NEW YORK CITY — Marcus & Millichap has brokered the $7.7 million sale of a 15-unit apartment building in Manhattan’s Lower East Side. The newly renovated building at 259 E. Broadway exclusively offers two-bedroom units, seven of which are subject to income restrictions, and includes a ground-floor commercial space. Joe Koicim, Logan Markley and Matt Berger of Marcus & Millichap represented the seller, R.A. Cohen & Associates, in the transaction and procured the buyer, a private out-of-state investor.
LEHI, UTAH — CenterCal Properties, in partnership with Perry Commercial, has broken ground on The Collective at Morning Vista, a 134,000-square-foot retail development located in Lehi’s Silicon Slopes district, roughly 25 miles south of Salt Lake City. Whole Foods Market will anchor the property. Additional confirmed tenants include Bamboo Sushi, VIO Med Spa and Petfolk Veterinary & Urgent Care. The Collective at Morning Vista will also feature a central community park and outdoor gathering space, as well as outdoor patios and activation areas. The construction timeline was not released.
BRANFORD, CONN. — Locally based brokerage firm O,R&L Commercial has arranged the $6 million sale of a 55,274-square-foot industrial building located in the southern coastal Connecticut city of Branford. According to LoopNet Inc., the building at 45 NE Industrial Road was originally constructed in 1950 and renovated in 2010. Will Braun of O,R&L brokered the deal. The buyer and seller were both limited liability companies that requested anonymity.
QUEEN CREEK, ARIZ. — Investcor has announced plans for Mojave Sage, a new luxury seniors housing community to be located in Queen Creek, roughly 40 miles southeast of Phoenix. Komo Architecture is designing the project, and KBE Building Corp. will serve as the general contractor. Construction is expected to be underway by June. Upon completion, Mojave Sage will total 117 assisted living and memory care units. Amenities at the community will include a full-service beauty salon, fitness and wellness center, movie room, gathering areas, private courtyards, outdoor spaces, gardening programs, a dog park and onsite store.
CAMPBELL, CALIF. — Peninsula Land & Capital has acquired Lincoln Court, a three-story office building in Campbell, from an undisclosed seller for $24.6 million. Located at 2105 S. Bascom Ave., Lincoln Court offers 124,724 square feet of multi-tenant office space on a 4.2-acre site. The asset was originally built in 1986 and renovated in 2021. Prior ownership invested nearly $6 million in capital improvements, including a renovated courtyard, lobby and locker rooms with showers, as well as a new common area conference center and fitness center. At the time of sale, Lincoln Court was 56 percent leased to 25 tenants. Steven Golubchik, Edmund Najera, Darren Hollak and Brendan Raney of Newmark represent the seller in the deal.
NEW YORK CITY — Texas-based hedge fund operator SummitTX Capital has signed a 17,778-square-foot office lease in Manhattan’s Plaza District. The lease term is 11 years, and the space spans the entire 19th floor of the 22-story, 380,000-square-foot building at 560 Lexington Ave. Cushman & Wakefield represented the tenant in the lease negotiations. Peter Turchin, Brett Shannon, Eric Deutsch, Jacob Rosenthal and Lauren Le of CBRE, along with internal agent Kevin Daly, represented the landlord, Rudin.
ESCONDIDO, CALIF. — The Little Dragovic Team of Lee & Associates – North San Diego County has negotiated the sale of an industrial property located at 410, 414 and 416 Hale Ave. in Escondido. An entity doing business as Hale Holdings LP/Raymer Properties LP sold the asset to Mariste Enterprises LP for $11.5 million. Ne-Mo’s Bakery fully occupies the property and has been the original tenant since the building was delivered in 1975. Ne-Mo’s Bakery uses the facility for corporate office space, baking, food processing, cooler/freezer storage, dry good storage, warehousing and distribution for its signature individually wrapped cakes and sweet baked goods. The asset consists of 59,757 square feet of industrial space located on three contiguous parcels of land spanning 369 acres. The property’s underlying M1 zoning allows industrial outside storage (IOS). Marko Dragovic, Isaac Little and Olivia Baffert of the Little Dragovic Team, Lee & Associates – North San Diego County represented the seller, while Ryan Turnquist and Matt Skogebo of Lee & Associates – Riverside represented the buyer in the deal. The buyer plans to hold the property as a long-term investment.
HOLLYWOOD, FLA. — JLL has arranged the $600 million refinancing of The Diplomat Beach Resort, a 1,000-room hospitality development located in the South Florida city of Hollywood near Fort Lauderdale/Hollywood International Airport. Kevin Davis, Mike Huth, Wyatt Krapf, Jade Lewin and Malia Buljat of JLL’s Hotels & Hospitality team arranged the floating-rate loan through JP Morgan Chase & Co. and Citibank on behalf of the borrower, a joint venture between real estate funds managed by Trinity Investments and UBS Asset Management’s Global Real Assets business. The refinancing follows a comprehensive $80 million renovation program completed by Hilton Worldwide and the ownership group to convert the property to the Signia by Hilton brand. The Diplomat Beach Resort consists of a twin-spired, 36-story tower containing hotel rooms and suites, a 15,000-square-foot spa, six restaurants and bars, multiple pools and waterfalls and approximately 200,000 square feet of integrated meeting and event space. Additionally, the property is situated on 10 acres of Atlantic Ocean beachfront that offers kayaking, paddleboarding and jet ski rentals.
NORTH MIAMI, FLA. — Dwight Capital has provided a $130 million HUD 223(f) loan for the refinancing of The Gardens Residences, a 358-unity luxury apartment building located in downtown North Miami. Keith Hoffman and Aaron Kirshtein of Dwight Capital originated the 35-year, fixed-rate loan on behalf of the borrowers, Sebastien Scemla, John Lago and Shawn Chemtov of Omega Real Estate Management Group. The loan proceeds will be used to retire an existing Dwight Mortgage Trust bridge loan, return equity to the borrower and provide a fully amortizing mortgage. This transaction marks the largest HUD loan ever closed in the state and the largest multifamily loan approved by HUD’s Southeast regional office, according to Dwight Capital. Completed in 2024, the nine-story apartment complex houses studio, one-, two- and three-bedroom units that are reserved for renters earning between 80 and 120 percent of the area median income (AMI). The Gardens Residences features a mix of amenities including a swimming pool and spa, fitness center, yoga lawn, pet spa, grilling area and lounges.
CHESAPEAKE, VA. — Berkadia has arranged the sale of Allure at Edinburgh, a newly delivered, 280-unit apartment community located in the Hampton Roads city of Chesapeake. Drew White, Carter Wood, Matt Straughan and Cole Carns of Berkadia represented the seller, Virginia Beach-based Venture Realty Group, in the transaction. Irvine, Calif.-based Passco Co. purchased the property for an undisclosed price. Arlington Properties will manage Allure at Edinburgh, which was delivered in two phases across 2024 and 2025 and consists of three four-story residential buildings. The community offers a mix of one-, two- and three-bedroom floorplans with an average unit size of 973 square feet. Amenities include a saltwater resort-style swimming pool with a sundeck and splash pad, a clubhouse with a cybercafé, multiple resident lounges, a fitness center with yoga and children’s activity rooms, as well as a golf simulator, arcade, video game lounge, screening and media rooms, makers space, photography room, massage and meditation rooms and private conference rooms. Additional amenities include outdoor lounge areas, grilling stations, courtyards, an outdoor gaming park, bike storage, a dog park and pet spa, community-wide Wi-Fi and electric vehicle charging stations.