SOMERSET, N.J. — Bridge Industrial has acquired a 152,175-square-foot facility in the Northern New Jersey community of Somerset. The newly built facility sits on a 22-acre site at 230 Belmont Drive and features a clear height of 36 feet, 28 loading docks, 108 car parking spaces and 2,500 square feet of office space. Upon acquisition, Bridge Industrial simultaneously executed a full-building lease with an undisclosed packaging company that will take occupancy immediately. Chuck Fern of Cushman & Wakefield represented the tenant in that deal. The seller was not disclosed.
RIVERSIDE, CALIF. — AO has completed construction of The Mark, a seven-story apartment building the Inland Empire city of Riverside. The community is situated across from the Fox Theater and is steps from the historic Mission Inn Hotel. The project included 20,000 square feet of retail space hosting street-level boutiques and restaurants below 165 apartments ranging from studio to three-bedroom units. AO served as the project’s designer. The project included restoration and preservation of three historic buildings on the site, including the city’s first fire station.
BOSTON — A partnership between nonprofit organization the Preservation for Affordable Housing and Boston-based developer Nuestra Comunidad Development Corp. has completed The Loop at Mattapan Station, a 135-unit community located on the south side of Boston. The complex houses 10,000 square feet of ground-floor retail space, and nonprofit grocery store Daily Table recently opened as the inaugural tenant. The unit mix includes six studio apartments, 38 one-bedroom apartments, 81 two-bedroom apartments and 10 three-bedroom apartments. Approximately 30 percent of the units are designated as workforce housing. MassHousing provided a $36 million construction loan the project.
UPLAND, CALIF. — An individual/personal trust has acquired the 18-unit Arrow Townhomes in Upland for $5.5 million. The community is located at 614-628 Arrow Highway in San Bernardino County, just east of Los Angeles. Arrow Townhomes contains all two-bedroom, townhouse-style apartment units with two-car attached garages. Other amenities include enclosed patios, balconies, central air conditioning and laundry hook-ups in each unit. Douglas McCauley and David Covarrubias of Marcus & Millichap represented both the buyer and seller, an LLC.
TUPELO, MISS. — Hunt Capital Partners and Intervest Corp. are converting the former Carnation Milk factory in Tupelo into Carnation Village, a 33-unit seniors housing community. Two units will be rented at market rates while the other 31 apartments will be restricted to seniors aged 55 and older earning between 30 and 60 percent of the area median income. The Carnation Milk plant opened in 1927 and was operational through 1972. Since then, the factory has been used as a police department and jail, city offices and the Oren Dunn Museum. Intervest is leading the adaptive reuse project and will serve as its property manager upon completion, which is set for July 2023. The design-build team includes general contractor Century Construction Group Inc. and Wallace Architects. Upon completion, Carnation Village will feature a clubhouse, exercise facility, central laundry facility, elevators, walking trails and a butterfly garden. Financing for the project includes $13.3 million in Federal Low-Income Housing Tax Credit (LIHTC) and Federal Historic Tax Credit (HTC) equity financing, as well as $2.5 million in Mississippi Historic Tax Credit equity financing, a $10.9 million loan from Cadence Bank and a $475,000 loan from Financial Institutions Housing Opportunity Pool.
CASA GRANDE, ARIZ. — Arizona Land Consulting has purchased 320 acres in Casa Grande, a city between Phoenix and Tucson, for $12 million. The land sits adjacent to the Casa Grande Municipal Airport. Casa Grande Martin Road and Scott Drive LLC were partners on the acquisition. The deal equates to approximately 86 cents per foot. The site has infrastructure in place, and Arizona Land Consulting is open to taking on investors to develop the land.
LAS VEGAS — Camino Verde Group has purchased the 10-unit Sherwood Apartments in Midtown Las Vegas. The community is situated just east of Las Vegas Boulevard. There are major redevelopments within walking distance of the complex. They include the construction of the Fontainebleau and the MSG Sphere, as well as renovations at Circus Circus.
MARYSVILLE, OHIO — Walker & Dunlop has arranged $69.5 million in construction financing for a 1.3 million-square-foot industrial facility in the Columbus suburb of Marysville. The property is a build-to-suit for Scotts Lawn Care, a full-service landscaping company specializing in commercial and residential lawn services. The project site at 12575 Industrial Parkway is minutes away from Scotts’ national headquarters. Chad Kiner and AJ Mangan of Walker & Dunlop arranged the financing on behalf of the developer, Crawford Hoying. Centennial Bank was the lender.
CLAYTON, MO. — Midas Enterprises has completed a $47 million Residence Inn by Marriott hotel in the St. Louis suburb of Clayton. The project is the first new hotel to open in the city in 30 years, according to Midas. The extended-stay hotel rises 12 stories with 170 rooms. The development includes a second-floor lounge and ballrooms, 3,300 square feet of second-level meeting space with an outdoor terrace and bar, complimentary breakfast, a 1,500-square-foot fitness center and guest laundry. Investors included Hermann Cos. and Peoples Bank. The project team included SSC Engineering, CECO Concrete Construction Inc. and Castle Contracting LLC. Midas deployed all four of its divisions — Midas Capital, Midas Construction, Midas Hospitality and Midas Development — to complete the project.
BELTON, MO. — Hillman Solutions Corp., a provider of hardware products and merchandising solutions, has opened a new 305,000-square-foot distribution center in Belton, a southern suburb of Kansas City. The Cincinnati-based company is relocating from a facility in Rialto, Calif. Doug Cahill, chairman, president and CEO of Hillman, says having a distribution center located in the Kansas City area will be optimal for logistics because 85 percent of the U.S. population can be reached in one to two business days by truck.