Property Type

PCCP Provides $72.4M Acquisition Loan for Two Industrial Buildings in North Fort Worth

by Taylor Williams February 14, 2025

FORT WORTH, TEXAS — Los Angeles-based PCCP LLC has provided a $72.4 million acquisition loan for a pair of industrial buildings totaling roughly 1.1 million square feet in North Fort Worth. The structures, which were constructed in 2021 within the Elizabeth Creek Gateway development, are known as Buildings D and E and feature 36-foot clear heights in addition to excess trailer parking. The buildings were both fully leased at the time of the loan closing to three total tenants. The sponsor is an affiliate of Minneapolis-based WPT Capital Advisors. Trent Agnew, Senior Director Tom Weber, Director Pauli Kerr and Analyst Andrew Griffin. Trent Agnew, Tom Weber, Pauli Kerr and Andrew Griffin of JLL represented the undisclosed seller in the disposition of the buildings.

February 14, 2025

Acquisitions California Multifamily Western

Clear Capital Sells 125-Unit Multifamily Community in Ontario, California for $46.3M

by Amy Works February 14, 2025

ONTARIO, CALIF. — Clear Capital has completed the disposition of Rancho Vista Apartments in Ontario to Convenient Holdings for $46.3 million, or $370,200 per unit. Built in 1984, the community offers 125 two- and three-bedroom apartments, averaging 1,022 square feet. Unit amenities include direct access to two-car garages with washer and dryer connections, private balconies off the primary bedrooms, central conditioning and heat. Community amenities include a cardio and weight training center, swimming pool, picnic area, private yards, fully furnished sundecks, a children’s park and on-site maintenance. Additionally, the previous owner installed a solar panel electric system that offsets residents’ energy bills. Alexander Garcia Jr., Kyle Pinkalla, Chris Zorbas, Kevin Green, Joseph Grabiec and Gregory Harris of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

February 14, 2025

California Loans Retail Western

JLL Arranges $32M Loan for Crenshaw Plaza Retail Center in Los Angeles

by Amy Works February 14, 2025

LOS ANGELES — JLL Capital Markets has secured a $32 million senior loan for Crenshaw Plaza, a shopping center located at 3210 W. Slauson Ave. in Los Angeles. The borrower is a joint venture between the principals of 21 Alpha Group and Intelligent Design Real Estate. Originally built in 1967 and renovated in 2004, Crenshaw Plaza offers 146,901 square feet of retail space. The asset is currently 97 percent leased and anchored by a new 15-year lease with Vallarta Supermarkets. Additional tenants include Planet Fitness, Foot Locker and AutoZone. Spencer Bergthold, Charles Halladay and Daniel Skerrett of JLL Capital Markets Debt Advisory arranged the three-year, floating-rate loan through Forbright Bank. Loan proceeds will be used to refinance the existing loan, cover closing costs and fund future leasing expenses.

February 14, 2025

Arizona Loans Retail Western

Common Bond Development Receives $16.5M in Financing for Sterling Grove Shopping Center in Surprise, Arizona

by Amy Works February 14, 2025

SURPRISE, ARIZ. — Common Bond Development Group has received $16.5 million in senior financing for Sterling Grove Shopping Center, a grocery-anchored retail property located at 17124 W. Peoria Ave. in Surprise. Developed by the borrower in 2023, Sterling Grove is fully occupied by a mix of national and regional tenants, including Safeway as anchor tenant. Other tenants include a Safeway Fuel station, McDonald’s, Starbucks Coffee and Taco Bell. Jason Carlos of JLL Capital Markets led the Debt Advisory team in securing the permanent financing through a correspondent relationship with Nationwide on behalf of the borrower.

February 14, 2025

Acquisitions California Restaurant Retail Western

SRS Brokers $6.8M Ground Lease Sale of Restaurant Property in Riverside, California

by Amy Works February 14, 2025

RIVERSIDE, CALIF. — SRS Real Estate Partners has brokered the ground lease (land ownership) sale of a restaurant property located at 4100 Central Ave. in Riverside. A Southern California-based developer sold the asset to a Washington-based private investor for $6.8 million. Raising Cane’s occupies the 3,267-square-foot property, which was built in 2024 on 1.3 acres, on a corporate-guaranteed, absolute triple-net, 15-year ground lease. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller in the transaction.

