NEW YORK CITY — Boston-based developer The Davis Cos. has topped out a 97-unit multifamily project at 1975 Madison Ave. in Harlem. Designed by DXA Studio and built by Broadway Construction Group, the eight-story building will house one- and two-bedroom units, with 30 residences earmarked as affordable housing. Amenities will include a fitness center, resident lounge, coworking space, pet spa and a rooftop terrace. The building will also house a 2,500-square-foot community center. Construction began in late 2023. Completion is slated for late 2025.
GLASSBORO, N.J. — Marcus & Millichap has brokered the $3.4 million sale of a 21,750-square-foot retail building in Glassboro, about 25 miles south of Philadelphia. The property is located on the campus of Rowan University at the base of the Whitney Center, a five-story student housing complex. At the time of sale, the property was 93 percent leased to 10 tenants, including 7-Eleven and Pizza Hut. Alan Cafiero, Brent Hyldahl, Seth Goldberg and Brad Nathanson of Marcus & Millichap represented the seller, Kinsley Properties LLC, and procured the buyer, JJU Properties LLC.
PHOENIX — CBRE has arranged the sale of The Blake, a multifamily community currently under development in Phoenix. A venture between StreetLights Residential and an affiliate of RED Development sold the asset to a venture between RXR and Korman Communities for an undisclosed price. Slated for completion in early 2025, The Blake will offer 400 apartments featuring 10-foot ceilings with coves in the living rooms; wood-style flooring in living areas and bedrooms; tile flooring in bathrooms; both granite and quartz countertop design options in bathrooms; walk-in closets; washers/dryers; energy-efficient stainless steel appliances; custom cabinetry and hardware; and Sonos speaker systems in all units. Community amenities will include a clubhouse with library, dining room, coffee bar, conference rooms, co-working stations and TV seating areas. The private resident bar includes a roll-up window leading to outdoor seating around a resort-style pool and spa area with cabanas, fire features, televisions, barbecue grills and dining areas. The Blake is part of the mixed-use project being developed on the former Paradise Valley Mall site. Matt Pesch, Asher Gunter, Sean Cunningham and Austin Groen of CBRE represented the sellers in the transaction.
SOUTH JORDAN, UTAH — Capstone Advisors has entered the Utah market with the acquisition of Trail Crossing Shopping Center, a retail property at 5414 W. Daybreak Parkway in South Jordan, a suburb south of Salt Lake City. Wright Development Group sold the asset for an undisclosed price. Completed in 2017, Trail Crossing Shopping Center offers 38,397 square feet of retail space across five buildings. At the time of sale, the property was fully occupied, with Smith’s Food and Drug as the anchor tenant.
LOS ANGELES — Seven Hills Realty Trust (SEVN) has secured $23.8 million floating-rate first mortgage loan to recapitalize a self-storage facility located at 2515 S. Broadway in Los Angeles. Staley Point Capital is the borrower. The Extra Space Storage-branded facility offers 80,000 square feet of self-storage space. SEVN’s manager, Tremont Realty Capital, was introduced to the transaction by JLL, which advised Staley Point Capital.
FOUNTAIN VALLEY, CALIF. — Hanley Investment Group Real Estate Advisors, in conjunction with Oaks Commercial Real Estate, has arranged the sale of a single-tenant restaurant property located at 11321 Talbert Ave. in the Orange County city of Fountain Valley. A Newport Beach-based family trust sold the absolute triple-net ground lease to a Fountain Valley-based 1031 exchange buyer for $3.8 million in an all-cash transaction. McDonald’s occupies the 3,500-square-foot property, which is an outparcel to a Costco Wholesale. Situated on an acre, the building was constructed in 2011. Bill Asher and Jeff Lefko of Hanley Investment Group, in association with Fred Encinas of Eastvale-based Oaks Commercial Real Estate, represented the seller. Robert Tran of Westminster-based HPT Realty represented the buyer in the deal.
GOLDEN, COLO. — NorthPeak Commercial Advisors has brokered the sale of Copper Gold Apartments, a 14-unit multifamily building located at 510 24th St. in Golden, a suburb west of Denver. The 4,464-square-foot asset traded for $2.7 million, or $192,857 per unit. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors handled the transaction. The names of the seller and buyer were not released.
— By Bendix Anderson — Empty nesters and millennials with children are increasingly drawn to new subdivisions of build-to-rent (BTR) houses for lifestyle and financial reasons. These professionally managed BTR homes come in many shapes and sizes. For a growing family, a new three- or four-bedroom rental house might be the ideal fit. Renters who don’t need a lot of space, but who value private parking and a modest backyard, can move into a one- or two-bedroom cottage-style home. These properties provide more living space and privacy than a typical apartment and at a more affordable cost than a for-sale home. New BTR developments of single-family rental (SFR) homes are finding renters in every region of the country. Developers define “BTR” in different ways, but all of them create new subdivisions of single-family homes offered as rentals. Urban Townhouses Draw Families In April, workers finished the first units at Oxenfree at WeHo, a new development of SFR townhouses in the Wedgewood-Houston neighborhood of Nashville. In May, the paint was finally dry on the model unit. By the beginning of June, work had finished on 10 new single-family townhouses. In the past month, Oxenfree has hosted nearly 50 in-person tours and …
NEW YORK CITY — Ingka Investments, the investment arm of Ingka Group, which owns and operates a majority of IKEA stores globally, has purchased a one-third stake in the development of a 1 million-square-foot mixed-use tower underway in Manhattan. As part of the arrangement, IKEA will open a two-level store at the base of 570 Fifth Avenue, which will include a corner entrance along Fifth Avenue. Extell Development Co. is the master developer of 570 Fifth Avenue, which will feature Class A retail space and offices at the intersection of Manhattan’s Plaza and Grand Central districts. The project marks the largest development on Fifth Avenue in more than 60 years, according to Ingka Investments. “We have been working on assembling this project for almost two decades, and Ingka Investments’ substantial commitment allows us to move forward with the construction and leasing of the best new office building in New York,” says Gary Barnett, founder and chairman of Extell Development, which will retain a two-thirds ownership stake in the development. Ingka Investments’ stake in the tower includes the planned IKEA store. IKEA will open a “customer meeting point,” the retailer’s small-format store prototype, within the tower’s 80,000 square feet of planned …
HIALEAH GARDENS, FLA. — Excel Construction has delivered a 266,000-square-foot industrial facility at 10701 N.W. 142nd St. in Hialeah Gardens, approximately 20 miles outside Miami. World Electric Supply will occupy the property, which features 253,390 square feet of warehouse and packaging space and 12,862 square feet of office space. The building is situated within Northwest Dade Logistics Center I, which is owned by The Easton Group. Ware Malcomb was the architect on the project, and Luis Caicedo and Juancarlo Lopez of Excel served as the project manager and superintendent, respectively.