JLL has represented Link Logistics, a leading operator of last-mile logistics real estate, in the acquisition of a 28,032-square-foot industrial warehouse facility in the O’Hare submarket. The property is located at 2710 United Lane in Elk Grove Village, Illinois.

Dominic Carbonari, JLL Senior Managing Director, and Kate Coxworth, JLL Executive Vice President, represented Link Logistics in the sale and are leading the leasing of the facility. Link Logistics acquired the 4.6-acre site, which features a two-year-old Class A warehouse facility with a 24-foot clear height and over 80 trailer parking spaces.

The property also features 12 exterior docking positions with 40,000-pound levelers and parking for employees and guests. “This facility’s location provides superb access to the entire Chicago metropolitan area and links to the nation’s transportation infrastructure via rail, roads and airports,” said Carbonari.

JLL’s Q1 2024 JLL Industrial Outlook Report noted increased Chicago market demand by construction and building materials industries for warehouse space, with these industries capturing 18% of all Q1 2024 industrial leasing volume.

Marcus & Millichap Capital Corporation (MMCC) arranged $5,000,000 for the refinancing of Larson Apartments, located at 8101 Larson Ave. in Garden Grove. Ron Balys, SVP, capital markets, based out of MMCC’s Orange County office, secured the bank financing on behalf of a private client.

“In 2022, MMCC originated the acquisition financing with a line of credit for the client to construct four Accessory Dwelling Units (ADUs),” said Balys. “The client executed their business plan from the original purchase, and we were able to secure conventional financing with a local bank.”

Terms of the 30-year loan include 65% loan-to-value and a 6.30% interest rate with 30-years amortization. Constructed in 1980, the two-story, 21-unit property features a mix of studio to three-bedroom units and is located adjacent to routes 22 and 39, providing direct access to the Greater Los Angeles region.

Pine Grove Communities has secured a $36.4 million construction loan for Foxgrove on Castleberry, a 198-unit single-family rental community in Dawsonville, Georgia. Dawsonville is about an hour north of Atlanta. A CBRE team led by Mike Ryan arranged the financing.

“Foxgrove on Castleberry is a prime example of the fast-growing single-family built-to-rent market that is capitalizing on homeowner affordability, flexibility, and strong demographic trends,” said CBRE’s Ryan.

Castleberry will include 37 detached homes and 161 townhomes with an average size of 1,898 square feet. Units will range from three to four bedrooms, including two-car garages. 

Additionally, each unit will feature private entrances and private patios. The development will include amenities such as a clubhouse, pool with grilling stations, firepit, pocket parks, a central activity lawn, and walking trails. Sitework has already begun on the project, and vertical construction is expected to begin next summer.

Register today for Connect Phoenix Multifamily & Single-Family Build-to-Rent, scheduled for April 18 at the Westin Kierland Resort & Spa, Scottsdale, AZ.

Cedar Grove Capital has acquired Hawthorne Six Forks, a 471-unit apartment community in Raleigh for $66 million. The seller was not disclosed.

Henry Stimler, Bill Weber and Nick Webb of NKF secured a $46 million acquisition loan on behalf of Cedar Grove through lender Freddie Mac. Terms included a 10-year, fixed-rate. In addition, NKF paired the buyer with Related Fund Management as the preferred equity partner who provided an $11 million preferred equity piece for investment.

“This acquisition demonstrates the continued desire of investors looking to buy in the multifamily sector located in growing areas outside traditional primary investment markets,” said Stimler. “This sale also showcases our group’s ability to navigate the different layers of financial sourcing by helping our clients arrange the debt and secure preferred equity.”

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