WEST NYACK, N.Y. — Black Diamond Capital Management, a Connecticut-based alternative investment firm, has purchased Palisades Center, a 2.3 million-square-foot mall in West Nyack, about 35 miles north of New York City. According to the Rockland County Business Journal, Palisades Center sold for $175 million at auction after being originally listed for $463.4 million. According to Wikipedia, the shopping, dining and entertainment destination is the 12th largest U.S. mall by gross leasable area and was first developed by Pyramid Cos., ultimately opening in March 1998. Black Diamond plans to be a long-term owner of Palisades Center and to invest in various capital improvements to attract new users; the Rockland County Business Journal also reports that Palisades Center currently has two vacant anchor spaces that were previously occupied by Lord & Taylor and J.C. Penney. Spinoso Real Estate Group will operate the property as it has since fall 2024.
LONDONDERRY, N.H. — JLL has arranged a $25.2 million acquisition loan for Woodmont Commons Apartments, an 87-unit multifamily complex in Londonderry, located near the Massachusetts-New Hampshire border. Built in 2019 within the 600-acre Woodmont Commons master-planned community, the property includes a 31,341-square-foot retail component. Residences come in one-, two- and three-bedroom floor plans. Riaz Cassum, Ryan Parker, Hunter Cuthbertson and Joe Marinaro of JLL arranged the fixed-rate loan through Metro Credit Union on behalf of the borrower, metro Boston-based Cambridge West Partners.
SAN DIEGO — Arka Properties and Black Equities have completed the disposition of Lakeshore Villa Apartments, an affordable seniors housing property in San Diego’s San Carlos nieghborhood, to an undisclosed buyer for $47 million. Otto Ozen, Shawn Bolour and Jordan Pakzad of The Mogharebi Group represented the seller in the deal. Located at 6888 Golfcrest Drive, Lakeshore Villa features two three-story buildings offering 126 one-bedroom/one-bath floor plans with an average unit size of 520 square feet. Lakeshore Villa Apartments benefits from a 100 percent Senior HUD HAP Contract, ensuring stable income and long-term occupancy. The buyer plans to invest capital into the property and has committed to extending the affordability of the asset.
LONGMONT, COLO. — Thompson Thrift has completed the sale of Notch66, a 336-unit apartment property in Longmont. Scottsdale, Ariz.-based The Wolff Co., through its core-plus acquisition vehicle, purchased the asset for an undisclosed price. Developed with equity from Watermark 2021 Development Fund III, Notch66 features one-, two- and three-bedroom apartments with quartz countertops, stainless steel appliances, hardwood-style flooring, full-size washers/dryers, walk-in closets and private yards and detached garages in select units. Community amenities include a clubhouse with resident gathering spaces, a heated resort-style swimming pool, a fully equipped fitness center, community-wide Wi-Fi and a dog park. At the time of sale, the property was 93 percent leased. Situated on 18.4 acres at 2514 Main St., Notch66 was completed in June 2024. Shane Ozment, Terrance Hunt, Chris Hart and Brad Schafer of CBRE represented the seller in the deal.
INDIO, CALIF. — CBRE has brokered the sale of a 46,220-square-foot industrial building located at 82309 Market St. in Indio. A Los Angeles-based 1031 exchange buyer acquired the asset from an undisclosed seller for $7.2 million. Sammy Cemo, Austin Reuland, Anthony DeLorenzo and Wes Jones of CBRE represented the seller in the deal. Situated on 2.1 acres, the building includes 38,120 square feet of warehouse space and 8,100 square feet of office space. The warehouse portion of the property features 20-foot to 24-foot clear heights, four grade-level doors, two dock-high doors and a fully fenced, gated concrete tuck court. The current tenant recently renewed its lease at the property.
EVANSVILLE, IND. — Matthews has brokered the $8.8 million sale of a Fairfield Inn hotel located at 5400 Weston Road in Evansville. Mitchell Glasson and Luke Whittaker of Matthews represented the seller, while the brokerage firm’s Kyle Matthews served as the broker of record. The sale ranked as the largest transaction for a hospitality property in Evansville for price and square footage within the past year, according to Matthews. Constructed in 1995, the 110-room property underwent a full renovation in 2022, supported by approximately $3 million in owner-funded capital improvements. The buyer was a seasoned hotelier with a portfolio of approximately 10 properties in the area.
BOLINGBROOK, ILL. — SVN Chicago Commercial has arranged the sale of McKenzie Falls, a 105-unit seniors housing community located at 265 Lakeshore Drive in Bolingbrook. Reid Bennett and Dan Short of SVN Chicago served as the sole advisors on the transaction. The asset sold for $6.7 million. Buyer and seller information was not provided.
MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the $2.9 million sale of a 22,910-square-foot retail strip center located at 1776 Algonquin Road in Mount Prospect. Mitchell Kiven, Coult Greenwell, Eric Abbott and Zachary Taylor of Marcus & Millichap represented the seller, a large property owner with a national retail portfolio, and procured the buyer, a local investor who operates a chain of grocery stores. Built in 1964, the property sits on 1.8 acres and features 13 suites. The buyer plans to improve the physical condition of the asset and work to lease second-floor space.
BLUE SPRINGS, MO. — Trident Capital Partners has provided a $1.5 million bridge loan for the acquisition of a newly constructed retail property within the Copperleaf Shopping Center in Blue Springs. The six-month, full-recourse loan is secured by a first lien on the property, a 4,685-square-foot retail building housed on one of the center’s pad sites. The borrower, a partnership of three private investor groups, acquired the property to maintain control over development and tenant selection at the Copperleaf Shopping Center, a 32,978-square-foot retail center that it purchased in February 2023 for $6.9 million. The outparcel building is partially leased to two national restaurant concepts, including Dutch Bros Coffee and Qdoba Mexican Eats. An additional 1,775 square feet remains available.
GOODLETTSVILLE, TENN. — Merus, a design-build firm that was formerly known as Al. Neyer, has purchased RiverGate Mall, an enclosed shopping mall located at 1000 Rivergate Parkway in Goodlettsville that opened in 1971. The Cincinnati-based firm is planning to transform the 57-acre site on the northern outskirts of Nashville into a $450 million mixed-use district. Merus plans to demolish the mall this spring. In its place, the firm will develop 700 multifamily units, 100 townhomes, 80 independent seniors housing units, more than 130,000 square feet of retail and dining space and a center green and plaza for community programming. “Stepping into a site like this comes with a responsibility — not just to redevelop it, but to do it right,” says Patrick Poole, senior vice president and Nashville market leader for Merus. “Our focus is taking a property designed for a different era and reimagining it as a walkable, active district where people can live, work, gather and spend time.” Merus purchased the 514,000-square-foot mall, which is situated next to Dollar General’s global headquarters, for $33 million. Bryan Belk and John Tennant of Franklin Street represented the seller, Hendon Properties, in the transaction. Hartman Simons & Wood LLP executed legal work …