Property Type

CBRE Brokers $22.5M Acquisition of The Davenport Multifamily Property in Sacramento

by Amy Works September 24, 2020

SACRAMENTO, CALIF. — CBRE has negotiated the sale of The Davenport, an apartment community located at 941 43rd Ave. in Sacramento. An affiliate of Abacus Capital Group sold the asset to an undisclosed buyer for $22.5 million. The seller invested in extensive capital renovations to the building exteriors and common area spaces while upgrading 10 percent of the unit interiors. Built in 1970, the 126-unit property features an upgraded swimming pool; remodeled clubhouse, leasing office and fitness center; barbecue area with two gas grills; dog park; laundry facilities; secured gate access; and covered parking. Marc Ross of CBRE’s Sacramento office brokered the sale.

September 24, 2020

Development Hospitality Loans Northeast Pennsylvania

CHC Arranges $10.5M Construction Loan for Hotel Project in Wilkes-Barre, Pennsylvania

by Taylor Williams September 24, 2020

WILKES-BARRE, PA. — CHC Hotel Capital has arranged a $10.5 million construction loan for a Home2 Suites by Hilton property in Wilkes-Barre, located south of Scranton. The property will feature 107 rooms and is expected to be complete in late spring of next year. The loan was structured with a 30-month term and a 75 percent loan-to-value ratio. The borrower and lender were not disclosed.

September 24, 2020

Acquisitions Multifamily Washington Western

Summerfield Commercial Negotiates $12.9M Sale of Park Center Apartments in Centralia, Washington

by Amy Works September 24, 2020

CENTRALIA, WASH. — Summerfield Commercial has arranged the sale of Park Center Apartments, a multifamily property located at 3007 Borst Ave. in Centralia. Park Center Apartments LLC and Park Center Apartments II LLC, the original developers of the property, sold the asset to Park Center Centralia LLC for $12.9 million, or $154,583 per unit. Originally built in 2000, the 84-unit Park Center Apartments features 28 one-bedroom units and 56 two-bedroom apartments. Units offer open floor plans, in-unit washers/dryers, walk-in closets in select units and a private patios/balconies with attached storage locker. Common amenities include a clubhouse, outdoor swimming pool, hot tub, fitness center and covered parking. Ryan Kidwell and Robert Parmar of Summerfield Commercial brokered the transaction.

September 24, 2020

Acquisitions Arizona Retail Western

NKF Arranges Sale of 35,157 SF, Two-Tenant Retail Center in Yuma, Arizona

by Amy Works September 24, 2020

YUMA, ARIZ. — Newmark Knight Frank (NKF) has arranged the sale of a neighborhood shopping center in Yuma. Hawkins-Smith & Jason sold the asset to Moreno-Third Street for $3.4 million. Located at 500 W. Cataline Drive, the retail center features 35,157 square feet of retail space. Dollar Tree and dd’s Discounts, a subsidiary of Ross Stores, occupy the two-tenant property. Steve Julius, Jesse Goldsmith and Chase Dorsett of NKF represented the seller and buyer in the deal.

September 24, 2020

Acquisitions California Retail Western

Dow Credit Union Buys Retail Building in Antioch, California for $1.8M

by Amy Works September 24, 2020

ANTIOCH, CALIF. — Avison Young has brokered the purchase of a retail property located at 3457 Deer Valley Road in Antioch. Dow Credit Union acquired the property for $1.8 million. The buyer plans to use the 5,660-square-foot property as its new headquarters and a store location. In addition to the space Dow is utilizing, the property includes a 1,348-square-foot space occupied by Great Clips, providing additional cash flow for the ownership. Hayden Eaves and Kristen Sullivan of Avison Young represented the buyer in the deal. The property was won via a trust deed sale auction.

September 24, 2020

Development Indiana Midwest Multifamily

Flaherty & Collins Breaks Ground on $35M Apartment Complex in La Porte, Indiana

by Kristin Harlow September 24, 2020

LA PORTE, IND. — Flaherty & Collins Properties has broken ground on The Banks, a $35 million apartment complex in La Porte, about 30 miles west of South Bend. In addition to 194 apartment units, The Banks will feature 5,000 square feet of retail space and will be situated on four acres within the larger NewPorte Landing development. Amenities will include a pool, outdoor courtyard, bark park, fitness center and bike storage. Lake City Bank served as construction lender and Foss purchased tax credits for the project. The La Porte Redevelopment Commission is supporting the project with tax-increment financing. Completion is slated for the first quarter of 2022.

September 24, 2020

Development Illinois Midwest Office

Rooftop Terrace Opens at Chicago’s Old Post Office

by Kristin Harlow September 24, 2020

CHICAGO — The Meadow, a 3.5-acre rooftop terrace, has opened at The Old Post Office building in Chicago. Situated on the 13th floor, the space includes a basketball court, running track and bistro and bar area. The rooftop park is part of the 2.5 million-square-foot restoration and repositioning of the building, which reopened in November 2019. Tenants include Uber, Walgreens, Ferarra Candy Co., HomeChef and Cboe. Gensler and Hoerr Schaudt Landscape Architects designed the rooftop. BEAR Construction served as general contractor. “The Meadow represents a timely launch of next-generation tenant amenities, offering workers access to ample outdoor space that allows for multiple modes of use,” says Sheryl Schulze, principal and global repositioning and landlord services leader at Gensler. “Access to daylight, outdoor air and contact with nature is no longer an option; it’s an expectation.”

September 24, 2020

Development Healthcare Midwest Minnesota Multifamily Seniors Housing

Kraus-Anderson Begins $15M Expansion of Healthcare Facility in Madison, Minnesota

by Kristin Harlow September 24, 2020

MADISON, MINN. — Kraus-Anderson has begun the construction of a $15 million expansion at Madison Healthcare Services in western Minnesota. The healthcare facility was originally constructed in 1952. The 52,639-square-foot renovation and expansion will include 37 new skilled nursing units, 12 assisted living units and 12 underground car parking spaces. Designed by HGA Architects, the project is slated for completion in summer 2022. Madison Healthcare Services provides skilled nursing, outreach specialty services, home care services, independent living, therapy services and a critical access hospital.

September 24, 2020

Acquisitions Illinois Midwest Office

Colliers Arranges Sale of 121,000 SF Office Property in Lisle, Illinois

by Kristin Harlow September 24, 2020

LISLE, ILL. — Colliers International has arranged the sale of 2400 Ogden Avenue in Lisle for an undisclosed price. Built in 2000, the office property spans 121,000 square feet on 10.4 acres. It has more than 500 parking spaces. At the time of sale, the asset was 71 percent leased to ARRIS Solutions Inc. and Automated Logic. Alissa Adler and John Homsher of Colliers represented the institutional seller. A local investor purchased the property.

September 24, 2020

Loans Midwest Multifamily Office Ohio

BridgeCore Provides $8M Bridge Loan for Office-to-Apartment Conversion in Downtown Cleveland

by Kristin Harlow September 24, 2020

CLEVELAND — BridgeCore Capital has provided an $8 million bridge loan for the acquisition of a historic office building in downtown Cleveland. The undisclosed borrower plans to convert the building, currently 42 percent occupied, into a 436-unit apartment property with a mix of office and retail space. The loan features a 12-month term with a fully funded reserve for interest and a 65 percent loan-to-value ratio. Akron-area businessman Agostino Pintus and his business partner Kenny Wolfe purchased the Rockefeller Building for $13.3 million, according to Cleveland.com.

September 24, 2020

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