ROMEOVILLE, ILL. — RJW Transport has signed a 416,504-square-foot industrial lease at 50 Southcreek Parkway in Romeoville. This is the third major lease for RJW this year for a combined total of 1.2 million square feet. The trucking and logistics company previously signed leases in Woodridge and Bolingbrook. Dominic Carbonari of JLL represented RJW in its latest lease. The landlord was not disclosed.
CLEVELAND — KeyBank Real Estate Capital and KeyBank Community Development Lending and Investment have provided a total of $39.4 million in financing for the redevelopment and preservation of Commodore Apartments in Cleveland. Specifically, KeyBank provided a $16.6 million low-income housing tax credit equity investment, an $11.6 million construction loan and an $11.1 million FHA 221(d)(4) first mortgage loan. The 12-story, high-rise building was originally constructed in 1924 as a hotel and later converted into apartment units in 1964, with renovations in 2008 and 2010. The 198-unit apartment complex features 23 studio, 142 one-bedroom and 33 two-bedroom units. A project-based Section 8 HAP contract will provide rental assistance for 144 units for tenants earning between 30 to 60 percent of the area median income. Rehabilitation plans call for the replacement of the roof, elevator modernization, new fire alarm system installation, replacement of domestic water supply and waste plumbing, accessibility upgrades, and in-unit renovations, including upgrading the kitchens, baths, flooring and interior doors. Jeff Rodman, Kelly Frank and Victoria O’Brien of KeyBank originated the financing. Ohio Housing Finance Agency, the city of Cleveland and The Community Builders were financing partners.
WISCONSIN RAPIDS, WIS. — The Boulder Group has arranged the $5.2 million sale of a single-tenant property net leased to Pick ‘n Save in Wisconsin Rapids. The 46,608-square-foot property is located at 900 E. Riverview Expressway. Wisconsin Rapids is in the central part of Wisconsin.Pick ‘n Save recently expanded its lease for 10 years. The store is scheduled to undergo a $2 million interior remodeling in 2019. The property was originally constructed in 1980. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a Midwest-based real estate company. A West Coast-based real estate fund purchased the asset.
CHICAGO — Hektoen Institute of Medicine has opened a 6,190-square-foot office at 1339 S. Wood St. in the Illinois Medical District of Chicago. The 11,700-square-foot building is also home to Vertiport Chicago, the only vertical helicopter landing facility in the city. Larry Cohn and Becca Lundstrom of @properties Commercial represented Hektoen in the lease transaction. The lease is for seven years.
HOUSTON — A partnership between Cushman & Wakefield and JLL has arranged the sale of a 797-unit self-storage facility located at 5321 Richmond Ave. in the Galleria-Uptown area of Houston. The property was sold in conjunction with an 849-unit facility in Los Angeles. The two properties feature more than 158,000 square feet. Greg Wells of Cushman & Wakefield and Steve Mellon of JLL represented the seller, California-based Cardiff Mason Development, in the transaction. The buyer was an undisclosed, national owner/operator.
FORT WORTH, TEXAS — Irving-based JPI will develop Jefferson River East, a 400-unit multifamily community that will be located adjacent to the Trinity River near downtown Fort Worth. Amenities will include two pools, two clubhouses, two sky lounges, a fitness center and a yoga studio. Fifth Third Bank is the senior lender on the project and CrossHarbor Capital Partners is providing preferred equity. JPI broke ground on the property on Oct. 19. The first units are expected to be available for occupancy by spring 2020.
PLANO, TEXAS — A partnership between Dallas-based Pillar Commercial and investment firm Artemis Real Estate Partners has acquired Lincoln Legacy II, a 130,371-square-foot office building in Plano. The property is located near the intersection of the Dallas North Tollway and Tennyson Parkway and offers amenities such as a fitness center, tenant lounge and conference facilities. Curtis Jaggers of JLL secured acquisition financing through MetLife Inc. for the deal.
DALLAS — HFF has negotiated the sale of The Highland Dallas Curio, a 198-room hotel in Dallas. The property has undergone $6.2 million in renovations since 2014 and currently features a pool, fitness center, salon and 1,400 square feet of meeting space. John Bourret and Austin Brooks of HFF represented the undisclosed seller in the transaction. Pete Fehlman of HFF arranged acquisition financing for the sale on behalf of the buyer, St. Louis-based Lennox Capital Partners. The hotel is located at 5300 E. Mockingbird Lane near Southern Methodist University.
RICHARDSON, TEXAS — MetroPCS Communications Inc. has renewed its 115,583-square-foot office lease at Lakeside Centre II, an office property located at 2250 Lakeside Blvd. in the northeastern Dallas metro of Richardson. Tim Terrell and Chase Lopez of Stream Realty Partners represented the landlord, Vereit, in the lease negotiations. CBRE represented the tenant.
WESTMINSTER, COLO. — CA Senior Living LLC has started construction of Atria Westminster, a five-story, 137-unit senior living community in Westminster, approximately 10 miles northwest of Denver. When complete, Atria Westminster will offer 107 assisted living apartments, 30 memory care studios, and a single-story dining and amenity wing. Assisted living units will range in size from 410-square-foot studios to 970-square-foot two-bedrooms, while memory care studios will range from 275 to 310 square feet. Designed by OZ Architects and built by Brinkmann Constructors, Atria Westminster is located less than a half-mile from a variety of shopping, dining and entertainment offerings. Louisville, Ky.-based Atria Senior Living has been retained as the operator for the community. The property is expected to open in early 2020. CA Senior Living is the seniors housing investment and development division of Chicago-based CA Ventures. The company currently has 22 communities operating or under construction throughout the U.S. Atria Westminster will be the fourth CA Senior Living property operated by Atria Senior Living.