MINNEAPOLIS — Dougherty Mortgage LLC has provided a $34.2 million HUD 221(d)(4) loan for the construction of Bassett Creek Apartments in Minneapolis. The six-story apartment building will comprise 139 units as well as an underground parking garage and 3,670 square feet of retail space. The project includes a mix of studios, one- and two-bedroom units as well as six penthouse units. The 40-year loan is fully amortizing. BC East LLC was the borrower.
BLAINE, MINN. — Upland Real Estate Group Inc. has arranged the $4.1 million sale of a 16,000-square-foot retail property occupied by Harbor Freight in Blaine, about 15 miles north of Minneapolis. Harbor Freight was founded in 1977 in California as a mail-order hardware company. Today, the company operates more than 1,000 stores across the country. Buyer and seller information was not disclosed, but the buyer purchased the property in an all-cash 1031 exchange.
FESTUS, MO. — Marcus & Millichap has brokered the $3.6 million sale of a Comfort Inn hotel in Festus, about 40 miles south of St. Louis. The 89-room property is located at 1303 Veterans Blvd. and recently underwent a renovation. Ebrahim Valliani, Michael Klar, Allan Miller and Chris Gomes of Marcus & Millichap represented the undisclosed buyer and seller.
GOODYEAR, ARIZ. — Nike Inc. has acquired an industrial property located at the south southeast corner of 143rd Avenue and Van Buren Street in Goodyear. An undisclosed seller sold the property for $69.8 million, or approximately $77 per square foot. Situated on 49.9 acres and built in 2018, the asset features 901,699 square feet of I-1-zoned industrial space. Walter Unger of Kasten Long Commercial Group arranged the transaction.
EDISON, N.J. — Rockefeller Group, a New York-based developer, has broken ground on a 900,022-square-foot industrial property in Edison, about 30 miles southwest of New York City. The speculative distribution center will be located on 56 acres off Route 27 and will feature 40-foot ceiling heights, 150 dock doors and 464 parking stalls. New Jersey-based KSS Architects is designing the project, construction of which is slated for completion in August 2020.
PACIFICA, CALIF. — Bethesda, Md.-based First Washington Realty (FWR) has purchased Fairmont Shopping Center, a community shopping center located in Pacifica. Terms of the acquisition, including seller’s name and price, were not released. Situated at the intersection of Hickey and Skyline boulevards, Fairmont Shopping Center features 102,982 square feet of retail space, with Safeway and Rite Aid as anchor tenants. FWR currently owns 103 shopping centers with a value of more than $5.5 billion located in 22 states and the District of Columbia. The company’s centers contain approximately 13.8 million square feet with approximately 2,500 tenants.
ROCHESTER, N.Y. — Hospitality Real Estate Counselors (HREC), a Denver-based hospitality real estate firm, has arranged the sale of a 77-room Hampton Inn in Rochester, in upstate New York. The hotel is located off the Keeler Street Expressway in the northern Irondequiot suburb. Ketan Patel and Mark von Dwingelo of HREC represented the seller, an undisclosed real estate company, in the transaction. The buyer was a regional hotel owner and operator.
BREA, CALIF. — LaSalle Investment Management, through its medical office fund, has acquired a medical office property located at 2767 E. Imperial Highway in Brea. A joint venture between Healthcare Property Advisors and The Innovation Institute sold the asset for an undisclosed price. St. Jude fully occupies the 89,650-square-foot property on a net-lease basis with 14 years remaining on the term. The two-story property is situated on 5.1 acres with frontage and visibility from Imperial Highway, as well as convenient access to the 57 Freeway. St. Jude is a network hospital of Providence St. Joseph Health. Nick Foster of JLL’s Net Lease Practice Group; Evan Kovac and Andrew Milne of JLL’s National Healthcare Capital Markets team; and Andrew Harper from JLL’s Los Angeles office investment team represented the seller. Additionally, John Chun of JLL’s National Healthcare Capital Market team advised from a debt and structured finance perspective.
HICKSVILLE, N.Y. — Hanley Investment Group (HIG) has brokered the $6.6M Sale of a 13,300-square-foot retail center in Hicksville. The center was 100 percent leased at the time of sale with tenants including Dunkin’, Pizza Hut and DTE Window Tinting. The final sale also included a single-family home near the property. Dylan Mallory and Jeff Lefko of HIG along with Marty Sass of New York-based Silber Investment Properties represented the seller, Riark LLC, in the transaction. Robert Sharfstein of RPS Capital Management represented the buyer, a local investor.
SAN PEDRO, CALIF. — Marcus & Millichap has negotiated the sale of Bluff Place, an apartment property located in San Pedro. A limited liability company sold the property for $12 million. Located at 4034 S. Pacific Ave., the building features 36 apartments in a mix of one studio, seven one-bedroom, 24 two-bedroom and four three-bedroom layouts. At the time of sale, 31 of the 34 units were vacant. The buyer plans to extensively renovate the property prior to releasing the units. Kevin King of Marcus & Millichap’s Long Beach, Calif., office represented the seller, while Bryan Schellinger of Marcus & Millichap’s Los Angeles office represented the buyer, another limited liability company, in the deal.
