ATLANTIC CITY, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved approximately $53.3 million in tax credit equity for Garden Court Apartments in Atlantic City. A developer doing business as Garden Court AC LLC will renovate the property at 1425 McKinley Ave. to preserve the affordability status of 177 units that are housed within 20 two- and three-story buildings. The NJEDA awarded the tax credit allocation, which represents about 85 percent of the total project cost, through its Aspire program, which provides gap financing for mixed-use, transit-oriented residential developments. Gateway Community Action Partnerships is a co-applicant on the project.
PITTSBURGH — A joint venture led by Washington, D.C.-based Carderock has acquired Caste Village, a 221,284-square-foot shopping center in the South Hills area of Pittsburgh. Grocer Giant Eagle anchors the center, which is also home to tenants such as Banfield Pet Hospital, St. Clair Health, Fitness 19 and Princess Lanes Bowling Center. The new ownership plans to upgrade the center via a revitalized gathering area, improved façade and systems and a re-tenanted former Shell gas station and recently vacated Rite Aid store. Adam Bieber of BWE arranged financing for the acquisition. The seller and sales price were not disclosed.
BENSALEM, PA. — Colliers has brokered the sale of a 106,045-square-foot industrial property in Bensalem, a northeastern suburb of Philadelphia. The site at 1211 Ford Road spans 7.9 acres, and the facility can support both manufacturing and distribution uses. Building features include a clear height of 18 feet, 6,000 square feet of office space, 17 tailgate loading docks and five drive-in doors. Richard Gorodesky, Andy McGhee and Adam Gorodesky of Colliers represented the seller, Faropoint, in the transaction. The buyer was UniCup International. The sales price was not disclosed.
GLENDALE, ARIZ. — Lincoln Property Co. has completed the sale of a 1.25 million-square-foot industrial building in Glendale, Ariz., to Dollar Tree for $147.1 million. Park303 totals 210 acres and 3.75 million square feet of industrial space. Built in two phases, Park303 features a 1.25 million-square-foot single-building Phase 1 and a 2.5 million-square-foot, three-building Phase 2. Dollar Tree purchased Park303 Phase 2 Building C to establish the company’s first regional distribution facility in the metro Phoenix market. Dollar Tree currently operates more than 9,000 stores and 18 distribution centers, employing approximately 150,000 associates across the United States and Canada. All Park303 Phase 2 buildings are LEED-certified and Foreign Trade Zone capable with 40-foot clear heights, 25-foot tall glass entries, up to 12,000 amps of power, 7-inch slab over 4-inch crushed rock and steel moment frame shear bracing supporting automated racking and picking equipment. Together the buildings offer 430 dock doors, 778 trailer stalls and more than 1,556 parking stalls. Park303 amenities include speculative office space, an outdoor pickleball and basketball court and an outdoor entertainment area with barbecues, overhead fans and seating. Lincoln serves as the property manager and leasing agent for Park303. Reid Wilbraham and Cooper Fratt of Cushman & …
LAS VEGAS — FCP has entered the Las Vegas market with the purchase of The Avondale Apartments, a multifamily property within the Peccole Ranch master-planned community. Located at 9225 W. Charleston Blvd., The Avondale Apartments offers 560 one-, two- and three-bedroom units in three-story residential buildings. Each residence features hardwood floors, stainless steel appliances, patios or balconies, fireplaces, in-unit washers/dryers, garden soaking tubs and a gas stove. Community amenities include three resort-style swimming pools, a 4,000-square-foot fitness facility, racquetball court, spin room, two dog parks and a dog washing station. Adam Schmitt, Spence Ballif, Jannie Mongkolakulkit and Justin Neubeck of CBRE represented the buyer in the deal. Maxi Leachman, John Knies and Sallie Ann Seiders of CBRE arranged acquisition financing.
LONG BEACH, CALIF. — CenterCal Properties and DRA Advisors have acquired Long Beach Towne Center with plans to redevelop the 870,000-square-foot property into a prominent retail and entertainment destination. Improvements will include new dining options such as chef-driven restaurants, fast-casual concepts and cafés; new retail brands; outdoor gathering areas with shaded seating, enhanced landscaping, public art and year-round programming; updated entertainment offerings with the addition of boutique fitness, wellness and family-oriented experiences; and renovated signage, lighting, pedestrian pathways and parking areas.
LA MIRADA, SANTA ANA AND ORANGE, CALIF. — Colliers has arranged the $15.5 million acquisition of two retail buildings and an industrial building in MidCounties. Totaling 36,441 square feet, the assets include 16211-16217 Heron Avenue in La Mirada, 1268 S. Grand Avenue in Santa Ana and 1821 N. Tustin Street in Orange. The three buildings were fully occupied at the time of sale. Chuck Wilson of Colliers represented the buyer, Rancho De Los Cazadores, in the deal. The buyer acquired the portfolio as part of a 1031 exchange and Southern California expansion plan.
PHOENIX — SVN | Desert Commercial Advisors has brokered the purchase of an industrial building located at 4002 N. 36th Ave. in Phoenix. Hilton Cabinets acquired the asset from an undisclosed seller for $4.3 million. Hilton Cabinets is renovating the property for use as a cabinet manufacturing and distribution center. The property features a secure and gated yard, significant power capacity and fully air-conditioned interiors. Justin Horwitz, Richard Lewis, Sean Alderman and Jillian Moyer of SVN | Desert Commercial represented the buyer, while Chad Kirkorsky of Citywide Commercial Real Estate represented the undisclosed seller in the deal.
MADISON, WIS. — CPC Mortgage Co., a subsidiary of The Community Preservation Corp., has provided a $16.4 million Freddie Mac Targeted Affordable Housing (TAH) forward commitment for the permeant financing of Taking Shape B1, the first phase of Taking Shape, Our Triangle, a redevelopment project in Madison’s Triangle neighborhood. Developed through a partnership between the Community Development Authority of the City of Madison (CDA) and New Year Investments, Taking Shape B1 will provide 164 affordable housing units at 755 Braxton Place. The project is part of a multi-phase plan to reimagine and revitalize the Brittingham Apartments, Gay Braxton Apartments, Karabis Apartments and Parkside Highrise and Townhomes — collectively known as the CDA Triangle Sites. Key partners in the financing and development of Taking Shape B1 include the Wisconsin Housing and Economic Development Authority, serving as the tax-exempt bond issuer; U.S. Bank, acting as the construction lender; National Equity Fund, the project’s low-income housing tax credit syndicator; and Baker Tilly, providing expertise as the project’s consultant. The 10-acre site is shared with the Bayview Foundation and two medical buildings. All of the units will be designated as affordable for households earning at or below 60 percent of the area median income. …
TROY, MICH. — BWE has secured a $15.5 million loan for the refinancing of Troy Corporate Center, a Class A office building in Troy. Dan Rosenberg, Logan Petersmeyer and Isabella Barrios of BWE arranged the loan on behalf of the borrower, Integris Ventures. A life insurance company provided the nonrecourse loan, which features a 30-year amortization. Integris began a value-add business plan after acquiring the 189,790-square-foot, six-story property in 2021. After renovation, the building is nearly fully occupied. Amenities include a micromarket, conference and event space, covered parking, locker rooms and a fitness facility.