PASADENA, CALIF. — Bridge Housing, with R.D. Olson Construction as general contractor, has opened Heritage Square South, an affordable seniors housing community in Pasadena, a northeastern suburb of Los Angeles. Heritage Square South features 70 one- and two-bedroom units, 24-hour security, 3,817 square feet of outdoor lounging areas, two flex rooms and a community room. The property also features solar power operations, producing 196,400 kWh of electricity annually.
TEMPE, ARIZ. — Newport Beach, Calif.-based BKM Capital Partners has purchased Ash Business Center, a nine-building, small-bay light industrial asset in Tempe, for $17.4 million. The name of the seller was not released. Located at 4666-5010 S. Ash Ave., the 89,728-square-foot Ash Business Center features 16 units averaging 5,608 square feet with 16- to 18-foot clear heights, 16 grade-level doors and ample parking.
LAKE OSWEGO, ORE. — Gantry has secured a $15.5 million permanent loan for the refinancing of Lake View Village, a mixed-use office and retail property in downtown Lake Oswego, a suburb south of Portland. The master-planned project is located at State Street and A Avenue and offers 91,000 square feet of rentable office and retail space in six village-style buildings ranging from one- to three-stories. Tenants include dining, retail and professional services tenants. Blake Hering and Alicia Sabanero of Gantry represented the borrower, a private real estate investor and the center’s original developer. One of Gantry’s correspondent life company lenders provided the 10-year loan, which features a 30-year amortization at a fixed interest rate.
NEW YORK CITY — J.P. Morgan has provided a $210 million Freddie Mac loan for the refinancing of a portfolio of 12 transitional and affordable housing properties in New York City. The properties are scattered throughout Manhattan, Brooklyn, Queens and The Bronx and total 1,115 units across approximately 304,000 square feet. Each property is leased to a unique nonprofit operator and backed by a contract with the New York City Department of Homeless Services. The loan carries a seven-year term and a fixed interest rate. The borrower is a partnership between two locally based firms, developer Slate Property Group and alternative asset management firm Fundamental Advisors.
LYNDHURST, N.J. — An affiliate of New Jersey-based intermediary Cronheim Mortgage has arranged a $14.6 million construction loan for a Marriott-branded hotel project in the Northern New Jersey community of Lyndhurst. The hotel will total 128 rooms and will be operated under Marriott’s TownePlace Suites brand. David Turley of Cronheim Mortgage placed the loan through an undisclosed local bank on behalf of the borrower, regional hospitality owner-operator BDG Hotels. Construction is slated for a late 2025/early 2026 completion.
SPENCERPORT, N.Y. — New York-based brokerage firm Legacy Realty Group Advisors has negotiated the sale of Spencerport Village Plaza, a 99,096-square-foot shopping center located on the western outskirts of Rochester. Tops Friendly Markets anchors the property, which is also home to tenants such as Dollar Tree, M&T Bank and Lamont Awards & Apparel. Jacob Baruch and Daniel Baruch of Legacy Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
NEW YORK CITY — New York-based nonprofit organization Innovative Resources for Independence has purchased a 9,227-square-foot retail building in the Rego Park area of Queens. The sales price was $5.2 million. The building, which previously housed a Rite-Aid, is located at 65-35 Woodhaven Blvd. and includes 21 parking spaces. Andrew Jaworski, Dean Rosensweig, Chris Betting and Jojo Lewis of CBRE represented the undisclosed seller in the transaction.
NEWTOWN, PA. — Norman’s Hallmark has signed leases to open nine stores that will range in size from 5,000 to 7,000 square feet in New Jersey and Pennsylvania. The New Jersey stores are located in Princeton, Somers Point, Marlton, Ocean Township, Manalapan, Turnersville and Mays Landing. The Pennsylvania stores are located in Allentown and Wyomissing. Rose Urban of Equity Retail Brokers represented the Pennsylvania-based home décor retailer in all lease negotiations.
Richmond, capital of the Commonwealth of Virginia and centrally located between the rolling hills of the Blue Ridge Mountains and the sandy beaches fronting the Atlantic Ocean, remains a vibrant city with an educated and expanding workforce benefitting from the city’s thriving and diverse economy. Home to eight Fortune 500 companies and three Fortune 1000 businesses, Richmond’s unemployment rate of 2.8 percent, a 10-basis-point decrease year-over-year, is slightly above the state’s unemployment rate of 2.7 percent but well below the national rate of 4.3 percent, according to data from the U.S. Bureau of Labor Statistics. Richmond’s job market has remained robust, adding over 38,000 jobs from first-quarter 2020 through summer 2024. In the past 36 months alone, CoStar Group (2,000 new jobs), LEGO (1,760 new jobs), and SanMar (1,000 new jobs) have all announced significant corporate and capital commitments to the market. Government and education/health remain the largest regional employment sectors and have experienced the highest year-over-year employment increases of 3.7 percent and 4.7 percent, respectively. Richmond’s continued ability to retain and attract talent due to a high quality of life, affordable cost of living and access to an abundance of local and regional amenities has had a profound impact …
DENVER — Swire Coca-Cola USA, a prominent Coca-Cola bottler in the Western United States, has confirmed plans for a new bottling plant near Denver International Airport. According to the project’s website, Swire Coca-Cola plans to invest between $350 million and $500 million to construct the facility, which will be located at the airport’s Second Creek Campus. According to Denver Business Journal, the new facility will span 570,000 square feet. The project website estimates that Swire Coca-Cola will break ground in third-quarter 2025 and hold a grand opening in first-quarter 2027. Additionally, equipment is scheduled to be installed and commissioned in third-quarter 2026. Swire Coca-Cola plans to use the property to replace both an existing production center at 3825 York St. and a sales center at 2145 E. 40th Ave., which are located within a half-mile of each other and about 17 miles southwest of the airport. The new Swire Coca-Cola plant, which will be used for the bottling of both Coca-Cola plastic bottles and aluminum cans, will sit on 97 acres at the northeast corner of Tower Road and Pena Boulevard. The company plans to employ approximately 200 people at the new facility. Denver Business Journal reports that Denver City Council …
