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I-10-Industrial-Tucson-AZ
ArizonaDevelopmentIndustrialWestern

Lincoln Property Co. Breaks Ground on 1 MSF Industrial Project in Tucson

by Amy Works

TUCSON, ARIZ. — Lincoln Property Co. has broken ground on I-10 International, a Class A industrial project on 79 acres in Tucson. The $75 million Phase I totals 373,811 square feet across two distribution buildings: the 158,944-square-foot Building 1 and the 214,867-square-foot Building B. Phase I will also include a 188,434-square-foot Building 3. All buildings at I-10 International Phase I will be cold capable with 32-foot clear heights, 14-foot tall glass entrances, full concrete truck courts, generous use of clerestory windows and an R-38 insulated roof deck system. The project team includes Brinkmann Constructors as general contractor, and Butler Design Group and Ware Malcomb as architects. Jesse Blum of PICOR/Cushman & Wakefield is providing leasing services on behalf of Lincoln Property Co.

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Valley-Pride-Village-Sylmar-CA
CaliforniaDevelopmentLoansMultifamilySeniors HousingWestern

Hunt Provides LIHTC Financing for Rehabilitation, Expansion of Seniors Housing Project in San Fernando Valley

by Amy Works

SYLMAR, CALIF. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corp. (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, a city northwest of Los Angeles in the San Fernando Valley. The development project will preserve its 88 existing homes and introduce 92 new housing options. Valley Pride Village’s rehabilitation and expansion will help alleviate the need for affordable housing as the senior population in Los Angeles is projected to increase by 24 percent and surpass 1 million by 2030, making up nearly one in four Los Angeles residents. The project qualified for a density bonus under the City of Los Angeles’ Executive Directive 1, which is the city’s latest move to advance affordable housing within the county.  Valley Pride Village will offer a mix of studio, one-, and two-bedroom homes for seniors who earn up to 30 to 80 percent of the area median income (AMI). The existing buildings within the community will undergo extensive renovations, including upgrades to cabinetry, countertops, …

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AcquisitionsIllinoisMidwestRetail

CBRE Brokers Sale of 420,740 SF Woodfield Village Green Shopping Center in Metro Chicago for $93.2M

by Kristin Harlow

SCHAUMBURG, ILL. — CBRE has brokered the sale of Woodfield Village Green, a 420,740-square-foot retail power center in the Chicago suburb of Schaumburg. Site Centers sold the property for $93.2 million in a deal that marks the Chicago area’s priciest retail property sale in more than two years, according to Crain’s Chicago Business. Bridge33 Capital was the buyer. Tenants include Trader Joe’s, Marshalls, Nordstrom Rack, Container Store, Bloomingdale’s Outlet, PetSmart and HomeGoods.

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AcquisitionsIllinoisIndustrialIowaMichiganMidwestWisconsin

TPG Angelo Gordon Acquires 780,000 SF Midwest Manufacturing Portfolio in Sale-Leaseback with Douglas Dynamics

by Kristin Harlow

ILLINOIS, IOWA, MICHIGAN AND WISCONSIN — TPG Angelo Gordon has acquired a 780,000-square-foot, seven-building manufacturing portfolio in a sale-leaseback transaction with Douglas Dynamics Inc., a manufacturer and upfitter of commercial work truck attachments and equipment. The transaction involves the company’s facilities in Huntley, Ill.; Manchester, Iowa; Madison Heights, Mich.; Milwaukee; and Rockland, Maine. The transaction is valued at $64.2 million, and Douglas Dynamics is expected to receive net proceeds of approximately $50 million. The company intends to use the net proceeds to pay down its term loan debt and for other corporate purposes. The initial lease for the assets is 15 years, with two 10-year options to renew.

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AcquisitionsIllinoisMidwestMultifamily

Waterton Acquires 310-Unit Avant at the Arboretum Apartment Complex in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — Waterton has acquired Avant at the Arboretum, a 310-unit apartment complex in the Chicago suburb of Lisle. The purchase price was undisclosed. Located at 450 Warrenville Road, the property is situated steps from the 1,700-acre Morton Arboretum and proximate to I-88 and I-355. Built in 2013, the four-story community features a mix of one- and two-bedroom floor plans. Amenities include an outdoor pool, grilling stations, a fitness center, clubroom, theater room, game lounge and dog park. Avant at the Arboretum includes a structured parking garage with 314 spaces as well as a surface lot to accommodate 193 vehicles. Waterton plans to make renovations to the kitchen countertops as well as add vinyl plank flooring and Nest thermostats in all units. There will also be enhancements to the amenity spaces, common areas and building exterior. The acquisition brings Waterton’s owned and managed multifamily portfolio to over 7,000 units in metro Chicago.

