NEW BRUNSWICK, N.J. — The Community Builders, a nonprofit multifamily developer, has broken ground on Stirlingside Residences, a 53-unit affordable housing project in the Central New Jersey community of New Brunswick. Stirlingside Residences will feature 13 three-bedroom units, 30 two-bedroom residences and 10 one-bedroom apartments, with six units set aside for families and individuals who previously experienced homelessness. The majority (47) of the units are reserved for households earning 60 percent or less of the area median income. Amenities will include a community room, fitness room and onsite laundry facilities. Delivery is scheduled for mid-2025.
BOSTON — Marcus & Millichap has brokered the $5.3 million sale of a 20-unit workforce housing building in the Dorchester area of Boston. The four-story building at 820-828 Blue Hill Ave. offers one-, two- and three-bedroom units across 21,410 square feet of space. Information on specific income restrictions was not disclosed. Evan Griffith and Tony Pepdjonovic of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
PONTIAC, FARMINGTON HILLS AND BAY CITY, MICH. — Maverick Commercial Mortgage Inc. has arranged a first mortgage loan totaling $9 million for three industrial buildings in Michigan. A regional bank provided the five-year loan. The subject properties include a 74,026-square-foot building in Pontiac, a 26,571-square-foot building in Farmington Hills and a 51,138-square-foot facility in Bay City. The borrower, 1788 Holdings LLC, is a Maryland-based real estate investment firm specializing in purchasing and repositioning older light industrial properties and industrial outdoor storage assets.
ZION, ILL. — Industrial Outdoor Ventures has completed the first phase of Trumpet Park, a speculative industrial service facility (ISF) in Zion, a city in northeast Illinois. The project includes an 11,440-square-foot maintenance and service facility, a 2,008-square-foot office space and a fenced yard area with 180 trailer parking spaces. Trumpet Park’s first phase, part of a larger $35 million project, is situated on a nine-acre parcel adjacent to a FedEx freight terminal. ISFs, commonly referred to as low coverage industrial properties, provide supply chain infrastructure solutions for industries such as transportation, bulk material distribution, last-mile logistics, heavy equipment and utilities. The new development, located about two miles east of I-94, can be used for truck parking, maintenance/service, material storage and trucking terminals. Chris Volkert, Ned Frank and Pat Hake of Colliers are marketing the property for lease. Arete Design Studio provided architecture, planning and design services for the project, while Spaceco provided civil and surveying services. The second phase of Trumpet Park, which will be built on a 47-acre parcel, is in the pre-development phase.
MICHIGAN — District Capital has arranged a $7.7 million loan for the refinancing of a 108-bed student housing scattered site portfolio located on a Big Ten campus in Michigan. A life insurance company provided the 30-year loan, which features a 30-year amortization schedule. Dave Dismondy of District Capital arranged the loan on behalf of the undisclosed borrower.
ELGIN, ILL. — Sunset Healthcare Solutions has signed a 54,153-square-foot industrial lease at 2725 Alft Lane in Elgin. The lease brings the 108,307-square-foot building to full occupancy. Kenneth Franzese and John Cassidy of Lee & Associates represented the landlord, a private partnership. David Haigh of NAI Hiffman represented Sunset Healthcare Solutions, which is a national manufacturer and distributor of medical respiratory equipment for hospitals and private homes. The company is relocating from Bloomingdale.
DES PERES, MO. — AXSYS Capital has sold a 17,190-square-foot office and retail property in Des Peres, a western suburb of St. Louis, for $3.4 million. Built in 1986, the two-story building is located at 11780 Manchester Road. John Shuff of Pace Properties and Ted Green of Avison Young represented the buyer, CommunityAmerica Credit Union (CACU). Mark Dorsey of Avison Young, along with Luke Grant and Jason Riegelsberger of Skyline Missouri Realty, represented the seller, Des Peres Plaza Partners LLC on behalf of AXSYS Capital. The seller had purchased the asset in late 2016 for $2.1 million with a cap rate of approximately 8 percent financed by Carrollton Bank. CACU is evaluating plans to redevelop the property for a new CACU location, according to the seller.
WESTFORD, MASS. — Locally based investment firm Empire Management has purchased a 28,000-square-foot industrial flex building in Acton, a northwestern suburb of Boston, for $5.1 million. The building at 364 Littleton Road, which according to LoopNet Inc. was constructed in 1998, was fully leased at the time of sale to tenants such as Alpha Graphics, National Roofing Co. and ADVG Digital. The seller was Ryan Development. Bernard Gibbons of ABG Commercial Realty brokered the deal.
WESTPORT, CONN. — Locally based brokerage firm Choyce Peterson has negotiated the sale of a 32,000-square-foot industrial building in the southern coastal Connecticut city of Westport. According to LoopNet Inc., the building at 315 Post Road W rises three stories and was constructed in 1978. Scott Peterson and Charlene O’Connell represented the seller, a local family partnership, in the transaction. The buyer was an affiliate of Stamford-based investment firm American Bailey Corp.
SAN ANTONIO — Sunstone Hotel Investors Inc. (NYSE: SHO) has agreed to acquire the 630-room Hyatt Regency San Antonio Riverwalk in San Antonio. An affiliate of Hyatt Hotels Corp. is selling the asset for $230 million. The hotel is located centrally on San Antonio’s River Walk, a 15-mile pedestrian street that runs alongside the San Antonio River and is lined by restaurants, shops, museums and theaters. The site is adjacent to the $500 million Alamo Visitor Center and Museum development, which is currently under construction. The hotel recently underwent $37 million in guest room renovations and offers amenities including a fitness center, swimming pool, spa and a 40,000-square-foot event space. The property is also home to a number of onsite restaurants, bars and shops. The acquisition includes nearly two acres of riverfront land and a 516-space parking garage. The buyer expects to complete the transaction in late April. Sunstone is funding the transaction through cash on hand, using a portion of the proceeds from the company’s $370 million disposition of the Boston Park Plaza hotel last October. Hyatt will continue to manage the hotel under its Hyatt Regency banner and will pay approximately $8 million in advance to secure …