SCOTTSDALE, ARIZ. — Cushman & Wakefield has advised an Arizona-based commercial real estate investment company in securing $37.1 million of financing for the previously announced acquisition of Scottsdale Centre Medical, a 163,311-square-foot medical outpatient building in Scottsdale. Tyler Morss of Cushman & Wakefield arranged the financing for the buyer. The lender was Arizona-based Foothills Bank, a division of Glacier Bank, which is owned by Glacier Bancorp.
WEST LINN, ORE. — CBRE has arranged the sale of Summerlinn Apartments, a multifamily property in West Linn. A private buyer acquired the asset from Reliant Group for $33.6 million. Situated on 6 acres at 400 Springtree Lane, Summerlinn Apartments features 94 one-, two- and three-bedroom units. Community amenities include a gated entrance, landscaped grounds, a sports court, play area and a remodeled clubhouse with a pool, hot tub and an outdoor entertainment space. Josh McDonald, Joe Nydahl and Matt Dodd of CBRE represented the seller in the deal.
BOISE, IDAHO — Seven Hills Realty Trust (Nasdaq: SEVN) has provided an $18 million first mortgage floating-rate bridge loan to refinance Curtis Junction, a 112-unit apartment community in Boise. The loan has a three-year initial term with two one-year extension options. Berkadia arranged the loan through Tremont Realty Capital, SEVN’s manager, on behalf of the borrower, Newport, Calif.-based RanchHarbor.
FLEMINGTON, N.J. — Locally based developer Larken Associates has delivered Flemington Junction Business Center II, a 50,000-square-foot industrial flex project located about 60 miles southwest of Manhattan. The building features a clear height of 32 feet, and units can be subdivided to spaces as small as 3,125 square feet. Core Enterprises provided construction management services for the project, construction of which began last summer.
WEST HAVEN, UTAH — ACD, a Denver-based commercial real estate investment firm operating a portfolio of self-storage assets, has acquired a self-storage facility in West Haven from a local development company for an undisclosed price. ACD will assume management of the 46,700-square-foot property under its in-house brand, BriteLock Storage. The asset is currently managed by Extra Space. Built in 2020 on 2.6 acres, the property consists of nine single-story self-storage buildings with 250 drive-up units and 176 climate-controlled units. Amenities include a gated entry with digital keypad, a separate onsite management office in front of the entrance gate, 24/7 video surveillance, asphalt driveways and units with roll-up doors. Jordan Farrer and Adam Schlosser of the LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in deal.
BURBANK, CALIF. — Creative Arsenal LLC has completed the sale of an office building, located at 400 S. Victory Blvd. In Burbank, to a private buyer for $5.8 million. The three-story property offers 20,347 square feet of creative office, production and post-production space and immediate access to I-5 and I-134. Gerard Poutier, Mark Shaffer, Anthony DeLorenzo and Dylan Rutigliano of CBRE represented the seller in the transaction.
CHICAGO — Chicago-based JLL Capital Markets has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial properties totaling 3.6 million square feet across 17 markets in the U.S. Lucas Borges, Matthew Schoenfeldt and Tara Hagerty of JLL represented the borrowers, Brennan Investment Group and Farallon Capital, to secure the five-year, floating-rate loan through affiliates of Apollo. Located across 13 states in the East, West, Central and Southeast regions, the portfolio is 98 percent leased to 16 tenants. The average tenant tenure is more than 30 years.
VALLEY PARK, MO. — Mia Rose Holdings LLC will build 44 East, a $60 million luxury apartment development in the western St. Louis suburb of Valley Park. The project is situated on the site of the former Wet Willy’s, a hotspot from the 1980s and 1990s. Mia Rose closed on the land acquisition from Mercy Hospital in June. The community will feature 216 apartment units. As the sister project to 44 West Luxury Living, the development reflects community feedback by offering a greater mix of two- and three-bedroom units alongside one-bedroom options. Residents will enjoy coworking lounges and resort-style amenities. The project team includes equity partner Argos Capital Partner; debt partners Commerce Bank and First Bank; design partners Rosemann & Associates, Engenuity, The Sterling Co. and SCI Engineering; and building partners Karrenbrock Construction for sitework and Midas Building Group for vertical construction.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided a $12 million construction loan and invested $16.1 million in Low-Income Housing Tax Credit equity for the construction of Churchill Gateway II, a 70-unit affordable housing project in Cleveland. KeyBank Commercial Mortgage Group (CMG) also arranged a $5.6 million Freddie Mac permanent loan for the project, which will be built at 10526 Churchill Ave. and received an additional $1.7 million in funding from the Ohio Housing Finance Agency. Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. The project will consist of a four-story building with one-, two- and three-bedroom units for residents earning 30 to 60 percent of the area median income and will contain 19 units supported by project-based subsidies. The NRP Group is the developer. The May Dugan Center will provide supportive services. Seaver Rickert and Ryan Olman of KeyBank CDLI structure the financing, while Robbie Lynn of KeyBank CMG arranged the permanent loan.
BENSENVILLE, ILL. — Axis Warehouse & Logistics has signed a 300,960-square-foot industrial lease renewal at 500 Country Club Drive in the Chicago suburb of Bensenville. The transaction represents the largest lease renewal in the O’Hare industrial market in the first half of 2025, according to Lee & Associates of Illinois. Jeff Galante of Lee & Associates represented the tenant, which is a third-party logistics provider that offers large-scale warehousing, transportation and global logistics services. The company occupies the entire property. Dominic Carbonari of JLL represented the owner, Link Logistics.