MEDFORD, MASS. — Pacific Urban Investors, a California-based owner-operator, has acquired The Residences at River’s Edge, a 222-unit apartment complex located in the northern Boston metro of Medford. Built in 2009, the property offers studio, one-, two- and three-bedroom floor plans. Onsite amenities include a pool, fitness center and outdoor grilling and dining stations, and the property is also situated adjacent to a 10-acre riverfront park. The seller and sales price were not disclosed.
DEER PARK, ILL. — Three new tenants are opening at Deer Park Town Center in the Chicago suburb of Deer Park. Sweetgreen opened a 2,156-square-foot restaurant in July. Victoria’s Secret will occupy 4,965 square feet. Construction on that store is scheduled to begin this fall. The Shade Store, a retailer offering customized window treatments, blinds, shades and drapes, is scheduled to open in spring 2024. Additionally, three existing tenants have either renovated their space or plan to do so. Pottery Barn is in the process of a renovation that will expand its square footage to approximately 12,000 square feet. Completion is slated for this fall. Bath & Body Works recently relocated its store to a new 3,710-square-foot space. Crate & Barrel plans to remodel its store, with completion in time for the start of the holiday shopping season. Managed by JLL, Deer Park Town Center is an outdoor lifestyle center featuring more than 60 retail, restaurant and service brands.
COTTAGE GROVE, MINN. — Home Choice has opened a new store at 6990 80th St. in Cottage Grove, about 10 miles south of St. Paul. A ribbon-cutting ceremony and grand opening celebration is scheduled for Friday, Aug. 4. Home Choice, part of the Rent-A-Center Inc. family, operates 20 locations in Minnesota. The retailer sells furniture, appliances, computers and electronics.
PROVIDENCE, R.I. — A partnership between developer Pennrose, the I-95 Redevelopment Commission and the City of Providence has broken ground on a 127-unit mixed-income residential project in the state capital’s Fox Point neighborhood. Phase I of the project will consist of 66 affordable housing and market-rate units, retail space and a childcare facility. Residences will come in studio, one- and two-bedroom formats. Income-restricted units will be reserved for renters earning between 30 and 120 percent of the area median income. Delivery of Phase I is slated for next September. Eastern Bank provided a construction loan and served as the investor of the tax credit equity used to finance the project. Cedar Rapids Bank & Trust will provide permanent debt.
PLAINFIELD, IND. — El Toro Bravo, a regional Mexican restaurant, has opened at The Shops at Perry Crossing in Plainfield, a western suburb of Indianapolis. The 3,886-square-foot restaurant features a patio. El Toro Bravo’s menu consists of classic Mexican dishes such as burritos, quesadillas and gorditas. There are currently seven El Toro Bravo locations across the Midwest. Managed by JLL, The Shops at Perry Crossing is an outdoor lifestyle center featuring more than 50 retail, restaurant and service brands.
ADDISON, ILL. — Marcus & Millichap has brokered the $1.1 million sale of a 12-unit apartment building in Addison, a western suburb of Chicago. The property at 41 E. Blecke Ave. features two studios and 10 one-bedroom units. Christopher Malay and Eric Bell of Marcus & Millichap represented the seller, a limited liability company. Ryan Engle and Andrean Angelov of Marcus & Millichap secured and represented the buyer, a private investor completing a 1031 exchange.
WARREN, IND. — Parkview Hospital Inc. has renewed its 3,523-square-foot office lease on Bennett Drive in Warren, about 35 miles southwest of Fort Wayne. The lease term is three years. Chad Voglewede and Bill Drinkall of Bradley Co. represented the landlord, Jackson Asset Group 1 LLC.
PHILADELPHIA — Stateside Vodka has signed a 40,000-square-foot industrial lease at Crown 95 Logistics Center in northeast Philadelphia. The development is located roughly six miles outside of the downtown area and consists of 381,200 square feet of newly built logistics/distribution space and 130,000 square feet of renovated/adaptively reused industrial space. Colliers represented the landlord, Court Street Ventures, in the lease negotiations. Cushman & Wakefield represented the tenant.
LAS VEGAS — Red Ridge Development is underway on Origin at Symphony Park, a 6-acre mixed-use project located in downtown Las Vegas. The development will feature 100,000 square feet of retail space, a 32-story residential tower, mid-rise apartment building, outdoor promenade and office space upon completion, which is scheduled for 2026. The McGarey Group, a division of the Divaris Group, will manage leasing for the retail space at the project in partnership with Paragon Commercial Group.
AURORA, COLO. — Grovewood Community Development has broken ground on Sapling Grove Apartments, a four-story, mixed-income apartment community in Aurora that is slated for completion in late 2024. Located at 10151 E. Jewell Ave., the first phase of the property will feature 81 units in a mix of one-, two- and three-bedroom floor plans, a rooftop deck and lounge, work pods, an exercise room and an onsite community resource center offering health- and wellness-focused resident programs and services. The property will also feature community spaces for resident gatherings, intergenerational lifelong learning workshops, outdoor recreation via walking trails, a fenced playground, an outdoor exercise stations and gardens. The project is being financed through 22 grant, loan and equity sources provided collectively by the City of Aurora, Arapahoe County, the Colorado Division of Housing, the Colorado Housing and Finance Authority, Impact Development Fund, the Aurora Housing Authority, National Development Council and Sugar Creek Capital. Additional funding includes a four-year grant awarded by The Colorado Health Foundation. BC Builders is serving as the project’s general contractor, and Santulan Architecture is serving as architect.
