AURORA, COLO. — Essex Financial Group has arranged $13 million in financing for the acquisition of Summer Valley Shopping Center in Aurora. Blaire Butler and Matt Perigard of Essex’s Capital Markets team secured the 10-year, fixed-rate loan for the undisclosed buyer. At the time of financing, the Summer Valley Shopping Center was 99 percent leased to 18 retailers. Current tenants include VASA Fitness and Dollar Tree.
JUNO BEACH, FLA.— Bucksbaum Properties has acquired Plaza La Mer, a 111,000-square-foot shopping center in the coastal South Florida town of Juno Beach. Built in 1988, the property comprises five buildings on 10 acres. Tenants at the center include Dunkin, Trustco Bank and Loggerhead Fitness. The seller and sales price were not disclosed.
NEW YORK CITY — A joint venture led by SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of One Madison Avenue, a 27-story, 1.4 million-square-foot office building in Midtown Manhattan. As part of the project, the development team demolished the existing office building down to the ninth floor and constructed 17 new floors above. One Madison Avenue now features oversized roof terraces with entertainment sky gardens and an 11,000-square-foot roof deck that connects to a 7,000-square-foot, tenant-only amenity space known as “The Commons.” The newly transformed office tower will also eventually house a steakhouse by Michelin-starred chef Daniel Boulud. Multiple tenants have already committed to the building, including Franklin Templeton (347,474 square feet), IBM (328,000 square feet) and Chelsea Piers Fitness (55,780 square feet).
FORT MYERS, FLA. — Marcus & Millichap has arranged the $38 million sale of a retail and entertainment property located in Fort Myers. Topgolf occupies the asset, which totals 48,000 square feet, on a triple-net-lease basis. Constructed in 2021, the property is situated on 14 acres off of Interstate 75. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap arranged the transaction on behalf of the seller, a Miami-based family office. The buyer was not disclosed.
SILVER SPRING, MD. — Arlington Partnership for Affordable Housing (APAH) has acquired Falkland Chase, a 170-unit apartment community in Silver Spring, just north of Washington, D.C. JBG Smith sold the property for an undisclosed price. APAH plans to redevelop the property and create 1,250 new units in a mix of one-, two- and three-bedroom layouts. Most of the new apartments will be reserved for residents earning at or below 60 percent of the area median income (AMI). Partners on the project include The Housing Partnership Fund, Woodforest National Bank and the National Housing Trust Community Development fund.
MEMPHIS, TENN. — Atlanta-based Robinson Weeks Partners (RWP) has sold Southridge Crossing, a 234,36-square-foot industrial building located in Memphis. Pattillo Industrial Real Estate acquired the property for an undisclosed price. Stewart Calhoun, Casey Masters and Ryan Bellows of Cushman brokered the sale. An undisclosed tenant has signed a full-building lease at the development, which was completed in May.
JERSEY CITY, N.J. — American Equity Partners has acquired Harborside 6, a 200,000-square-foot office building in Jersey City, for $46 million. The building is situated within a larger waterfront development known as Harborside that was originally developed by Veris Residential (NYSE: VRE), then known as Mack-Cali Corp. The building can support traditional office tenants as well as healthcare, studio production and creative office users. A Whole Foods Market also recently opened on the building’s ground floor. American Equity Partners has appointed Newmark as the leasing agent.
SPRING HOPE, N.C. — Legacy Realty Group Advisors has brokered the $4.8 million sale of Spring Hope Commons, a retail center located in Spring Hope, approximately 35 miles northeast of Raleigh. Food Lion anchors the 47,950-square-foot property. Jacob Baruch and Daniel Baruch of Legacy represented the buyer and seller, neither of which were disclosed, in the transaction.
PHILADELPHIA — CIT, a division of First Citizens Bank, has provided a $44 million construction loan for a 287,218-square-foot industrial project that will be located at 2121 Wheatsheaf Lane in northeast Philadelphia. The facility will feature a clear height of 40 feet, 36 dock doors, two drive-in doors and parking for 65 trailers and 258 cars. The borrower and developer, Greek Real Estate Partners, acquired the site in spring 2021 and subsequently demolished the existing structure. Delivery of the new facility is slated for the first quarter of 2025. JLL has been tapped as the leasing agent.
MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.