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Riverwalk-Elmwood-Park-New-Jersey
LoansMultifamilyNew JerseyNortheast

JLL Arranges $131.1M Bridge Loan for Northern New Jersey Multifamily Property

by Taylor Williams

ELMWOOD PARK, N.J. — JLL has arranged a $131.1 million bridge loan for a 390-unit multifamily property in the Northern New Jersey community of Elmwood Park. The financing covers Phases III and IV of a larger development known as Riverwalk. Units feature a mix of one-, two- and three-bedroom floor plans and range in size from 772 to 2,321 square feet. Riverwalk offers amenities such as a pool, fitness center, outdoor grilling and dining areas, a dog park, riverside nature path, multiple resident lounges and coworking space. Thomas Didio, Thomas Didio Jr., Gerard Quinn, Michael Mataras and Tyler Caricato of JLL arranged the five-year, floating-rate loan through MF1 Capital. A private real estate company headed by Bernard Langan owns Riverwalk.

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IndustrialLeasing ActivityLee & AssociatesNortheastPennsylvania

ModCorr Signs 252,282 SF Industrial Lease in Allenwood, Pennsylvania

by Taylor Williams

ALLENWOOD, PA. — ModCorr LLC has signed a 252,282-square-foot industrial lease in Allenwood, about 70 miles north of Harrisburg. The manufacturer of modular construction products will occupy the entirety of Building 4 at PNK Park Allenwood at Great Stream Commons, which was completed last year and features a clear height of 40 feet. Lee & Associates represented the landlord, New York-based investment and development firm PNK Group, in the lease negotiations.

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AcquisitionsAffordable HousingMultifamilyNew JerseyNortheast

PRC Acquires 150-Unit Affordable Housing Complex in Paulsboro, New Jersey, Plans Renovation

by Taylor Williams

PAULSBORO, N.J. — New York-based investment firm PRC has acquired Paulsboro Gardens Apartments, a 150-unit affordable housing complex located outside of Philadelphia in Southern New Jersey. The property comprises 21 low-rise buildings. PRC plans to undertake accessibility upgrades, interior unit renovations and exterior improvements, as well as improve mechanical and utility systems, to extend the property’s affordability status. The seller and sales price were not disclosed.

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Bear-Hollow-Estates-Rancho-Cordova-CA
CaliforniaDevelopmentMultifamilySeniors HousingWestern

Hawthorn Senior Living Opens 149-Unit Independent Living Community Near Sacramento

by Amy Works

RANCHO CORDOVA, CALIF. — Developer, owner and operator Hawthorn Senior Living has opened Bear Hollow Estates, a new independent living community located in Rancho Cordova, roughly 15 miles outside Sacramento. Totaling 149 units, the property features studio, one- and two-bedroom apartments. Amenities at the $46.5 million development include a fitness studio, movie theater, billiards lounge, pub, salon and library. Outdoor features include walking paths, raised garden beds and a fire-pit courtyard. This marks Hawthorn Senior Living’s sixth community in California. Hawthorn’s national portfolio comprises more than 70 communities. 

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AcquisitionsIndustrialMassachusettsNortheast

Logistics Property Co. Buys 35,000 SF Industrial Building in Mansfield, Massachusetts

by Taylor Williams

MANSFIELD, MASS. — Chicago-based investment firm Logistics Property Co. has purchased an industrial building located at 572 West St. in Mansfield, a southern suburb of Boston, that according to LoopNet Inc. totals 35,000 square feet. The building, which was built in 2004, per LoopNet, is located within Cabot Business Park and was fully leased at the time of sale. Tony Coskren of Newmark brokered the deal. The seller and sales price were not disclosed.

