JERSEY CITY, N.J. — ReadyCap Commercial has arranged a $4.5 million Freddie Mac Small Business Loan for a mixed-use property located in Jersey City. The cash-out refinancing features a 20-year term with a 30-year amortization schedule. The name of the borrower was not released. John Drennan of ReadyCap Commercial executed the financing for the borrower.
CHICAGO — Tribune Real Estate Holdings, a subsidiary of Tribune Media Co., has unveiled the master plan for its redevelopment of 777 and 700 W. Chicago Ave. Architecture firm Solomon Cordwell Buenz designed the plan, which will convert 37 acres of underutilized industrial land into a new neighborhood known as the River District. The area extends Chicago’s downtown district and establishes a natural connection between The Loop, River North, Fulton Market and River West. The mixed-use development at 777 will include 5,900 residential units and 9 million square feet. Pending city approval, Phase I of redevelopment is slated for completion in early 2020.
BEAVERCREEK, OHIO — Colliers International has brokered the sale of a four-building office portfolio in Beaver Creek, an eastern suburb of Dayton, for $17.7 million. The properties include: 3610 Pentagon Blvd., 3685 Hibiscus Way, 3725 Pentagon Blvd. and 2601 Commons Blvd. The buildings, totaling 143,802 square feet, are currently 85 percent occupied. Jeff Johnston, Steve Timmel and Chris Prosser of Colliers represented the seller, Mills-Morgan Development Ltd. Ger Reb Realty LLC purchased the portfolio.
INDIANAPOLIS — Darwin Realty has arranged the sale of a 121,800-square-foot industrial building in Indianapolis for an undisclosed price. The property is located at 9710 Park Davis Drive. The buyer, a Midwest-based manufacturer and distributor of food products, will use the facility to expand production capacity. The building features 28-foot clear heights and a fully air-conditioned warehouse. The facility is expandable to accommodate future growth. Chip Barnes and Brian Buschuk of JLL represented the seller, Pinchal & Co.
WAUKEGAN, ILL. — Eagle Foods has signed a 98,251-square-foot industrial lease at Delany Commerce Center in Waukegan. The manufacturer and distributor of household food products will occupy the property in December after an interior build-out is completed. The 218,500-square-foot building, located at 2431 Delany Road, is now fully leased and is the first distribution facility at Delany Commerce Center. Chicago-based HSA Commercial Real Estate developed the center in partnership with Washington Capital Management Inc. Tim Thompson of HSA represented ownership in the lease transaction. Ed Lowenbaum of Lowenbaum REP represented Eagle Foods.
DENVER — Griffis Residential has closed Griffis Premium Apartment Fund IV, a $407 million fund that was used to acquired four apartment communities throughout the West and Texas. The communities contain a total of 1,475 units. They are situated in the metro areas of Seattle, Denver, Los Angeles and Austin, Texas. Fund IV iss targeting about $1 billion in multifamily apartment investments primarily in Colorado, Texas, Washington, Oregon and California. Griffis’ fourth private equity real estate investment fund pursued the same investment strategy as its predecessor funds: acquiring high-quality apartment communities and creating value through operational and capital improvements. Target assets are typically of recent vintage, contain more than 200 units and have a total project cost ranging from $50 million to $150 million. Acquisitions in Fund IV are focused on markets benefiting from above-average wage growth and demographics that favor the apartment industry. Shelter Rock Capital Advisors acted as the exclusive capital advisor to Griffis Premium Apartment Fund IV.
AURORA, COLO. — Doster Construction Co. is set to start construction of the 280-unit Springs at Eagle Bend apartment complex in Aurora. The 283,084-square-foot development includes 14 buildings with their own private, ground-level entrance. Amenities will include a resort-style pool, fitness center, two pet playgrounds, clubhouse and 12 parking garage buildings. The apartment community is scheduled for completion in winter 2019. Continental Properties is developing the property, which Phillips Partnership designed.
MARINA DEL REY, CALIF. — California Landmark Group (CLG) has started construction of the 230-unit G8 apartment community in the Marina Arts District adjacent to Marina del Rey. The $100 million community will be located at 13448 W. Beach Ave. in the Los Angeles submarket. Common-area amenities include a park, three courtyards with pools, collaborative indoor and outdoor workspaces, a fitness center, and a rooftop deck offering views of the city and ocean. The project will also include 25,000 square feet of renovated creative office space. G8 will be one of the largest multifamily developments to be built on Los Angeles’ Westside in several years, according to CLG.
SAN DIEGO — CBRE has arranged the $10.4 million sale of Torrey Highlands Plaza, a 14,042-square-foot retail center in San Diego. Reg Kobzi, Joel Wilson and Michael Peterson of CBRE represented the seller, Paragon affiliate TH Plaza LLC. Tim Mills of CBRE represented the buyer, Santa Monica Property Investors. At the time of sale, Torrey Highlands Plaza was fully leased to 10 tenants.
BURBANK, CALIF. — The Switch has subleased 24,700 square feet of space at KCETLink’s facilities at The Pointe in Burbank. The Switch will serve as the outsourced provider of all broadcast origination, master control and technical services to KCET and Link TV. The outsourcing decision comes after KCETLink Media Group received $63 million in auction proceeds. The deal includes the acquisition of the master control assets, production (studio and remote) facilities and certain satellite transmission assets. JLL’s Carl Muhlstein and Nicole Mihalka represented KCETLink in the sublease.
