BROWNSVILLE, TEXAS — BridgeCore has provided an acquisition loan of an undisclosed amount for an unnamed, 60-unit multifamily property in the South Texas city of Brownsville. The loan carries a two-year term with a six-month extension option and a 67 percent loan-to-value ratio. The undisclosed borrower, which acquired the property via a 1031 exchange, will use a portion of the proceeds to fund capital improvements.
LOS ANGELES — California-based TCA Architects and Mercy Housing California have completed Burbank Boulevard Senior Housing, an affordable housing development for seniors age 55 and older in Los Angeles’ Sherman Oaks neighborhood. Permanent supportive housing is a housing model that combines low-barrier affordable housing, healthcare and supportive services to help residents lead more stable lives, according to TCA Architects and Mercy Housing. Situated on three acres, Burbank Boulevard Senior Housing features 55 studio and one-bedroom units that accommodate single senior occupants. Each apartment features individual kitchens and bathing facilities. The property also offers common recreation spaces and laundry facilities on each floor. Construction began in May 2021 and the property was built in accordance with the latest Cal-Green Building Code standards. Move-ins began in October 2023, and the waitlist is currently closed for the property. The asset is aiming for at least LEED Silver certification.
ALBUQUERQUE, N.M. — On Feb. 22, Whole Foods Market will open a new location at 2100 Carlisle Blvd. NE in Albuquerque. The store is the relocation of an existing Albuquerque store at 2103 Carlisle Blvd. NE, which has served the community for more than 30 years. The new, larger location will feature upgraded amenities, including expanded prepared foods and bakery departments, and a larger and more accessible parking lot. The new store will also carry an expanded product assortment, including more than 400 local items from New Mexico. Whole Foods Market Albuquerque will be open from 9:00 a.m. to 9:00 p.m. opening day. Regular store hours will be 7:00 a.m. until 9:00 p.m. MST daily.
DENVER AND LITTLETON, COLO. — Sidford Capital has acquired two shopping centers, totaling 111,142 square feet, in Colorado. A Southern California-based private investor sold the portfolio for $11.2 million. The portfolio includes Athmar Park Shopping Center, a 58,204-square-foot neighborhood retail center at 1865-1935 W. Mississippi Ave. in Denver, and SouthPark Shopping Center, a 52,938-square-foot property at 131-151 and 201-215 W. County Line Road in Littleton. Athmar Park was 77.5 percent occupied at the time of sale, with Family Dollar as the anchor. SouthPark was 84.5 percent occupied at the time of sale and is shadowed anchored by Dollar Tree and Goodwill. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller and procured the buyer in the deal.
LOS ANGELES — Marcus & Millichap has brokered the sale 5247 Corteen Place, a 32-unit apartment asset in the Valley Village neighborhood of Los Angeles. A family trust sold the property to an undisclosed buyer for $6.9 million. Rick Raymundo, Jeff Louks and Brett Sanson of Marcus & Millichap represented the seller and the buyer in the deal. The seller owned the property for more than 44 years. JP Morgan Chase provided financing for the acquisition.
TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of Riverside Suites, a multifamily property in Tucson. Riverside Apts LLC acquired the asset from Campbell 33 LLC for $5.1 million. Located at 1725 E. Limberlost Drive, the 28,952-square-foot Riverside Suites features 33 apartments. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.
NEW YORK CITY — Locally based firm Innovo Property Group (IPG) is nearing completion of Borden Studios, a 220,000-square-foot film and TV production facility in the Long Island City area of Queens. The facility is part of The Borden Complex, a 900,000-square-foot industrial project that is a redevelopment of a former warehouse of online grocer FreshDirect. Borden Studios will feature four sound stages ranging in size from 11,800 to 16,200 square feet, 43,000 square feet of office space, 56,000 square feet of support space and more than 8,800 square feet of outdoor amenity and gathering space. Full completion is slated for the spring. IPG acquired the asset in January 2019 with Atalaya Capital Management and Nan Fung Group for $75 million and subsequently received a $155 million construction loan in early 2021. Long-term financing was secured in summer 2022, and the development team topped out the project in February 2023.
MIDDLESEX, N.J. — NAI DiLeo-Bram & Co. has arranged the $8.6 million sale of a 69,750-square-foot retail center located in Middlesex. A 57,000-square-foot SuperFresh grocery store anchors the property, which sits on a 3.9-acre site. The center also features a 6,115-square-foot liquor store and 6,300 square feet of second-floor office space. Marc Shein of NAI DiLeo-Bram represented the undisclosed seller in the transaction. Bennett Realty & Development represented the buyer.
BRIDGEPORT, CONN. — Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $4.3 million sale of a 36-unit apartment building in the southern coastal Connecticut city of Bridgeport. According to Apartments.com, the three-story building was originally constructed in 1920 and offers one- and two-bedroom units. Brad Balletto, Robert Paterno, Rich Edwards and Jeff Wright of NEPCG represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
RONKONKOMA, N.Y. — Lumber Plus, a distributor of Brazilian woods and flooring products, has signed a 33,000-square-foot industrial lease in the Long Island community of Ronkonkoma. Metropolitan Realty Associates owns the building at 2175 Fifth Ave. after buying it for $6.4 million in 2022. Frank Frizalone, Nick Gallipoli, Thomas Deluca, John Giannuzzi and Ryan Korzekwinski of Cushman & Wakefield represented both parties in the lease negotiations. Lumber Plus plans to move in during the second quarter.