MANCHESTER, CONN. — New York-based operator Connect55+ has begun leasing a 128-unit active adult community located at 140 Spencer St. in Manchester, about 10 miles east of Connecticut. Connect55+ Manchester offers one- and two-bedroom apartments that all have private patios/balconies. Amenities include a movie theater, fitness center, library and a community center. Information on starting rents was not disclosed. The facility is the first in Connecticut for Connect55+.
WOBURN, MASS. — CBRE has brokered the $11.2 million sale of a Woburn Plaza, a 31,994-square-foot shopping center located on the northern outskirts of Boston. Tenants at the property include West Marine, Eastern Bank and Mattress Firm. Nat Heald, Kyle Juszczyszyn, Connor Scott and Jordana Roet of CBRE represented the seller, locally based owner-operator Linear Retail Properties, in the transaction. The buyer was Chestnut Realty Management.
MIDDLETOWN, DEL. — Sprouts Farmers Market has opened an 23,000-square-foot store in Middletown, located north of Dover near the Maryland-Delaware border. The store is located at 431 Middletown Warwick Road and is the second in Delaware for the Phoenix-based grocer. About 80 people are expected to work at the store on full- and part-time bases.
PHOENIX — Colliers has secured a $520 million refinancing for Grand Canyon University’s (GCU) real estate portfolio in Phoenix. Placed through the Industrial Development Authority of the County of Maricopa Education Bonds (Grand Canyon University Project Taxable Series 2024), the loan includes the refinancing of two bridge loans placed by Colliers in October. The loan, which also pays off the university’s credit line, is a 3a2 bond financing and was issued as a partial refinancing of bonds issued by the university in 2021. Robert Kline, Todd Noel and Mindy Korth of Colliers Mortgage Advisory in Phoenix arranged the refinancing. John Stevenson and Mark Somers of Goldman Sachs’ higher education group and the law firms of Ballard Spahr and Nixon Peabody were also involved in the transaction. “The scope of this refinancing is pretty significant in the higher education bond market and speaks to GCU’s outstanding financial performance and strong student outcomes in the six years since reverting to our historical tax-exempt Arizona nonprofit status,” says GCU President Brian Mueller.
MOSCOW, IDAHO — A public-private partnership between the University of Idaho, Gilbane Development Co. and Rocky Mountain Cos. is set to begin a $162.8 million renovation and expansion of the university’s campus in Moscow. The project will include the renovation and redevelopment of the university’s South Hill and Elmwood Apartments, the Wallace Residence Center and the Theophilus Residence Building. “We continue to see enrollment growth as we prove again and again the University of Idaho’s value,” says Scott Green, university president. “Our on-campus housing is an important piece of that value, and our students need and deserve modern living and learning facilities.” The development team for the project includes Lydig, Integrus and Design Collective. A timeline for the project was not announced.
TEMPE, ARIZ. — A partnership between PGIM Real Estate and High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., has completed the disposition of Smith & Rio, an apartment property in Tempe. A global investor acquired the asset for an undisclosed price. Completed by HSR in 2023, Smith & Rio offers 310 apartment units, a rooftop deck, resident clubhouse with gaming tables, a fireplace and seating areas, and a central courtyard including a resort-style pool deck with a spa, barbecue pavilion and fire features. Additional amenities include a 24-hour fitness center, reception area and leasing office, multiple seating areas, coworking offices, pet spa and another outdoor courtyard with a dog park and yoga lawn. Asher Gunter, Matt Pesch, Sean Cunningham and Austin Groen of CBRE represented the seller in the deal.
CHULA VISTA, CALIF. — CBRE has arranged the sale of Plaza at Eastlake, a Class A office building located at 2300 Boswell Road in Chula Vista. Plaza at Eastlake LLC, an affiliate of Harbor Associates, sold the property to a private investor for $29.5 million, or $222 per square foot. Built in 1992, the two-story Plaza at Eastlake offers 132,669 square feet of office space, including a two-story lobby, conferencing center, a clear height of 10 feet and remodeled restrooms and elevators. The property was renovated from 2018 to 2020, totaling around $2.2 million in capital improvements. The previous ownership constructed 37,800 square feet of speculative suites over the past few years. Matt Pourcho, Anthony DeLorenzo, Matt Harris and Casey Sterk of CBRE represented the seller. Kimberly Clark of Voit served as local leasing agent for the transaction.
ROSWELL, N.M. — Marcus & Millichap has arranged the sale of Comfort Suites Roswell, a hotel property located at 3610 N. Main St. in Roswell. Terms of the transaction were not released. The 68-room hotel features an indoor pool, indoor whirlpool, fitness center and laundry facilities. John Casler and Josh Tammen of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, a private investor, in the deal.
INDIANAPOLIS AND AVON, IND. — Berkadia has negotiated the sale of two seniors housing properties totaling 242 units in metro Indianapolis for an undisclosed price. Dave Fasano, Ross Sanders, Cody Tremper and Mike Garbers of Berkadia represented the seller, a private equity firm. A publicly traded REIT was the buyer. Traditions Management operates both communities and will continue to do so. Built in 2014, Traditions of Reagan Park in Avon features 125 independent living, assisted living and memory care units, including 30 independent living villas built in 2016 and 2019. Built in 2014, Traditions of Solana in Indianapolis features 117 independent living, assisted living and memory care units, including 24 independent living villas built in 2014 and 2016.
SUN PRAIRIE, WIS. — BWE has arranged $36.1 million in permanent financing for Heyday Sun Prairie, a 170-unit build-to-rent community in the Madison suburb of Sun Prairie. Dan Rosenberg, Tim Caffrey and Logan Petersmeyer of BWE arranged the Fannie Mae loan, which features interest-only payments for the full term. A Chicago-based developer was the borrower. The financing will be utilized to pay off construction loans.