February 14, 2025

Development Hospitality Texas

Fertitta Hospitality Completes Renovation of 241-Room Hotel Resort in Galveston, Texas

by Taylor Williams February 14, 2025

GALVESTON, TEXAS — Fertitta Hospitality, which is part of the entertainment empire of Houston Rockets owner Tillman Fertitta, has completed the multimillion-dollar renovation of the 241-room Hilton Galveston Island Resort in southeast Texas. The renovation upgraded the furniture, lighting fixtures, flooring and showers of all guestrooms. Meeting and event spaces received new carpets, chandeliers, wall coverings, lighting and seating fixtures, and the pool area and fitness center were also enhanced with new cabanas and equipment, respectively. Lastly, ownership introduced a new restaurant concept and remodeled and expanded the lobby bar.

February 14, 2025

Loans Midwest Minnesota Multifamily Seniors Housing

BWE Arranges $20M in Permanent Financing for Active Adult Community in Metro Minneapolis

by Kristin Harlow February 14, 2025

CHANHASSEN, MINN. — BWE has arranged a $20 million loan to provide permanent financing for Lake Place, a 110-unit luxury active adult community in Chanhassen within metro Minneapolis. Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower, Silver Creek Equity, a Minnesota-based developer. The 10-year loan features a 35-year amortization period and five years of interest-only payments. The loan replaces a high-interest rate, floating-rate construction loan. Lake Place was built in 2023 and completed lease-up during the loan underwriting. The property is reserved for residents age 55 or older, and 50 of the units are set aside for those who earn 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, pickleball court, pet wash, bike room, library, creative arts studio and storage units.

February 14, 2025

Illinois Industrial Leasing Activity Lee & Associates Midwest

Roadtex Transportation Signs 90,655 SF Industrial Lease Renewal in Woodridge, Illinois

by Kristin Harlow February 14, 2025

WOODRIDGE, ILL. — Roadtex Transportation has signed a 90,655-square-foot industrial lease renewal at 2725 Davey Road in the Chicago suburb of Woodridge. The property, located in the Woodhill Crossings Business Park, features immediate access to I-55. Kenneth Franzese, John Cassidy and Jeff Galante of Lee & Associates of Illinois, along with James Cant of Fischer & Co., represented the tenant. Sean Henrick of Cushman & Wakefield represented the owner, Bristol Group.

February 14, 2025

Acquisitions Healthcare Midwest Minnesota

Marcus & Millichap Negotiates $2.8M Sale of Veterinary Office Portfolio in Minnesota

by Kristin Harlow February 14, 2025

NEW ULM AND MANKATO, MINN. — Marcus & Millichap has negotiated the sale of two single-tenant animal hospital properties in Minnesota for $2.8 million. The portfolio includes New Ulm Regional Vet Center at 401 20th St. in New Ulm and River Hills Pet Care Hospital at 340 St. Andrews Drive in Mankato. The New Ulm property was built in 1998, and the Mankato facility was constructed in 2017. Both are fully leased to PetVet Care Centers, which has operated at both locations since 2019. PetVet was founded in 2012 and currently has more than 450 veterinary locations nationwide. William Skoch and Christopher Mitchel of Marcus & Millichap represented the seller, a group of six veterinarians who had owned the buildings for more than 27 years, and procured the buyer, a real estate investment trust focused exclusively on acquiring veterinarian-centric real estate nationwide.

February 14, 2025

Acquisitions Illinois Midwest Retail

Greenstone Partners Brokers $2.4M Sale of Retail Property in Chicago’s Lincoln Park

by Kristin Harlow February 14, 2025

CHICAGO — Greenstone Partners has brokered the $2.4 million sale of The Retail Shops on Lincoln Avenue, a fully leased, three-tenant retail property in Chicago’s Lincoln Park neighborhood. The transaction closed at over $460 per square foot to a local private investor. The asset boasts a 7.7-year weighted average lease term, and the tenant roster includes Play, Junior Chefs Kitchen and That Face Facial Plastic Surgery. Jason St. John and Brewster Hague of Greenstone represented the seller, a Chicago-based developer, and procured the buyer.

February 14, 2025

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