CHANNAHON, ILL. — Crow Holdings Industrial (CHI) has broken ground on a development in Chicago’s I-80 corridor, its first project in the Midwest. The 252,208-square-foot speculative industrial building will be located at 24601 S. Frontage Road in the Channahon Corporate Center. The building will feature a clear height of 36 feet, LED lighting, truck dock loading and trailer parking. ARCO/Murray is the general contractor.
LA CROSSE, WIS. — KeyBank Real Estate Capital has provided a $14.8 million loan through Fannie Mae for the refinancing of The Residences at Belle Square in La Crosse near the border of Minnesota. Built in 2016, the 93-unit, Class A apartment complex includes 30,000 square feet of retail space. Todd Linehan of KeyBank arranged the 10-year, fixed-rate loan, which features a 30-year amortization schedule. The borrower was not disclosed.
TOLEDO, OHIO — Joel J. Gorjian, principal of Gorjian Acquisitions, has completed the purchase of the Airport Plaza shopping center in Toledo for an undisclosed price. The 16,000-square-foot center is located on a 2.1-acre site along Airport Highway. Tenants include a nail salon and a laundry mat. The seller was a private investor. Gorjian has acquired 24 properties across the country in the last year.
PORTLAND, ORE. — NKF Capital Markets has arranged a $75.5 million loan to refinance The Douglas, a multifamily property located at 2083 SW River Drive along the Willamette River in Portland. ACORE Capital provided the financing for the borrowers, NBP Capital and Berggruen Holdings. Jordan Roeschlaub, Dustin Stolly, Chris Kramer and Nick Scribani of NKF Capital Markets arranged the financing. The property features 290 apartment units and 17,000 square feet of retail space, occupied by a spa, sports bar, property management services and restaurants. The property also features townhome-style units with private garages, backyard space and large unit sizes.
SEATTLE — A joint venture between Brickman and GreenOak has acquired Central Building, an eight-story historic office property located at 810 Third Ave. in Seattle’s central business district. KBS Strategic Opportunity REIT sold the property for $67.5 million. Originally built in 1907, the 192,176-square-foot building was 81 percent leased at the time of sale. Dave Otis, Michael Leggett, Logan Greer and Kevin Freels of HFF represented the seller and procured the buyer in the deal. Additionally, Casey Davidson and Peter Smyslowski of HFF arranged $55.4 million in acquisition financing through Invesco Real Estate for the buyer.
CITY OF INDUSTRY, CALIF. — DAUM Commercial Real Estate Services has brokered the individual sales of seven buildings that comprise Echelon Business Park, a newly constructed industrial campus in City of Industry. Los Angeles-based Dedeaux Properties sold the assets for a total of $50 million. Located at 801-821 Echelon Court, the freestanding buildings range in size from 27,438 square feet to 43,166 square feet. The properties feature ample dock-high and ground-level loading, large truck courts, ESFR sprinklers, high-speed fiber optic cabling and two-story office space. Dennis Sandoval, Robert Dipre, Bryan Sandoval and Kurt Yacko of DAUM represented the seller in the transactions. The names of the buyers were not released.
BEND, ORE. — Security Properties and a university endowment have purchased Seasons at Farmington, a multifamily community located in Bend’s Old Farm District. An undisclosed seller sold the property for $45.5 million. The property features 228 apartments in a mix of one- and two-bedroom layouts, swimming pool, clubhouse with lounging areas and a fitness center, dog park, and outdoor fire pit. This transaction is Security Properties’ first acquisition in Bend. Security Properties Residential, an affiliate of the buyer, will manage the community.
WESTMINSTER, COLO. — Legend Investment Group (LIG), a division of Legend Partners, and Hanley Investment Group Real Estate Advisors have arranged the sale of a retail strip center located at 13591 Huron St. in Westminster, a northwest suburb of Denver. An East Coast-based private investor acquired the property from Redlands, Calif.-based Mark Development for $3.2 million, or $603 per square foot. At the time of sale, the 5,389-square-foot property was fully occupied by Dunkin’ Donuts, Bank of America and Huron Liquor. Built in 2016, the retail center is situated on 1.1 acres within the Quail Crossing Commercial subdivision. LIG and Peter Peluso of Legend Partners represented the buyer in the deal, while Jeff Lefko, Bill Asher and Jeremy McChesney of Hanley Investment Group Real Estate Advisors represented the seller.
FORSYTH, GA. — Discount retailer Five Below will invest $70 million to build a new distribution center in Monroe County, roughly 60 miles southeast of Atlanta. According to local media reports, the facility will be located within Meridian 75 Logistics Center, a 186-acre master-planned business park in Forsyth. The new building will create 130 new jobs. The initial investment includes $42 million in land and building, and approximately $28 million in machinery and equipment. Additional investment will occur over the next five years. Founded in 2002, Philadelphia-based Five Below sells products that cost $5 or less. The chain operates more than 650 stores across 32 states, and plans to open 125 new stores this year. A construction timeline for the Monroe County facility was not disclosed.
MIAMI BEACH, FLA. — HFF has arranged the sale of a seven-property retail portfolio located in Miami Beach’s Sunset Harbour neighborhood. Manny de Zárraga, Luis Castillo and Daniel Finkle of HFF arranged the transaction on behalf of the seller, Scott Robins Cos. Charlotte-based Asana Partners acquired the assets for $68.8 million, according to the Miami Herald. The portfolio includes single- and multi-tenant properties located at 1900, 1916 and 1930 Bay Road; 1787, 1929 and 1919 Purdy Ave.; and 1935 West Ave. The portfolio was fully leased at the time of sale to tenants such as NaiYaRa, Lucali, DIRT, SHIFT, Barry’s Bootcamp and Flywheel Sports.
