Property Type

CBRE Arranges $35.2M Construction Loan for Bella Olivia Build-to-Rent Community in Peoria, Arizona

by Amy Works February 2, 2024

PEORIA, ARIZ. — CBRE has arranged a $35.2 million construction loan for Arizona-based Bela Flor Communities to develop Bella Olivia, a build-to-rent property in Peoria, a northwestern suburb of Phoenix. Construction is currently underway, with the property slated to open in summer 2024. Located at 9625 W. Olive Ave., Bella Olivia will feature 112 one-, two- and three-bedroom units across 16 residential buildings. Community amenities will include a resort-style pool and spa, designated walking trail, tot lot and dog park. Bruce Francis, Doug Birrell, Bob Ybarra, Shaun Moothart, Nick Santangelo and Jim Korinek of CBRE Capital Markets Debt & Structured Finance secured the 80 percent loan-to-cost, full-term interest-only, nonrecourse loan with an initial 30-month term.

February 2, 2024

Acquisitions Colorado Industrial Self-Storage Western

DXD Capital Buys Seven Self-Storage Facilities in Grand Junction, Colorado

by Amy Works February 2, 2024

GRAND JUNCTION, COLO. — DXD Capital has purchased a seven-property self-storage facility portfolio in Grand Junction, located in the western part of the state near the Utah border. DXD acquired the assets through DXD Self Storage Fund II, which launched in 2022. The price and sellers were not disclosed. Totaling 135,588 net rentable square feet, the portfolio offers 923 units. DXD hired StoragePro as third-party manager for the seven facilities. The buyer plans several capital improvements for the properties, including increased security measures and ADA paving projects at some facilities. The properties will continue to operate under the Hill and Home Storage brand. Adam Schlosser and Thomas Parsons of Marcus & Millichap represented DXD Capital in the deal.

February 2, 2024

Acquisitions Arizona Multifamily Western

Capro Acquires Arcadia Views Apartments in Phoenix for $8.5M

by Amy Works February 2, 2024

PHOENIX — Las Vegas-based Capro Arcadia Views LLC has purchased Arcadia Views, a multifamily property at 2640 N. 52nd St. in Phoenix. Kinella Capital sold the asset for $8.5 million. Built in 2023, Arcadia Views features 16 one- and two-bedroom apartments with chef-inspired kitchens, outdoor areas and smarthome designs throughout. Select units also offer views of Camelback Mountain. David Fogler, Steven Nicoluzakis and Race Carter of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal.

February 2, 2024

Acquisitions Colorado Net Lease Restaurant Retail Western

Marcus & Millichap Brokers $2.6M Sale of Starbucks-Occupied Property in Aurora, Colorado

by Amy Works February 2, 2024

AURORA, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 25455 E. Smoky Hill Road in Aurora, a suburb east of Denver. A developer sold the asset to a local all-cash investor in a 1031 exchange for $2.6 million. Starbucks Coffee occupies the 2,155-square-foot property on a net-lease basis. James Rassenfoss and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, while Kyle Malnati at Kentwood Commercial represented the buyer in the deal.

February 2, 2024

Development Indiana Midwest Mixed-Use

Thompson Thrift Receives Approval to Move Forward with Next Two Phases of $750M Fishers District Near Indianapolis

by Kristin Harlow February 2, 2024

FISHERS, IND. — Developer Thompson Thrift has received approval from the City of Fishers to begin work on the next two phases of the $750 million Fishers District mixed-use development. Located near I-69 and 116th Street, The Union will include 55,000 square feet of retail space, 60,000 square feet of Class A office space, a 150-room boutique hotel, a 250-unit multifamily community and 805 structured parking spaces. Thompson Thrift is currently in negotiations for the hotel and about 40 percent of the retail space. Infrastructure work will begin this year, with vertical construction slated to begin in early 2025. The Crossing at Fishers District will comprise 62 acres, the centerpiece of which will be the city-owned 7,500-seat event center that is currently under construction. The center is the future home of the Indy Fuel, the professional hockey minor league affiliate of the NHL’s Chicago Blackhawks. The surrounding mixed-use development will feature office, retail, restaurant, residential, hotel and entertainment components. The event center is slated for completion later this year. Chicken N Pickle, an indoor-outdoor entertainment concept with a restaurant and pickleball courts, has committed to space at The Crossing. Thompson Thrift first began work on Fishers District in 2015. Once …

