BRECKENRIDGE, COLO. — Mission Hill Hospitality has purchased the Residence Inn by Marriott in Breckenridge. Terms of the transaction were not released. Opened in 2016, Residences Inn Breckenridge features 129 guest rooms, a fitness center, full breakfast, cocktail hour and lounge, year-round outdoor pool and spa, barbeque grills, a 24-house front desk, ski storage and 1,700 square feet of event space.
BAKERSFIELD, CALIF. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.
LITTLETON, COLO. — Greenwood Village-based Hawkeye INVSCO has completed the disposition of a three-property retail portfolio in Littleton to an undisclosed investor for $15.1 million. Totaling 101,103 square feet, the portfolio includes Marketplace at Ken Caryl, Columbine Plaza and Marina Pointe Shopping Center. Located at 10143 W. Chatfield Ave., Marketplace at Ken Caryl features 47,606 square feet and was originally built in 1981. Columbine Plaza, located at 6671-6745 Ken Caryl Ave., offers 33,947 square feet of multi-tenant space. Marina Pointe Shopping Center, located at 7444 W. Chatfield Ave., features 19,550 square feet on 1.8 acres. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the deal.
SANTA ANA, CALIF. — Terreno Realty Corp. has acquired a 4.9-acre site at 1720 E. Garry Ave. in Santa Ana from Greenlaw Partners for $14.8 million. The site consists of three multi-tenant office buildings leased on a short-term basis. Terreno plans to demolish the existing structures and construct an industrial project on the site. Slated for completion in first-quarter 2025, the 91,500-square-foot rear-load distribution facility will offer 10 dock-high and two grade-level loading positions. Terreno’s total expected investment in the project is $40.6 million. The industrial development is fully pre-leased to a provider of temperature-controlled life sciences supply chain solutions. Rick Ellison, Jeff Chiate, Mike Adey, Brad Brandenburg and Matthew Leupold of Cushman & Wakefield’s Capital Markets team in Orange County, Calif., represented the seller in the transaction.
CHANDLER, ARIZ. — ORION Investment Real Estate has arranged the sale of a retail strip center at Alma School and Ray roads in Chandler. Max Taylor & Co. LLC sold the asset to The Yerahmiel Rocky Rotshein Property Trust for $4.6 million, or $223 per square foot. At the time of sale, the property was fully leased. Nick Miner of ORION represented the seller, while Simon Asef of DMC Real Estate represented the buyer in the deal.
NORTH PROVIDENCE, R.I. — A joint venture partnership between ShopOne Centers REIT, Pantheon and an undisclosed global institutional investor has acquired North Providence Marketplace, a 112,497-square-foot retail center located in North Providence. Shaw’s Supermarket anchors the property, which was 88 percent occupied at the time of sale. Other tenants include Dollar Tree, Rainbow, H&R Block and Sally Beauty Supply. Shaw’s also features an in-store Starbucks Coffee. Justin Smith, Chris Peterson and Sam Koonce of Atlantic Capital Partners represented the undisclosed seller in the deal.
BOSTON — Cushman & Wakefield has brokered the $20 million sale of a 16-unit apartment building located at 37-43 Temple Place in Boston. The five-story building, which was most recently renovated in 2008, houses two-, three- and four-bedroom units and 4,950 square feet of retail space that is fully leased. Bruce Lusa, Chris Sower, Jon Bryant, John Flaherty, Kevin Jones, Mary VanNatta and Julie Regan of Cushman & Wakefield represented the seller, 3MJ Realty LLC, in the transaction. The buyer was SC Alpha Inc.
TRENTON, N.J. — Chicago-based intermediary Maverick Commercial Mortgage Inc. has arranged a $4.5 million acquisition loan for a 240,000-square-foot office building located at 240 W. State St. in Trenton. The undisclosed, Maryland-based borrower plans to convert the 16-story building, which includes retail space and onsite parking, into a multifamily complex following the expiration of in-place leases at the end of the year. An undisclosed debt fund provided the 12-month, variable-rate loan.
GREENSBORO, N.C. — Walker & Dunlop has secured a $62 million construction loan for The Revel Apartments, a 360-unit multifamily development in Greensboro. Jamie Butler, Cliff Ayers, Nicole Brickhouse, Jason McFadden and Michael Bowles of Walker & Dunlop arranged the loan on behalf of the borrower, Collett Capital. The non-recourse financing was underwritten at a 70 percent loan-to-value ratio. Situated adjacent to Piedmont Triad International Airport, Revel will feature a mix of one-, two- and three-bedroom apartments with chef-inspired kitchens featuring fixed islands, quartz countertops, tile backsplashes and energy-efficient, stainless steel appliances. Amenities will include a lobby, 24-hour fitness center, 24-hour package room, resort-style pool, covered outdoor terrace, lounge, business center, offices, conference space and a dog park.
KANSAS CITY, MO. — The Cordish Cos. has opened Three Light Luxury Apartments in Kansas City’s Power & Light District. Three Light joins sister properties One Light and Two Light, both of which are 97 percent occupied. Located at the corner of Truman Road and Main Street, the 25-story, 288-unit apartment tower features a seven-story parking garage with 472 spaces as well as 7,600 square feet of ground-floor retail space. Monthly rents start at $1,350 per month. There are more than 30,000 square feet of amenity spaces, including an eighth-floor outdoor terrace with infinity-edge pool, clubroom, party room, entertainment kitchen, theater room, game room, business center, coworking spaces, fitness center, infrared sauna, dog washing stations and personal concierge services. The Power & Light District, developed by Cordish, opened 15 years ago. There has been more than $9.7 billion in public and private investment over the last 15 years, with more than 12,111 new apartment units and 5,326 new or renovated hotel rooms as well as the KC Streetcar line.