WOBURN, MASS. — CBRE has negotiated the $18 million sale of a 66,225-square-foot industrial building in the northern Boston suburb of Woburn. The building is located at 225 Wildwood Ave. and features clear heights of 17.5 to 23 feet. Scott Dragos, Chris Skeffington, Doug Jacoby, Anthony Hayes, Roy Sandeman, Tim Mulhall, and Dan Hines of CBRE represented the seller, GFI Partners, in the transaction. The buyer was San Francisco-based Berkeley Partners.
LUMBERTON, N.J. — New Jersey-based developer Walters has opened Cornerstone at Lumberton, a 70-unit affordable housing community located outside of Philadelphia in Southern New Jersey. Units come in one-, two- and three-bedroom floor plans and are reserved for renters earning 60 percent or less of the area median income. Amenities include a clubhouse, fitness center, a basketball court, children’s play area and outdoor grilling and picnic stations.
LENEXA, KAN. — Block & Co. Inc. Realtors has brokered the sale of Orchard Corners shopping center in Lenexa, about 15 miles southwest of Kansas City, for an undisclosed price. The more than 200,000-square-foot property is located at the southwest corner of 95th Street and Quivira Road across from Oak Park Mall. Anchor tenants include Nordstrom Rack, TJ Maxx, HomeGoods and Michaels. There is a 37,000-square-foot space available for lease that was previously occupied by Stein Mart. Orchard Corners was built in 1971 and renovated in the 1990s. David Block of Block & Co. represented the buyer, a group of local investors that includes himself. CBRE represented the undisclosed seller. Block & Co. will handle property management and leasing.
ST. LOUIS — Midas Construction and HDA Architects have completed a new 192-room AC Hotel in the Central West End of St. Louis. The seven-story building, which spans 94,300 square feet, is the first AC Hotel within the St. Louis market. Amenities include a fitness center, meeting and event spaces and a curated food and beverage program.
CHAFFEE, MO. — NewLake Capital Partners Inc. has purchased a 70,000-square-foot cannabis cultivation and processing facility in the southeastern Missouri town of Chaffee. NewLake’s total investment in the property will be $21.1 million, which includes $16 million at closing and a $5.1 million commitment to fund tenant improvement allowances and building renovations. Organic Remedies is the tenant.
LEE’S SUMMIT, MO. — Montecito Medical has acquired a 40,500-square-foot medical office building in Lee’s Summit near Kansas City. The fully leased property opened in 2020. Beacon Surgery Center, a joint venture between local physician partners and Partners Surgical, is the building’s primary tenant. Other tenants include Sano Orthopedics and Advanced Surgical Associates. The seller and sales price were not disclosed.
CHICAGO — Spaulding Ridge has signed a 25,779-square-foot office lease at 203 N. LaSalle Drive within Chicago’s Central Loop. The cloud technology firm previously occupied space at 105 W. Madison St. Rising 27 stories, 203 N. LaSalle Drive spans 625,221 square feet. The office tower features a conference center, fitness center and tenant lounge. Jeff Mulder of Colliers represented Spaulding Ridge.
TUCSON, ARIZ. — Scottsdale-based Sterling Real Estate Partners has acquired Hotel Tucson City Center in an off-market transaction for an undisclosed price. The company plans to convert the hotel into market-rate apartments. Originally built in the 1960s, the 278-room hotel will be transformed into a modern, 210-unit apartment complex. The seven-building, 10-acre site is located adjacent to the historic El Presidio neighborhood in downtown Tucson. Residences will consist of luxury studio and one-bedroom units, ranging from 300 square feet to 700 square feet. Site amenities of the converted property will include upgrades to the pool area, fitness room, clubhouse, conference room, dog park and outdoor lounge. Upon completion, the apartments will offer low gross rents with luxury interiors finishes to support the high demand for quality affordable housing in the downtown submarket. Sterling had the property under contract since January 2021 while it underwent the rezoning process for residential use. The company collaborated with neighbors throughout the process to receive zoning approval without opposition. Upon purchase, Sterling will become a Choice Hotel franchisee and has engaged Ledgestone Hospitality to operate the four-story building as a hotel, while the adjacent buildings are converted to apartments. Additionally, the site was approved for …
DENVER — Gelt has purchased Willow Point Townhomes, a rental community located at 8500 E. Mississippi Ave. in Denver. The property sold for $69 million in an off-market transaction. Built in 2016 on 8.5 acres, the community features 30 two-story residential buildings offering a total of 117 two- and three-bedroom townhome-style units averaging 1,504 square feet. The townhomes feature attached two-car garages, private patios, stainless steel appliances, quartz countertops, full-size washers/dryers and select units with study rooms. On-site amenities include a resort-style pool and spa, dog wash, playground and 274 parking spaces.
FORT COLLINS, COLO. — Berkadia has arranged the sale of and acquisition financing for Eleven13 Apartments, a garden-style multifamily property in Fort Collins. California-based Bridge Partners sold the asset to Colorado-based Trailbreak Partners for $24.7 million. Located at 1113 W. Plum St., Eleven13 Apartments features 107 two- and three-bedroom floor plans with air conditioning and washer and dryer connections. Community amenities include a clubhouse, fitness center, game room, laundry facilities and a picnic area. Nick Steele, John Laratta, Tyler King and Nate Moyer of Berkadia Denver represented the seller in the deal. Brian Huff of Berkadia Denver arranged a $20 million acquisition loan for the buyer. CorAmerica Capital provided the three-year, non-recourse loan, which features a 75 percent loan-to-cost ratio, 3.85 percent interest rate and an interest-only payment schedule.