GRESHAM, ORE. — Radiant Senior Living has broken ground on a new memory care building at Farmington Square Gresham, an assisted living and memory care community in the Portland suburb of Gresham. The community currently features four buildings. The new memory care building will include 15 units that can house up to 26 residents. Construction is scheduled for completion in June 2017. Radiant Senior Living operates 18 communities in Oregon, Washington, Montana and Colorado.
CHICAGO — Barings Real Estate Advisers has provided a $250 million loan to Waterton for the refinancing of Presidential Towers in Chicago’s West Loop. The four-tower apartment community totals 2,346 units and is located at 555 W. Madison Street. Solomon Cordwell Buenz designed the four identical, 50-story towers. In addition to the 1.6 million square feet of residential space, the property also includes 135,193 square feet of retail space. HFF arranged the 10-year, fixed-rate loan, with Stephen Skok representing the borrower. Barings Real Estate Advisers, a subsidiary of Barings, is a real estate-focused investment adviser with $50 billion in assets under management. Waterton is a real estate investor and operator focused on U.S. multifamily and hospitality properties with over $5.3 billion in assets.
DELAWARE, OHIO — Marcus & Millichap has arranged the sale of Troy Farms in Delaware, a suburb of Columbus, for $27 million. The apartment property was built in two phases between 2003 and 2006 and offers a mix of one- and two-bedroom garden and townhome units. Michael Barron, Daniel Burkons, Joshua Wintermute, Richard Lattro and Jordan Marshall of Marcus & Millichap marketed the property on behalf of the seller, The Champion Cos. The team also procured the buyer, Connecticut-based Hamilton Point Investments.
WEST CHICAGO, ILL. — Midwest Industrial Funds has acquired a 158,000-square-foot industrial building located at 825-845 Hawthorne in West Chicago. The property features 22-foot clear heights and 12 loading docks. The property was 50 percent leased to three tenants at the time of closing. Midwest Industrial Funds has started major renovation work on the property including installation of a new architectural metal panel façade with an LED exterior lighting scheme, new windows, resurfacing the parking lot and landscaping enhancements. Michael J. Androwich Jr. of Lee & Associates represented the seller in the transaction and will be handling leasing on the available spaces for Midwest Industrial.
CHICAGO — Colliers International has brokered the lease of 18,132 square feet of office space for Aeris in Chicago. The Santa Clara, Calif.-based technology company has expanded to the Chicago location at 435 N. LaSalle St. The 50,000-square-foot building was originally constructed in 1906. Elmdale Partners has completed renovation of the building. Corby Marx and Evan Djikas of Colliers International represented Aeris in the transaction. Andrea Saewitz and Benjamin Cleveland of Cushman & Wakefield represented property ownership.
ITASCA, ILL. — Bradford Allen Realty Services has negotiated a lease expansion and extension for Ajinomoto in Itasca, approximately 27 miles northwest of Chicago. The Japanese food and chemical corporation will be leasing an additional 7,159 square feet at 1300 N. Arlington Heights Road, where the company currently occupies 13,476 square feet. The 108,000-square-foot, Class A building is part of the Hamilton Lakes Office Park. Ajinomoto will take occupancy of the additional space in February 2017. Craig Nadborne of Bradford Allen completed the lease transaction.
TAMPA, FLA. — Bayshore Retirement Living has sold Horizon Bay at Hyde Park, a 136-unit seniors housing community in the historic Hyde Park neighborhood of Tampa. The company sold the property to Allegro Senior Living and an undisclosed joint venture partner for $74 million. HFF represented Bayshore in the transaction and arranged a $48.6 million acquisition loan on behalf of the borrowers. Horizon Bay at Hyde Park features one- and two-bedroom independent and assisted living units averaging 714 square feet. Completed in 2011, the property is situated on 1.9 acres at 800 W. Azeele St. near Tampa’s Westshore Business District and downtown Tampa. The property was 98 percent leased at the time of sale and features a full-service bar and lounge overlooking Hillsborough Bay, restaurant-style dining room, coffee bar, fitness center, beauty and barber shop, chapel/theater, café, billiards, wellness center, heated swimming pool, library, media room and concierge services. Ryan Maconachy, Chad Lavender and Dave Fasano led HFF’s Dallas-based seniors housing team in brokering the transaction, with Zach Nolan of HFF’s Tampa office providing local market assistance. Sarah Anderson led the HFF team’s debt placement efforts for the borrowers.
SPRING HILL, TENN. — NorthMarq Capital has arranged a $28.8 million acquisition loan for The Crossings of Spring Hill, a 219,905-square-foot retail property located at 1001-1041 Crossing Blvd. and 1017-2020 Crossing Circle in Spring Hill, about 35 miles south of Nashville. The property’s tenant roster includes Ross Dress for Less, Dollar Tree, Rack Room Shoes, Ulta Beauty, Bed Bath & Beyond, rue21 and PetSmart. The 10-year loan features three years of interest-only payments and a 30-year amortization schedule. Chad Owens of NorthMarq Capital’s Houston regional office arranged the CMBS loan on behalf of the borrower, TCSH LLC, an entity controlled by Azad Commercial Realty Services.
GREENVILLE, S.C. — Ziff Properties Inc. has purchased Buncombe Plaza, a mostly vacant, 52,000-square-foot shopping center located in Greenville’s Water Tower district. Ziff Properties will convert the asset to a 67,500-square-foot self storage facility comprising 777 controlled climate and non-controlled climate units. The property will also provide RV and boat parking. Ziff Properties will begin the redevelopment project in spring 2017.
DORAL, FLA. — Transwestern has arranged a 93,000-square-foot industrial lease at Westpointe Business Park, a 285,000-square-foot, Class A industrial park located at 8901 N.W. 33rd St. in Doral, a suburb of Miami. Thomas Kresse, Ben Eisenberg, Walter Byrd and Carlos Gaviria of Transwestern’s South Florida industrial team represented the landlord, New York-based Clarion Partners, in the lease deal. Clarion is acting on behalf of a commingled fund managed by the firm. Carlos Velasquez and Tommy Gil of Vivo Real Estate Group Inc. represented the tenant, Colour Republic, a flower distributor.
