BAKERSFIELD, CALIF. — Colliers has arranged the sale of Abby’s Mini Storage, a self-storage facility in Bakersfield. Terms of the transaction were not released. Tom de Jong and Jacob Becher of Colliers’ de Jong | Becher Self Storage Group represented the seller in the deal. Situated on seven acres at located at 3311 Truxtun Ave., Abby’s Mini Storage features 22 single-story buildings plus a caretaker’s apartment, 1.1-acre yard for parking and U-Haul truck rentals. The 97,600-square-foot facility offers 927 self-storage units.
MADISON, WIS. — Associated Bank and Johnson Financial Group have originated a $13 million construction loan and a $41.6 million tax-exempt bond loan for the development of Rise Madison. The Wisconsin Housing Preservation Corp. is developing the affordable housing project in the state’s capital. The 4 percent Low-Income Housing Tax Credits project will provide affordable housing for both seniors and families. The senior financing structure will take the form of tax-exempt bonds issued by the Wisconsin Housing and Economic Development Authority and held by both Associated Bank and Johnson Financial Group. Bryan Schreiter of Associated Bank and Steve Sosnowski of Johnson Financial Group handled the loan arrangements and closing. The four-building project is situated on Rise Lane. Units will be offered to tenants with income levels at or below 80 percent of the Dane County median income. Two five-story buildings will be marketed for families. One will have a total of 110 units while the other will feature 77 units. A three-story building will have a total of 46 units designed for senior living. The fourth building will consist of 12 two-story townhomes. Older buildings on the project site have been demolished, and phased construction is underway. The first building …
GREENWOOD, IND. — JLL Capital Markets has arranged the sale of the Medical Behavioral Hospital of Indianapolis for an undisclosed price. The 64-bed, 42,609-square-foot inpatient behavioral facility is located in the Indianapolis suburb of Greenwood. Constructed in 2022, the property offers general acute care psychiatric services. It serves as the second location in Indianapolis NeuroPsychiatric Hospitals, a provider of inpatient behavioral health services with seven hospitals. There are 19 years remaining on the lease for the Greenwood facility. Mindy Berman, Brannan Knott and Vasili Davos of JLL represented the seller, Medistar, and arranged acquisition financing on behalf of the undisclosed buyer.
BUFFALO GROVE, ILL. — Mid-America Real Estate Corp. has brokered the sale of Spoerlein Commons, a 41,455-square-foot retail center in the Chicago suburb of Buffalo Grove. The sales price was undisclosed. The property features a variety of medical, wellness, restaurant, retail and service tenants along with second-floor offices. Rick Drogosz, Emily Gadomski and George Ghattas of Mid-America represented the institutional seller. CRE Pro was the buyer.
CARY, ILL. — Dandelion Development LLC has acquired the newly constructed Haber Pointe Senior Luxury Apartments in Cary, about 44 miles northwest of Chicago. The purchase price was $4.5 million. The 24-unit property totals 24,177 square feet. Paul Proana of Coldwell Banker Commercial and Heather Schweitzer of Premier Commercial Realty brokered the transaction. Foxboro Group LLC was the seller.
KANSAS CITY, MO. — Block & Co. Inc. Realtors has sold 2 E. 59th St. in Kansas City for an undisclosed price. Riley ABA & Autism Center purchased the 17,381-square-foot building with plans to occupy it. The building is set to undergo extensive renovations in the coming weeks. Riley ABA is planning for several new and interactive play areas, including a 1,000-square-foot play town to target play and social skills, a larger interior sensory gym for gross and fine motor development, and an outdoor, fenced-in playground. The facility will also feature ample parking, an employee break room with an outdoor patio, a large prep kitchen and several individual bathrooms. Riley ABA expects renovations to be completed by mid-summer 2024. David Block, Max Kosoglad and Carson St. Clair represented Block on an internal basis.
DE SOTO, KAN. — Flint Development is nearing completion of the first building at Flint Commerce Center, a $390 million industrial park in the western Kansas City suburb of De Soto. At full build-out, the multi-phased project will include up to six buildings on a 370-acre site. Development of the first building, a 1 million-square-foot distribution center, is slated for completion this summer. Located at 10200 Edgerton Road, the cross-dock distribution center is being constructed with tilt-up concrete panels and 40-foot clear heights. The first facility — which is called Building C — will offer 98 dock doors and four drive-through doors, with the capacity to expand to 168 dock doors. The parking lot can accommodate 515 cars and 251 trailers. In August 2023, Panasonic Energy announced plans to lease half of the facility to support a nearby lithium ion battery manufacturing facility, which is currently under construction. “There is a lot of excitement surrounding the Panasonic factory and we are happy to see the amount of prospect activity for Flint Commerce Center,” says Mark Long, CEO of Newmark Zimmer. Newmark Zimmer is representing Flint Development in lease negotiations for Flint Commerce Center. “Together, this lease and the additional land …
— By Jason Fine, Managing Director, JLL — Situated along the Southern California coast between Los Angeles and Orange County, the City of Long Beach continues to be a strong option for businesses and residents. The city has recently delivered low- and median-income housing, in addition to luxury product, with more of each in the planning stages. This has allowed Long Beach to continue experiencing growth from aerospace, port-related businesses, oil and professional services. A few companies that have recently relocated to Long Beach include Blue Shield, Fluor, Relativity Space, SpinLaunch and Vast. Additionally, the city’s economic development department and newly elected mayor have taken a proactive stance, implementing strategies and marketing the city as a business-friendly destination. While the regional and national office leasing trend is seeing many tenants going to a hybrid model, the Long Beach office market has seen a steady increase in vacancy and rental rates despite no new office building supply being added to the market since the pandemic. For the third quarter, the total Class A and B office vacancy (including sublease space) for downtown Long Beach is at 33 percent, with rents sitting at $2.71 per square foot, per month (full-service gross). Suburban …
SAN ANTONIO — An affiliate of locally based investment firm LYND Group has purchased Culebra Commons, a 327-unit mixed-income apartment community in San Antonio’s Far West submarket, for $76.2 million. The garden-style property was originally developed in 2021 by a different affiliate of LYND Group and offers one-, two- and three-bedroom units with an average size of 835 square feet. About half the units have been reserved as affordable housing. Amenities include a pool, fitness center, clubroom, resident lounge, catering kitchen, playground and a dog park. Origin Strategic Credit Fund is a preferred equity investor in the deal.
ST. PETERSBURG, FLA. — Black Salmon and LD&D plan to co-develop Gallery Haus, a 23-story multifamily tower in the Tampa Bay city of St. Petersburg. The $115 million project will be located at 155 17th St. S, which is adjacent to the upcoming $6.5 billion overhaul of Tropicana Field, the home ballpark of the Tampa Bay Rays. Black Salmon and LD&D purchased the 0.8-acre site last month for a little more than $9 million. The duo plan to break ground on Gallery Haus in the fourth quarter. The project will include 10,000 square feet of amenities and coworking space, as well as 5,000 square feet of ground-level retail space.