HAVERHILL, MASS. — KeyBank has provided a $24 million Freddie Mac loan for the refinancing of Pine Brook Place, a 240-unit apartment complex located north of Boston in Haverhill. The property was built on nine acres in 1974 and offers studio, one- and two-bedroom units across 10 buildings. Amenities include a pool, courtyard and onsite laundry facilities. Dirk Falardeau and Matt Purtell of KeyBank originated the financing on behalf of the borrower, locally based developer The Dolben Co.
ORANGE, N.J. — A partnership between PEEK Properties and Circle Squared Alternative Investments has received $20.5 million in construction and permanent financing for The Lincoln, a 102-unit multifamily project located in the Northern New Jersey community of Orange. The property will offer studio, one- and two-bedroom units and amenities such as a fitness center, tenant lounge and a courtyard deck. Amboy Bank provided the debt. Inglese Architects & Engineering is designing the project. Completion is slated for next spring.
MOUNT LAUREL, N.J. — Newmark has brokered the sale of an 87,460-square-foot office building located at 250 Century Parkway in the Southern New Jersey community of Mount Laurel. According to LoopNet Inc., the four-story building was originally constructed in 2000. David Dolan, Angelo Brutico and John Cook of Newmark represented the seller, Four Springs Capital Trust, in the transaction. The buyer was a partnership between an entity doing business as 250 Century Parkway LLC and the Needleman Management Co.
CHESAPEAKE, VA. — Dollar Tree Inc. (NASDAQ: DLTR) has announced a formal review of its Family Dollar business segment, including the possibility of selling, spinning off or other disposition methods of the brand. In March, Dollar Tree announced the closure of 1,000 stores nationally, approximately 970 of which were underperforming Family Dollar Stores. Additionally, Dollar Tree has recently acquired up to 170 former 99 Cents Only stores. “Dollar Tree has been on a multi-year journey to help the company fully achieve its potential,” says Rick Dreiling, chairman and CEO of Dollar Tree Inc. “Our goal is to position both the Dollar Tree and Family Dollar banners to progress further and faster, and to determine whether the exclusive attention of a dedicated team will benefit both, while creating value for Dollar Tree shareholders and other stakeholders.” Family Dollar’s same-store net sales increased 0.1 percent year-over-year in fiscal first-quarter 2024, which ended May 4. (The data does not include the previously mentioned stores that Dollar Tree closed during the first quarter.) By comparison, Dollar Tree’s same-store net sales increased 1.7 percent in the same time period. Dollar Tree has retained J.P. Morgan Securities LLC as its financial advisor and Davis Polk & Wardwell …
ORLANDO, FLA. — Target plans to open a 150,000-square-foot store at Lake Nona West, marking the first anchor tenant at the 405,000-square-foot open-air shopping center project in Orlando’s Lake Nona district. Tavistock Development is Lake Nona West’s developer and landlord. Situated on 54 acres near the Brightline Station and Orlando International Airport, the development is scheduled for completion in fall 2025. Tavistock is currently in advanced discussions with a variety of tenants, aiming to feature a mix of national brands alongside local shops, restaurants and service operators.
COLUMBIA, S.C. — CapitaLand Ascott Trust (CLAS) has acquired the Standard at Columbia, a student housing community located near the University of South Carolina campus in Columbia. CLAS acquired the property in phases over the past three years. In June 2021, CLAS jointly acquired a 90 percent stake in the development alongside The Ascott Limited. The company acquired Ascott’s 45 percent stake in the property in November 2022. The remaining 10 percent stake not owned by CLAS was recently acquired, bringing the company to full ownership of the community. The 678-bed property was completed in August 2023 and offers studio through five-bedroom units. Shared amenities include a fitness center, academic lounge, private study rooms, a computer lab, rooftop swimming pool, jumbotron, fire pit, grilling station, bike storage, multi-sport simulator and a resident clubroom.
WHITE MARSH, MD. — Merritt Properties has signed three new tenants to join Phase I of White Marsh Interchange Park, an industrial park underway in the Baltimore suburb of White Marsh. Phase I, which totals 235,900 square feet across three buildings, was delivered in late May. Restaurant Depot, a national wholesale foodservice supplier, has signed a 60,000-square-foot lease; Dill Dinkers, a pickleball operator, has signed a 24,400-square-foot lease; and Sensi Auto, an automotive solutions provider, has secured a 6,560-square-foot lease. Situated on 56 acres near I-95, Phase I of White Marsh Interchange Park features buildings with clear heights ranging from 20 to 32 feet, truck courts, rear-loaded docks and drive-in capabilities. Merritt Construction Services, Merritt’s construction division, will be responsible for the build-out of all three tenants’ spaces. At completion, White Marsh Interchange Park will span 750,000 square feet across nine buildings.
FAIRFIELD BAY, ARK. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Indian Rock Village, a 121-bed independent living, assisted living and memory care community in Fairfield Bay. Located along Greers Ferry Lake approximately 80 miles north of Little Rock, the community was built in 1990. A regional seniors housing owner-operator looking to exit the skilled nursing industry sold the asset to a regional owner. The sales price was not disclosed. Daniel Geraghty and Bradley Clousing handled the transaction for SLIB.
LAKEVILLE, MINN. — Davis Healthcare Real Estate has opened Lakeville Specialty Center, a 100,500-square-foot medical office building in the Minneapolis suburb of Lakeville. Located at 18645 Orchard Trail, the property is fully occupied by Allina Health and MNGI Digestive Health. The project was originally conceptualized in 2019 as a 50,000-square-foot building, however, based on strong leasing demand and commitments from the two tenants, the Davis team doubled the project size and scope. The project team included Davis Synergy Architecture Studio, Timco Construction, KOMA (structural engineer), Loucks (civil engineer and landscape design), Gilbert Mechanical (electrical engineer), BDH (interior design), Commercial Partners Title and Bridgewater Bank. Brian Bruggeman of Colliers represented Allina.
AUBURN HILLS, MICH. — Marcus & Millichap has arranged the $8.9 million sale of Shops at the Crossing, a 48,364-square-foot retail strip center in Auburn Hills. Built in 2002 and located at 4131 Baldwin Road, the property features a mix of local, regional and national tenants. Jared Shapiro, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, a private company based in Michigan. The team also procured the buyer, a West Coast-based private fund. The brokerage firm’s Steve Chaben assisted in closing the transaction as the Michigan broker of record.