ATLANTA — Truist Financial Corp., through subsidiary SunTrust Commercial Real Estate, has provided an $84.3 million loan to Atlanta-based MDH Partners for the acquisition of seven warehouses, three truck terminals and six trailer yards spread across the Atlanta, Memphis, Louisville, Dallas and Kansas City markets. The warehouses and truck terminal assets total 1.9 million square feet. The six trailer yards contain 1,855 trailer spaces on 46.1 acres in Kansas City. Mark Hancock of Truist originated the loan on behalf of the borrower. The seller(s) was not disclosed.
LITTLE ROCK, ARK. — Beitel Group and The Scharf Group have purchased Forest Place Apartments, a 256-unit community in Little Rock. The property offers one-, two- and three-bedroom floor plans. Communal amenities include a fitness center, pool, sundeck and a picnic area. The property was originally delivered in 1974 and renovated in 1983. The asset is situated at 1400 N. Pierce St., five miles west of downtown Little Rock. Jeff Seidenfeld of Eastern Union Funding originated the loan on behalf of the borrower. Further details of the transaction were not disclosed.
SOUTHFIELD, MICH. — Automotive supplier Marelli has signed a multi-year lease to relocate its North American headquarters to Southfield. The company will occupy nearly 200,000 square feet of the property located at 26555 Northwestern Highway. The mid-century building, which has been vacant since 2015 after Federal-Mogul relocated, is situated at the corner of Lahser Road and the John C. Lodge Freeway. The three-story building, which is undergoing extensive renovations, will feature modern workspaces for nearly 500 employees. It will include 75 conference rooms, an auditorium, cafeteria, fitness room and meeting space. Approximately 100,000 square feet will be dedicated to testing and lab equipment to support R&D activities for the company’s automotive lighting, electronics, exhaust, interiors, powertrain, ride dynamics and thermal solutions business units. Marelli is leasing the property from Dembs Development, which purchased the building in 2017 from a New York-based investment company. Marelli is planning a staggered move-in to begin in late 2020 with full occupancy expected by March 2021. The company currently has two locations in Auburn Hills and one in Farmington Hills. In May 2019, Magneti Marelli and Calsonic Kansei merged to create Marelli, one of the world’s largest independent automotive suppliers.
DETROIT — Detroit Mayor Mike Duggan and his Housing & Revitalization Department (HRD) have created a new partnership to preserve affordable housing in the city while also improving its quality and preventing displacement. The partnership comprises the city’s housing department along with a number of housing experts, including Enterprise Community Partners, United Community Housing Coalition, a partnership between Cinnaire and CHN Housing Partners, Data Driven Detroit, Elevate Energy and Community Investment Corp. Enterprise Community Partners will lead the team and create action plans for preserving units. A primary goal of the new partnership is to identify apartment buildings that have low rents — not because they are required to, but because of their condition — and help redevelop those buildings in a way that preserves their affordability. HRD has established a goal of preserving 10,000 existing regulated affordable housing units in the city by 2023. This is in addition to the creation of new affordable housing in any new development that receives city funding or discounted land.
CHICAGO — Berkadia has arranged a $76 million loan for the refinancing of 1407 On Michigan, an apartment building in Chicago. Located at 1407 S. Michigan Ave., the property features amenities such as a gym, indoor basketball court, sauna, yoga studio and outdoor pool deck. The Class A building includes 199 luxury apartment units and 41,498 square feet of retail space that is currently occupied by Rush University Medical Center. Chris Blechschmidt and Joel Kirstein of Berkadia secured the refinancing on behalf of the borrower, Illinois-based Russland Capital. Ares Management provided the loan.
ROCHESTER, MINN. — Dougherty Mortgage LLC has provided a $23.8 million Fannie Mae loan for the refinancing of Red44, a 159-unit, market-rate multifamily property in Rochester. The five-story community was built in 2017. Amenities include an outdoor pool, grilling area, dog park, community area, pet station, rooftop terrace, fitness center and heated garage parking. The 12-year loan features a 30-year amortization schedule. Mayowood Commons LLC was the borrower.
PEWAUKEE AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of a two-property, 548-unit All Safe Mini Stor-It portfolio in Wisconsin for an undisclosed price. The self-storage facilities are located in Pewaukee and Waukesha. The properties, which are a mix of climate-controlled and non-climate-controlled units, span 76,484 square feet. Brian Kelly, Brett Hatcher and Gabriel Coe of Marcus & Millichap marketed the portfolio on behalf of the seller, a limited liability company. The team also secured the buyer, a limited liability company.
SAN DIEGO — Stockdale Capital Partners has closed on a $330 million loan with a group of funds managed by Alliance Bernstein to continue the redevelopment efforts at Horton Plaza in San Diego. Exterior construction is scheduled to begin soon with 600 to 800 construction workers expected on-site to build the mixed-use creative office and retail redevelopment. Stockdale Capital originally announced its redevelopment plans for Horton Plaza Mall in January. The Campus at Horton will include 700,000 square feet of creative office space and 300,000 square feet of retail space. The development is targeting LEED Platinum, WELL Platinum and WiredSource certifications, with sustainability efforts at the forefront of design and construction. Completion is slated for the end of 2021. Developers estimate the project will bring 3,000 to 4,000 jobs to the community.
CARLSBAD, CALIF. — Cushman & Wakefield has arranged the sale of Cornerstone Corporate Center, a Class A office park in Carlsbad. Long Beach-based Harbor Associates acquired the property from Salt Lake City-based Wasatch Group for $34.2 million. Totaling 177,917 square feet, the four-building asset is located at 1900, 1902 and 1903 Wright Place and 1917 Palomar Oaks Way. Situated on 14 acres and developed between 1998 and 2001, the campus comprises a two-story building and three three-story buildings. The property also features landscaping and ample parking. Rick Reeder and Brad Tecca of Cushman & Wakefield’s San Diego Capital Markets team represented the seller. Matty Sundberg and Justin Halenza, also of Cushman & Wakefield, provided leasing advisory services for the property.
WENATCHEE, WASH. — The Hotel Group (THG) is expanding its hotels-under-management portfolio with the addition of Residence Inn by Marriott Wenatchee, a five-story hotel development in Wenatchee. Developed and owned by Seattle-based Stream Real Estate, the hotel will feature 127 suites with fully equipped kitchens and window-facing workspaces. Additionally, the property will offer complimentary breakfast, an outdoor area with seating, fire pit, outdoor grills, heated pool and spa, full-service bar, fitness facility and 1,400 square feet of meeting space. Slated to open in fourth-quarter 2020, the hotel is a joint venture between THG and Stream Real Estate.