Property Type

American Street Capital Arranges $10.9M Bridge Loan for Acquisition of Apartment Complex in Alsip, Illinois

by Kristin Harlow February 7, 2020

ALSIP, ILL. — American Street Capital (ASC) has arranged a $10.9 million bridge loan for the acquisition of a 144-unit apartment complex in Alsip, about 25 miles south of Chicago. Built in 1974, the 12-building complex is situated on 5.9 acres. The property features 288 surface parking spaces, common laundry facilities and tenant storage units. The asset was 95 percent occupied at the time of closing. Igor Zhizhin of ASC sourced the institutional bridge loan, which features a three-year term at 90 percent loan-to-cost. Deshe Real Estate was the borrower.

February 7, 2020

Acquisitions Industrial Midwest Wisconsin

Brennan Acquires 98,600 SF Industrial Facility in Milwaukee

by Kristin Harlow February 7, 2020

MILWAUKEE — Brennan Investment Group has acquired a 98,600-square-foot industrial facility in Milwaukee. The seller and sales price were undisclosed. The property, located at 11925 W. Carmen Ave., is fully leased to Hilmot, a provider of conveyor equipment. Andy Hess and Derek Yentz of Founders 3 Real Estate Services represented Brennan in the transaction. Chicago-based Brennan has acquired more than $4 billion in industrial real estate since 2010.

February 7, 2020

Loans Midwest Retail Wisconsin

Associated Bank Provides $8.6M in Construction Financing for Three Wisconsin Learning Centers

by Kristin Harlow February 7, 2020

MENOMONEE FALLS, SUN PRAIRIE AND NEW BERLIN, WIS. — Associated Bank has provided $8.6 million in three separate loans for the land acquisition and construction of early childhood learning centers in three Wisconsin cities. Bradford Real Estate was the borrower. Each of the standalone, 10,000-square-foot buildings will be fully leased by The Learning Experience, which provides childcare and educational services for children ages six weeks to six years. The centers will be located in Menomonee Falls, Sun Prairie and New Berlin. All three are slated for completion this year. Daniel Barrins of Associated Bank managed the loans and closings.

February 7, 2020

Acquisitions Arizona Multifamily Western

IPA Negotiates $49.5M Sale of Deer Creek Village Multifamily Asset in North Phoenix

by Amy Works February 7, 2020

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Deer Creek Village, an apartment property located in North Phoenix. Triumph Properties Group acquired the community from a private family/operating partner for $49.5 million, or $160,714 per unit. Built in the 1985 on more than 11 acres, the value-add property features 308 units with an average size of 818 square feet. Community amenities include a playground, three swimming pools and two spas. Cliff Davis and Steve Gebing of IPA represented the seller and procured the buyer in the transaction.

February 7, 2020

Acquisitions Illinois Midwest Multifamily

Essex Realty Group Arranges $4.3M Sale of Multifamily Property in Chicago

by Kristin Harlow February 7, 2020

CHICAGO — Essex Realty Group Inc. has arranged the sale of 6700 S. Constance Avenue, a multifamily property in Chicago’s Jackson Park Highlands neighborhood, for $4.3 million. Jim Darrow, Jordan Gottlieb and Jordan Multack represented the buyer, a New York-based real estate group. Brian Mond of Essex represented the seller, a local family who owned the asset for more than 40 years. The 78-unit property represents a value-add opportunity for the buyer, as it features vintage finishes and below-market rents, according to Essex.

February 7, 2020

Acquisitions California Retail Western

Poincare Group Acquires Bel Villaggio Retail Centers in Temecula for $26.1M

by Amy Works February 7, 2020

TEMECULA, CALIF. — Poincare Group has purchased Bel Villaggio I-II and Bel Villaggio III, two adjacent retail assets in Temecula. San Diego-based Pathfinder Partners sold the properties $26.1 million. Situated on more than 16.3 acres, the properties are located at 41501 and 41221-41493 Margarita Road, adjacent to Costco and Promenade Temecula. Kirk Brummer, Sean Heitzler and Philip D. Voorhees of CBRE’s National Retail Partners-West represented the seller in the deal.

February 7, 2020

Acquisitions Colorado Industrial Western

Woodspear Properties Purchases Industrial Facility in Denver for $21.1M

by Amy Works February 7, 2020

DENVER — Woodspear Properties (Ascendant Capital Partners DNA) has purchased an industrial property located at 9950 E. 40th Ave. in Denver. H-B Tempe LLC , a Minneapolis-based private investor, sold the asset for $21.1 million, or $196.69 per square foot. Built in 2014 with concrete tilt-up construction, the 107,303-square-foot, institutional-grade facility features 7,037 square feet of office space, three dock doors and 16 drive-in doors. Situated on seven acres, the asset is located 15 miles from the Denver International Airport and 10 miles from downtown Denver. Federal Express fully occupies the property and utilizes it as a mission-critical facility. Mike Wafer, Tim D’Angelo, Tim Prinsen and Jerry Hopkins of Newmark Knight Frank (NKF) represented the seller the in transaction. The NKF team also provided transactional assistance to the buyer.

February 7, 2020

Acquisitions California Office Western

Adler Realty Investments Divests of Cal Twin Towers Office Complex in Bakersfield

by Amy Works February 7, 2020

BAKERSFIELD, CALIF. — Adler Realty Investments has completed the sale of Cal Twin Towers, an office asset located at 4900 California Ave. in Bakersfield. Steve Blumer, a local investor, acquired the office complex for an undisclosed price. Adler originally purchased the 151,829-square-foot asset in 2005, completing a building renovation and maintaining high occupancy during its 15 years of ownership. Current tenants include Omni Healthcare, Regus, Progressive Insurance and Principal Life. The seller recently updated the building’s energy systems, which included a solar installation with covered carports. Alex Belfour, Jeff Andrew, Scott Salters and Susan Moreno of Cushman & Wakefield represented the seller in the deal.

February 7, 2020

Loans Mixed-Use New York Northeast

M&T Bank Provides $78.7M Acquisition, Construction Loan for Mixed-Use Development in Brooklyn

by Alex Patton February 7, 2020

NEW YORK CITY — M&T Bank has provided a $78.7 million acquisition and construction loan for the purchase of land in the Williamsburg neighborhood of Brooklyn and development of a mixed-use project. The borrower, Two Trees Management, plans to build two mixed-use towers with 1,000 multifamily units, a 47,000-square-foot YMCA fitness facility, 57,000 square feet of office space and 30,000 square feet of retail space. Additional ground-level space will house amenities and a six-acre public park. The proposed project will be located along the East River on River Street, between Grand and North 3rd streets. Bjarke Ingels Group designed the project and James Corner Field Operations served as the landscape architect. Total cost of the project and the construction timeline were not disclosed, as Two Trees is seeking a rezoning.

February 7, 2020

Acquisitions Healthcare Massachusetts Northeast

Joint Venture Acquires Emerson Hospital Center in Concord, Massachusetts, for $23.3M

by Alex Patton February 7, 2020

CONCORD, MASS. — A joint venture of Celera Properties and AEW Capital Management has acquired Emerson Hospital Center for Specialty Care, a 46,350-square-foot medical office property in Concord, a northwestern suburb of Boston. Located at 54 Baker Ave. Extension, the building serves as a specialized outpatient facility for Emerson Hospital. Coleman Benedict, Ben Sayles and Mike Restivo led a JLL team that represented the seller, Concord Property Management, in the transaction. The team also procured the joint venture as the buyer.

February 7, 2020

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