IDAHO FALLS, IDAHO — Arbor Realty Trust has provided $1.9 million in financing through the Fannie Mae Small Loan program for Arbor Court Apartments in Idaho Falls. Built in 1953, the two-story, six-unit property features a playground, laundry facility and on-site parking. Geoffrey Platt of Arbor’s New York City office originated the loan for the undisclosed borrower.
ERIE, PA. — Marcus & Millichap has brokered the $1.4 million sale of Washington Square, a 9,783-square-foot retail strip in Erie, approximately 130 miles north of Pittsburgh. Located at 5040 Peach St., the property was constructed in 1982 and was 100 percent occupied at the time of sale. Tenants include Lake Erie Pharmacy, Pizza Hut, Subway, Pella Windows and Great Clips. Scott Wiles, Craig Fuller and Erin Patton led a Marcus & Millichap team that represented the seller, a local private investor, in the transaction. The buyer was undisclosed.
DALLAS —Newmark Knight Frank (NKF) and E. Smith Advisors, a brokerage firm headed by former Cowboys running back Emmitt Smith, has secured a 50,000-square-foot office lease renewal at Campbell Centre in Dallas. John Wolf and Sara Fredericks of NKF represented the tenant, Istation, a provider of electronic education services, in the lease negotiations. The duo credited the Cowboys legend in facilitating their relationship with Istation, which is headquartered at the property. Haberman & Haberman owns Campbell Centre, a development that was built in 1978 and totals 322,382 square feet.
KILLEEN, TEXAS — Arbor Realty Trust Inc. has provided a $1.3 million Fannie Mae loan for the refinancing of Girard Court, an apartment complex located in the Central Texas city of Killeen. The property was built in 2006 and features 24 units with hardwood floors, built-in bookcases, vaulted ceilings and French doors. Geoffrey Platt of Arbor Realty originated the loan as part of a $13.9 million refinancing package for a portfolio of multifamily properties totaling 256 units in seven states. The borrower was not disclosed.
DALLAS — Stream Realty Partners has negotiated a 10,068-square-foot industrial lease renewal at Manana I-35 Business Center in northwest Dallas. The property is located at 10730-10768 N. Stemmons Freeway. Drew Feagin and Todd Poticny of Stream represented the landlord, DRA Advisors, in the lease negotiations. Whitebox Real Estate represented the tenant, Plant Interscapes Inc., a provider of plants and landscaping materials for office buildings.
CINCINNATI — Phillips Edison & Co. Inc. (PECO), an internally managed real estate investment trust and owner of grocery-anchored shopping centers, has issued an update regarding the impact of the COVID-19 impact. Rent and recoveries collected for May totaled 80 percent of monthly billing, up from 78 percent in April. Cincinnati-based PECO says that once tenants are open and able to pay their standard monthly rent, the landlord will begin discussions about recovering missed rent payments. As of May, 91 percent of PECO’s tenants were open for business. PECO has recently launched PECO Connect, a new webpage designed to help tenants reopen as states continue to relax social distancing and stay-at-home requirements. The resources include information on curbside pickup, outdoor dining, signage, educational webinars, tenant rewards and an internal communications platform. PECO manages a portfolio of 312 properties, including 285 wholly owned properties comprising approximately 31.9 million square feet across 31 states.
PLAINFIELD, IND. — Mygrant Glass Co. has inked a 69,005-square-foot industrial lease at the newly built Gateway V distribution center located at 845 Airtech Parkway in Plainfield near the Indianapolis International Airport. California-based Mygrant is an independent distributor of auto glass. The company plans to move into the facility in the fourth quarter once interior improvements are completed. The 262,758-square-foot Gateway V, owned by HSA Commercial Real Estate, is now 75 percent leased. The other building tenants are Safran Nacelles and LifeNet. Developed on a speculative basis and delivered in 2019, Gateway V features a clear height of 32 feet, 30 truck docks, four drive-in doors, 185 car parking stalls and 70 trailer positions. Terry Busch and Jared Scaringe of CBRE represented ownership in the new lease. Michael Jeppesen of IPG Commercial and Michael Weishaar of Cushman & Wakefield represented Mygrant. HSA has developed six buildings totaling approximately 900,000 square feet at Gateway Business Park.
FAIRMONT, MINN. — Lakeview Methodist Health Care Services has started construction of a 72-bed skilled nursing facility in Fairmont, located in the southern part of Minnesota near the Iowa border. Wold Architects designed the two-story, 86,000-square-foot property, which Kraus-Anderson Construction will build. Development costs are estimated at $24 million. Construction is slated for completion by fall 2021. Located at 610 Summit Drive on Lakeview Methodist’s campus overlooking the Budd and Sisseton lakes, the new facility will feature a child daycare center, dining room, overnight guest room, gift shop, movie theater, fitness center, beauty shop, courtyard and gardens. Lakeview Methodist has worked in the Minnesota skilled nursing sector for 50 years and provides 24-hour care for short- or long-term stays.
LENEXA, KAN. — DaVinci Roofscapes has signed a 66,883-square-foot industrial lease at 13900 W. 101st St. in Lenexa. The Lenexa-based company is a supplier of roofing and siding and is expanding its warehousing needs. Mike VanBuskirk, Chris Robertson, Seamus McLaughlin and Tommy Gentry of Newmark Grubb Zimmer negotiated the lease transaction. The 111,883-square-foot building is now fully leased. The landlord was undisclosed.
OAK CREEK, WIS. — Marcus & Millichap has arranged the $5.9 million sale of the La Quinta Inn Milwaukee Airport, a 99-room hotel in Oak Creek, about 15 miles south of Milwaukee. The property is located at 7141 S. 13th St. near the General Mitchell International Airport. The three-story hotel was built in 1989. Ebrahim Valliani, Allan Miller and Chris Gomes of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a limited liability company.