LOWELL, MASS. — Marcus & Millichap has brokered the $3.1 million sale of a 17-unit apartment building located at 887 Varnum Ave. in the northwestern Boston suburb of Lowell. The property consists of five studios and 12 two-bedroom units as well as onsite parking and laundry facilities. Tony Pepdjonovic, Evan Griffith and Will Sanborn of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
NEW YORK CITY — Cushman & Wakefield has negotiated a 12,500-square-foot office lease at 277 Park Avenue in Midtown Manhattan. The tenant, ERM Engineering & Consulting Inc., will occupy part of the 20th floor of the 1.8 million-square-foot building. Mark Boisi, Bryan Boisi and Stephen Bellwood of Cushman & Wakefield represented the landlord, The Stahl Organization, in the lease negotiations. Kirill Azovtsev of Savills represented the tenant.
FORT LEE, N.J. — Regional provider Hackensack Meridian Health has opened a 5,550-square-foot primary care office practice in the Northern New Jersey community of Fort Lee. Five physicians who specialize in family medicine, internal medicine and cardiology will staff the facility, which is located at 301 Bridge Plaza North. An undisclosed physician and his family own the building.
FONTANA, CALIF. — A fund sponsored by CBRE Investment Management, in joint partnership with Hillwood Investment Properties, has received a $756 million financing package for the construction of Phase I of Speedway Commerce Center in the Inland Empire city of Fontana. Located at 9300 Cherry Ave., Speedway Commerce Center will be a multi-building logistics project with highly functional, larger scale buildings offering 40-foot clear heights, cross-docked loading, 185-foot concrete truck courts, employee parking, optimal circulation and more than 100 acres for excess trailer parking. Construction is underway at the site, which is entitled for up to 6.6 million square feet of logistics space. The first two buildings are slated for completion in early 2025. Eastdil Secured arranged the financing on behalf of CBRE Investment Management. Dan de la Paz, Eloy Covarrubias and Barbara Perrier of CBRE are handling leasing efforts for the development.
SOUTH GATE, CALIF. — CBRE has secured a $43 million refinancing for El Paseo Shopping Center in South Gate, a suburb of Los Angeles. Located at 8634 Garfield Ave., the property features 300,000 square feet of retail space. Current tenants include Regal Edwards Theatres, Curacao, Planet Fitness, Starbucks Coffee, Union Bank, GNC, Panda Express, T-Mobile and Hooters. Bob Ybarra, Shaun Moothart, Bruce Francis, Doug Birrell, Nick Santangelo and Jim Korinek of CBRE secured the five-year, full-term interest-only, nonrecourse loan for the undisclosed borrower.
COLORADO SPRINGS, COLO. — M&J Wilkow Ltd. and MetLife Investment Management, on behalf of its clients, have acquired Chapel Hills East, a core retail asset in Colorado Springs. Terms of the transaction were not released. Developed in 1995/1996, Chapel Hills East features 225,000 square feet of retail space. The property is currently 100 percent occupied by a variety of tenants, including Whole Foods Market, Nordstrom Rack, Best Buy, DSW, Old Navy, Barnes & Noble and Office Depot. Chapel Hills East is the fifth joint venture co-owned by M&J Wilkow and MetLife Investment Management.
UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The properies, which are in Utah, support a total of 220 beds. The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.
LOS ANGELES — Big Sunday, a nonprofit committed to helping others through service projects and giving opportunities, has purchased an office building located at 1741 N. Cherokee Ave. in the Hollywood neighborhood of Los Angeles. Los Angeles Beautification Team, a nonprofit dedicated to resource conversations and community improvement, sold the asset for $5.4 million. Big Sunday plans to use the 6,743-square-foot asset as its headquarters, with move-in scheduled for April. Gruen Associates designed the property, which opened in 2021. The building offers up to 18-foot clear heights with multiple offices and a large training room, as well as 7,000 square feet of landscaped outdoor green space. Nicole Mihalka and Cal Ross of JLL, along with the Kenny Stevens team at Compass, represented the seller in the deal.
BONNER SPRINGS, KAN. — Mattel Inc. (NASDAQ: MAT), through a licensing partnership with Epic Resort Destinations, has unveiled plans for a second Mattel Adventure Park location. The entertainment resort destination will be located in Bonner Springs, Kan., and is set to open in 2026. Construction is expected to begin later this year. Mattel Adventure Park Kansas City will offer the attractions of Mattel Adventure Park Glendale, Ariz., including Hot Wheels roller coasters. Thomas & Friends: World of Sodor will include five family-friendly experiential attractions and rides, including a dedicated indoor play space. The Kansas City park will also be home to the larger-than-life Barbie Beach House. The attraction also includes a Barbie-themed flying theater and The Barbie Rooftop restaurant and bar. There will also be a laser tag arena and a mini golf experience.
CINCINNATI — The Kroger Co. (NYSE: KR) has entered into a definitive agreement for the sale of its specialty pharmacy business to CarelonRx, a subsidiary of Elevance Health. The Cincinnati-based retailer’s serves patients with chronic illness that requires complex care. Clinicians and therapy programs allow patients and prescribers to benefit from education and resources, counseling, side effect management, financial assistance, personalized care and administrative expertise. The specialty pharmacy business supports patients facing diseases including rheumatoid arthritis, growth hormone deficiencies, multiple sclerosis and bleeding disorders. Kroger Specialty Pharmacy is separate from other Kroger Family of Pharmacies, including in-store retail pharmacies and The Little Clinics. Therefore, in-store retail pharmacies and The Little Clinics are not included in this transaction. The deal is subject to customary closing conditions and is expected to close in the second half of 2024. RBC Capital Markets LLC is serving as financial advisor, and Weil, Gotshal & Manges LLP and Arnold & Porter Kaye Scholer LLP are serving as legal advisors to Kroger.