MESQUITE, TEXAS — The City Council of Mesquite, located east of Dallas, has approved a proposal for the development of a retail project that will be known as Shadow Creek Crossing. Shadow Creek Crossing will be developed on a seven-acre site adjacent to John D. Horn High School that is owned by an entity doing business as LF Gateway LP. At full build-out, Shadow Creek Crossing could span as much as 57,500 leasable square feet across six buildings. A firm construction timeline was not released.
LONG BEACH, CALIF. — A fund sponsored by CBRE Global Investors has closed on a $41.5 million loan the acquisition of Elevate Long Beach Apartments, a multifamily property located in Long Beach. The borrower is Los Angeles-based investment firm Gelt. The floating-rate loan has an initial term of three years, which can be extend up to two additional years, and includes future funding to finance the sponsor’s business plan. Brandon Smith, Annie Rice and David Pelaia of JLL Capital Markets in Los Angeles arranged the loan for the borrower. Located at 225 W. Third St., Elevate Long Beach (formerly known as Sofi on Third) features 160 apartments in a mix of studio, one- and two-bedroom units. Community amenities include a rooftop sundeck with grilling stations, 24-hour fitness center, swimming pool, resident lounge and secured subterranean parking garage.
CARSON, CALIF. — CenterPoint Properties has purchased an industrial facility, located at 2850 E. Del Amo in Carson, from Century Distribution Systems in a sale-leaseback transaction. The acquisition price was not released. Situated on 19.2 acres, the 264,450-square-foot property features 28- and 32-foot clear heights, 66 dock doors and parking for 180 trailers. Nick Foster, Zac Sakowski and Mark Detmer of JLL Capital Markets represented the seller in the deal.
Alliance Residential Starts Construction of 136-Unit Seniors Housing Project in Bellevue, Washington
BELLEVUE, WASH. — Alliance Residential has started construction of Holden of Bellevue, the first piece of a three-phase multifamily project in downtown Bellevue. Holden will rise seven stories and feature 110 assisted living units and 26 memory care units. It is scheduled to open in late fall 2021. The second phase of the overall project will be an independent living building, followed by standard multifamily in the third phase. Its location is in close proximity to the city’s restaurants, boutiques, art galleries, public parks and museums. Milestone Retirement Communities will operate Holden of Bellevue upon opening.
SIMI VALLEY, CALIF. — Stos Partners has purchased a multi-tenant industrial property located at 2320-2380 Shasta Way in Simi Valley. An undisclosed seller sold the asset for $20 million in an off-market transaction. Dan Cherrie of CBRE represented Stos Partners in the acquisition. At the time of sale, the 125,000-square-foot property was 94 percent leased to a diverse base of long-term tenants. The buyer plans to implement capital improvements at the property including mechanical system upgrades, parking lot repaving and fresh paint on both the exteriors and interiors.
TUKWILA, PUYALLUP AND PORT TOWNSEND, WASH. — The Leibsohn Group of Marcus & Millichap has arranged the acquisition of a three-property retail portfolio in Tukwila, Puyallup and Port Townsend. A private, Pacific Northwest-based investor acquired the portfolio from an undisclosed seller for $7.9 million. Jiffy Lube occupies each of the properties on long-term, net-lease basis. Brian Leisbsohn and Raymond Vara of The Leibsohn Group of Marcus & Millichap’s Seattle office procured and represented the buyer in the deal.
BURLINGTON, MASS. — Equity Residential, a Chicago-based REIT, has acquired The Reserve at Burlington, a 270-unit apartment community located northeast of Boston. Built in 2019, the property offers studio, one-, two- and three-bedroom units and amenities such as a clubroom lounge with a catering kitchen, a two-story fitness center, four elevated courtyards and a resort-style pool with an outdoor kitchen and bar. Simon Butler and Biria St. John of CBRE represented the sellers and developers, The Davis Cos. and Principal Real Estate Investors, in the transaction. The Reserve at Burlington was 96 percent occupied at the time of sale.
NEW YORK CITY — Berkadia has provided a $22.6 million HUD-insured loan for Seagirt Seniors Housing, an affordable housing property located in the Far Rockaway neighborhood of Queens. The 12-story, 120,278-square-foot building was built in 1985 with 151 Section 8 apartment units and one employee unit. Laura Smith of Berkadia originated the financing, which was structured with a 35-year term and a 71 percent loan-to-value ratio, through HUD’s 223(f) program. The borrower, New York-based operator JASA, will use a portion of the proceeds to fund capital improvements. Planned upgrades include modernizing kitchens and bathrooms, replacing circuit breaker panels, renovating common areas and elevators and installing a new boiler system.
NEW YORK CITY — Newmark has arranged a $20.3 million CMBS loan for the refinancing of a 26,000-square-foot retail condominium located in the Long Island City area of Queens. The property, which consists of 14,600 square feet of ground-floor retail space and 11,400 square feet of below-grade space, is situated within The Prime, a 71-unit luxury condo building. The majority of the ground-floor space is leased to Trader Joe’s, which opened earlier this month. Dustin Stolly, Jordan Roeschlaub and Daniel Fromm of Newmark arranged the 10-year, fixed-rate loan through Ladder Capital on behalf of the borrower, Circle F Capital.
EATONTOWN, N.J. — JLL has placed a $9 million loan for the refinancing of Meridian Center II, an 80,188-square-foot office building in the coastal New Jersey city of Eatontown. Built on 4.6 acres in 1988, the property was 92 percent leased at the time of the loan closing to tenants such as Hackensack Meridian Health, Wayside Technology Group and Altair Health. Michael Klein, Max Custer and Gerard Quinn of JLL arranged the loan, specific terms of which were not disclosed, on behalf of the borrower, locally based development and management firm The Donato Group.