HOBOKEN, N.J. — Locally based intermediary Cronheim Mortgage has arranged a $1.6 million loan for the refinancing of 40 Hudson Place. The property, the square footage of which was not disclosed, was originally constructed in 1935 and was fully leased at the time of the loan closing to two tenants: Dunkin’ and Pump Pilates. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the loan, which carried both a term and an amortization schedule of 25 years, through an undisclosed, Oregon-based life insurance company. The name of the borrower was also not disclosed.
HUNTLEY, ILL. — Geis Cos. has begun development of a 65,720-square-foot service and sales facility for Rush Truck Centers in the Chicago suburb of Huntley. The development marks the 15th Rush Truck Centers project for Geis. Rush purchased 12 acres next to its existing facility for the new project. Geis will demolish an existing 32,000-square-foot building on the property. Completion is slated for the first quarter of 2026, and the project will be done in three phases.
MILWAUKEE — Marcus & Millichap has arranged the sale of a 25,154-square-foot retail property occupied by grocer Sentry Foods in Milwaukee for an undisclosed price. The asset was built in 1960, and Sentry has occupied the space since 2008. There are 4.5 years remaining on the lease. Ben Kohl and Mitchell Kiven of Marcus & Millichap represented the seller, a local family. The property sold at 95 percent of the list price and a cap rate of 7.94 percent. Todd Lindblom, broker of record in Wisconsin, assisted in closing the transaction.
MICHIGAN AND WISCONSIN — NAI Pfefferle has negotiated the sale of a five-property self-storage portfolio in Michigan and Wisconsin. The assets total 355 units across 73,358 square feet. The sales price was undisclosed, but the asking price was $3.9 million. Jonathan Glassco of NAI Pfefferle brokered the sale. Buyer and seller information was not provided.
CHANNAHON, ILL. — Industrial Outdoor Ventures (IOV) has acquired a 10-acre industrial service facility in Channahon near Joliet for an undisclosed price. Located on Riverside Drive, the asset consists of four grade-level equipment maintenance facilities, each approximately 15,000 square feet. The yard area can accommodate 128 trailer parking stalls. The property, leased to six tenants on a short-term basis, is situated near the BNSF and UP intermodals as well as I-55 and I-80. Josh Hearne, Andrew Bobak and Reiner Pranger of Cawley Chicago have been named the leasing agents for the property. Patrick Stanton of Patrick Commercial represented the undisclosed seller.
PONTIAC, ILL. — Quantum Real Estate Advisors Inc. has brokered the $1.4 million sale of a 5,246-square-foot retail building in Pontiac, about 100 miles southwest of Chicago. The fully leased property is home to Jimmy John’s, T-Mobile, SmokeZone and Great Clips. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, a Midwest-based developer, which constructed the building in 2019. The asset sold to a Southeast-based investor completing a 1031 exchange.
NEW YORK CITY — M&T Realty Capital Corp. has provided an $18.7 million Freddie Mac permanent loan for The Louella, an 85-unit affordable seniors housing property in the Fordham Heights neighborhood of The Bronx. The newly built, age-restricted property offers studio, one-, and two-bedroom units. The amenity package comprises onsite laundry facilities, a community room, bike storage space, fitness center and an outdoor recreational area. Sean Cullen of M&T originated the loan through Freddie Mac’s Forward Commitment 9 Percent LIHTC program. The borrower was The Community Builders. Information on specific income and age restrictions was not disclosed.
SEATTLE — EQT Exeter Real Estate Income Trust has purchased LogistiCenter @ Oxbow, a distribution facility in Seattle, for $81.5 million. Brett Hartzell and Paige Morgan of CBRE National Partners West represented the seller in the transaction. The seller was not disclosed, but the property was listed as a previous project on Dermody Properties’ website. Situated on 45.1 acres at 2871 S. 102nd St., LogistiCenter @ Oxbow offers 202,464 square feet of industrial space. Built in 2021, the property features low 10 percent coverage, 36-foot clear heights, 135-foot truck courts and a full drive-around capacity. The property was built as a build-to-suit for Amazon, according to Dermody Properties.
BRENTWOOD, CALIF. — CenterCal Properties and Heitman, through a joint venture, have purchased The Streets of Brentwood, a shopping destination in Brentwood. Terms of the transaction were not released. The Streets of Brentwood offers 358,700 square feet of retail and mixed-use space that serves four major California regions — Bay area, Tri-Valley, Sacramento Delta and the Central Valley. The buyers plan to reimage and enhance the center’s offerings, including the addition of a community gathering space for seasonal events and more lifestyle brands and restaurants.
MILLBRAE, CALIF. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has started construction on One Meadow Glen, an apartment property at 959 El Camino Real in Millbrae, approximately 15 miles south of San Francisco. Situated on 1.8 acres, the six-story property will offer 278 apartments, including 26 affordable units, and 17,000 square feet of ground-floor retail space. The studio, one-, two- and three-bedroom units will range in size from 450 square feet to 1,460 square feet. Community amenities will include a 25-yard lap pool with spa, sauna, cold plunge, a fitness center, coworking lounge, clubhouse and entertainment lounge, pet wash, resident maker space, secure bike storage and secure parking. Completion is slated for second-quarter 2027. Project partners include BDE Architecture as architect of record and SBI Builders as general contractor. HSR acquired the land from Bay Properties, which plans to retain a retail interest in the property.