Trading Co. has opened a new store in Orland Park within metro Chicago. This is the 64th location for Duluth Trading, which offers men’s and women’s casual wear, workwear and accessories. The store is located at 29 Orland Square Drive. Duluth Trading is based in Mount Horeb, Wis.
DENVER — Development partners Bradbury Properties and Confluent Development have completed the disposition of three newly constructed buildings within Highland Business Park, a 100-acre industrial campus in Denver. A separate account investor advised by Invesco acquired the assets for an undisclosed price. Delivered in June, the acquired properties are a 202,000-square-foot, built-to-suit distribution center, a 160,000-square-foot industrial building and a 130,000-square-foot facility. Ware Malcomb served as architect with Brinkmann Constructors as general contractor for the largest asset, while Intergroup Architects served as architect with Murray & Stafford as general contractor for the other two buildings. CBRE’s Jeremey Ballenger, Jim Bolt, Tyler Carner and Jessica Ostermick brokered the sale and are serving as leasing advisors for the three assets. Confluent and Bradbury began their partnership in 2016 with the Highland Building 5 project, then marking the fifth development within the business park. The partnership has now achieved full build-out of the business park, capping off its approximately $100 million venture.
JACKSON, WYO. — Chicago-based Waterton, as part of a joint venture with Jackson-based Orion Cos., has completed the acquisition of The Virginian Lodge and adjacent RV park, located at 750 W. Broadway in downtown Jackson. Built in the 1960s, the 170-key lodge will undergo a repositioning with renovations to rooms, amenities, common areas, retail spaces and food and beverage operations beginning in late 2020. The buyers plan to renovate and redesign the restaurant along with offering indoor/outdoor access via the property’s courtyard and soon-to-be upgraded pool and hot tub area. The repositioning plan also include the addition of five standalone camping units. The 13-acre site includes a main hotel building with 4,900-square-foot conference and event center, plus 2,600 square feet of retail space. Two adjacent buildings offer a 3,400-square-foot restaurant and 2,700 square feet of retail space. The property also includes a 103-stall RV park. OLS Hotels and Resorts/Springboard Hospitality will operate the hotel. New West Building Co. will serve as general contractor and a subsidiary of Orion Cos. will oversee construction. The acquisition price and redevelopment costs were not disclosed.
LOS ANGELES — CBRE has arranged the purchase of an apartment property located at 3906-3910 Inglewood Blvd. in Los Angeles’ Mar Vista neighborhood. An Orange County, Calif.-based private client investment partnership acquired the asset for $5.3 million. The community consists of two two-story buildings offering a total of 20 apartment units. Amenities include enclosed garages, private balconies or patios and a landscaped courtyard. Sean Riley of CBRE represented the buyer, while an outside broker represented the seller, a private family dissolving its partnership.
PHOENIX — PSRS has secured a $6 million loan for the refinancing for Phoenix Commercial Center, a six-building industrial campus in Phoenix. The name of the borrower was not released. Kostas Kavayiotidis and Jacob Lee of PSRS arranged the non-recourse, fixed-rate loan, which features a 20-year term and a 20-year amortization schedule, through a correspondent life insurance company lender. Phoenix Commercial Center offers 131,000 square feet of industrial warehouse space.
GLENDALE, ARIZ. — Orion Investment Real Estate has arranged the sale of a retail building located at the intersection of West Peoria and North 43rd avenues in Glendale. An affiliate of DeRito Partners sold the property to a Santa Clara, Calif.-based buyer for $3.8 million, or $387.72 per square foot. Originally constructed in 1987 as a single-tenant restaurant property, the 9,801-square-foot building is now a multi-tenant property. At the time of sale, the property was 89 percent occupied by Denny’s, Subway and Alta Dental. The asset is an outparcel to Glendale Towne Center, which Target anchors. Ari Spiro and Sean Stutzman of Orion Investment represented the seller, while Joel Owens of Canton, Ga.-based All World Realty represented the buyer in the deal. The new owner has retained DeRito Partners for both leasing and property management
FLOWER MOUND, TEXAS — Logistics firm BFS Services Inc. has signed a 126,100-square-foot industrial lease extension at Lakeside Trade Center in the Fort Worth metro of Flower Mound. According to LoopNet Inc., the property was built in 2003, renovated in 2005 and totals 462,200 square feet. Building features include 30-foot clear heights and 148-foot truck court depths. Jeremy Kelly and Sarah Ozanne of Stream Realty Partners represented the landlord, New York-based Clarion Partners, in the lease negotiations. Lee & Associates represented the tenant.
MCKINNEY, TEXAS — Marcus & Millichap has brokered the sale of McKinney Shopping Center, 15,127-square-foot retail center located north of Dallas. Tenants at the center include Mattress Firm, Charles Schwab and Thai Noodle Wave. Philip Levy of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity.