OMAHA, NEB. — Petros PACE Finance LLC has provided a $4.2 million commercial property assessed clean energy (C-PACE) loan for the conversion of a historic building in downtown Omaha into a boutique hotel. REV Development was the borrower. The transaction will fund a portion of the renovation of Omaha’s century-old Logan Building. The seven-story building will be operated as a 90-key Hotel Indigo, with additional space reserved for condos and ground-level retail. The redevelopment project includes energy-saving improvements to the property’s lighting, HVAC, windows, roofing and plumbing systems. Completion of construction is slated for July 2020. C-PACE is a relatively new financing tool for energy- and water-efficiency projects. Building owners borrow money for energy-efficiency projects and make repayments via an assessment on their property tax bills. C-PACE may be funded by private investors or government programs, but it is only available in states with enabling legislation and active programs, according to the U.S. Department of Energy.
ELK GROVE VILLAGE, ILL. — Dayton Street Partners has acquired two industrial properties in Elk Grove Village. Seller information and purchase prices were not disclosed. The first warehouse, 2454 Elmhurst Road, was built in 1982. Situated on 1.3 acres, the 16,473-square-foot property features 4,900 square feet of office space, five exterior docks and two drive-in doors. It is fully leased to Crown Roll Leaf and Associated Builders and Contractors. The second building, 2500 York Road, spans 55,356 square feet and sits on 3.3 acres. It features two interior docks and three drive-in doors. Dayton Street plans to update painting and lighting. Chicago-based Dayton Street is a commercial real estate investment and development firm focused on industrial properties.
LITTLETON, COLO. — LaSalle Investment Management (LIM) has acquired Parc Santa Fe, an industrial development located on 22 acres along South Santa Fe Drive in Littleton. Jackson-Shaw, LaPour Partners and Stream Realty Partners sold the asset for an undisclosed price. Totaling 345,126 square feet, the three-building property features 24-foot and 28-foot clear heights, gated outside storage and car parking, ample dock doors and abundant power. The development consists of an 85,903-square-foot building, a 169,590-square-foot facility and a 89,633-square-foot building. Delivered in September 2019, the project represented the first new industrial development in the area since 1997. At the time of sale, the asset was 62 percent leased. Tyler Reed, Peter Beugg and Dominic DiOrio of Stream Realty, along with Bo Mills of JLL’s Los Angeles office, handled the acquisition. Stream Realty will continue to handle leasing and management of Parc Santa Fe on behalf of LIM, with Reed, Beugg and DiOrio leading leasing efforts and Tom Bahn leading property management.
CITY OF INDUSTRY, CALIF. — CBRE has arranged the sale of a single-tenant industrial property in City of Industry. A client of BentallGreenOak, a global real estate investment management firm, acquired the property for $61 million, or $265 per square foot. Cameron Merrill of CBRE represented the seller, 300 Baldwin Park LLC, a private owner, in the deal. Located at 300 N. Baldwin Park Blvd., the 230,247-square-foot property was completed in 2015. Jacmar Foodservice Distribution fully occupies the facility, which features 6 million cubic feet of multi-temperature storage with six different temperature zones, allowing for direct refrigerated and frozen receiving and loading.
SCOTTSDALE, ARIZ. — The Davies Group at Los Angeles-based George Smith Partners arranged a total of $56 million in structured financing on behalf of Opwest Partners for its development of Scottsdale Curio, a lifestyle hotel in Scottsdale. The financing comprised a $20 million placement of joint venture equity from Argosy Real Estate Partners and $36 million of senior construction debt from Wells Fargo Bank. Malcolm Davies, Zachary Streit, Evan Kinne, Alexander Rossinsky, Rachael Lewis and Aiden Moran of George Smith Partners sourced the financing for Opwest. Located at 7501 E. Camelback Road, the six-story, 97,058-square-foot hotel will feature 169 guest rooms, a subterranean parking garage, restaurant, lounge, indoor/outdoor fitness center, and amenity deck with pool and bar. Construction is slated to begin this summer.
MERCED, CALIF. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.
BURBANK, CALIF. — Los Angeles-based SBH Real Estate Group has purchased a vacant, single-tenant retail building in Burbank for $3.6 million. Located at 1750 W. Olive Ave., the 5,324-square-foot building includes a grandfathered drive-thru. U.S. Bank formerly occupied the property, which was originally built in 1974. Lee Shapiro of Kennedy Wilson brokered the transaction.
MILFORD, MASS. — JLL Income Property Trust, an institutionally managed daily NAV REIT, has acquired Milford Crossing, a 160,000-square-foot shopping center located approximately 40 miles southwest of Boston, for $42 million. A Stop & Shop grocery store anchors the shopping center, which was 99 percent leased to restaurants, medical, fitness and service-oriented retailers at the time of sale. RD Management LLC was the seller.
EAST RUTHERFORD, N.J. — Axis Global has signed a 53,361-square-foot industrial lease in East Rutherford, a western suburb of New York City. The company will occupy the entirety of 343 Murray Hill Parkway, an office building located next door to the Meadowlands Sports Complex. The building features 21-foot ceiling heights and convenient access to the Garden State Parkway and New Jersey Turnpike. Steve Elman of Cushman & Wakefield represented Axis Global in the lease negotiations. Patrick Lennon, Lorenzo Lambiase and Steve Pastor of NAI James Hanson represented the landlord, 343 Murray Hill Parkway Inc.
NEW YORK CITY — CBRE has negotiated a 52,400-square-foot office lease for advertising agency Johannes Leonardo at Trinity Centre, a two-building office complex located at 111-115 Broadway. The company will take occupancy of the space beginning in July. Adam Foster, Brad Gerla, Adam Leshowitz and Mike Rizzo of CBRE represented the building owner, Capital Properties, in the lease negotiations. Daniel Breiman of Olmstead Properties represented Johannes Leonardo.