PHOENIX — DAUM Commercial has arranged the purchase of a 7.95-acre land parcel in Phoenix. Prologis acquired the infill site at 24500-24501 N. 20th Drive from Wadsworth Development for $8.6 million in an off-market transaction. Prologis plans to develop two industrial facilities on the site: a 77,000-square-foot building and a 49,000-square-foot building. Bob Lundstedt, Skip Corley Jr. and Chase Heinemann of DAUM brokered the transaction. Lundstedt, Corley Jr., Heinemann and Parker Houston of DAUM will handle leasing for the property.
NEW YORK CITY — Walker & Dunlop has arranged a $204 million loan for the refinancing of The Axel, a 29-story apartment building in Brooklyn. Designed by Morris Adjmi Architects, The Axel features 284 units in studio, one-, two- and three-bedroom units. Amenities include a pool with a sundeck, fitness center with yoga and Pilates studios, a golf simulator, dining and entertainment terrace, conference rooms, game lounge and an executive meeting room. Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Diaz and Sean Bastian of Walker & Dunlop arranged the loan through MF1 Capital on behalf of the sponsor, Hope Street Capital.
YONKERS, N.Y. — Los Angeles-based CIT Group has provided a $34 million construction loan for Lionsgate Warburton Studio, a 73,000-square-foot entertainment production facility that will be located north of New York City in Yonkers. The facility represents the latest addition to the Great Point Studio Campus, which is anchored by film producer Lionsgate and houses support areas, a café, lounge and outdoor garden terraces. The borrower was a joint venture between i.Park and Great Point Media.
TRENTON, N.J. — CBRE has brokered the sale of Colonial Gardens and Grand Court Villas, two multifamily properties totaling 160 units in Trenton, for a combined price of $20.5 million. Colonial Gardens totals 97 units in primarily one- and two-bedroom formats. Grand Court Villas was constructed in the 1930s and offers 63 loft-style apartments. Rich Gatto, Fahri Ozturk and Zach McHale of CBRE represented the seller, Metropolitan America, in the deals. The team also procured the separate buyers, both of which requested anonymity.
KINGS PARK, N.Y. — General contractor EW Howell Construction Group has completed St. Johnland Assisted Living, an 80-unit seniors housing project in Kings Park, located on Long Island’s North Shore. Designed by KDA Architects, the two-story, 68,000-square-foot facility totals 100 beds and is situated adjacent to the existing 100-acre St. Johnland Nursing Center complex. St. Johnland is a locally based provider with specialties in dementia, head injury rehabilitation, subacute care and adult day care.
CLIFTON, N.J. — NAI Hanson has negotiated the sale of a 62,535-square-foot medical office building in the Northern New Jersey community of Clifton. Darren Lizzack and Randy Horning of NAI Hanson represented the buyer, Rendina Healthcare Real Estate, in the transaction. First Equity Development Co. sold the property, which recently underwent a capital improvement program, for an undisclosed price.
NASHVILLE, TENN. — Global real estate investment firm Northwood Investors LLC has acquired Fifth + Broadway, a newly developed mixed-use project in Nashville. The purchase price was $715 million, according to the Nashville Post. Brookfield Properties, which developed and operated the asset, completed construction in 2021. Northwood purchased the property in its entirety, including the retail portion, 501 Commerce office tower and The Place residences, from a subsidiary of Brookfield. Fifth + Broadway is one of the largest single-phase mixed-use developments in the history of the city and the state of Tennessee, according to Northwood. The project, which is located on the six-acre site that formerly housed the Nashville Convention Center, features 250,000 square feet of retail and entertainment space; the 56,000-square-foot National Museum for African American Music; 367,000 square feet of Class A office space; 381 apartment units; and more than 2,000 parking spaces. Pacific Life provided acquisition financing for the transaction. The Nashville Convention Center closed when the 2.1 million-square-foot Music City Center opened a block away in 2013. Bridgestone Arena, home of the NHL’s Nashville Predators, fills the block between the Fifth + Broadway and Music City Center. Ryman Auditorium, the legendary music venue and home of …
Like many communities across the West, affordable housing is a top issue in Denver. Monthly rent in Denver is now around $2,005, according to Zillow’s June 2022 data. This is up 20.4 percent since June 2019. The city is trying to do something about the lack of affordability. It approved the Expanding Housing Affordability Policy (EHA) this June, which overhauled Denver’s affordable housing requirements for new development. EHA was allowed after the 2021 passage of a Colorado statute, HB21-1117, which overturned a Colorado Supreme Court case commonly known as the Telluride decision. HB21-1117 expanded the ability of local Colorado governments to require inclusion of income-restricted units within new rental housing — something that had previously been prohibited in Colorado. While Denver has led within the state with EHA, other municipalities in Colorado, such as Littleton and Aspen, are beginning to consider new affordable housing policies in response to HB21-1117. In Denver, EHA primarily affects multifamily projects of 10 or more units. Those projects must proceed under EHA unless they submitted a concept site plan by June 30, 2022, and achieve final site development plan approval by Aug. 30, 2023. Non-residential projects and residential projects of nine or fewer units may …
MIAMI — PMG and private equity firm Greybrook have opened the Elser Hotel & Residences, a 49-story hospitality tower in downtown Miami. Highgate is managing the property, which features 646 hotel rooms and short-term residences ranging from studios to three-bedroom suites. The tower features a 10,200-square-foot fitness center and a 19,000-square-foot sun deck, which includes eight electric grills, a pool deck, bar, poolside LED screening wall, an outdoor plunge pool and event space all overlooking Biscayne Bay. Other amenities include a cocktail bar and restaurant, a coffee shop by Café Domino and coworking space.
MEDLEY, FLA. — CBRE has arranged the sale of a 12-building industrial park in the Miami suburb of Medley totaling nearly 1.1 million square feet. Boston-based TA Realty purchased the portfolio from an unnamed global investment advisor for an undisclosed price. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller in the transaction. Situated off Okeechobee Road, the park was fully leased at the time of sale to 46 tenants in the aviation, home design and improvement, third party logistics and food distribution industries.