Property Type

Bell Partners Divests of 306-Unit Bell Cherry Hills Multifamily Property in Englewood, Colorado

by Amy Works August 14, 2024

ENGLEWOOD, COLO. — Bell Partners has completed the disposition of Bell Cherry Hills, an apartment community in Englewood. Terms of the transaction were not released. Terrance Hunt, Shane Ozment, Chris Hart and Brad Schlafer of CBRE represented the seller in the deal. Located at 3650 S. Broadway St., the four-story, two-building property offers 306 studio, one-, two- and three-bedroom apartments. Each unit features granite countertops, Energy Star-rated appliances, energy-saving programmable thermostats and a private balcony or patio. Community amenities include a fitness center, resort-style pool and spa, outdoor kitchen, sky deck, resident lounge, game room, business center, dog park and grooming station, ski and bike repair shop, electric vehicle charging stations and two controlled-access parking garages.

August 14, 2024

Acquisitions Illinois Midwest Multifamily

JRK Property Holdings Acquires 288-Unit Multifamily Community in Bolingbrook, Illinois

by Kristin Harlow August 14, 2024

BOLINGBROOK, ILL. — JRK Property Holdings has acquired Brook on Janes Apartments, a 288-unit multifamily community in the Chicago suburb of Bolingbrook. The purchase price was undisclosed. JRK utilized its JRK Platform 5 Fund, a $1 billion multifamily value-add and core plus fund that targets higher-quality, well-located multifamily investments built after 1990. The fund’s portfolio is comprised of institutional-quality assets with an average year built of 2019 located in Illinois, Florida, Kansas and California. Built by the undisclosed seller in 2017, Brook on Janes rises three stories at 401 Janes Ave. Units come in studio, one-, two- and three-bedroom layouts. Amenities include a pool, clubhouse, fitness club, cookout area and gated dog park. Kevin Girard, Roberto Casas and Matt Lawton of JLL represented the seller. Annie Rice and Brandon Smith of JLL arranged agency acquisition financing with a 10-year, fixed-rate loan.

August 14, 2024

3520-3524-3512-3516-Schaefer-St-Culver-City-CA

California Loans Office Western

Gantry Secures $21.4M Refinancing for Creative Office Property in Culver City, California

by Amy Works August 14, 2024

CULVER CITY, CALIF. — Gantry has arranged a $21.4 million construction takeout loan for a two-building creative office project in Culver City, just west of Los Angeles. Located at 3520-3524 and 3512-3516 Schaefer St., the 30,000-square-foot Class A buildings feature 18-foot ceiling, open floor plans with modern interiors, and landscaped exteriors with gathering spaces. Tony Kaufmann and Andrew Ferguson of Gantry represented the borrower, a private real estate investment and development firm based in West Los Angeles. One of Gantry’s correspondent insurance company lenders provided the loan, which features a fixed rate with a three-year initial term and 30-year amortization.

August 14, 2024

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $11M Loan for Refinancing of Detroit Apartment Building

by Kristin Harlow August 14, 2024

DETROIT — Bernard Financial Group (BFG) has arranged an $11 million Freddie Mac loan for the refinancing of a 103-unit apartment building in Detroit. The property is located at 40 Davenport St. Joshua Bernard and David Ruff of BFG arranged the loan on behalf of the borrower, an entity doing business as 40 Davenport LLC.

August 14, 2024

Development Illinois Industrial Midwest

Contegra Construction Underway on 75,000 SF Eastport Commerce Center in Collinsville, Illinois

by Kristin Harlow August 14, 2024

COLLINSVILLE, ILL. — Contegra Construction Co. is underway on Eastport Commerce Center, a 75,000-square-foot office and distribution facility in Collinsville, an eastern suburb of St. Louis. BHMG Engineers, a utility engineering firm based in Sunset Hills, Mo., has leased 25,000 square feet at the property. The new office will replace BHMG’s existing 5,000-square-foot office at 1902 Vandalia St. in Collinsville. Located on a 9.5-acre site at the intersection of Eastport Plaza Drive and Fairmont Avenue, the building is near the I-255/I-55 interchange. The property features a clear height of 28 feet, four dock doors, three drive-in doors and 160 parking spaces. A timeline for completion was not provided.

