Property Type

Parc-Germann-Industrial-Park-Chandler-AZ

Gantry Secures $39.5M in Refinancing for Two Industrial Properties in Arizona

by Amy Works January 2, 2025

CHANDLER AND MESA, ARIZ. — Gantry has secured a total of $39.5 million in permanent loans for the owner of Parc Germann Industrial Park and Ray Industrial Park. Located at 2215 and 2225 E. Germann Road in Chandler, Parc Germann offers 225,000 square feet of fully occupied industrial space spread across two buildings. Located at 7535 E. Ray Road in Mesa, Ray Industrial Park offers a 139,000-square-foot fully occupied, multi-tenant industrial building. Tony Kaufman and Joe Foley of Gantry represented the borrower, a Bay Area real estate investor with a legacy-hold Arizona investment strategy. Each fixed rate loan was secured from Gantry’s correspondent insurance company lenders. The individual nonrecourse loans feature interest-only payments and have no ongoing structure or operating covenants.

January 2, 2025

Acquisitions Alabama Multifamily Southeast

DWG Capital, Dorado Holdings Purchase 106-Unit Multifamily Property in Montgomery

by John Nelson January 2, 2025

MONTGOMERY, ALA. — A partnership between DWG Capital Partners and Dorado Holdings has purchased Cloverdale Estates, a 106-unit multifamily community located at 3453 Audubon Road in Montgomery. This marks the joint venture’s second acquisition in Montgomery, following the purchase of the 96-unit Greenbriar Apartments in July. Josh Jacobs of Marcus & Millichap’s Birmingham office represented the seller, an entity doing business as RK Cloverdale LLC, in the transaction. The sales price was not disclosed. Cloverdale Estates offers one-, two- and three-bedroom residences ranging in size from 725 to 1,350 square feet. Each apartment features spacious layouts, patios/balconies and select in-unit washer and dryer connections. Approximately 70 percent of the units have been upgraded with high-end finishes, updated mechanical systems and exterior improvements. The new ownership plans to renovate the remaining apartments over the next 24 months.

January 2, 2025

Acquisitions Colorado Office Western

Real Capital Solutions Acquires 201,670 SF Office Building in Denver

by Amy Works January 2, 2025

DENVER — Louisville, Colo.-based Real Capital Solutions (RCS) has acquired Belleview Tower, a 12-story Class B+ office building in Denver’s Tech Center, for $20 million from an undisclosed seller. Totaling 201,670 square feet, Belleview Tower was 75 percent leased at the time of sale. The property features recently renovated corridors, amenities and a lobby. RCS will continue upgrading the property’s amenity package, including enhancements to the fitness center and common areas. The asset is located at 7887 E. Belleview Ave. Charley Will of CBRE brokered the transaction.

January 2, 2025

Acquisitions Arizona Development Industrial Western

GO Industrial, Clarion Partners Buy Infill Parcel in Phoenix, Plan 159,305 SF Industrial Project

by Amy Works January 2, 2025

PHOENIX — GO Industrial, in partnership with Clarion Partners, has acquired a 9.4-acre infill parcel at 3050 S. 35th St. in Phoenix. The site is located on the southern border of Sky Harbor International Airport. Terms of the transaction were not released. GO Industrial plans to demolish the existing single-story, office/light industrial building on the site by the end of first-quarter 2025 and begin construction of Three Five Logistics. Designed by DLR Group, the 159,305-square-foot industrial facility will feature a clear height of 32 feet, 27 dock-high doors, four drive-in loading doors, 47 trailer stalls and 164 auto parking spots. Payton Kruidenier and Kyle McGinley of Ross Brown Partners facilitated the transaction, representing both the buyer and undisclosed seller.

January 2, 2025

Acquisitions Georgia Office Southeast

Bull Realty Brokers Sale of 103,105 SF Office Building in Metro Atlanta

by John Nelson January 2, 2025

NORCROSS, GA. — Atlanta-based Bull Realty has brokered the sale of a 103,105-square-foot office building in metro Atlanta that was formerly owned by Ameris Bank. Located at 6625 The Corners Parkway in Norcross, the property sold for $6.4 million in an all-cash deal. The buyer was an investor partnership that included ALM Automotive Group, a current tenant in the building. Michael Bull and Austin Bull of Bull Realty marketed the property on behalf of the seller.

