CORPUS CHRISTI, TEXAS — Cravey Real Estate Services Inc. has brokered the sale of a 6,372-square-foot flex property located at 229 S. Padre Island Drive in Corpus Christi. Built in 1991, the property is zoned for light industrial uses and consists of 5,272 square feet of office space and 1,100 square feet of warehouse space. Matt Cravey of Cravey Real Estate Services represented the seller, Charan Investments Ltd. Scott Fauver, also with Cravey Real Estate Services, represented the buyer, Koetter Fire Protection, a Dallas-based provider of fire protection systems.
CRYSTAL LAKE, ILL. — Greystone Real Estate Advisors has brokered the $16 million sale of Darlington Court Apartments, a multifamily property in Crystal Lake that includes 209 apartments and 26 privately owned condominiums. Situated 45 miles northwest of Chicago and built in the 1970s, Darlington Court Apartments features one- and two-bedroom units ranging in size from 681 to 942 square feet, as well as laundry facilities, a children’s play area, swimming pool and storage units. The undisclosed buyer plans to convert the condo units into rental apartments. The buyer also plans to renovate the interiors of the apartment units and the common areas across the complex. Bill Montana and Chris Sackley of Greystone brokered the transaction on behalf of the seller, Darlington Properties LLC.
HOWELL, MICH. — Capital One has provided a $13.2 million, fixed-rate HUD loan to refinance an 88-bed skilled nursing facility in Howell, approximately 50 miles northwest of Detroit. The unnamed facility has earned a five-star rating from Medicare, and was 98.9 percent occupied at the time of refinancing. The name of the facility and borrower were not disclosed. Joshua Rosen of Capital One originated the loan. The transaction enabled the borrower to replace bank debt with long-term financing and to recoup capital expenditures. “The substantial additional cash flow that this transaction frees up illustrates the benefits of HUD’s 232/223(f) program,” says Rosen. “The borrowers are benefiting from both a lower rate and an extended amortization period, which in the case of this loan is 35 years.”
ROLLING MEADOWS, ILL. — Krusinski Construction Co. has broken ground on a 112,505-square-foot flex facility for School Health Corp. at 5600 Apollo Drive in Rolling Meadows. School Health is a national, full-service provider of health supplies, services and solutions. Construction on the distribution, shop and office facility began May 1. Ware Malcomb is the project architect and the Trammell Crow Co. is serving as project consultant. When completed, the new structure will include a two-story, 24,700-square-foot office space, plus a state-of-the-art warehouse with a dozen dock doors, a clear height of 32 feet, LED lighting and modern material handling equipment to service more than 100,000 customer orders per year. The new LEED-certified building will be centrally located among various retail restaurants and shopping centers, with close proximity to I-290 and I-90 situated directly north. The project is scheduled for completion this fall.
AUGUSTA, MICHIGAN — CBRE|Martin has arranged the $950,000 sale of Brook Lodge, a 66,603-square-foot hotel and conference center in Augusta, about 15 miles east of Kalamazoo. Situated on 82.6 acres, the property consists of eight cottages totaling 48 guestrooms. CBRE|Martin represented the seller, Michigan State University (MSU), which acquired the property in 2000, in the transaction. The buyer was not disclosed. Prior to MSU’s acquisition of Brook Lodge, the property served as a conference center for employees of Upjohn Co., a pharmaceutical manufacturing firm that was established in Kalamazoo in the late 19th century. In the early 2000s, pharmaceutical giant Pfizer acquired Upjohn, which had previously merged with Sweden-based Pharmacia in 1995.
ALTOONA, IOWA — Fashion retailer Lucky Brand has opened at the 300,000-square-foot Outlets of Des Moines in Altoona. The 5,500-square-foot store is the first Iowa location for the retailer, according to the Des Moines Register. Lucky Brand will carry vintage-inspired denim, apparel and accessories for men and women at the new location. New England Development opened the Outlets of Des Moines in October 2017. Lucky Brand joins tenants such as Nike Factory Store, LOFT Outlet, Brooks Brothers, Converse, Tommy Hilfiger and Vera Bradley.
WESTMINSTER, COLO. — KeyBank’s Community Development Lending & Investment (CDLI) team has provided a total of $49.7 million in financing to a joint venture between Koelbel & Co., Mile High Development and Longs Peak Advisors. The transaction will fund the construction of Eaton Street Apartments, an affordable housing development in the Denver suburb of Westminster. KeyBank provided a $24.8 million construction loan, a $14.1 million Low-Income Housing Tax Credit equity investment and a $10.8 million Fannie Mae permanent loan. Beth Palmer and Sarah Geis of KeyBank’s CDLI team, along with Jeff Rodman of KeyBank’s Commercial Mortgage Group, arranged the financing. Additional funding was provided by the City of Westminster, Jefferson County and the Colorado Division of Housing’s Colorado Housing Investment Fund. Private Activity Bonds were issued by the Colorado Housing and Finance Authority. Ron Lehr and Sam Adams of KeyBanc Capital Markets provided underwriting and remarketing services for the bond issuance. The property will feature 118 apartment units and 22,000 square feet of ground-floor retail space. A portion of the units, 99 in total, will be reserved for households earning 60 percent or less of area median income (AMI), and eight units will be reserved for households earning 50 percent …
THORNTON, COLO. — Newmark Knight Frank (NKF) has arranged the sale of an office building located at 9351 Grant St. in Thornton. Horizon Terrace sold the property to 1641 California LLC for $9.1 million. The property features 90,094 square feet of office space. Riki Hashimoto and Daniel Grooters of NKF represented the seller in the transaction.
LOS ANGELES — De Venture Building LLC has acquired a retail property located at 19216 Ventura Blvd. in the Tarzana neighborhood of Los Angeles. An individual/personal trust sold the property for $4.1 million. The building features 8,807 square feet of retail space. Brandon Michaels of Marcus & Millichap represented the seller and buyer in the deal.
LAKE ELSINORE, CALIF. — Avison Young has brokered the acquisition of a newly constructed industrial building located at 470 Third St. in Lake Elsinore. An entity of San Diego Ice Co. purchased the property from TOLD Properties for $3.7 million. The ice manufacturer and distributor will occupy the 24,026-square-foot building. Situated on 1.4 acres, the property features 2,800 square feet of office space, 1,400 square feet of mezzanine space, skylights, two dock-high loading doors, two grade-level loading doors and 59 parking spaces. Stan Nowak and Cody Lerner of Avison Young represented the buyer, while Lee & Associates represented the seller in the deal.