KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …
FORT WORTH, TEXAS — Indianapolis-based developer Scannell Properties has begun construction on a 139,674-square-foot cold storage facility in Fort Worth. The facility will consist of 127,307 square feet of freezer space and 12,367 square feet of office space, with the capacity for 40,667 square feet of expansion. In addition, the facility will have 42-foot clear heights, 24 fully equipped dock doors, space for approximately 15,000 pallet positions and six flex rooms with temperatures that will range from -10 to 40 degrees Fahrenheit. CBRE is the leasing agent. Completion is slated for mid-2026.
HOUSTON — Locally based brokerage firm Finial Group has negotiated a 50,600-square-foot industrial lease renewal in northwest Houston. The tenant is Book Trolls Management Inc., and the space is located at 9600 Bamboo Road. According to LoopNet Inc., the single-tenant property was built on 3.3 acres in 1977. Chase Tucker of Finial Group represented the undisclosed landlord in the lease negotiations.
FOUNTAIN VALLEY, CALIF. — Marcus & Millichap has brokered the sale of Warner-Euclid Plaza, a retail property located at 11035 Warner Ave. in Fountain Valley. A private seller sold the asset to a private investor for an undisclosed price. Ron Duong and Tyler Leeson of Marcus & Millichap represented the seller and procured the buyer. Anchored by Stater Bros., Warner-Euclid Plaza offers 47,685 square feet of retail space.
ST. LOUIS — Altus Properties has sold CIBC Place, a 170,157-square-foot, 10-story office building located at 1401 S. Brentwood Blvd. in St. Louis. Bryan King of King Realty Advisors represented the buyer, and the seller was unrepresented. The purchaser was Jim Onder, attorney and founder of the OnderLaw firm, according to the St. Louis Business Journal. The buyer will occupy about 6,000 square feet, leaving the building fully leased. Altus was retained as property manager.
FORT WORTH, TEXAS — San Antonio-based Headwall Investments has purchased River District Plaza, a retail strip center in Fort Worth. According to LoopNet Inc., the center was built in 2020 and totals 5,920 square feet. The property was fully leased at the time of sale to three tenants: Wingstop, No Place Like Home and Rustic on the River. The seller and sales price were not disclosed.
OAK BROOK, ILL. — Colliers has arranged the sale of a 183,428-square-foot office building in the Chicago suburb of Oak Brook. The sales price of $10 million is 71 percent less than the price that the asset traded for a dozen years ago, according to Crain’s Chicago Business. The buyer, Ashley Capital, plans to relocate its Chicago office to the property at 2001 York Road later this year. The Class A building features a covered parking deck, onsite café, conference facilities, a tenant lounge, fitness center and electric vehicle charging stations. The asset is positioned near I-294 and I-88. Ashley Capital is planning a series of capital improvements and will roll out creative leasing packages to attract new tenants. The project will be fully self-funded until the building reaches a critical occupancy threshold, at which point rental income is expected to support conventional financing. The top four floors offer approximately 120,000 square feet of contiguous space available for lease. Colliers served as the court-appointed receiver, property manager and leasing agent for the building. Alissa Adler and John Homscher of Colliers represented the buyer. Francis Prock and David Florent of Colliers represented the lender, Varde Partners, and have been retained as …
DETROIT — Mid-America Real Estate Corp. has brokered the sale of The Ellington Retail, a 34,431-square-foot, grocery-anchored property in Detroit’s Midtown neighborhood. The property sold to a private investor and included a leasehold interest in the adjacent parking structure. The center is fully leased to Whole Foods Market, Bank of America, Chase Bank, FedEx Office, Great Expressions Dental, Pure Barre and Qargo Coffee. Ben Wineman and Daniel Stern of Mid-America represented the seller and original master plan developer of the site, Detroit-based The Platform. Jon Kouza of AQRE Advisors represented the buyer.
WHEELING, ILL. — Marcus & Millichap has negotiated the $5.8 million sale of a 72,000-square-foot industrial property in the Chicago suburb of Wheeling. Built in 1990, the asset is situated on nearly 4 acres at 100 Chaddick Drive, four miles from a full I-294 interchange. Peter Doughty of Marcus & Millichap represented the seller, a private owner, and procured the buyer, a private out-of-state investor. The building provides immediate, stable cash flow but also offers a value-add opportunity, according to Doughty.
CHICAGO — NewMark Merrill Cos. Inc. has unveiled plans for a $1.5 million renovation of Bricktown Square, a 292,309-square-foot shopping center in Chicago. Improvements will include combining two existing spaces into a single larger space for a new Skechers location; completing façade renovations and new paint to the buildings occupied by ATI, Harbor Freight and LA Fitness; adding new signage and wayfinding; and painting the entire property with a new color scheme. Two new tenants, Okini Buffet and Kinship Health, are slated to open later this year. Since acquiring the property in June 2021, NewMark Merrill has renewed four tenants and generated a 39 percent increase in customer foot traffic, according to Placer.ai. Bricktown Square is now 98 percent leased.