ST. CLOUD, MINN. — Colliers has brokered the $10.7 million sale of Quarry Commons Apartments, a 102-unit property in the Minneapolis suburb of St. Cloud. The two-building, garden-style property is located at 1965 Quarry Road and was built in 1996 and 2003. Dan Linnell, Adam Haydon, Mox Gunderson and Devon Dvorak of Colliers represented the seller, Timberland Partners. Washington-based Weidner Investment Services Inc. was the buyer.
AUSTIN, MINN. — Marcus & Millichap has arranged the $4.2 million sale of Mandolin Place, a 72-unit multifamily property in Austin, a city in southern Minnesota. Located at 203 31st St. SW, the property features a mix of one-, two- and three-bedroom units across 64,481 square feet. Built in 1994, the asset is located on 3.5 acres just off I-90. Chris Collins, Evan Miller, Eric Wagner, Zack Olson and Matt Shide of Marcus & Millichap represented the buyer and seller, both of which were Minnesota-based limited liability companies. The buyer plans to make some in-unit and property upgrades.
VERNON HILLS, ILL. — Vic Gulati, a Kiddie Academy franchisee, has purchased a 3.3-acre parcel at 300 N. Fairway Drive in the Chicago suburb of Vernon Hills for an undisclosed price. The property marks Gulati’s third Kiddie Academy location, following those in Arlington Heights and Mount Prospect. Kendall Graff and Grant Gary of Woodmont Co. represented Gulati in the transaction, while Brett Kroner of Cushman & Wakefield represented the seller, JRW 2002 LLC.
STREAMWOOD, ILL. — Entre Commercial Realty has negotiated the lease-up of a 22,400-square-foot logistics facility located at 30 Sangra Court in the Chicago suburb of Streamwood. Mike DeSerto and Cory Kay of Entre represented the undisclosed landlord, while @Properties represented the tenant, a local transportation company that will relocate its headquarters to the property. Built in 2019, the facility was designed specifically for transportation and fleet maintenance uses. The building features 10 docks, two drive-in doors, trench drains, air lines, ample trailer parking and exposure along US Highway 20.
PHOENIX — Dalfen Industrial has purchased a freestanding building at 3405 S. 5th St. in Phoenix’s Sky Harbor International Airport submarket for an undisclosed price. The 109,699-square-foot building is fully leased to a single tenant that has been on the property for two decades. The facility features 25-foot clear heights, 11 dock doors and 10 grade-level doors. The building has undergone renovations since being built in 1981. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. Andy Markham, Mike Haenel, Phil Haenel and Foster Bundy of Cushman & Wakefield represented the landlord in negotiating a lease extension with the tenant.
HELENA, MONT. — Wood Investments Cos. has secured a $20.3 million permanent loan from Wells Fargo for Helena Skyway Regional Shopping Center. Situated at 2005 Cromwell Dixon Lane, Helena Skyway Regional offers 164,121 square feet of retail space. Current tenants include T.J. Maxx, Ulta Beauty and Hobby Lobby. Sierra Trading Post and Chick-fil-A recently signed leases to occupy space at the property, bringing the asset to 100 percent occupancy.
HIGHLAND, CALIF. — A San Diego-based investor has completed the disposition of a Chevron gas station, ExtraMile convenience store and car wash property located at 27981 Greenspot Road in Highland. G&M Oil Co., the largest Chevron franchisee in California with more than 200 locations, purchased the Highland property for $9.5 million. Victor Buendia of Progressive Real Estate Partners represented the seller, while Scott Olson of C-Store Realty represented the buyer in the all-cash transaction. Built in 2012, the property features an eight-pump Chevron station, a self-service express car wash and a 3,000-square-foot ExtraMile convenience store.
PORTLAND, ORE. — Ethos Commercial Advisors, on behalf of Lombard Equities, has secured $8.5 million in refinancing for Division Apartments in Portland. Totaling 59 units, the property is an assemblage of three separately platted buildings that are immediate adjacent to each other and managed as a single property. Daniel Natsch and Matthew Illias of Ethos Commercial Advisors arranged the interest-only CMBS loan with a five-year term at 70 percent loan-to-value ratio.
AcquisitionsAffordable HousingCaliforniaMultifamilyNew YorkNortheastSeniors HousingTop StoriesWestern
Standard Communities Acquires $1B Affordable Housing Portfolio Across Four States
LOS ANGELES AND NEW YORK CITY — Standard Communities has acquired a portfolio of 60 affordable housing properties totaling approximately 6,000 units for $1 billion. The transaction is the largest affordable housing acquisition this year, according to the firm. The portfolio includes both traditional multifamily and seniors housing communities and locations across four states, growing the firm’s portfolio in California to 11,000 units and expanding its presence to three new states: Arizona, Colorado and Texas. Properties include the Oaks at Georgetown multifamily community in Georgetown, Texas; Harmony Court, an affordable seniors living community in Redondo Beach, Calif.; and Maroon Creek Apartments in Aspen, Colo. The undisclosed seller developed many of the properties around 2002. Standard plans to invest over $30 million in capital improvements and deferred maintenance across the portfolio. No residents will be displaced during renovations and the communities will remain within the affordable price point, according to the new ownership. An increasing number of households have been designated as “cost burdened” over the past year, leading to a push from policymakers to increase the amount of available affordable housing, according to a recent report by Yardi Matrix. In 2024, 69,600 units are expected to come on line with …
By Mike Homa, R&R Realty Group Five years later and businesses are still adjusting to the new work environment brought on by the COVID pandemic. Omaha’s office space market is seeing a shift in how companies attract employees back into the office. With remote and hybrid work now widely accepted, developers and employers have realized that providing traditional office spaces is no longer enough to entice workers. Instead, they are focusing on creating environments that offer a blend of professional, personal and recreational amenities, transforming office spaces into lifestyle destinations. To make coming to the office more attractive, developers are offering amenities that cater to employees’ holistic needs. In some office parks, facilities such as onsite daycare centers are becoming a reality. These allow working parents the convenience of dropping off their children close to where they work, reducing commute time and providing peace of mind. It’s an amenity that goes beyond the typical office needs, addressing a significant aspect of employees’ personal lives. Green spaces are another amenity we see being increasingly incorporated into the surroundings of new buildings and broader development areas. We see outdoor spaces in office parks like Fountain Ridge Office Park, which offers amphitheater-style seating …