August 14, 2024

Acquisitions Colorado Retail Western

Cushman & Wakefield Negotiates $7.3M Sale of Lucky’s-Occupied Grocery Store in Fort Collins, Colorado

by Amy Works August 14, 2024

FORT COLLINS, COLO. — Cushman & Wakefield has arranged the sale of a single-tenant retail asset located at 425 S. College Ave. in Fort Collins, about 60 miles north of Denver. McWhinney sold the asset to an undisclosed investor for $7.3 million. Lucky’s Market occupies the 26,602-square-foot property on a long-term lease. The asset was built on 1.7 acres in 1966 and most recently renovated in 2018. During its ownership, McWhinney completed at $3 million renovation, adding bike parking and landscaping elements. Jon Hendrickson, Aaron Johnson, Aki Palmer and Cole VanMeveren of Cushman & Wakefield, along with Peter Pavlakis of Legend Retail Group, represented the seller in the deal.

August 14, 2024

Acquisitions Midwest Multifamily Seniors Housing Wisconsin

ESI Brokers Sale of 186-Bed Samaritan Health Center in West Bend, Wisconsin

by Kristin Harlow August 14, 2024

WEST BEND, WIS. — Evans Senior Investments (ESI) has brokered the sale of Samaritan Health Center, a county-owned facility in West Bend, about 30 miles north of Milwaukee. The community was originally built in 1969 and renovated in 2009. The property offers three licensed programs: a skilled nursing facility, an assisted community-based residential facility (CBRF) and a supportive living, apartment-style residential care apartment complex (RCAC). Altogether, the center provides 186 beds, including 131 skilled nursing beds, 24 RCAC beds and 31 CBRF beds. According to ESI, Samaritan Health Center was 33 percent occupied at the time of marketing and struggling with negative cash flows. The property also needed substantial renovations. An independent owner-operator purchased the asset for an undisclosed price.

August 14, 2024

Development Illinois Midwest Retail

Mosaic Construction Completes 6,700 SF Facility for Stride Autism Centers in Oak Park, Illinois

by Kristin Harlow August 14, 2024

OAK PARK, ILL. — Mosaic Construction LLC has completed a new facility for Stride Autism Centers at 6400 W. North Ave. in Oak Park near Chicago. One of more than 20 Stride facilities across the country, the new location features a safe free-play natural environment space, circle time areas and more than 10 individualized instruction spaces customized for the needs of children with autism. The 6,700-square-foot space features a reading nook and mural wall inside the activity room as well as new flooring, appliances, paint and updates to the bathrooms and classrooms. Project partners included Huron Design Group, Splash 10, North Builders, D&D Flooring, Frank Bak Decorating, Brew Plumbing, Parkside Electric and G&C Glass, Mirror and Construction.

August 14, 2024

Acquisitions Industrial Washington Western

Marcus & Millichap Brokers Sale of 63,500 SF Arts Industrial Park in Olympia, Washington

by Amy Works August 14, 2024

OLYMPIA, WASH. — Marcus & Millichap has brokered the sale of Arts Industrial Park, an industrial property in Olympia, about midway between the Seattle/Tacoma area and the Pacific Coast. A partnership sold the asset to a value-add syndicator buyer for $4.8 million. Located at 6221 Rich Road SE, Arts Industrial Park features 63,500 square feet of industrial space. The buyer plans to spend $1 million on renovations and improvements to the property. Matthew Herman and RJ Vara of Marcus & Millichap’s Seattle office represented the seller in the transaction.

August 14, 2024

California Development Loans Multifamily Western

PSRS Arranges $5.9M Construction Financing for Carson Loft Apartments in Carson, California

by Amy Works August 14, 2024

CARSON, CALIF. — PSRS has arranged $5.9 million in construction financing for Carson Loft Apartments, a multifamily project in Carson, a suburb south of Los Angeles. The community will feature 20 market-rate apartments spread across two parcels totaling 22,587 square feet. Michael Warner of PSRS secured the two-year loan with a 63 percent loan-to-cost ratio and interest-only payments. The borrower is a first-time developer/borrower, and a local bank provided the funds.

August 14, 2024

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