January 2, 2025

Acquisitions Midwest Minnesota Office Retail

JLL Arranges $17.5M Sale of Office, Retail Building in Suburban Minneapolis

by Kristin Harlow January 2, 2025

WAYZATA, MINN. — JLL Capital Markets has arranged the $17.5 million sale of 401 Lake Street, a Class A building with office and retail space in the western Minneapolis suburb of Wayzata. Completed in 2022, the three-story property totals 19,014 square feet and features a 4,600-square-foot roof deck, wraparound balconies on each floor and underground parking for 40 vehicles. Currently 45.8 percent occupied, the asset is home to Brick + Linen and Compass. Colin Ryan and Dave Berglund of JLL represented the seller, Lothenbach Properties LLC, and procured the undisclosed buyer. The sale represents the highest price per square foot for office sales in Minnesota history, according to JLL.

January 2, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $3M Sale of Retail Property in Normal, Illinois

by Kristin Harlow January 2, 2025

NORMAL, ILL. — Marcus & Millichap has negotiated the $3 million sale of a retail property leased to Chipotle and Blaze Pizza in Normal, which is located just north of Bloomington. The 5,311-square-foot building, located at 1601 E. College Ave., was constructed in 2016. Zack House, Mark Ruble and Chris Lind of Marcus & Millichap represented the seller, a Delaware-based limited liability company. The buyer plans to hold the property as a long-term investment.

January 2, 2025

Illinois Leasing Activity Midwest Office

RTM Engineering Consultants Signs 15,452 SF Office Lease in Schaumburg, Illinois

by Kristin Harlow January 2, 2025

SCHAUMBURG, ILL. — RTM Engineering Consultants has signed a 15,452-square-foot office lease at 1933 N. Meacham Road in the Chicago suburb of Schaumburg. Joe Stevens of Transwestern Real Estate Services represented ownership, Integris Ventures. In addition to RTM’s lease, other recent new and renewal lease transactions completed at the building include Lavelle Law (12,620 square feet), Naylor Association Solutions (10,361 square feet), Familia Dental (10,361 square feet) and Armstrong Transportation (4,841 square feet). The seven-story, 142,000-square-foot building features a four-story atrium lobby, 50-person conferencing facility, full-service deli, fitness center and underground executive parking garage.

January 2, 2025

Acquisitions California Multifamily Top Stories Western

IPA Brokers $116M Sale of La Vista Apartments in Santa Maria, California

by Katie Sloan January 2, 2025

SANTA MARIA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the $116 million sale of La Vista Apartments, a 460-unit multifamily community located in the Central Coast community of Santa Maria. Joseph Grabiec, Kevin Green and Gregory Harris of IPA represented the seller, Kennedy Wilson, and procured the buyer, WestView Capital, in the transaction. The property is the largest multifamily asset to trade hands in Santa Barbara County both by number of units and sales price, according to IPA. Constructed in 1979 on 31 acres, the community offers studio, one-, two- and three-bedroom units. Shared amenities include two pools and spas, a clubhouse, leasing office, large courtyards, picnic tables and grills. “Santa Maria is in the midst of a dynamic growth period with surging housing demand,” says Grabiec. “It is estimated that the city’s population will grow 27 percent between 2024 and 2050, and during the next five years, average year-over-year rent growth is projected to be 4 percent annually while occupancy remains above 96.5 percent.” Beverly Hills, Calif.-based Kennedy Wilson (NYSE: KW) is a real estate investment firm with over $28 billion of assets under management across the United States, United Kingdom and …

January 2, 2025

Features Multifamily Multifamily & Affordable Housing Feature Archive

How Tech Upgrades are Expanding Access Control Solutions at Multifamily Communities

by Channing Hamilton January 2, 2025

Security is a top priority in the multifamily industry. Monitoring and controlling access to a property protects owners and their residents from the impacts of violent crime, theft, vandalism and trespassing. The benefits of an effective security, monitoring and access system run deep. “Access control is not just about security,” says Roger Solomon, a senior associate at Trio Advisory Group. The company offers consulting services on access control, video surveillance and other technologies for commercial real estate properties. “Access control is also about ensuring convenience for residents and staff, enhancing the overall quality of life at a community and future-proofing assets against technological advancements,” says Solomon. “The right access control system will add real value to both the property and for its residents.” The type of access control system an owner-operator installs can increase operational efficiency and net operating income, free up staff, reduce costs and lower resident turnover rates. Locks and Keys Still Popular Option The benefits of an old-fashioned lock-and-key system are clear. Mechanical locks are weatherproof and do not require electrical power or Wi-Fi connectivity. Key-controlled locks also are relatively affordable to install. According to a report from the National Apartment Association (NAA), 53 percent of property management …

January 2, 2025

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