JACKSONVILLE, FLA. — A joint venture between PCCP LLC and Midwest Industrial Funds is underway on the development of a 337,000-square-foot speculative industrial building within Westlake Industrial Park in Jacksonville. Situated on 33 acres on Pritchard Road, the property will feature 36-foot clear heights, a 190-foot truck court, 72 dock-high doors, 245 car parking spaces and 97 trailer parking spots. Construction has begun on the project, and completion is scheduled for this December.
SAVANNAH, GA. — JLL has arranged the sale of an industrial portfolio totaling 853,019 square feet across three facilities in Savannah — North Gate Buildings 1, 2 and 3. Located near the Port of Savannah and ranging in size from 230,000 to 310,000 square feet, the properties feature rear- and front-load capabilities, 36-foot clear heights, 60-foot speed bays, 185-foot-deep truck courts, 25-foot candle LED warehouse lights, ESFR sprinkler systems and dock packages. Each building also includes at least 2,500 square feet of speculative office space. Britton Burdette, Dennis Mitchell, Matt Wirth, John Huguenard, Jim Freeman and Mitchell Townsend of JLL represented the seller, Greenland Developers Inc., in the transaction. The Orden Co. acquired the portfolio for an undisclosed price.
BALTIMORE — Continuum Advisors has arranged the sale of The Village at Augsburg, a 313-unit continuing care retirement community (CCRC) in Baltimore. The 50-acre campus comprises 131 independent living apartments, 51 assisted living units and 131 licensed skilled nursing beds. Jay Jordan and Dave Kliewer of Continuum Advisors represented Maryland-based National Lutheran Corp. in the sale of Village at Augsburg to New Jersey-based Outcome Healthcare. The sales price was not disclosed.
NAPERVILLE, ILL. — Standard Real Estate Investments LP and The Vistria Group LP have acquired Haven on Long Grove in the Chicago suburb of Naperville for $94 million. The naturally occurring affordable housing community features 416 units. Pensam Capital was the seller. John Jeager of CBRE brokered the off-market transaction, which included the assumption of an existing, fixed-rate Fannie Mae mortgage serviced by M&T Bank. Situated on 34 acres, Haven on Long Grove features 248 one- and two-bedroom apartments and 168 townhomes. The buyer plans to make targeted improvements.
ST. CHARLES, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 785,181-square-foot, two-building industrial portfolio in the Chicago suburb of St. Charles. The purchase price for the sale-leaseback transaction with R.R. Donnelley was undisclosed. Located at 609 Kirk Road is a 504,152-square-foot building that was constructed in 1988. The property features a clear height of 30 feet, 45 docks and three drive-in doors. The second building in the portfolio totals 281,029 square feet and is located at 1750 Wallace Ave. Built in 1990, the property features clear heights ranging from 21 to 31 feet, 15 exterior docks and one drive-in doors. Mike Tenteris, Jim Carpenter, Adam Tyler, Scott Goldman and David Friedland of Cushman & Wakefield represented the seller. VK Industrial VI is co-sponsored by Venture One Real Estate and Kovitz Investment Group.
BLOOMINGTON, IND. — Greystone Monticello has provided a $36.3 million bridge loan for a 226-unit student housing property in Bloomington. Greystone intends to transition the asset to a permanent exit with a HUD-insured green financing. Michael Zukerman and Adam Lipkin of Greystone originated the loan. Borrower information was not provided. The Greystone Monticello joint venture provides a wide range of bridge financing options in the multifamily and seniors housing industries.
SOUTHFIELD, MICH. — Farbman Group and Healthrise are both relocating their headquarters to a 93,000-square-foot office building located at 31700 Middle Belt Road in Southfield. Yamasaki designed the Class A building, which features underground parking, large floorplates and a campus-like setting. Farbman, a full-service real estate firm currently headquartered at 28400 Northwestern Highway in Southfield, will relocate in the spring or summer of this year. The relocation includes its sister companies Huntington Construction, FarbNET, Medical Real Estate Solutions, Huntington Maintenance Co. and Apex Mechanical Solutions. Healthrise provides IT services for the implementation of electronic health records, worker performance management and revenue cycle management.
MERRILLVILLE, IND. — Marcus & Millichap has arranged the $2.7 million sale of a 29,335-square-foot retail center located at 2871 E. 81st Ave. in Merrillville. The property is 93 percent leased and is shadow anchored by Home Depot and Target. Austin Weisenbeck, Sean Sharko and Adrian Mendoza of Marcus & Millichap represented the seller, a limited liability company. The team also secured and represented the Chicago-based buyer.
AUSTIN, TEXAS — Landmark Properties has recapitalized The Standard at Austin, a 934-bed student housing community that serves students at the University of Texas at Austin. Completed in 2021, the development offers studio through six-bedroom units. Shared amenities include a fitness center, study lounges and a rooftop pool deck with a jumbotron. TSB Capital Advisors arranged debt for the transaction. Specific details on the breakdown of debt and equity within the recapitalization were not disclosed.
BAYTOWN, TEXAS — Locally based owner Wayside Investment Group has completed renovations of the 82-room Extended Stay Suites America hotel in the eastern Houston suburb of Baytown. The project involved upgrades to guestrooms’ kitchens, furniture and bedding, as well as enhancements of amenity spaces, including the lobby, pool and fitness center. Wayside also outfitted the three-story hotel with new lighting fixtures, wall coverings, flooring and signage.
