DES PLAINES, ILL. — Associated Bank has provided a $15.8 million loan for the construction of Sherwin Industrial, a redevelopment project of a 7.8-acre industrial site in Des Plaines. Panattoni Development Co. is the borrower and developer. Panattoni plans to tear down two existing industrial buildings on the site and build a 162,000-square-foot speculative warehouse. Completion is slated for fall 2020. The project is situated in the O’Hare submarket. Krista Casper of Associated Bank handled the loan arrangements and closing.
AURORA, ILL. — Newmark Knight Frank (NKF) has brokered the sale-leaseback of 1175 S. Frontenac St., a 120,000-square-foot industrial building in Aurora. The sales price was undisclosed. Elise Couston and Adam Marshall of NKF represented the seller, design studio Embossed Graphics Inc., which will lease back the property from Exeter Property Group. Located in the Meadow Lakes Corporate Park, the facility was constructed in 1999 as a build-to-suit for Embossed Graphics. The building features a clear height of 24 feet, 10,000 square feet of office space and parking for 135 vehicles.
HALTOM CITY, TEXAS — Chicago-based NXT Capital has provided a $37.8 million acquisition loan for an undisclosed, 312-unit apartment community in Haltom City, about eight miles north of downtown Fort Worth. The property features a pool, fitness center, business center, playground, outdoor grilling station, game room and a sport court. Alex Inman of Walker & Dunlop placed the loan with NXT Capital on behalf of the undisclosed borrower.
DALLAS — Hospitality development and investment firm NewcrestImage has acquired the 148-room SpringHill Suites by Marriott hotel in downtown Dallas. The hotel is an adaptive reuse of a historic 10-story building and features a fitness center, complimentary breakfast and 615 square feet of meeting space. NewcrestImage will undertake further renovations to the property that will take about four months to complete, during which time the hotel will remain open. The seller of the hotel was not disclosed.
LOS ANGELES — Cityview has completed the sale of its equity share of The Pearl of Wilshire, a mixed-use development in the Koreatown neighborhood of Los Angeles. Cityview developed the community on land originally entitled by Hankey Investment Co., and sold its interest to Hankey for a total asset value of $170.9 million. Located at 687 S. Hobart Blvd., the 346-unit property features 17 floor plans in a mix of studio, one- and two-bedroom units above 8,300 square feet of retail space. All units feature keyless door locks, a full-sized washer and dryer, stainless steel appliances, a five-burner gas range, smart thermostat, quartz countertops and a terrace, while select units feature high ceilings and oversized balconies. Community amenities include a large pool deck with cabanas and lounge seating; rooftop terrace with a fireplace; Korean barbecue grills; game and club room; fitness center with yoga room and Fitness On-Demand; dog agility center and grooming spa; and three open-air lounges with fire pits and a bocce ball court. Additionally, the property features a Think Space conference room and 24-hour business center with computers and printers. The Pearl’s lobby also features an Uber/Lyft waiting area, complimentary Wi-Fi, charging station, 24-hour concierge, secure entry …
BEAVERTON, ORE. — DB Capital Management has purchased Terra Murrayhill, a multifamily property located at 14305 SW Sexton Mountain Drive in Beaverton. A West Coast-based investor sold the asset for $34.1 million. Situated on nine acres, the community comprises 15 residential building that offer mix of one-, two- and three-bedroom units averaging 891 square feet. Originally constructed in 1985, the 137-unit property recently underwent $3 million in renovations and capital improvements. Community amenities include a newly updated clubhouse, outdoor pool, hot tub, grilling area, fitness center, business center, dog park, detached garages and direct hiking trail access. Ira Virden and Carri Kahn of JLL Capital Markets represented the seller, while Daniel Terranova led the DB Capital Management team in the deal.
COLORADO SPRINGS, COLO. — Pinnacle Real Estate Advisors has brokered the sale of three retail strip centers in Colorado Springs. An undisclosed buyer acquired the portfolio for $13.1 million. King Soopers shadow anchors two of the properties, while Target shadow anchors the third. Eric Diesch and Peter Sengelmann of Pinnacle, along with John Redfield of SRS Real Estate Partners, represented the buyer. The name of the seller was not released.
SCOTTSDALE, ARIZ. — An entity formed by Global Retail Investors has acquired The Shops at Gainey Village, an urban village retail asset located in Scottsdale. Gainey Village Retail Center, an entity formed by Des Moines-based Principal Real Estate Investors, sold the property for an undisclosed price. Michael Hackett and Ryan Schubert of Cushman & Wakefield’s Phoenix office negotiated the transaction on the behalf of the seller. Located at the southeast corner of Scottsdale and Doubletree Ranch roads, The Shops at Gainey Village features 138,476 square feet of retail space. Sprouts Farmers Market anchors the asset, which is fully occupied.
CENTENNIAL, COLO. — NavPoint Real Estate Group has arranged the sale of a medical office asset located at 8100 E. Arapahoe Road in Centennial. Hilltop Partnership acquired the property from Mililani Investments Arapahoe for $3.9 million. Situated within Denver Tech Center, the value-add property features 28,700 square feet of medical office and office space. Compass Bank occupied the garden level and first floors of building since it was built in 1986. At the time of sale, the building was 57.3 percent occupied by three tenants. John Witt and Matt Call of NavPoint Real Estate Group represented the seller, while Matt Kulbe, also of NavPoint, represented the buyer in the deal.
As the saying goes, “nothing worth having comes easy.” While this is true in many ways — especially in the real estate business — the multifamily market in New Hampshire is putting this saying to the test. Design and technology trends represent innovative ways to make life easier for new residents. The result is a revolution in convenience and lifestyle across developments from Nashua to Pittsburg and everywhere in between. Five trends in particular are driving this revolution in the multifamily space. 1. Maximum Flexibility “Flexibility” is a term thrown around in real estate now more than ever. The line between traditional commercial and residential spaces is blurry, with an ever-increasing focus on creating flexible work and gathering areas. Cubical farms are out and coworking spaces are rapidly expanding. The result is a blending of residential and commercial experiences, with office décor that feels like home and homes designed to act as secondary offices. Collaborative gathering areas, which would have been considered foreign just 10 years ago, are now a focal point in new buildouts. Tenants and developers see these spaces as “must haves,” not “nice to haves.” Flexibility also spills over to simple multifamily concepts such as package deliveries …