LONG BEACH, CALIF. — iBorrow, a private commercial real estate lender, has provided a $9.3 million bridge loan for an assisted living community’s renovations in the Los Angeles suburb of Long Beach. The 64,090-square-foot property was originally built in 1929. When renovations are completed, it will feature 56 units of assisted living, as well as a rooftop garden, ocean views and some retail. It is located a half mile from the 415-bed St. Mary’s Medical Center. The borrower and name of facility were not disclosed. Will McCabe of iBorrow originated the loan.
STOCKTON, CALIF. — Faris Lee Investments has arranged the $7 million sale of The Shops at Hammer & West, a 15,314-square-foot strip center located in Stockton. Jeff Conover of Faris Lee represented the Newport Beach-based seller, West Hammer Properties, in the transaction. Vista Pacific Realty represented the buyer, Tian He Jian Real Estate USA Inc. The center is fully occupied by seven tenants including Jollibee.
CHICAGO — Newmark Knight Frank (NKF) has brokered the sale of an eight-building industrial portfolio totaling 314,567 square feet in suburban Chicago. The sales price was not disclosed. The properties average 40,000 square feet in size and are located in the western suburbs of Glendale Heights, Elgin, Bartlett, West Chicago and Sugar Grove. Built for light manufacturing, office and warehouse space, the facilities are 100 percent occupied. Adam Marshall of NKF represented the seller, PJT Marly LLC and its manager, Berkowitz Enterprises Inc. Toronto-based Agellan Commercial Real Estate Investment Trust purchased the portfolio.
MILWAUKEE — American Street Capital (ASC) has arranged a $3.9 million loan for the refinancing of a 112-unit multifamily property in Milwaukee. Located in the Timmerman West neighborhood, the property consists of seven two-story buildings with a retail component. Amenities include a pool, running paths, underground parking, laundry facilities and on-site property management. The complex was built in 1984. Igor Zhizhin of ASC arranged the non-recourse loan through a Fannie Mae DUS lender.
EDWARDSVILLE, ILL. — HDA Architects has been selected by Panattoni Development to design Lakeview Commerce Center 5, a 768,678-square-foot industrial building in Edwardsville near St. Louis. The speculative distribution center will be located in Lakeview Commerce Center and accommodate four tenants. The building will feature two-story office space at each corner. Some of the design components include a two-tone paint scheme and accent lighting. Construction is slated to begin later this summer. HDA Architects previously designed Lakeview Commerce Center 4, which consists of 769,500 square feet and is occupied by Amazon.
COLUMBUS, OHIO — Birchwood Foods has signed a 52,800-square-foot industrial lease in Columbus. The Kenosha, Wisconsin-based meat supplier will occupy the entire building located at 1709-1763 Dividend Drive for its Columbus warehouse and distribution operations. The company also owns the production facility adjacent to this property. Ray Boll and Jeff Boll of Rj BOLL Realty arranged the lease on behalf of Birchwood Foods. Matt Osowski and Curt Berlin of NAI Ohio Equities represented the landlord, Meritex Properties.
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the sale of Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. The 42-unit apartment building is located at 1050-1110 N. Wheeling Road. The unit mix is comprised of 18 one-bedroom units and 24 two-bedroom units measuring approximately 650 and 850 square feet, respectively. Ryan D. Engle and Andrean Angelov of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a limited liability company.
NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003. The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces. Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; …
The Puget Sound region is one of the fastest growing areas in the U.S. We are seeing that reflected in the retail landscape, with innovation and expansion throughout the area. We are at the forefront of retail evolution, thanks to having some of the best-known retail innovators in our back yard who have turned the world of retail upside down by giving every consumer access to virtually every product available via home delivery. And yet, they are also innovating into brick and mortar experiences. Retailers are continually looking for ways to improve the consumer experience, not only through product offerings, but in forward-thinking store concepts that focus on experience and social community. REI’s focus is providing quality outdoor products at approachable price points in an interactive environment. While the most active/desirable retail areas (based on sales per square foot potential and residential and daytime populations) are the CBD, South Lake Union, Capitol Hill, University Village and downtown Bellevue, the demand for quality/value, experience, fitness and food remain consistent trends in the market. Nordstrom Rack has been expanding throughout the U.S. and will soon be opening a new store in Bellevue’s Phase II at Lincoln Square to meet this desire for …
RICHARDSON, TEXAS — Apartment demand surged to a near-record volume during second quarter of 2017, according to real estate technology and analytics firm RealPage Inc. With demand topping completions by a wide margin in the quarter, occupancy is essentially full and the annual pace of rent growth has stabilized. Richardson, Texas-based RealPage tracks the 100 markets with the most existing apartment units. Santa Rosa/Petaluma, California is the smallest market RealPage tracks, with 25,144 apartments units. New York City, spanning nearly 2 million units, is the largest market. In order for an apartment building to be tracked, it must consist of at least five units, but the average property size is approximately 200 units. RealPage reports that renters absorbed 175,645 apartments across the United States in the second quarter, up one-third from the performance level seen at the same time a year ago. “Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase and widespread availability of appealing new apartments,” says Greg Willett, chief economist for RealPage. Demand in the second quarter exceeded the 86,431 units completed in the same period, according to RealPage. However, the market is still working through the surplus …