HURST, TEXAS — Marcus & Millichap has negotiated the sale of a 36,008-square-foot industrial building leased to Delta Rigging & Tools in Hurst, a northeastern suburb of Fort Worth. Adam Abushagur and Cliff Zimmerman of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
GRESHAM, ORE. — KeyBank Real Estate Capital (KBREC) has provided a total of $61.4 million in construction financing and Low Income Tax Credit (LIHTC) equity to Newport Beach, Calif.-based Community Development Partners for the development of Rockwood 10, a multifamily property in Gresham. In addition to the $42.6 million construction loan and $18.1 million of LIHTC equity investment from Key Community Development Corp. KBREC secured $32.4 million of fixed-rate Freddie Mac permanent financing for the property. Slated for completion in 2021, Rockwood 10 will feature 224 affordable residential units spread across five three- and four-story buildings on seven acres. As a Section 42 LIHTC project, all units are restricted to households earning no more than 60 percent of the area median income. Jonathan Woodland of KBREC’s Commercial Mortgage Group and Brett Sheehan of KBREC’s Community Development Lending and Investment team structured the financing.
OVERLAND PARK, KAN. — The Opus Group has completed construction of the Edison District, a 125,000-square-foot retail and office development in downtown Overland Park. Located on the southwest corner of Marty and 80th streets, the five-story building offers shared office space managed by Edison Spaces on the second floor. The third through fifth floors will feature speculative office space. The project is also home to Strang Hall, a food hall with seven chef-driven concepts. Adjacent to the building is a skyway-connected parking garage with more than 400 stalls, 24 of which will remain available to the public. The project is also home to an outdoor activity plaza for hosting local events. Tim Barton and Matt Druten own Edison District. In addition to serving as developer of the project, Opus was the design-builder, interior designer, architect and structural engineer. Michael Hsu Architects provided interior design and furniture selection services for Strang Hall. Wiegmann Associates served as mechanical contractor and installed a high-efficiency HVAC system. AREA Real Estate Advisors is marketing the speculative office and retail spaces for lease.
CHICAGO — JLL Capital Markets has arranged a $57.6 million refinancing for the Home2Suites by Hilton Chicago River North, a newly constructed, 206-suite extended-stay hotel in Chicago’s downtown River North neighborhood. Opened in early 2019, the 17-story hotel features a fitness center, business center, outdoor terrace, complimentary breakfast, meeting space and a ground-floor restaurant. Keith Largay, Jeff Bucaro, Nicole Aguiar and Brian Walsh of JLL arranged the floating-rate loan on behalf of the borrower, Akara Partners. A global investment management firm provided the loan, proceeds of which will be used to refinance the construction loan.
CAROL STREAM, ILL. — ShipFusion Inc. has signed a 381,600-square-foot industrial lease at 365 E. North Ave. in Carol Stream, a suburb of Chicago. The warehouse will serve as the e-commerce fulfillment company’s new U.S. flagship operation. The Chicago-based company provides proprietary inventory management software and a wide range of fulfillment services. Completed in 2017 on a speculative basis, the Class A facility features 40,000 square feet of temperature-controlled space, 8,500 square feet of office space as well as a clear height of 36 feet. Doug Pilcher and Jason West of Cushman & Wakefield represented ShipFusion in the lease transaction. David Prell and Kevin Segerson of CBRE represented the landlord, Link Industrial Properties.
PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Parc Midtown, a multifamily property located in Phoenix. Evergreen sold the asset to FSC Realty for $78.5 million, or $256,536 per unit. Situated at the intersection of Central Avenue and Indian School Road, Parc Midtown features 306 apartments with proximity to Indian School/Central Avenue Valley Metro Rail station and Steele Indian School Park. Steve Gebing and Cliff David of IPA represented the seller and procured the buyer in the deal.
KOKOMO, IND. — Regency Properties has acquired Boulevard Crossing Shopping Center in Kokomo, about 60 miles north of Indianapolis. The purchase price and seller were undisclosed. The 125,582-square-foot shopping center is located at 2100 E. Boulevard Crossing St. Anchored by TJ Maxx, the property is also home to Petco, Shoe Carnival, Ulta, Kirkland’s and McAlister’s Deli. Regency currently owns 29 shopping centers in the state of Indiana.
PLEASANT PRAIRIE, WIS. — Rust-Oleum has leased 102,000 square feet of industrial space at 10100 Jelly Belly Lane in Pleasant Prairie. The owner, Jelly Belly Candy Co., will continue to occupy the remaining 132,000 square feet within the building. Kevin Barry and David Buckley of The Barry Co. brokered the lease transaction. Rust-Oleum, a manufacturer of protective paints and coatings, will use the space for its warehouse and distribution operations.
AZUSA, CALIF. — Buchanan Mortgage Holdings has closed a $55 million loan for construction of The Orchard, a mixed-used residential and retail development in Azusa, approximately 20 miles east of Los Angeles. The borrower, Serrano Development Group, will use the loan to construct 163 market-rate apartments and 31,700 square feet of retail space. The transit-oriented development will be located in downtown Azusa at the corner of North Azusa Avenue and U.S. Route 66. The project will consist of two Class A multifamily buildings connected via a second-story footbridge, subterranean parking and ground-floor retail space. The project marks the second collaboration between Serrano Development Group and Buchanan Mortgage Holdings.
CAMBRIDGE, MASS. — Square Mile Capital Management LLC has provided a $433.8 million construction loan for the next phase of Cambridge Crossing, a mixed-use development in the Boston area. The loan will fund construction of a nine-story, 479,000-square-foot life sciences and tech building with ground-floor retail space and below-grade parking. The loan will also finance the construction of a two-story, 19,000-square-foot retail and office building located on a separate parcel. The borrower was DivcoWest, a developer with five offices around the country. Cambridge Crossing will ultimately feature 2.1 million square feet of life sciences and tech space, 2.4 million square feet of residential space, 100,000 square feet of retail space and 11 acres of open green space.