SPRING, TEXAS — Cushman & Wakefield has negotiated a 12,078-square-foot retail lease in the northern Houston suburb of Spring. The tenant, interactive entertainment concept Activate Games, is taking space within Grogan’s Mill shopping center for its second location in the Houston area. Eric Lestin and Michael Burgower of Cushman & Wakefield represented Activate Games in the lease negotiations. Adam Bluestein of Global Fund Investments represented the undisclosed landlord.
AURORA, COLO. — CBRE has arranged a $15.4 million loan for Stratford Partners’ acquisition of Del Arte Townhomes in Aurora, just east of Denver. Located at 11135 E. Alameda Ave., Del Arte Townhomes offers 94 one- and two-bedroom apartments with washers/dryers and attached garages. Built in 2001, the community features eight two-story buildings across 6.5 acres. Scott Peterson, Bill Chiles, Brian Cruz and Colby Matzke of CBRE Capital Markets’ debt and structured finance team secured a five-year, interest-only agency loan. CBRE’s Shane Ozment, Terrance Hunt, Andy Hellman and Justin Hunt facilitated the sale of the community.
GREENWOOD VILLAGE, COLO. — Malman Commercial Real Estate has arranged the sale of a multi-tenant retail building in Greenwood Village, a suburb south of Denver. Peakview Center Inc. sold the asset to 215-291 Larchmont Boulevard for $5.5 million. Located at 9251 E. Peakview Ave., the 14,760-square-foot property is fully leased. Jake Malman and Dan Prevedel of Malman Commercial Real Estate represented the seller in the deal.
CHEYENNE, WYO. — Laramie County has acquired 2020 Carey Avenue, an office building in Cheyenne, for $5.5 million. The 74,476-square-foot office building occupies a full city block in Cheyenne’s downtown core. The nine-story building includes two off-street parking lots. James Bowers of Coldwell Banker Commercial The Property Exchange represented the county and the seller, Voss Family Limited Partnership, in the transaction.
BOSTON — Vertex Pharmaceuticals Inc. has renewed its lease for approximately 1.1 million square feet of office and life sciences space at 50 Northern Avenue and 11 Fan Pier Boulevard in Boston. According to Loopnet Inc., both buildings were constructed in 2013 and total 587,374 and 543,098 square feet, respectively. Vertex’s existing lease, which expires in December 2028, was extended for approximately 15 years through June 2044. A joint venture that includes locally based REIT Diversified Healthcare Trust (NASDAQ: DHC) owns both buildings. The RMR Group provides property and asset management services for the joint venture.
DENVER — NorthPeak Commercial Advisors has arranged the sale of a multifamily property in Denver. The asset traded for $3.6 million, or $238,33 per unit. Located at 1301 E. 33rd Ave., the building offers 15 apartments. Kevin Calame and Matt Lewallen of NorthPeak Commercial Advisors represented the undisclosed seller, while Robert Lawson of Pinnacle represented the undisclosed buyer in the deal.
CHICAGO — The Federal Home Loan Bank of Chicago (FHLBank Chicago) has launched the Low-Income Housing Tax Credit (LIHTC) Collateral Pilot Program, which provides members with increased lendable value on their pledged collateral for up to $300 million of qualifying mortgage loans on LIHTC multifamily projects. Through member banks, credit unions, insurance companies, community development financial institutions (CDFIs) and eligible housing associates, the program aims to amplify and incentivize lending in support of affordable housing for low-income individuals and families. While all FHLBank Chicago members are eligible to participate, up to $200 million of the LIHTC Collateral Pilot Program funding will be reserved for members with assets under $1.46 billion, including CDFIs. The LIHTC program is a key federal tax policy designed to incentivize private investment in the development and preservation of affordable rental housing in the United States for lower-income households. Loans needed to fund LIHTC projects are often sold to investors for securitization, but projects meeting local or specialized needs may have smaller loan amounts that can be challenging and more expensive to finance, since the lender may have to hold the loans in their portfolio. “Our members are working to address needs and gaps in affordable housing …
CHICAGO — JLL Capital Markets has arranged a $31 million loan in the form of a participating mortgage for the construction of 1529 N Fremont, a 132-unit apartment building in Chicago’s Lincoln Park neighborhood. Construction is expected to begin this quarter on the five-story project, which will feature four stories of rental units above 9,500 square feet of retail space and 29 parking spaces. Units will average 500 square feet each. Amenities will include a fitness studio, coworking lounge and activated outdoor space. Lucas Borges and Ryan Sullivan of JLL arranged the loan on behalf of the borrowers, CityPads and Wayland Real Estate Capital. A life insurance company provided the four-year loan.
PORTERVILLE, CALIF. — Marcus & Millichap has arranged the sale of a ground lease at 451 W. Vandalia Ave. in Porterville, located in the San Joaquin Valley. A partnership sold the asset to an undisclosed buyer for $1.4 million. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap, along with Adam Christofferson of Marcus & Millichap as broker of record, represented the seller. A drive-thru Dutch Bros coffee shop occupies the 800-square-foot property, which was constructed in 2024, under a new, 15-year, absolute triple-net ground lease featuring 10 percent rental increases every five years and multiple renewal options.
BROOKLYN PARK, MINN. — Marcus & Millichap has brokered the $12 million sale of The Groves Apartments, a 120-unit multifamily property in the Minneapolis suburb of Brooklyn Park. Built in 1967, the asset features 60 one-bedroom units and 60 two-bedroom units. Amenities include a fitness center, community room, playground and garage units. Zach Olson, Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, The Groves Apartments LLC, and procured the buyer, an out-of-state investment group. Jon Ruzicka, broker of record in Minnesota, assisted in closing the transaction.