COMMACK, N.Y. — Lidl has opened a 30,000-square-foot store at Mayfair Shopping Center, a 222,000-square-foot regional power center in Commack, located on Long Island. The German discount grocer will backfill a space previously occupied by Stein Mart, which filed for Chapter 11 bankruptcy in 2020. Mayfair Shopping Center’s tenant roster includes Planet Fitness, Runway Clothing, The Crushed Olive and Bagel Toasterie, among others. Levin Management Corp. represented the landlord in the lease negotiations.
NEW YORK CITY — Private equity firm Corsair Capital has signed a 23,919-square-foot office lease at 550 Madison Avenue in Midtown Manhattan. Since opening in 1984, the 41-story building has housed the operations of two tenants: AT&T and Sony. Silvio Petriello and Chris Corrinet of CBRE represented the tenant in the lease negotiations. Mary Anne Tighe, Howard Fiddle and Scott Gottlieb, also with CBRE, represented the landlord, The Olayan Group, which acquired the asset in 2016 and implemented a value-add program.
PLAINFIELD, N.J. — Locally based brokerage firm The Kislak Co. Inc. has negotiated the sale of Milton Terrace, a 20-unit multifamily complex located in the Northern New Jersey community of Plainfield. The two-building property was built in 1970 and houses two-bedroom units. Julie Gralla of Kislak represented the seller, an entity doing business as Milton Terrace Holdings, in the transaction. Joni Sweetwood, also with Kislak, represented the undisclosed buyer.
GLENDALE, ARIZ. — Greenlight Communities has completed the sale of Cabana 99th, a multifamily community in Glendale. B&R Capital Partners and American Landmark acquired the asset for $93.5 million, or $326,923 per unit. Completed in 2022, Cabana 99th features 286 apartments with nine-foot ceilings, stainless steel appliance packages, wood-style vinyl plank flooring with carpet in the bedrooms and keyless entry systems. Select floor plans have built-in workstation desks and full-size, front-loading washers and dryers. Community amenities include a clubhouse, fitness center, outdoor fitness circuits and a resort-style swimming pool. The controlled-access, gated-entry property also offers two laundry rooms, co-working space, a parcel delivery room and covered parking. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.
SALT LAKE CITY — Square Mile Capital Management has originated a $61.8 million loan to finance the ground-up development of 375 West Whitney Avenue, a 264-unit apartment community in Salt Lake City. The borrower is Minneapolis-based Roers Cos., a full-service real estate development firm that has developed 50 properties totaling 5,400 units. Gary Sefcik and Phillip Gause of Marcus & Millichap arranged the financing. Upon delivery, the six-story 375 West Whitney will feature 12 studios, 157 one-bedroom units, 90 two-bedroom units and five three-bedroom units. All units will feature quartz countertops, stainless steel appliances, luxury vinyl tile flooring and expansive views. Community amenities will include a rooftop sky lounge and club room with mountain views, a golf simulator, group/game room, fitness center, yoga studio, an outdoor pool and underground parking.
EL MONTE, CALIF. — Rising Realty Partners and Brasa Capital Management have completed the disposition of Telstar Building, an industrial and office building at 9320 Telstar Ave. in El Monte. Majestic Asset Management acquired the property for $73 million. Michael Longo, Todd Tydlaska, Sean Sullivan, Darla Longo, Will Pike, Melissa Moock, Anthony DeLorenzo and Mark Shaffer of CBRE represented the seller in the transaction. The County of Los Angeles leases the entire 248,961-square-foot building and recently renewed its lease for the property. The renewal also included an 86,961-square-foot expansion of industrial space. The tenant houses its public health, public social services and children and family services departments at the facility. Situated on 7.9 acres, the building features 67 percent office space, 33 percent industrial space and 627 parking spaces.
HENDERSON, NEV. — Evans Senior Investments (ESI) has arranged the sale of TLC Care Center, a 255-bed skilled nursing facility in Henderson. An independent owner-operator sold the asset to Hill Valley Healthcare for $50 million, or $196,000 per bed. Built in 1999, TLC Care Center is located just 10 miles south of the Las Vegas strip. The facility features 35 private and 112 semi-private rooms, which includes 42 ventilator-equipped beds in a designated wing. Prior to the COVID-19 pandemic, the facility exhibited over 90 percent occupancy levels and produced over $24 million in annual revenue. However, because of the pandemic, occupancy was only 58 percent at the time of marketing. “The competitive bidding and record-breaking price per bed for a community whose census was below stabilized levels showcases the strength of the skilled nursing market today,” says Brendan DeSilvia, associate at ESI. The acquisition was Hill Valley Healthcare’s first in Nevada.
DENVER — A joint venture led by Corum Real Estate Group and Koch Real Estate Investments has purchased 210 University, an office and retail property located in Denver’s Cherry Creek North district. The price was not disclosed Totaling 140,832 square feet, 210 University was 89.4 percent occupied at the time of sale. Current tenants include Baird, US Bank, Cherry Creek Imaging and Western Veterinary Partners. The building includes two ground-floor retail spaces occupied by Little Ollie’s and Paradise Cleaners. Additionally, the asset includes one of the largest parking garages in Cherry Creek North. Peter Merrion, Mark Katz and Hilary Barnett of JLL Capital Markets’ investment sales and advisory team represented the undisclosed seller in the transaction. Kristian Lichtenfels, William Haass and Leon McBroom of JLL Capital Markets’ debt advisory team secured a five-year, interest-only, fixed-rate loan with a national balance-sheet lender for the buyer.
SEVIERVILLE, TENN. — DLP Capital and Compass Ventures have partnered to develop Villas at Sevierville, a $49 million multifamily community in East Tennessee. The 224-unit apartment property will be situated on 18 acres at the intersection of Veteran Boulevard and Center View Road in close proximity to the Dollywood theme park and at the foothills of Great Smoky Mountains National Park. Villas at Sevierville will feature a 5,800-square-foot clubhouse surrounded by eight three- to four-story residential buildings, each with 28 two- to three-bedroom apartments averaging 1,300 square feet in size. DLP Capital and Compass Ventures expect to deliver the first units in early 2024.
COLLEGE PARK, MD. — Gilbane Development Co. has completed TEMPO, a 978-bed student housing community in College Park serving students attending the University of Maryland. The eight-story building offers 296 units in studio, one-, two-, three-, four- and five-bedroom configurations. Each unit is fully furnished and features bed-to-bath parity. Shared amenities at TEMPO include a swimming pool; three outdoor courtyards; a rooftop deck with a fire pit and TVs; a fitness center; podcast and video studio; yoga studio; multi-sport simulator; makerspace with a 3D printer; game lounge with pool tables; study lounge; coffee bar; bike storage; and free shuttle service to the university’s campus. Asset Living manages the property, which opened on Aug. 19 ahead of University of Maryland’s fall 2022 semester.