BOSTON — An affiliate of Wingate Cos. has completed the renovation of Forte at 1440 Beacon, a 136-unit apartment building in Boston’s Brookline neighborhood. The property was originally built in 1949, and the renovation entailed upgrades to the lobby, common areas, building exterior and mechanical and utility systems. The project team also enhanced existing amenities and added some additional recreational spaces and features. Dario Designs was the project architect, and Nauset Construction was the general contractor.
TUCSON, ARIZ. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of River Oaks, a 300-unit multifamily property located on Boardway Boulevard in East Tucson. Terms of the transaction were not disclosed. IPA’s Clint Wadlund and Hamid Panahi represented the seller and procured the buyer. Built in 1982 on 10 acres, River Oaks features a mix of studio, one- and two-bedroom apartments. Community amenities include a standalone clubhouse, two pools, a playground and three laundry facilities.
ANAHEIM, CALIF. — JLL Capital Markets has arranged $26 million in bridge financing for a 7.75-acre industrial outdoor storage facility located at 1477 N. Jefferson St. in Anaheim. Peter Thompson, Kyle White and Nick Englhard of JLL Capital Markets secured the nonrecourse, three-year, floating-rate loan for the borrower, North Palisade Partners. Fully leased to a Fortune 100 logistics company, the property offers 337,590 square feet of Class A industrial space. The tenant utilizes the facility as mission-critical secured parking to support two nearby distribution centers. The property includes 161 trailer parking stalls and two points of ingress and egress, serving as secure parking for delivery trucks and trailers.
QUEEN CREEK, ARIZ. — Phoenix Commercial Advisors has facilitated the off-market sale of Pecan Plaza Shops, an entertainment and fitness shadow-anchored multi-tenant retail center in Queen Creek. The property sold for $13.5 million, or $656.83 per square foot. Built in 2022, the 20,325-square-foot asset was fully leased at the time of sale. The asset is located at the northwest corner of Ellsworth and Riggs roads. John Schweikert and Chad Tiedeman of Phoenix Commercial Advisors represented the undisclosed seller. The name of the buyer was not released. The sale of Pecan Plaza Shops marks the final piece of the center sold as part of the seller’s breakup strategy, which was executed in full by Phoenix Commercial Advisors.
CLEVELAND — The Haslam Sports Group, alongside a joint venture of AECOM Hunt and Turner Construction Co. and architect HKS, have broken ground on the new Huntington Bank Field, the future home of the Cleveland Browns starting in the 2029 season. The enclosed stadium and surrounding district marks northeast Ohio’s largest economic development project to date, according to the Browns. In addition to Browns games, the stadium can host events throughout the year such as NCAA Final Fours, international soccer matches and concerts for up to 75,000 people. Lincoln Property Co. will develop the mixed-use entertainment district. According to the Browns, the stadium’s revolutionary seating bowl design will bring fans closer to the field than any other NFL stadium. The transparent roof will be enhanced by a first-of-its-kind roofing system. AECOM Hunt and Turner are partnering with local contractors, including DiGeronimo Cos., Independence Excavating and Independence Construction. The project is scheduled to open in 2029 along with Phase I of the mixed-use development.
HOBOKEN, N.J. — CBRE has negotiated the $8.2 million sale of a two-story retail property in downtown Hoboken. According to LoopNet Inc., the property at 226-228 Washington St. was built in 1967 and totals 15,393 square feet. The buyer and seller were both limited liability companies. Charles Berger and Sam Bernhault brokered the deal on behalf of both parties.
ELGIN, ILL. — Accredo Health Group has signed a 40,873-square-foot industrial lease at 300 Airport Road within Fox River Business Center in Elgin. Kenneth Franzese, John Cassidy and Jeff Janda of Lee & Associates of Illinois represented the landlord, High Street Logistics Properties. Bob Tardy and Doug Pilcher of Cushman & Wakefield represented the tenant, which is a specialty pharmaceutical service provider. Fox River Business Center is a 176,799-square-foot industrial facility constructed in 2008. Current availability totals 29,806 square feet.
SKOKIE, ILL. — Greenstone Partners has brokered the $3.9 million sale of Gross Point Crossing, a 19,000-square-foot retail center in Skokie. Brewster Hague and AJ Patel of Greenstone represented the seller, a Chicago-based private investor, and procured the buyer, an Ohio-based private real estate investment firm. The value-add property was 67 percent occupied at the time of sale. Located at the signalized intersection of Gross Point Road and Dempster Street, the asset features a mix of food and service-oriented tenants.
NEW YORK CITY — EPIC Insurance has signed an office lease expansion in Midtown Manhattan. The company now occupies 25,500 square feet at 1140 Avenue of the Americas, a 22-story building that was constructed in 1925. Josh Kuriloff, Matthias Li, Pierce Hance, Heather Thomas and Nicole Estevez of Cushman & Wakefield represented the undisclosed landlord in the lease negotiations. Eric Deutsch and Jared Freede of CBRE represented EPIC.
NEW YORK CITY — JLL Capital Markets has arranged $150 million in financing for the Bay Terrace Shopping Center, a grocery-anchored retail property in the Bayside neighborhood of Queens. JLL secured the loan through New York Life Real Estate Investors on behalf of the locally based borrower, Cord Meyer Development. Located at the intersection of 26th Avenue and Bell Boulevard, Bay Terrace totals 326,445 square feet and was approximately 90 percent leased at the time of financing. Anchored by Stop & Shop, the property is also home to HomeGoods, AMC Theatres, Bank of America, Chase Bank, Sephora and LA Fitness. The center was originally developed in the 1960s. Cord Meyer has recently invested significant capital to enhance the asset, including façade upgrades, new signage, improved pedestrian circulation and a “Restaurant Row.” Additional improvements are planned to further modernize the property. According to JLL, the Northeast Queens submarket contains 23.8 million square feet of retail inventory with a vacancy rate of 2.5 percent. Current retail construction is significantly below historical averages, with 15,000 square feet underway, one-tenth of the 150,000-square-foot annual average. Founded in 1904, Cord Meyer is a developer, owner and operator of retail, commercial and residential properties throughout Queens …