SUGAR LAND, TEXAS — Edloe Health Network has opened a 16,100-square-foot medical office building in Sugar Land, a southwestern suburb of Houston. The provider occupies 5,600 square feet of the building, and 8,000 square feet is leased to the Texas Advanced Surgery Center. Houston-based Identity Architects and Identity Built served as the architect and design-build firm for the project. JLL spearheaded leasing efforts at the property.
SAN LUIS OBISPO, CALIF. — California Polytechnic State University (Cal Poly) is set to begin construction on a 4,200-bed residence hall project on the university’s campus in San Luis Obispo. The development will include nine buildings offering suite-style units for second-year students. The project is being developed by FullStack Modular utilizing modular construction methods off-site. The development will be the first large-scale use of modular construction within the California State University system, according to FullStack. Manufacturing on the project is set to begin early this year with the first phase of buildings expected for completion in fall 2026. “Affordable housing is such a big problem — especially on the West Coast — and we need to think differently about how we approach housing and continue to improve the process,” says Mike McCormick, vice president of facilities management and development at Cal Poly. “We’ve assembled a team of professionals committed to rethinking how we deliver housing and FullStack Modular’s innovative approach is a huge part of that.”
SANTA CLARITA, CALIF. — Gantry has arranged $46.5 million in permanent loans for the refinancing of The Plaza at Golden Valley, a regional power center in Santa Clarita, a northern suburb of Los Angeles. Located at 19001-19415 Golden Valley Road, the property offers more than 600,000 square feet of total leasable space. Current tenants include Trader Joe’s, Staples, BevMo!, TJ Maxx, Panera Bread, Chili’s, PetSmart, Popeyes, McDonald’s, Chipotle, Bath & Body Works, Daiso, The Habit Burger and The Kebab Shop. The asset is shadow anchored by Target, Lowe’s Home Improvement and Kohl’s. Tony Kaufmann, Alex Poulos and Joe Foley of Gantry represented the borrower, a single private real estate investor, in the financing. The 10-year, fixed-rate loans were placed with two of Gantry’s insurance company correspondents and feature interest-only introductory periods, nonrecourse terms and 30-year amortizations. Gantry will service the loans.
GYPSUM, COLO. — JLL Capital Markets has provided an $18.7 million Freddie Mac loan for Red Table Apartments, a multifamily property in Gypsum. Tony Nargi of JLL Capital Market’s Debt Advisory led the team that arranged the 10-year, fixed-rate loan on behalf of the borrower, Brikwell. Located at 765 Red Table Drive, Red Table Apartments offers 77 studio, one- and two-bedroom units in a three-story building. Units feature hard surface LVP flooring, stainless steel appliances and butcher box countertops. Situated on 3.5 acres, the community offers commercial laundry facilities, a basketball court, community grills, a picnic patio area and 45 attached and detached garages. The property was built in 2009 and expanded in 2018.
PHOENIX — Goodegg Investments has purchased North Edge Apartments, a 71-unit, Class B apartment complex in Phoenix. Terms of the transaction were not released. North Edge Apartments has undergone significant value-add renovations over the last two years, with most of its units, as well as common areas, renovated and upgraded. The asset is the 38th multifamily acquisition that Goodegg Investments has undertaken since the company’s inception in 2018.
RIVERSIDE, CALIF. — Silgai Development & Management has acquired a 3-acre development parcel located at the southwest corner of Meridian Parkway and Authority Road in Riverside for an undisclosed price. Mario Calvillo of Lee & Associates Riverside represented the buyer, while Finn Comer of Lee & Associates represented the undisclosed seller in the deal. At the time of sale, the site was entitled with construction drawings for two industrial buildings totaling 45,751 square feet. The buyer plans to develop the 21,139-square-foot and the 24,612-square-foot facilities. Groundbreaking is slated to begin in the second quarter of 2025. The buildings will be available for sale or lease.
MOORESTOWN, N.J. — Chicago-based Brennan Investment Group has recapitalized a portfolio of 20 industrial buildings totaling approximately 1 million square feet in Moorestown, located about 12 miles east of Philadelphia in Southern New Jersey. The shallow-bay buildings were all constructed between 1984 and 2000 and had a collective occupancy rate of about 96 percent at the time of the recapitalization. Brennan, which acquired the portfolio in 2017, did not disclose specific details on either the debt and/or equity aspects of the recapitalization.
FORT WASHINGTON, PA. — A partnership between Jefferson Apartment Group, a developer based in Northern Virginia, and New York City-based CP Capital has delivered the first building of a 310-unit multifamily project in the northern Philadelphia suburb of Fort Washington. The 14-acre site at 1125 Virginia Drive, which was formerly home to an office building occupied by ADP, now houses five mid-rise buildings that comprise a community known as J Veridian at Upper Dublin. Units come in one-, two- and three-bedroom floor plans, and amenities include a pool, outdoor grilling and dining stations, dog park, clubroom with a bar, game room, fitness center, coworking lounge and a movie theater. The property also features multiple acres of open green space. Rents start at $1,800 per month for a one-bedroom apartment. Full completion is scheduled for the coming months.
ORANGE, OHIO — Tanger has acquired Pinecrest, a 640,000-square-foot mixed-use development in Orange, an eastern suburb of Cleveland, for approximately $167 million. Tanger utilized cash on hand and available liquidity for the acquisition and estimates the center to deliver an 8 percent return during the first year. Opened in 2018, Pinecrest is anchored by Whole Foods Market. Retailers include Alo Yoga, UNTUCKit, Madewell, Sephora, Warby Parker, Indochino, Willliams-Sonoma, Pottery Barn, REI and Nike. Dining and entertainment options include Shake Shack, Kitchen Social, First Watch, Firebirds Wood Fired Grill, Silverspot Cinema and Pinstripes. Tanger’s acquisition also includes the center’s residential and office components. The on-property AC Hotel is under separate ownership.
JOLIET, ILL. — RJW Logistics Group has signed a full-building, 976,954-square-foot industrial lease at 2903 Schweitzer Road in Joliet. CenterPoint Properties owns the distribution center, which is adjacent to the newly built Houbolt Road Extension bridge over the Des Plaines River. The facility was built in 2023. Dan Leahy and Adam Roth of NAI Hiffman represented CenterPoint in the lease. RJW, a third-party logistics company servicing consumer packaged goods retailers, employs more than 1,600 people in the Chicago and Dallas areas.