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Leasing ActivityMidwestMinnesotaRetail

Five New Tenants Open at Eden Prairie Center Shopping Mall in Suburban Minneapolis

by Kristin Harlow

EDEN PRAIRIE, MINN. — Five new tenants have opened or are coming soon to Eden Prairie Center in the Minneapolis suburb of Eden Prairie. Wonders Ice Cream, Reborn Salon and Virtual Realms Adventures are now open. Costumes & Toys and Cielito Lindo are slated to open this fall. Wonders Ice Cream is a family-owned and operated rolled ice cream shop in Minnesota by Julio and Michael Soriano. The 293-square-foot ice cream shop is located on the lower level in Center Court. Reborn Salon offers a full range of professional services, including haircuts, color, treatments, special occasion styling and makeup application. The 1,190-square-foot salon, located on the upper level near Target, is owned and operated by stylist Bella Roberts. Virtual Realms Adventures offers an entertainment experience for guests to enjoy a variety of games through virtual reality goggles. The tenant is located on the lower level near Kohl’s. Costumes & Toys offers children’s superhero costumes, accessories and 3D posters along with kids’ toys and pet accessories. The 1,020-square-foot store will be located on the lower level near Kohl’s. Cielito Lindo, founded in 2016, offers authentic Mexican cuisine. The restaurant’s Eden Prairie location marks its fourth in Minnesota and will be situated …

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Blossom-Valley-Wenatchee-WA
AcquisitionsMultifamilySeniors HousingWashingtonWestern

American Healthcare REIT Acquires Four Seniors Housing Communities in Washington State

by Amy Works

BATTLE GROUND, PORT ORCHARD AND WENATCHEE, WASH. — Cogir Management USA Inc. and American Healthcare REIT (AHR) have expanded their relationship to 14 communities with AHR’s acquisition of four communities in the state of Washington. AHR acquired Mallard Landing in Battle Ground, Orchard Pointe in Port Orchard and Blossom Valley and Blossom Creek in Wenatchee. This portfolio includes a total of 207 assisted living and memory care units. With this acquisition, Cogir now operates communities in Washington, California, Utah and North Carolina for AHR. Cogir also now manages 22 communities in Washington and 84 communities across the United States.

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Bossard Signs 68,310 SF Industrial Lease Renewal in Alsip, Illinois

by Kristin Harlow

ALSIP, ILL. — Bossard, a fastener distributor, has renewed its 68,310-square-foot industrial lease at 11800 S. Austin Ave. in Alsip. The 162,000-square-foot warehouse was constructed in 2005. Brian Vanosky, Michael O’Leary and Dylan Maher of Lee & Associates represented the owner, Cabot Properties. Ken Franzese, John Cassidy and Jim Martin of Lee & Associates represented the tenant.

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Extra-Space-Kihei-HI
DevelopmentHawaiiIndustrialSelf-StorageWestern

DXD Capital Breaks Ground on 355-Unit Self-Storage Facility in Kihei, Hawaii

by Amy Works

KIHEI, HAWAII — DXD Capital has broken ground on a Class A self-storage facility in Kihei, a city on Maui. Upon completion, the facility will offer 355 individual storage units totaling 45,813 net rentable square feet. Situated within the Maui Research & Technology Park, the facility will offer drive-up, non-climate-controlled units. The property is slated to open in second-quarter 2025. DXD acquired the asset in April 2023. RYCON will serve as general contractor, and American Savings Bank will be the construction lender. Extra Space will manage the facility.

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AcquisitionsColoradoMultifamilyWestern

NorthPeak Commercial Brokers $4M Purchase of Two-Building Multifamily Portfolio in Denver

by Amy Works

DENVER — NorthPeak Commercial Advisors has arranged the acquisition of two multifamily buildings in Denver. The assets traded for $4 million, or $181,818 per unit. The names of the seller and buyer were not released. Located at 1050-1058 Pearl St., the properties offer 22 apartments in total across 17,258 square feet in space. Dan Hawthorne of NorthPeak Commercial Advisors represented the undisclosed buyer in the deal.

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