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The-Commodore-National-City-CA
AcquisitionsCaliforniaMultifamilyWalker & DunlopWestern

Gelt Venture Partners Buys 92-Unit Multifamily Community in National City, California

by Amy Works

NATIONAL CITY, CALIF. — Gelt Venture Partners has acquired The Commodore, an apartment property located at 200-250 E. 31st St. in National City, for $40 million. Built in 2024, The Commodore comprises six three-story buildings offering a total of 92 studio, one- and two-bedroom floor plans with select units featuring two-story and loft-style layouts. At the time of sale, the property was 96 percent occupied. Units feature in-unit washers/dryers, quartz countertops, designer tile backsplashes, wood-style plank flooring, European-style cabinetry, stainless steel appliances and private balconies. Community amenities include a resort-style pool and spa, clubhouse, an outdoor lounge with fire pit, barbecue areas, electric vehicle charging stations, detached garages and an onsite leasing office. Hunter Combs of Walker & Dunlop represented the buyer and undisclosed seller in the deal.

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AcquisitionsArizonaRetailWestern

Cohen & Steers, Sterling Organization Acquire 159,000 SF Shopping Center in Metro Phoenix 

by Amy Works

DEER VALLEY, ARIZ. — A joint venture between Cohen & Steers Income Opportunities REIT (CNSREIT) and Sterling Organization has acquired Deer Valley Towne Center, a 159,000-square-foot, open-air shopping center located in the Deer Valley neighborhood of Phoenix. Target shadow anchors the center, which is situated across from Phoenix General Hospital and PetSmart’s corporate headquarters. The property is more than 94 percent leased to tenants including Five Below, Ross Dress For Less, Dollar Tree, PetSmart, Michaels, Jersey Mike’s Subs, Panda Express, Chipotle, Sola Salon Studios, GNC and Bath & Body Works. This transaction marks CNSREIT’s fourth acquisition with Sterling Organization and the sixth open-air shopping center in its portfolio.

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Self-Storage-Vacaville-CA.jpg
AcquisitionsCaliforniaIndustrialSelf-StorageWestern

Claremont Cos. Sells 5.3-Acre Self Storage of Vacaville Property in California

by Amy Works

VACAVILLE, CALIF. — The Claremont Cos. has completed the disposition of Self Storage of Vacaville, a self-storage facility in Vacaville, to Westport Properties for an undisclosed price. Dean Trammell and Adam Schlosser of The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer in the transaction. Tony Solomon of Marcus & Millichap served as broker of record. Situated on 5.3 acres, Self Storage of Vacaville was originally constructed in 2018 and expanded in 2019. The facility features electronic gated entry with a digital keypad, a large institutional-style leasing office with retail, security monitor display with 24/7 video surveillance throughout the facility, concrete driveways and metal roll-up doors.

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AcquisitionsColoradoOfficeRetailWestern

John Propp Commercial Negotiates $2.5M Sale of Office, Retail Property in Castle Rock, Colorado

by Amy Works

CASTLE ROCK, COLO. — John Propp Commercial Group has arranged the sale of an office and retail building located at 734 Wilcox St. in Castle Rock. Seven34 LLC sold the asset to 2950 West Point Holdings LLC for $2.5 million. The two-story property offers 8,969 square feet of office and retail space, as well as parking. John Propp of John Propp Commercial Group represented the seller, while Andrew Monette of Pinnacle Real Estate represented the buyer. The buyer plans to operate the property as an investment.

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DevelopmentIllinoisMidwestMultifamily

Vista Property, Skender Break Ground on 32-Story Apartment Tower in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Developer Vista Property and general contractor Skender have broken ground on a 32-story apartment tower at 370 N. Morgan St. in Chicago’s Fulton Market neighborhood. Designed by Antunovich Associates, the 539,000-square-foot property will feature 494 units, including 99 affordable housing units. Floor plans will range from studios to two bedrooms. A residential lobby, leasing offices and 4,500 square feet of retail space will make up the ground floor. A parking podium with 192 spaces, 20 percent of which will have electric vehicle charging capabilities, will extend from floors two to four. The exterior aesthetic is inspired by a modern Mies van der Rohe design. Outdoor amenities will include a 30th-floor pool deck, yoga terrace, fire pits and outdoor grill kitchens. Inside, residents will have access to a fitness center, coworking areas, a lounge, private event and dining rooms, a golf simulator and various common areas. A new landscaped plaza will front the intersection of Kinzie and Morgan streets. In late 2024, demolition on the site began with the removal of the old single-story Fox Deluxe Foods building. The apartment tower is slated for completion in the second quarter of 2027. The project team includes DeSimone as the structural …

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