WATERTOWN, MASS. — Boylston Properties and Wilder Cos. have welcomed seven new tenants to Arsenal Yards, a mixed-use destination located roughly 10 miles outside Boston that is a redevelopment of a former mall. J.Crew Factory and Jersey Mike’s Subs are now open at the property. Additionally, Butterbird, Splash and Dash, Marvelous Cuts, Medium Rare and Squeeze Massage are scheduled to open later this year. Arsenal Yards totals more than 1 million square feet and features life sciences, residential and hospitality uses, in addition to retail and restaurant space.
DETROIT — Detroit City Football Club (FC) has acquired the site of the former Southwest Detroit Hospital at the corner of Michigan Avenue and 20th Street for an undisclosed price. The organization plans to build a new stadium that will serve as the permanent home for soccer in Detroit, with a goal of opening a new soccer-specific stadium by the club’s 2027 season. Southwest Detroit Hospital opened in 1973 as the first Detroit hospital to hire and accredit African American doctors and nurses. The hospital existed for 17 years before closing in 1991 and declaring bankruptcy. The building has been abandoned for 18 years. Detroit City FC games are currently played at Keyworth Stadium in Hamtramck, about five miles north of downtown Detroit. The club will reveal more details around the stadium vision and programming after further consultation with city officials, local residents and long-time fans. A public engagement process is anticipated to kick off later this year.
CHICAGO — CBRE has arranged the sale of the Hotel Versey, a 137-room property located at 644 W. Diversey Parkway in Chicago. The sales price was undisclosed. Constructed and opened in 1925, the hotel is situated near the Lincoln Park Zoo, Lake Michigan beaches and Wrigley Field. The four-story property was recently renovated. Nate Sahn, James Foxx, Nicholas Endre, Marcello Campanini and Adam Foret of CBRE represented the seller, Lincoln Park Hotel PropCo LLC. The buyer was an entity doing business as REIT 644 LLC.
KENOSHA, WIS. — The LeClaire-Schlosser Group of Marcus & Millichap has brokered the sale of a 90,900-square-foot self-storage facility in Kenosha for an undisclosed price. Managed by CubeSmart, the two-story property features 900 climate-controlled units. The facility includes two covered loading bay areas, a large leasing office, 24/7 video monitoring and alarm system. Adam Schlosser, Charles LeClaire and Jack Sullivan of Marcus & Millichap represented the seller, Macritchie Group. Matthew Tice represented the buyer, Inland Real Estate Acquisitions LLC, on an internal basis.
MURRIETA, CALIF. — Bell Partners, on behalf of its Value Add Fund VII investors, has purchased Silverado Apartment Homes, a multifamily community in Murrieta, approximately midway between Los Angeles and San Diego. Realty Center Management sold the asset for $146.5 million. The property will be renamed Bell Murrieta Springs. Completed in 2007, Bell Murrieta Springs offers 492 one-, two- and three-bedroom floor plans with an average unit size of 948 square feet. Community amenities include a green belt with a walking trail surrounding the entire property, two pools and a clubhouse. The property also features walking access along a nature preserve to Meadowridge Park, a city-owned park. Kevin Green, Gregory Harris and Joseph Grabiec of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. With this acquisition, Bell Partners owns and/or manages 11 multifamily communities in Southern California totaling more than 3,100 apartments.
SEATTLE — A joint venture between Greystar Real Estate Partners and Provident Resources Group Inc. has received $183 million in tax-exempt bond financing and completed the acquisition of two student housing communities on the University of Washington campus in Seattle. The communities, Nordheim Court and Radford Court, will now be owned by Provident under a ground lease agreement with the university. Greystar will now operate the properties. Built in 2003, Nordheim Court offers 454 beds for upper-division students. The community is set to undergo renovations to residential units and common areas beginning this summer. Radford Court, which was developed in 2000, offers 399 beds for students attending the university with families and staff members. Rents at the property are set below market rates, with 127 apartments designated for those earning up to 50 percent of the area median income. The property also includes a childcare center. These acquisitions are Phase I of the University of Washington’s UH4 plan, which seeks to increase housing and improve housing quality for students. The university plans to develop additional on-campus undergraduate housing utilizing proceeds from this transaction to accommodate enrollment growth and alleviate existing demand. The second phase of UH4 will include the redevelopment of …
PALM DESERT, CALIF. — CBRE has arranged the sale of Ariana at El Paseo, an apartment building in the Coachella Valley city of Palm Desert. Investment Concepts acquired the asset from 45278 Deep Canyon Road for $14 million, or $222,222 per unit. Eric Chen, Kevin Sin, Blake Torgerson, Dean Zander and Stew Weston of CBRE represented the seller in the deal. Located at 45278 Deep Canyon Road, the 63-unit property features a mix of studio, one- and two-bedroom floor plans, averaging 865 square feet. Each unit offers a fully equipped kitchen, vinyl plank flooring, oversized patios and balconies, central air and heating, and large closets. Community amenities include a resort-style pool, onsite laundry facilities, an outdoor lounge and fireplace, a pet play area and barbecue stations.
DENVER — Evans Senior Investments (ESI) has arranged the sale of the Novellus Cherry Creek, an assisted living community in Denver. ESI represented Novellus Living in the transaction. Peaks Healthcare purchased the asset for an undisclosed price. Originally built in 2002, Novellus Cherry Creek comprises 66 assisted living units. The community faced occupancy challenges, with only 36 percent of its units occupied at the time of marketing. In alignment with its broader portfolio strategy, Novellus Living opted to divest its Colorado asset, focusing efforts on its thriving California and Arizona portfolios.
BLOOMINGDALE, GA. — A partnership between Crestlight Capital and GEM Realty Capital has acquired Savannah Portside II, a newly constructed, 1.2 million-square-foot industrial distribution warehouse located in Bloomingdale, roughly 14 miles northeast of Savannah. In September 2023, the partnership purchased the adjacent Savannah Portside I building. Together, the properties, which are located at 201 and 301 Savannah Portside International Parkway, total 2.3 million square feet. Two undisclosed tenants fully occupy the buildings. CBRE will manage and lease both properties on behalf of Crestlight and GEM.
DENTON, TEXAS — Dallas-based Urban Logistics Realty has sold Urban District 35, a four-building, 440,663-square-foot industrial property located in the North Texas city of Denton. The buyer was High Street Logistics Properties. The 31-acre site fronts I-35, and building features include 28- to 32-foot clear heights, 60-foot speed bays and ample car and trailer parking. Construction began in early 2022. Urban District 35 was 67 percent leased at the time of sale.