COLUMBIA, S.C. — Marcus & Millichap has arranged the $7.1 million sale of two vacant retail buildings located on a 3.2-acre site at 3818 Devine St. in Columbia. The 38,816-square-foot property was home to a Piggly Wiggly for more than 40 years before the grocer closed in April. Harrison Creason and Andrew Margulies of Marcus & Millichap brokered the transaction between the seller, an out-of-state owner, and the buyer, locally based Cason Development Group.
LONG BEACH, CALIF. — C.W. Driver Cos. has broken ground on a $175 million modernization project at Long Beach Unified School District’s Polytechnic High School in Los Angeles County. The project includes interim student housing, a new 65,000-square-foot Career and Technical Education (CTE) classroom building and the modernization of eight historic, existing campus buildings. The new three-story CTE classroom building will include a medical simulation lab supporting the school’s medical pathway; engineering and computer science labs; standard and intensive studies classrooms; robotics and automotive technology labs; spaces for the school’s Junior Reserve Officers’ Training Corp (JROTC); and dedicated engineering courtyards and outdoor learning environments. Interim housing will also be built in a new complex consisting of 52 portable classrooms, four restroom buildings and a lunch shelter. During the additional phases, which are scheduled across two subsequent summers, C.W. Driver will modernize the aging infrastructure, update utilities and enhance the school’s learning environment through partition walls, new flooring, fire alarms and utility connections across eight buildings. Updates will include HVAC and technology modernizations, new audiovisual systems, lighting, electrical and interior/exterior finishes. Additionally, the school will be upgrading its accessibility and safety through ADA-compliant pathways and signage and bringing fire alarm systems, tactile …
MOSES LAKE, WASH. — Gantry has secured a $14 million permanent loan to refinance the Best Western Plus Lake Front Hotel, located at 3000 W. Marina Drive in Moses Lake. The hotel, including onsite restaurant, underwent an improvement program in 2023. The hotel features a heated outdoor pool, hot tub, steam room, cocktail lounge, meeting and banquet facilities, a business and convention center and a fitness center. Drit Shoemaker of Gantry represented the borrower, a private real estate investor. A regional bank provided the seven-year, fixed-rate loan, which features a 25-year amortization schedule.
ARVADA, COLO. — Pinnacle Real Estate Advisors has brokered the $5 million sale of an industrial property located at 5335 Xenon St. in Arvada. The single-tenant property offers 15,975 square feet of industrial space. Mark Alley of Schneider Grimes Investment Services Group of Pinnacle Real Estate Advisors represented the undisclosed seller in the deal. The buyer was not released.
VALLEJO, CALIF. — PSRS has arranged $4.5 million for the refinancing of two retail buildings within a shopping center in Vallejo. The asset offers 10 retail units, totaling 16,452 square feet, spread across two buildings. Thomas Rudinsky of PSRS secured a 60 percent loan-to-value loan with a three-year term and 25-year amortization with the option to fully amortize the deal with a rate reset option from the lender every three years. A correspondent life insurance company funded the loan.
EL MONTE, CALIF. — Marcus & Millichap has directed the purchase of a 12-unit apartment property located at 11122 and 11126 Bonwood Road in El Monte. A private investor acquired the asset for $2.6 million. David Covarrubias and Doug McCauley of Marcus & Millichap procured the buyer in the deal. Built in 1958, the property offers two-bedroom units, an onsite laundry room and 12 parking spaces. Recent capital improvements at the property include a new roof, windows, exterior painting and remodeling on select units.
JOLIET, ILL. — PENN Entertainment has unveiled plans to open the new land-based Hollywood Casino Joliet on Monday, Aug. 11. The casino in Illinois is scheduled to open nearly six months ahead of the company’s originally scheduled construction timeline. The entertainment facility will anchor Rock Run Collection, a mixed-use development from Cullinan Properties located adjacent to the I-80 and I-55 interchange. The casino will feature 1,000 slots and 43 live table games, including a baccarat room, retail ESPN BET sportsbook, 10,000-square-foot event center and 1,330 parking spaces. Hollywood Casino Joliet will also include several dining experiences. PENN has partnered with celebrity chef Giada De Laurentiis to debut Sorellina by Giada, which will offer 170 seats for dining and a contemporary bar with a comprehensive wine selection. PENN has also partnered with McClain Camarota Hospitality to bring prominent Chicago chefs and restaurants to the casino. Through this partnership, the property will feature the Boulevard Food & Drink Hall, a dining experience that will include Lucky Goat, Antique Taco, Pretty Cool Ice Cream and Five50 Pizza. PENN is expected to work with the Illinois Gaming Board on the transfer of operations from the existing Hollywood Casino Joliet, which is located on the …
ELMHURST, ILL. — Elmhurst-based DarwinPW Realty/CORFAC International has arranged a $100 million loan for the refinancing of a 2.2 million-square-foot portfolio for Darwin Investment Group in metro Chicago. Wells Fargo provided the loan for the 40-building portfolio. The new loan structure and 50 percent loan-to-value ratio enables Darwin to acquire new buildings to add to the portfolio, according to Matthew Lewandowski, principal of DarwinPW Realty. Darwin Investment Group is a privately held real estate investment company that focuses on commercial real estate investments throughout Chicagoland. The firm last refinanced its portfolio in December 2015 when it was made up of 1.4 million square feet across 27 buildings. The current portfolio is home to more than 225 tenants across buildings from the south suburbs of Chicago to Southeast Wisconsin. Lewandowski, George Cibula, Erin Cibula and Patricia Liston of DarwinPW Realty worked on the transaction.
ST. PETERS, MO. — CBRE has negotiated the sale of The Station St. Peters, a 180-unit multifamily community in the western St. Louis suburb of St. Peters. Built in 2024, the property features a range of one- and two-bedroom floor plans averaging 870 square feet. Amenities include a pool, fitness center, clubhouse, coffee bar and outdoor grilling area. Matt Bukhshtaber of CBRE represented the seller, Mia Rose Holdings LLC. Nick Santangelo, Bruce Francis, Shaun Moothart, Bob Ybarra, Doug Birrell, Anna Britt and Amber Coleman of CBRE arranged a $21.7 million acquisition loan on behalf of the buyer, Oregon-based Bonaventure. The 10-year loan features a fixed interest rate and interest-only payments for the full term.
MARYSVILLE, OHIO — PMZ Realty Capital LLC has arranged a $5.3 million loan for the acquisition of a Hampton Inn hotel in Marysville, a suburb of Columbus. A debt fund provided the loan, which features interest-only payments for the full five-year term. The loan proceeds provided capital for the new ownership to acquire the property and implement a change-of-ownership property improvement plan. The buyer, a Canadian hotel investor, completed the acquisition as its first hotel investment in the U.S. The 83-room hotel features complimentary breakfast, a fitness center, indoor pool and two meeting rooms.
