LAS CRUCES, N.M. — KeyBank Community Development Lending and Investment (CDLI) has provided a $12.5 million construction loan for the development of The Three Sisters, an affordable apartment property in Las Cruces. The borrower, Chelsea Investment Corp., is an affordable housing developer in California and New Mexico. The Three Sisters will consist of eight two- and three-story residential buildings offering a total of 70 units for families and individuals earning no more than 30 percent, 50 percent and 60 percent of the area median income. The community features one-, two- and three-bedroom units, a community space, laundry room, computer center, barbecue and picnic area, dog park and two playgrounds. Additional amenities include comprehensive social services, such as group training, outreach and bi-monthly health and nutrition education classes. The project received additional support from The Richmond Group, which provided $11.9 million in Low-Income Housing Tax Credit equity, as well as a $1.9 million permanent loan from the Rocky Mountain Community Reinvestment Corp. The Three Sisters also received funding from the city, state, the HOME Investment Partnership Program and the National Housing Trust Fund. Matthew Haas of KeyBank CDLI structured the financing.
DENVER — Malman Commercial Real Estate has arranged the sale of an industrial property located at 501-521 Kalamath St. in Denver. Ascent Commercial Real Estate LLC acquired the asset from 501 Kalamath Associates LLC for $3.1 million. The building features 24,178 square feet of industrial space. Taylor Roy of Malman Commercial Real Estate represented the buyer, while Tanner Digby and CJ Anania of Digby Commercial Advisors represented the seller in the deal.
MAMMOTH LAKES, CALIF. — PSRS has arranged $3.7 million in refinancing for Mammoth Gateway, a retail strip center in Mammoth Lakes. Grady Seldin and Thomas Rudinsky of PSRS secured the 10-year, fixed-rate loan for the undisclosed borrower. Built in 1973 on 3.5 acres, Mammoth Gateway features 54,854 rentable square feet. Rite Aid anchors the property, which offers 13 retail spaces, including a hardware store, pet store and a variety of restaurants and cafés.
QUEEN CREEK, ARIZ. — Cypress West Partners has completed the construction of Ocotillo Medical Collaborative, a $10 million medical office building located at 223663 E. Domingo Road in Queen Creek. The 22,000-square-foot building is fully occupied by five tenants, including Action Behavior Centers, a leading applied behavior analysis therapy for autism provider in the area. According to Cypress West Partners, the building is the first off-campus, for-lease medical office building to come to market in Queen Creek. Prior to this development, Queen Creek’s only existing medical office buildings were two on-campus properties occupied by a health system.
AURORA, ILL. — Colliers has brokered the sale of Tollway Corporate Center in Aurora for approximately $75 million in two separate transactions. The industrial property consists of two buildings. The first building, which totals 543,638 square feet and is leased to Ryder Integrated Logistics, sold to a large financial institution. The second building, which spans 104,978 square feet and is leased to two tenants, sold to The Brimel LLC as part of a 1031 exchange. Jeff Devine and Steve Disse of Colliers represented the seller, a joint venture between Opus Development and Principal Asset Management.
EDWARDSVILLE, ILL. AND SHAKOPEE, MINN. — Sam’s Club, a division of Walmart Inc., plans to open two new distribution centers in early 2024 in metro St. Louis and Minneapolis. The retailer says the new facilities are part of a multi-year growth plan to transform the supply chain at Sam’s Club. The first center will open in the greater St. Louis area in Edwardsville, Ill., in January. The 370,000-square-foot property will serve as a distribution and fulfillment center, creating more than 100 jobs across the area. The second facility will be located in Shakopee, Minn., and is scheduled to open in March. The 365,000-square-foot property will serve as a multipurpose distribution center and will employ more than 80 associates.
CARMEL, IND. — The Connor Group has acquired Carmel Center Apartments in suburban Indianapolis for an undisclosed price. The luxury apartment property, built in 2002, features 322 units. Amenities include a pool, sundeck, outdoor chef’s kitchen and fitness center. Carmel Center marks Connor Group’s third purchase in the Midwest region this year and its seventh acquisition in 2023, bringing its total assets under management to more than $4.5 billion. Wick Kirby, Amanda Friant, Mark Stern, Matthew Lawton and Sam Grohe of JLL represented the seller, NTS Development with an institutional partner.
NAPERVILLE, ILL. — Quantum Real Estate Advisors Inc. has arranged the $7.1 million sale of Design Pointe, a 78,000-square-foot retail center in the Chicago suburb of Naperville. Built in the mid-2000s, the property is located at 1320 N. Route 59. At the time of sale, the center was 95 percent leased to Studio 41, Brain Balance, Fancy Free Holidays and other tenants. Brett Berlin of Quantum represented the seller, an Illinois-based investor. The buyer was also a private investor based in Illinois.
CHICAGO — Coldwell Banker Commercial Realty has negotiated the sale of a 60-unit apartment building under construction in Chicago’s Lincoln Square neighborhood. The sales price was undisclosed, but the list price was $4 million. The property at 5035 N. Lincoln Ave. will comprise 80 percent market-rate units and 20 percent affordable housing. Choudhry Muzaffar of Coldwell Banker brokered the sale. The buyer, TRIETH Development, intends to complete construction and add additional units. The development had been stalled for four years and went into receivership.
CULPEPPER, VA. — Greysteel has arranged the sale of an 85-acre site in Culpepper, a city in Northern Virginia that sits about 70 miles outside of Washington, D.C. The buyer is DataBank, a data center development firm that plans to develop a 1.4 million-square-foot data center campus on the site. The development will include up to three two-story data centers and an onsite substation. The buyer recently purchased 95 acres in the Atlanta market and 34 acres in New York. Zach Benlemlih of Greysteel’s Mid-Atlantic team represented the land seller and DataBank in the transaction. The construction timeline for the project was not disclosed.