BOSTON — The Wentworth Institute of Technology, a private educational institution located in Boston, has received a $50 million, tax-exempt bond from MassDevelopment for the construction of a new athletic facility. The facility, which will be publicly accessible and will host events for youth sports, will feature a playing field that will be constructed atop a 50,000-square-foot parking structure with 330 spaces. A construction timeline was not disclosed. TD Bank subsequently purchased the bond.
MONTCLAIR, N.J. — A joint venture between two locally based developers, Bijou Properties and Accurate, has purchased a site in the Northern New Jersey community of Montclair that is fully approved for multifamily redevelopment. The joint venture plans to develop a 74-unit building, primarily with one- and two-bedroom units, as well as 3,873 square feet of retail space, at 65 Church St. Jose Cruz, Kevin O’Hearn, Ryan Robertson, Michael Oliver, Steve Simonelli and Michael Zlotnick of JLL worked on behalf of Bijou Properties to arrange Accurate’s $10 million equity investment.
AURORA, COLO. — Prologis has acquired a 55-acre land parcel in Aurora to expand Prologis Park 70, a 5.7-million-square-foot, fully leased industrial park. US Foods sold the site for an undisclosed price. Prologis plans to develop nearly 1 million square feet at the site, with groundbreaking scheduled for second-quarter 2023. The initial plans offer two design options: one with four buildings, two 325,000 square feet and two 150,000 square feet, and the second design includes one 700,000-square-foot building and two 150,000-square-foot buildings. The developer had not decided which it will build yet. The new buildings will have either a front park/rear loan or cross-dock design with dock-high and drive-in loading, trailer parking, ESFR sprinklers and 36-foot minimum clear heights. Prologis will begin development speculatively with build-to-suit options available. The first buildings are slated for completion in early 2023. Jim Bolt and Mike Camp of CBRE are representing Prologis and marketing the new space for lease, sale or build-to-suit development.
BERNARDSVILLE, N.J. — Cushman & Wakefield has brokered the sale of a 54,845-square-foot office building located at 150 Morristown Road in Bernardsville, about 45 miles west of New York City. David Bernhaut, Andy Schwartz, Jordan Sobel and Andre Balthazard of Cushman & Wakefield represented the seller, Denholtz Properties, and procured the buyer, an entity doing business as 150 Morristown Road LLC, in the transaction.
MESA, ARIZ. — Phoenix Commercial Advisors has facilitated the sale of The Pavilions, a neighborhood retail center at the southeast corner of Dobson and Guadalupe roads in Mesa. The asset traded for $22 million, or $170 per square foot. The names of the seller and buyer were not released. At the time of sale, the 129,674-square-foot property was 96 percent leased. Current tenants include Great Clips, Banner Urgent Care, Native Grill & Wings, Over Easy and Villa Tuscana, a reception hall for weddings and other large events. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.
PLAINVIEW, N.Y. — T.J. Maxx has opened a 24,000-square-foot store at Woodbury Plaza, a 102,000-square-foot center located in the Long Island community of Plainview. The discount retailer has backfilled a space formerly occupied by Bed Bath & Beyond. Robert Delavale represented the landlord, Breslin Realty, in the lease negotiations on an internal basis. The representative of the tenant was not disclosed.
COLORADO SPRINGS, COLO. — Essex Financial Group has secured $24.3 million in financing for Albany Road Real Estate Partners for the acquisition of Epic One, an office building in Colorado Springs. Cooper Williams, Paul Donahue, Nate Schneider and Andrea Mehlem of Essex’s Capital Markets team sourced the five-year, fixed-rate bridge loan for the buyer. The seller and price were not disclosed. Built in 2009, Epic One offers 146,000 square feet of Class A office space, an onsite fitness center and views of Peaks Peak and the Rocky Mountains. At the time of financing, the five-story building was 87 percent leased to a variety of tenants, including those in the aerospace, defense, healthcare, education and technology industries.
SANTA CRUZ, CALIF. — The Dinerstein Cos. has purchased Five55 Apartments, a multifamily property in downtown Santa Cruz, from Swenson Development & Construction for an undisclosed price. Scott Bales of Newmark represented the seller in the deal. Located at 555 Pacific Ave., the four-story property features 94 apartments and 5,000 square feet of ground-floor retail space, which is leased to Current eBikes and Big Basin Vineyards. The property features a fitness center, community room with a pool table and kitchenette, an outdoor pizza oven, coffee bar, bike storage, electric car charging, an outdoor gathering space with fire pits and a 20,000-square-foot rooftop deck. The site is walkable to the beach and a variety of retail and restaurant options. The asset features a two-story below-grade parking structure with 100 spaces. At the time of sale, the community was 99 percent leased. Five55 was built in 2018.
COLORADO SPRINGS, COLO. — Quantum Commercial has brokered the sale of a retail property located at 723-725 E. Filmore St. in Colorado Springs. Next Genesis LLC sold the asset to 725 E. Filmore LLC for $1.3 million. The property features 5,512 square feet of retail space. Andrew Oyler of Quantum Commercial Group represented the seller, while Simon Penner of Miramount Commercial represented the buyer in the transaction.
YORKVILLE, ILL. — Northmarq has arranged the $27 million sale of a multifamily portfolio in Yorkville, about 50 miles southwest of Chicago. The two-property portfolio totals 164 units. Parker Stewart and Alex Malzone of Northmarq represented the seller, a long-term owner and operator. York Meadow, built in 2003, contains 92 units. The seller was the original developer of the community. Yorkville Apartments, built in 1977, features 72 units. The seller renovated about 20 percent of the units. An East Coast-based buyer purchased the portfolio.