BOSTON — MassHousing has provided $25 million in financing for the consolidation and renovation of two affordable housing properties in Boston. The borrower, Affordable Housing & Services Collaborative Inc., will combine the 46-unit Columbia West Apartments and the 45-unit Uphams Corner Market in the city’s Dorchester neighborhood into a 91-unit property that will be known as Columbia Uphams Apartments. The properties were built in 2005 and 1926, respectively. The financing includes $3.9 million in permanent debt, a $20 million construction loan and $1.1 million in subordinate financing. Planned improvements include upgrades to building envelopes via new windows and doors, as well as new roofs, HVAC systems, appliances, faucets, showerheads, toilets, lighting and security systems. Units will also receive new kitchen and bathroom cabinets, countertops and flooring, and elevator systems will be modernized.
ALPHA, N.J. — A joint venture between national investment and development firm CRG and Los Angeles-based PCCP is underway on construction of The Cubes at Alpha, a 575,900-square-foot industrial park that will be located in Northern New Jersey. The Cubes at Alpha will consist of two single-side-load buildings that will total 270,900 and 305,000 square feet on a 37-acre site. Both buildings will offer clear heights of 36 feet, ESFR sprinkler systems and dedicated space for trailer parking and/or outdoor storage. CRG’s parent company, Clayco, will serve as the design-build firm for the project, while Lamar Johnson Collaborative is the architect. Construction is slated for a third-quarter 2025 completion.
SYRACUSE, N.Y. — Virginia-based private equity firm Excel Group has acquired the 209-room Embassy Suites by Hilton Syracuse Destiny USA. The name stems from the property’s location adjacent to Destiny USA, a 2.4 million-square-foot shopping, dining and entertainment destination. The hotel opened in 2017 and offers amenities such as a indoor pool, fitness center, business center and meeting rooms. The seller and sales price were not disclosed. The new ownership has tapped Island Hospitality Management to manage the hotel.
MOORESTOWN, N.J. — Marcus & Millichap has brokered the $5.4 million sale of an 8,420-square-foot educational building in the Southern New Jersey community of Moorestown. Operator Spring Education Group occupies the building via its Chesterbrook Academy daycare and early learning center. Sean Lenchner, Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the buyer, a limited liability company, in the transaction. John Horowitz of Marcus & Millichap assisted in closing the deal as the broker of record.
BUCKEYE, ARIZ. — Vestar has broken ground on Verrado Marketplace, a retail destination at the northeast corner of Interstate 10 and Verrado Way in Buckeye. The 500,000-square-foot development is situated at the entrance to DMB Associates’ 8,800-acre Verrado master-planned community. The $275 million project is projected to generate more than $50 million in total tax revenue for the City of Buckeye and contribute an estimated $1.8 billion in economic output over the next 10 years. Upon completion, Verrado Marketplace will have more than 50 retailers and restaurants, including Target, Harkins Theater’s Backlot concept, Safeway, Ross Dress for Less, Marshalls and HomeGoods. Additional pre-signed tenants include ULTA Beauty, Famous Footwear, Buckle, Salt Tacos + Tequila, Bath & Body Works, Shake Shack, Handel’s Ice Cream, Nekter Juice, See’s Candies, Thai Chili, Einstein Bros. Bagels, Tropical Smoothie, Hawaiian Bros., European Wax Center, Zara Nails, Pacific Dental, America’s Best Contacts & Glasses and Mountain America Credit Union. The new tenants are slated to start opening in spring 2026. Verrado Marketplace will also feature a splash pad, live performance stage and video screen and a half-acre central lawn surrounded by restaurants and outdoor fireplace, as well as a Sip & Stroll experience, where guests over 21 …
PARK CITY, UTAH — Hyatt Hotels Corp. has opened Grand Hyatt Deer Valley, a 436-key resort at Extell Development Co.’s Deer Valley East Village in Park City. Grand Hyatt Deer Valley provides direct access to Deer Valley Resort, including more than 300 skiable acres, 20 debut runs and three chairlifts, and is expected to open for the 2024/2025 season in December, conditions permitting. Designed by Denver-based OZ Architecture, Grand Hyatt Deer Valley offers 381 guest rooms and 55 residences. All rooms are equipped with flat-screen HDTVs, Nespresso coffee makers, blackout curtains, individual climate control, hair dryers, bathrobes and minifridges. The resort also features a heated outdoor pool, three oversized hot tubs, a pool deck and a nighttime entertainment program. The property offers four restaurants, Remington Hall, Hidden Ace, Living Room and Double Blacks; nearly 30,000 square feet of indoor and outdoor event space, including a 10,000-square-foot ballroom; skier services; pet-friendly programming; Camp Hyatt Kids Club; and The Spa at Grand Hyatt Deer Valley.
KENMORE, WASH. — Weidner Apartment Homes has completed the sale of Heron View, a multifamily property in Kenmore, to Wright Investment Properties for $19.9 million, or $276,042 per unit. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal. Built in 1987, Heron View features three residential buildings and a leasing office surrounding a central parking lot. The community offers 72 one- and two-bedroom apartments, averaging 797 square feet, with white appliances, laminate countertops, washers/dryers and wood-burning fireplaces.
ESCONDIDO, CALIF. — San Diego County Water Authority (SDCWA) has acquired a freestanding industrial building in Escondido from RPG for $38.8 million in a forward sale. The 88,552-square-foot property was still under construction when the acquisition occurred. Situated on 9.5 acres at 1960 Citracado Parkway, the building features a clear height of 28 feet, heavy power, a large truck court and abundant loading positions. The property was originally part of Escondido Logistics Center, a planned two-building industrial project. The second building, totaling 58,502 square feet, is currently under construction with completion slated for January 2025. Aric Starck and Drew Dodds of Cushman & Wakefield represented the seller.
LITTLETON, COLO. — Marcus & Millichap has brokered the sale of Oakbrook Shopping Center, a retail property located at 309-311 E. County Line Road in Littleton. The property consists of a 30,466-square-foot neighborhood strip center, fully leased to 15 tenants, and a 48,214-square-foot anchor space, which is occupied by O’Reilly Auto Parts Super Hub. The assets sold in separate transactions to different buyers for a combined total of $13.5 million. Ryan Bowlby and Drew Isaac of Marcus & Millichap’s Denver office represented the seller, Denver-based Sidford Capital, in the transaction.
PLAINFIELD, ILL. — Krusinski Construction Co. will serve as general contractor for a 788,000-square-foot speculative industrial project within Plainfield Business Center in the southwest Chicago suburb of Plainfield. Trammell Crow Co. (TCC) is the developer. Named TCC Stewart South Phase I, the 52-acre project is slated for occupancy in fall 2025. The cross-dock facility is being marketed as a single-tenant property, but it will be divisible for multiple users. The building will feature a clear height of 40 feet, 80 dock-level doors, four drive-in doors and parking for 392 cars and 211 trailers. Future phases of Plainfield Business Center are currently being planned. At full build-out, the development will encompass over 8 million square feet of industrial space. The project team includes Harris Architects and civil engineer Kimley-Horn. Edward Notz of Associated Bank originated a $43.6 million construction loan.