PHOENIX — Greystone has provided a total of $45.5 million in financing for two multifamily communities in Phoenix. The first loan was $26.2 million for Granite Bay. The second was $19.3 million for Valencia Park. Both Fannie Mae DUS loans feature 10-year terms with 30-year amortization periods. Tony Spaeth of Greystone originated the loans.
PLEASANT PRAIRIE, WIS. — CenterPoint Properties will develop a new 200,696-square-foot industrial building within LakeView Corporate Park in Pleasant Prairie, approximately 40 miles south of Milwaukee. The speculative building, LakeView Corporate Center, can accommodate up to three tenants. The facility will feature LED lighting, 32-foot clear heights, 20 exterior docks, two drive-in doors, 18 trailer parking spaces and office space to suit. LakeView Corporate Park is an 11 million-square-foot development that is home to over 80 tenants. The project is currently spread over 2,400 acres and has more than 200 acres remaining for future development.
CHICAGO — Interra Realty has brokered the $2.5 million sale of a multifamily property in Chicago’s Rogers Park neighborhood. The 24-unit property, located at 7526 N. Seeley Ave., features one- and two-bedroom units. Recent renovations include new porches, a new HVAC system, granite countertops, stainless steel appliances, hardwood floors and all new copper plumbing and electric wiring. A group of local investors sold the property to an undisclosed buyer. Interra Realty was the sole broker in the transaction.
FARFIELD, CALIF. — Panattoni Development Co. has started construction of Gateway80 Business Park, a 1 million-square-foot spec industrial park in Fairfield. The project is situated between San Francisco and Sacramento, 12 miles from the Napa Valley wine region. The 52.4-acre site is just off Interstate 80. It will consist of two 430,500-square-foot buildings and a 178,000-square-foot building, all designed and built to LEED standards. The developers expect the project will be complete and available for tenancy by the end of the year. JLL’s Matt Bracco, Glen Dowling and Chris Neeb will handle the leasing.
TROY, MICH. — Friedman Integrated Real Estate Solutions has arranged a 16,454-square-foot office lease in Troy, approximately 30 miles north of Detroit. Law firm Dinsmore & Shohl LLP will occupy space at Wilshire Plaza North, which is located at 900 Wilshire Drive. Steve Eisenshtadt and Keith Grebinski of Friedman represented the landlord in the transaction.
SAN DIEGO — Lee & Associates – North San Diego County has arranged the sale of a vacant retail building located at 8776 Lake Murray Blvd. in San Diego. Student Success Programs, a local charter school, acquired the 5,470-square-foot building for $2.1 million. The freestanding building is part of the Navajo Shopping Center in the La Mesa neighborhood of San Diego. Bo Havlik of Lee & Associates – North San Diego County represented the seller, a private investor, while Russ Merrill of The Merrill Group represented the buyer.
NASHVILLE, TENN. — Indianapolis-based Buckingham Cos. has topped out Aertson Midtown, a 17-story, 600,000-square-foot mixed-use development in Nashville. Upon opening in early 2017, Aertson Midtown will feature 35,000 square feet of ground-level retail, 350 upscale apartments, a 180-room Kimpton hotel with 6,500 square feet of meeting space and 630 parking spaces. Caviar & Bananas, a Charleston-based gourmet market and café, will occupy 6,600 square feet of retail space with a planned spring 2017 opening. Aertson Midtown’s amenities for residents and guests will include a 17th-floor roof terrace, eighth-floor pool deck and cabanas, bike garage, pet park and a fitness center.
MIDDLETOWN, N.Y. — Cronheim Mortgage has secured $92.5 million in financing for Orange Plaza, a power center located at the corner of Route 211 and Dunning Road in Middletown. The borrower is National Realty and Development Corp. The 10-year loan features a 30-year amortization and was funded by American General Life Insurance Co., The United States Life Insurance Co., National Union Fire Insurance Co. of Pittsburgh and American Home Assurance Co. After acquiring the property in 2001, the borrower began a four-year repositioning program at the 807,000-square-foot center that included the demolition of approximately 600,000 square feet of enclosed mall space and the creation of a stacked layout and outparcels. Current tenants include Walmart, Kohl’s, Burlington Coat Factory and The Home Depot. Andrew Stewart and Dev Morris of Cronheim arranged the financing for the borrower.
VALLEJO, CALIF. — Faris Lee Investments has arranged the sale of a freestanding, single-tenant restaurant property located at 1195 Admiral Callaghan Lane in Vallejo. Kam Property Holding LLC acquired the 2,240-square-foot property from River Rock LLC for $1.9 million, or $848 per square foot. The property is triple-net leased to Chipotle Mexican Grill, with less than 10 years remaining on its lease. Christopher DePierro and Jeff Conover of Faris Lee Investments represented the seller.
CASSELBERRY, FLA. — Allegro Senior Living has broken ground on an unnamed luxury seniors housing community in the northern Orlando suburb of Casselberry. Development costs are estimated at $45 million. Located on a 17.3-acre site, the new community will include 158 units of independent living, assisted living and memory care in 175,000 square feet of space. Allegro expects the first residents to move in sometime in summer 2017. Besselo Design Group provided architectural design services, and Welbro Building Corp. will provide construction services. Allegro is a developer and operator based in St. Louis with 10 communities in Florida and Kentucky.