HACKENSACK AND LITTLE FERRY, N.J. — Colliers International has brokered the sale of the Lenox Multifamily Portfolio, a collection of five apartment buildings totaling 156 units in Northern New Jersey. The properties, which are located in Hackensack and Little Ferry, feature a unit mix of 16 studios, 133 one-bedroom apartments and seven two-bedroom residences. Jacklene Chesler, Matthew Brown and Patrick Norris of Colliers brokered marketed the properties on behalf of the undisclosed seller. The buyer and sales price were also not disclosed.
HATFIELD AND KING OF PRUSSIA, PA. — Locally based investment firm Velocity Venture Partners has purchased three industrial flex buildings totaling 69,700 square feet in the Philadelphia area. The properties include a 27,500-square-footbuilding at 1111 North Broad St. in Hatfield; a 15,200-square-foot asset at 1910 North Penn Road in Hatfield; and a 27,000-square-foot industrial facility at 451 Yerkes Road in King of Prussia. Justin Bell of Newmark brokered the deals. The seller(s) was not disclosed.
EAST ORANGE, N.J. — Gebroe-Hammer Associates has arranged the $14.9 million sale of a three-property, 113-unit multifamily portfolio in East Orange, a suburb of Newark. The properties are all located in the city’s Brick Church area. David Oropeza of Gebroe-Hammer represented the seller, a partnership between Nova EO Portfolio I LLC and The Capital Foresight LP, in the transaction. Oropeza also procured the buyer, an undisclosed private investment firm.
DELRAY BEACH, FLA. — PEBB Enterprises has acquired Delray Commons, a 71,000-square-foot shopping center located at 5024-5070 W. Atlantic Ave. in Delray Beach. The Boca Raton, Fla.-based company formed a joint venture dubbed KP Delray LLC with the center’s existing owner, Cincinnati-based Topvalco Inc., for the acquisition. The sales price was $10.5 million. Built in 1981, Delray Commons has 65,940 square feet of inline retail space, a 3,036-square-foot Burger King outparcel and an approximately 2,000-square-foot Taco Bell outparcel. Sprouts Farmers Market has committed to anchor the center with a 23,256-square-foot store. PEBB previously owned Delray Commons before selling the property to a local venture in 2015, Topvalco acquired the center three years later. The partnership plans to completely redevelop the center with a new façade, roof, parking lot, site lighting, signage and landscaping. The new ownership also has the ability to add another outparcel building along West Atlantic Avenue.
BOSTON — Nauset Construction has broken ground on 1180 Boylston Street, a 50-unit multifamily project located at the site of a former gas station in the Brookline area of Boston. Designed by CBT Architects and developed by Chestnut Hill Investments LLC, the six-story building will also house 6,500 square feet of retail space. The property will feature a unit mix of 15 one-bedrooms, 33 two-bedrooms and two three-bedrooms. All units in the building are age-restricted; one resident in each unit must be 55 years or older. In addition, 10 units are reserved for households earning 50 percent or less of the area median income.
CAMBRIDGE, MASS. — Outdoor apparel and equipment retailer REI will open an 8,000-square-foot store at Cambridge Crossing, a 43-acre mixed-use development located at the junction of Boston, Cambridge and Somerville. The opening of the store, which is scheduled for this fall, represents the launch of the retailer’s new small-format prototype and will be located within a newly constructed office and retail building. DivcoWest is the master developer of Cambridge Crossing.
ILLINOIS AND OHIO — Pathway to Living, the seniors housing platform of Chicago-based Waterton, has partnered with healthcare REIT Welltower Inc. to manage and modernize a 22-property seniors housing portfolio across Illinois and Ohio. In addition to its day-to-day role as operator, Pathway to Living will serve as a minority investor in the 1,105-unit portfolio. The partnership represents an opportunity for Pathway to Living to expand into the Ohio market and grow its existing footprint in the Midwest region. The portfolio consists of a mix of independent living, assisted living and memory care communities. Renovation plans include refreshing common areas and addressing deferred maintenance. Additionally, several communities will receive infrastructure updates to improve aging sidewalks, parking lots and mechanical systems. As of Dec. 31, Pathway to Living’s portfolio spanned nearly 2,800 units across 29 properties in Illinois, Michigan, Minnesota and Wisconsin.
CHICAGO — Asia Capital Real Estate (ACRE) has provided a $51.5 million loan for the refinancing of The Duncan, a 260-unit multifamily community in Chicago’s West Loop neighborhood. Chicago-based CEDARst owns the asset. Located at 1515 W. Monroe St., The Duncan consists of two connected buildings. The property includes 8,350 square feet of retail space, a coworking space, cocktail bar and fitness center. The lobby features FROTH Café, a hospitality concept from CEDARst that is managed by The Heritage Group. The buildings, originally constructed in the early 1900s, were recently repurposed in two phases. In July 2020, 150 units came online, while the remaining 110 units delivered in October 2020. The 2.5-year loan features a loan-to-value ratio of 76 percent.
BLOOMINGTON, MINN. — JLL Capital Markets has arranged the sale of Normandale Lake Estates in Bloomington for $16.4 million. Built in 1964, the apartment property includes 105 units, all of which have been renovated. Amenities include a pet area, outdoor pool and courtyard with grilling area. The Normandale Lake Office Park is located across the street from the property, which was fully occupied at the time of sale. Mox Gunderson, Josh Talberg, Dan Linnell and Adam Haydon of JLL represented the seller, Normandale Lake LLC. Dealer Sites LLC purchased the asset in a 1031 exchange.
KALAMAZOO, MICH. — Greystone Bel Real Estate Advisors has negotiated the sale of Clayborne Court in Kalamazoo for an undisclosed price. Built in 1986, the 142-unit multifamily property consists of 22 buildings. Located at 4501-4651 Clayborne Drive, the asset is within walking distance of the Kalamazoo Community Soccer Complex and Lenden Grove Middle School. Cary Belovicz, Nick Kirby and Paul Russo of Greystone Bel represented the seller and procured the buyer, Simtob Management & Investment LLC. The buyer plans to modernize the property by upgrading all of the units and replacing the siding, landscaping and signage.