February 2, 2024

Development Illinois Industrial Midwest

PREMIER Design + Build Completes 10-Year Redevelopment of Suburban Chicago Business Park

by Kristin Harlow February 2, 2024

WAUKEGAN, ILL. — PREMIER Design + Build Group has completed the redevelopment of an aging, 225-acre business park in the Chicago suburb of Waukegan into a modern campus for high-tech manufacturing, logistics and life sciences users. PREMIER’s work to reinvent the former McGraw Park Campus began 10 years ago. The original development was named for Foster McGraw, who founded the American Hospital Supply Corp. (AHSC). The company occupied the campus before being acquired by Baxter Travenol Laboratories in 1985. The property is located on Waukegan Road near I-94. PREMIER completed the redevelopment project in three phases, ultimately demolishing 1.2 million square feet of obsolete space. The last remaining building on the campus was a 1970s-era concrete warehouse. PREMIER tore down the building and replaced it with a state-of-the-art distribution facility for The Visual Pak Cos., a contract packaging company. The new building features a cross-dock configuration with more than 50 loading docks. Overall, the new business park totals 11 buildings and 3.4 million square feet of Class A space. Tenants include Medline, Amazon, Jelly Belly and Peloton. Throughout the project, PREMIER worked with Cornerstone Architects Ltd., Swift Structural Design, LJB Inc. and Manhard Consulting Ltd.

February 2, 2024

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 104,240 SF Lawndale Plaza Shopping Center in Chicago

by Kristin Harlow February 2, 2024

CHICAGO — Mid-America Real Estate Corp. has arranged the sale of Lawndale Plaza, a 104,240-square-foot shopping center in Chicago’s Lawndale neighborhood. Anchored by Freshway Market, the property is home to Citi Trends, Taco Bell, PNC, Rainbow, Cosmo Superstore and O’Reilly Auto Parts. Rick Drogosz and Emily Gadomski of Mid-America represented the seller, Mercer Street Holdings Three. Acre Investment Co. LLC was the buyer.

February 2, 2024

Acquisitions Industrial Michigan Midwest

Colliers Brokers Sale of 66,000 SF Industrial Building in Auburn Hills, Michigan

by Kristin Harlow February 2, 2024

AUBURN HILLS, MICH. — Colliers has brokered the sale of a 66,000-square-foot industrial building located at 1227 Centre Road in Auburn Hills. The sales price was undisclosed. Joseph Gatliff of Colliers represented the private buyer and structured a short-term leaseback with the seller, a global supplier in the thermal solutions and fluid systems industry. The new owner is working with prospective tenants with the goal of finding a long-term user.

February 2, 2024

Acquisitions Indiana Industrial Midwest

TEI Acquires 55,000 SF Warehouse in Indianapolis for $3.3M

by Kristin Harlow February 2, 2024

INDIANAPOLIS — Time Equities Inc. (TEI) has acquired a 55,000-square-foot warehouse in Indianapolis for $3.3 million. Located at 1840 Midwest Blvd., the property was developed in phases from 1995 until 2004. The building, which features a clear height of 30 feet, three loading docks and 21 drive-in doors, is situated about 11 miles from the Indianapolis International Airport and five miles from the Indianapolis Motor Speedway. Anchored by R&R Plumbing, an affiliate of Berkshire Hathaway, the property is 94 percent leased. Max Pastor and Brian Soto led the transaction on behalf of TEI. Brian Dell of Colliers represented the undisclosed seller, while Tony Hupp and Ryan Kelly of Colliers represented TEI. Hupp and Kelly will also handle leasing of the property on behalf of TEI.

February 2, 2024

Loans Multifamily New York Northeast

JLL Arranges $70.6M Agency Loan for Refinancing of Manhattan Apartment Building

by Taylor Williams February 2, 2024

NEW YORK CITY — JLL has arranged a $70.6 million Fannie Mae loan for the refinancing of a 108-unit apartment building located at 200 E. 23rd St. in Manhattan’s Gramercy Park neighborhood. Known as Gemma Gramercy, the newly constructed building rises 20 stories and was 80 percent occupied at the time of the loan closing. Residences come in studio, one- and two-bedroom floor plans. Amenities include a fitness center, rooftop terrace, coworking space, lounge and entertainment room, media room and package handling services. Evan Pariser, Michael Shmuely, Michael Zaremski and John Flynn of JLL originated the 10-year, fixed-rate loan on behalf of the borrower and developer, SMA Equities.

February 2, 2024

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