CHELSEA, MASS. — MassHousing has provided $10.4 million in construction financing for a project that will convert a former light industrial site in the northeastern Boston suburb of Chelsea into a 62-unit mixed-income complex. Units will come in one-, two- and three-bedroom formats and will be reserved for renters earning up to 30, 60 and 90 percent of the area median income (AMI). In addition, six units will be available for purchase by households that are first-time homebuyers earning up to 80 or 100 percent of AMI. The borrower is nonprofit organization The Neighborhood Developers. NEI General Contracting is constructing the project, and Utile Architecture & Planning is designing it. A tentative completion date was not disclosed. WinnCos. will manage the property.
CHICAGO — Logistics Property Co. (LPC) has received a $150 million loan for the construction of a multi-story warehouse at 1237 W. Division St. in Chicago. The project will span 1.2 million square feet of logistics space across two floors. Plans call for both rooftop parking and an adjacent five-story parking garage. The development will include direct loading on both the first and second floors, each with a 135-foot truck court. The first floor will feature a clear height of 36 feet, 28 dock doors and two drive-in doors. The second floor, which will be accessible by 53-foot tractor trailers via separate up and down ramps, will feature a clear height of 33 feet, 28 dock doors and two drive-in doors. The project marks the first multi-story warehouse in Chicago, according to LPC. A timeline for completion was not disclosed. Wells Fargo led the financing, along with Inland Bank and Trust and Associated Bank. Michael Svets and Jeff Goodman led the financing on behalf of Wells Fargo.
PLAIN CITY, OHIO — Coastal Ridge Real Estate has unveiled plans to build 230 build-to-rent homes at Jerome Village, a master-planned community developed by Nationwide Realty Investors in Plain City, a northwest suburb of Columbus. The project will be developed under Coastal Ridge’s Stillwell brand, which launched earlier this year with build-to-rent communities in Florida and Texas. A joint venture partnership between Coastal Ridge and Halstatt Real Estate Partners is developing Stillwell Jerome, completion of which is slated for 2023. Columbus-based Hallmark Construction is the general contractor. Stillwell Jerome will feature one-, two- and three-bedroom homes with first-floor private entries and individual backyards. Residents will have access to a pool, clubhouse, walking trails, outdoor seating areas and a fitness center.
LANSING, MICH. — Gillespie Group has unveiled plans to redevelop a former Sears Roebuck location at 3131 E. Michigan Ave. in Lansing. The property is being marketed as ROECO, a retail and entertainment destination. Specific redevelopment plans have yet to be finalized. The name ROECO is a nod to Sears Roebuck, which occupied the property for 66 years. Most recently, Sparrow Health System utilized the site for COVID testing. Gillespie Group is working with CBRE to secure retailers, restaurants and entertainment concepts for the redevelopment project. The timeline and final product mix are subject to change.
FRANKLIN PARK, ILL. — DarwinPW Realty has brokered the sale of a 102,950-square-foot industrial building formerly occupied by Dean Foods in the Chicago suburb of Franklin Park for an undisclosed price. The 10-acre property is located at 3600 River Road. Constructed in 1954, the building features eight exterior docks, eight drive-in doors, outdoor storage, trailer parking and a 10,000-square-foot cooler. Jerry Sullivan of DarwinPW, along with Axiom Advisors, represented the seller, an entity doing business as NDSM Franklin Park LLC. Jeffrey Provenza of DarwinPW and Brian Carroll of JLL represented the private buyer. The site is ripe for redevelopment, according to Provenza.
MIDDLETOWN, OHIO — Marcus & Millichap has arranged the $2.7 million sale of a 78,100-square-foot industrial building in Middletown, about 35 miles north of Cincinnati. The property is home to multiple tenants. Joshua Baker, Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap represented the seller, an Ohio-based local investor. The team also procured the buyer, a New York City-based investment group.
CHANDLER, ARIZ. — San Diego-based MG Properties has purchased 2150 Arizona Ave South Apartments I, a multifamily property in Chandler, for $107 million. Rebranded as 2150 Apartments, the community features one-, two- and three-bedroom floor plans. The number of units was not disclosed. Mark Forrester and Dan Cheyne with Berkadia represented the undisclosed seller in the deal. Chuck Christensen and Lowell Takahashi of Berkadia originated acquisition financing through Fannie Mae for the buyer.
NORTH LAS VEGAS, NEV. — VanTrust Real Estate has completed construction of a fourth building at the 120-acre, 1.6 million-square-foot Tropical Distribution Center in North Las Vegas. Designed by HPA Architecture, Tropical IV totals 246,400 square feet of Class A industrial space with convenient access to interstates 15 and 215 via Tropical Parkway. The building features 36-foot clear heights with 43 dock-high doors and two grade-level doors, as well as a large truck court, 51 trailer parking spaces and 203 automobile parking spaces. Martin-Harris Construction served as general contractor for the project.
PACIFIC, WASH. — Gantry has secured a $18 million construction-to-permanent loan for the speculative development of an industrial property in Pacific. Situated on 12 acres, the property will feature 160,000 square feet of industrial space. Construction began in second-quarter 2022 and completion is slated for early 2023. Mike Wood and Alex Saunders of Gantry arranged the financing for the borrower, Davis Property Investment. A regional bank provided the seven-year loan with a fixed, sub-4.4 percent interest rate. The financing features an initial two-year interest-only payment period before moving to a 30-year amortization for the remaining term. The initial funding is for $15 million to complete construction, with an additional $3 million earn-out upon lease up and stabilization of the project.
MORENO VALLEY, CALIF. — Gateway Co. has completed the disposition of a retail building at the Towngate Promenade in Moreno Valley. A private party acquired the asset for $2.8 million. The buyer will use the 13,000-square-foot building to accommodate a Kids Empire franchised location. Kids Empire encourages healthy, happy active play for children of all ages and features age-appropriate play structures, climbing walls, slides and rides. Headquartered in Southern California, Kids Empire currently has more than 30 locations in 10 states across the country. Located at 12650 Day St., the Kids Empire indoor playground location is slated to open in 2023. Pablo Velasco and Albert Lopez of Progressive Real Estate Partners represented the seller in the deal.