WALLINGFORD, CONN. — JLL has negotiated the $20.2 million sale of a 160,000-square-foot retail center in the New Haven suburb of Wallingford that is anchored by North Carolina-based Lowe’s Home Improvement. Nat Heald and Chris Angelone of JLL represented the seller, Davenport Cos., in the transaction. The buyer was not disclosed. The property was fully leased at the time of sale.
BOSTON — Nuestra Comunidad and Preservation of Affordable Housing (POAH) have broken ground on The Kenzi at Bartlett Station, a 50-unit affordable seniors housing community in Boston. The $27 million project is part of a five-phase redevelopment at a vacant bus yard, which Nuestra Comunidad and Windale Developers now own, located in Nubian Square within the Roxbury neighborhood. The Kenzi will feature 41 one-bedroom units, and three two-bedroom apartments in a 57,576-square-foot building. The housing includes 44 units restricted to Bostonians over the age of 55 who earn at or below 80 percent of the area median income, or $69,000 for a two-person household. The development also includes five units of housing for formerly homeless Bostonians. The project is supported by $15 million in state and federal housing tax credit investments, $4 million from the Massachusetts Department of Housing and Community Development, $1.8 million in Community Preservation Act funding, $750,000 from the Neighborhood Housing Trust, a $700,000 investment by POAH and $500,000 from the Boston Medical Center.
LOS ANGELES — CGI+ Real Estate Strategies has received full entitlements to develop a hotel, multifamily and retail mixed-use project at the intersection of Wilshire Boulevard and La Brea Avenue in Los Angeles’ Miracle Mile district. Located at 639 S. La Brea Ave., the eight-story, transit-oriented property will feature a 125-key hotel, 121 residential rental units and 13,000 square feet of street-level and rooftop restaurant space. The boutique-style hotel will offer rooms ranging in size from 320 square feet to 415 square feet, as well as two top-floor guest suites as large as 1,200 square feet. Hotel amenities will include a 3,500-square-foot event space, a layered rooftop guest deck and a swimming pool. The residential component will offer a mix of one-, two- and three-bedroom floorplans with 18 units set aside for extremely low-income households and one for a moderate-income household. Each apartment will feature hardwood floors, in-unit washers/dryers and home automation controls for security and climate, as well as one-touch access to neighborhood services. Community amenities will include a fitness center, rooftop deck with interactive lounge spaces and pool, and a bicycle storage area. Morris Adjmi is serving as architect and interior designer for the development, which is the …
PITTSBURGH — New Jersey-based Tryko Partners will develop Cedarwood Homes, an age-restricted affordable housing project that will be located at the site of the former Fairywood School in Pittsburgh. The majority (39) of the units will be reserved for renters earning 60 percent or less of the area median income. The Pennsylvania Housing Finance Agency has awarded a 9 percent Low-Income Housing Tax Credit to fund the project. Completion is slated for late 2023.
FALLBROOK, CALIF. — Contour has obtained $31.6 million in acquisition and mezzanine financing for Estancia Senior Living, a newly developed assisted living and memory care community located at 1735 S. Mission Road in Fallbrook. Alanna Ellis and Jeff Sause of JLL Capital Markets secured a $24 million, three-year, floating-rate bank loan and a $7.6 million, four-year, fixed-rate mezzanine loan for the borrower. Developed in summer 2021, the two-story Estancia Senior Living features 103 units and 114 beds in a mix of 79 assisted living units and 25 memory care units on a 3.4-acre site. The acquisition also includes approximately five acres of additional vacant land located adjacent to the property. On-site amenities include restaurant-style dining, two landscaped courtyards, fitness classes, a physical therapy center, daily wellness and social activities, a beauty salon, spa and hot tub, movie theater, transportation services and laundry facilities. Meridian Senior Living operates the property.
TUCSON, ARIZ. — Scottsdale-based Greenlight Communities and Holualoa Cos. are developing Cabana Bridges, an apartment property located within the 350-acre Bridges mixed-use development in Tucson. Greenlight acquired the land site in early October for $3.4 million and plans to start construction in the upcoming weeks. The $50 million Cabana Bridges is slated to welcome its first residents in January 2023. The community will feature 288 apartments, contemporary appliances and kitchen finishes, luxury vinyl tile, a co-working lounge and fitness center, as well as access to smart-home technology.
KENT AND DES MOINES, WASH. — Bellwether Housing has received $24.8 million financing for the acquisition and rehabilitation of The BLVD and Marina Club Apartments, two garden-style multifamily communities in Kent and Des Moines. Both municipalities are just south of the Seattle-Tacoma International Airport. Bellwether plans to convert the 213 units into affordable housing for households earning 60 to 80 percent of the area median income. JLL Capital Markets and JLL Public Institutions worked with Amazon to secure the $15.5 million and $9.2 million, 20-year, fixed-rate loans for the owner. Through the Amazon Housing Equity Fund, Amazon provided low-rate subordinate financing. Located at 2136 S. 272nd St. in Kent, The BLVD features 136 units in a mix of studio, one- and two-bedroom units, averaging 786 square feet. Marina Club Apartments, located at 2445 S. 222nd St. in Des Moines, offers 77 units in a mix of one-, two- and three-bedroom layouts, ranging from 580 square feet to 1,013 square feet. Units feature dishwashers, garbage disposals, fireplaces, window coverings, in-unit washers/dryers and private patios or balconies. The communities each feature a swimming pool, spa, sundeck, clubhouse, fitness center, playground, business center and covered paring. C.W. Early of JLL Capital Markets Debt …
SACRAMENTO, CALIF. — Matthews Real Estate Investment Services has arranged the sale of a retail building located at 4241 Marconi Ave. in Sacramento. A private individual sold the asset to an undisclosed buyer for $10.1 million. Rite Aid occupies the property. Courtney Haubach, Bill Pedersen and Chad Kurz of Matthews represented the seller and sourced the buyer for the transaction.
By Yair Haimoff, Executive Managing Director, Spectrum Commercial Real Estate The COVID-19 pandemic slowed or halted markets across the world. But how did Los Angeles fare? Well, the retail market slowed in 2020 as a result of the pandemic, but, fortunately, it is slowly picking up with reopenings and the adoption of the COVID-19 vaccine. Looking back, recent transactions in the retail space have predominantly included food-related deals. With established fast food businesses like In-n-Out, Starbucks, Popeye’s Chicken, Chick-Fil-A and more showing more transactions, there is definitely a pattern of increased demand for services that support activities necessitated by isolation. However, there have also been deals that included gyms/fitness users, family entertainment, tutoring centers and a few other ancillary retail uses. It looks as if the reopenings are starting to bring in a renewed demand for more social activities, which, blended with the rise of fast food establishments, is a good sign the market is picking up. Looking at current retail development activities, the local market has been mostly quiet in terms of retail-only centers. This makes sense, as retail stores suffered during the shutdown, with many existing retailers turning to curbside pick-up services to stay afloat. Many developers simply aren’t …
LEHI, UTAH — Arden Group, in partnership with Vesta Realty Partners, has purchased Solutionreach, a five-story, Class AAA office property in Lehi. Located at 2600 Ashton Blvd., the 145,646-square-foot building serves as the headquarters for Solutionreach, a private equity-backed healthcare technology consulting company. The property was developed in 2016 as a build-to-suit corporate campus for the current tenant. Cushman & Wakefield represented the sellers, Gardner Co. and Boyer Co., in the deal. Terms of the transaction were not released.