KENILWORTH, N.J. — Timeless Treasures Fabrics, a New York-based manufacturer of clothing materials, has signed a 42,000-square-foot industrial lease in the Northern New Jersey community of Kenilworth. The property at 3 Mark Road houses 38,000 square feet of office space, a 24,000-square-foot fenced pave lot and 4,000 square feet of office space. David Simon, Catherine Goski-Vasquez and Richard Goski of NAI DiLeo-Bram represented the undisclosed landlord in the lease negotiations. Linda Hill and Doug Bansbach of Colliers represented the tenant.
COMMERCIAL POINT, OHIO — Colliers has brokered the sale of Rickenbacker Exchange Building 2 in metro Columbus for $94.1 million. The 1.2 million-square-foot distribution center is located at 521 Exchange Way in Commercial Point. VanTrust Real Estate developed the building, which was fully leased to Hanesbrands Inc. prior to its completion in 2022. The property, located within the 875-acre Rickenbacker Exchange at Commercial Point industrial park, features a clear height of 40 feet, four drive-in doors, 120 docks and 728 parking spaces. Alex Cantu and Alex Davenport of Colliers brokered the transaction. VanTrust sold the asset to W. P. Carey Inc.
MINNEAPOLIS — Developer Sherman Associates has completed Ladder 260, a $34 million affordable housing development located at 260 Portland Ave. in the Mill District neighborhood of Minneapolis. Kraus-Anderson was the general contractor for the multi-phase project, which involved the redevelopment of an underutilized city block at Washington and Portland avenues. The first phase of the $161 million development involved a new $12 million fire station for the City of Minneapolis. The final phase, called O2, is a 22-story, 240-unit apartment tower that is slated for completion this fall. Designed by ESG Architects, Ladder 260 rises six stories with 90 units. Amenities include a fitness room, second-floor lounge, rooftop deck, bike storage and pet spa.
NEW LENOX AND JOLIET, ILL. — Northern Builders will serve as developer and general contractor for two industrial build-to-suits at Cherry Hill Business Park in New Lenox and Joliet. Agile Cold Storage will occupy a 202,759-square-foot facility on nearly 24 acres with expansion capabilities for an additional 150,000 square feet. The building is slated for completion in the second quarter of 2025. Illinois Truck Group (ITG) will utilize a 33,180-square-foot property as a truck maintenance and dealership facility. The project calls for nine maintenance bays, one wash bay, 5,000 square feet of office space and parking for 200 tractor cabs. Straddling both Joliet and New Lenox, Cherry Hill Business Park is located between I-55 and I-57 with immediate access to I-80 and I-355.
WYOMING, MICH. — Cherry Health and Woda Cooper Cos. Inc. have partnered to build Shea Ravines, a 56-unit affordable housing community in Wyoming near Grand Rapids. Michigan State Housing Development Authority has awarded housing tax credits for the $18.2 million development. The project will be located at 2929 Burlingame Ave. SW adjacent to Cherry Health’s Wyoming Community Health Center. The four-story building will offer one- and two-bedroom units for residents who earn up to 80 percent of the area median income. Of the 56 units, 20 will be reserved for people battling homelessness. Amenities will include a multipurpose room, playground and bike storage. The Grand Rapids Housing Commission has awarded project-based rental assistance vouchers to support the 20 units for homelessness. Community Rebuilders will serve as the lead service agency to coordinate supportive services to assist these residents. The project team includes architect Hooker DeJong Inc. Woda Construction Inc. is the general contractor and Woda Management & Real Estate LLC will perform leasing and property management services.
OAKLAND COUNTY, MICH. — District Capital has arranged a $10 million loan for the refinancing of a 62,000-square-foot retail center in Oakland County within the Detroit metro area. Justin Hollis of District Capital arranged the loan through a life insurance lender. The interest rate was locked at application.
SACRAMENTO — Bannon Investments Ltd. has completed the disposition of Natomas Corporate Center, an office property at 2020 W. El Camino Ave. and 2555 Natomas Park Drive in Sacramento. Chavez Management Group acquired the asset for $44.5 million. Situated on 21 acres, the property offers 419,000 square feet of office space spread across two buildings. Build in 2009, the 12-story, 319,325-square-foot building at 2020 W. El Camino Ave. is fully occupied by six tenants, including Department of Housing & Community Development, Lewis Brisbois Bisgaard & Smith LLP and the Department of Health Care Access and Information. The three-story, 86,872-square-foot building at 2555 Natomas Park Drive was built in 2020. Matt Havelock and Max Kelly of Avison Young represented the seller, while Michael J. Anthony of MJA Realty Investments represented the buyer in the transaction.
LOS ANGELES — Northmarq has secured $50.7 million in refinancing for a 10-property apartment portfolio in the Los Angeles/Hollywood areas. Panot Capital manages the buildings, which were built in the 1920s and offer a total of 482 units. Zalmi Klyne of Northmarq’s Los Angeles debt and equity team arranged the financing, which was structured with a seven-year term and four years of interest-only payments at a rate of 5.9 percent. The lender was Israel Discount Bank of New York.
GIG HARBOR, WASH. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists of a three-story main building with 98 independent living/assisted living units, 24 independent living cottages and a separate, secured, two-story memory care building with 25 units. Tacoma-based Senior Services of America manages the community and has for more than 10 years.
NEWPORT BEACH, CALIF. — Faris Lee Investments and SSG Realty Corp. have arranged the sale of 325-331 Marine Avenue, a mixed-use property on Newport Beach’s Balboa Island. The asset traded for $4.4 million, equating to $1,193 per square foot for the building and $842 per square foot for the land. Jeff Conover, Shaun Riley, Scott DeYoung and Greg Lukosky of Faris Lee Investments, along with Greg Swedelson and Jon-Eric Greene with SSG Realty Corp., represented the undisclosed buyer and seller in the transaction. Situated on two separate parcels, the property offers storefront retail with two second-floor residential units. The asset is currently home to two street-level retail shops and two residential tenants.