SHREWSBURY, MASS. — Massachusetts-based Casa Builders and Developers is underway on construction of Wyman Farms, a 26-unit senior living community in Shrewsbury, an eastern suburb of Worcester. The property will feature 13 duplex-style residences with two bedrooms each that will be restricted to residents age 55 and older. The property is located near UMass Memorial Medical Center University Campus, multiple golf courses and retailers such as Wegmans, Walmart and Whole Foods Market. The project is slated for completion in 2022.
NEW YORK CITY — Greystone has provided two Fannie Mae loans totaling $30.8 million for the refinancing of two adjacent multifamily properties in the Ridgewood neighborhood of Queens. The first loan totaled $14.2 million loan and was used to refinance a 49-unit property at 1635 Putnam Ave. The second loan totaled $16.6 million loan and was used to refinance a 48-unit property at 1625 Putnam Ave. Both Fannie Mae loans carry 12-year terms with 30-year amortization periods. The borrower was Adar Holdings USA. Anthony Cristi of Greystone originated the loan.
CLARK, N.J. — Marcus & Millichap has arranged the $13 million sale of a 76,000-square-foot office building in Clark, a western suburb of New York City. The property is located at 67 Walnut Ave. near the Garden State Parkway. The building is primarily leased to medical tenants, including Summit Medical Group, and is located near Robert Wood Johnson Hospital Rahway and Kindred Hospital. Fahri Ozturk and Richard Gatto of Marcus & Millichap represented the seller and procured the buyer in the transaction. Both parties were private investors that requested anonymity.
COLUMBUS, OHIO — Columbus Crew SC, a Major League Soccer organization, has released new renderings for its stadium, which is currently under construction downtown. Completion is slated for summer 2021. Situated in the city’s Arena District, the stadium will feature a beer garden and a “crewhouse.” Premium club members will have access to an exclusive covered entrance. Project costs of the 20,000-seat venue are estimated at $230 million. The larger Confluence Village development will feature nearly 1,000 residential units as well as office and commercial space. The Crew’s current stadium is expected to be repurposed into a community sports park.
COLUMBUS, OHIO — The Pizzuti Cos. and Capital University have formed a joint venture to redevelop an existing surface parking lot located along South Grant Avenue near the university’s law school in Columbus. Plans call for a six-story building with 145 apartment units, 7,000 square feet of rooftop amenity space and 3,500 square feet of ground-floor restaurant space. The third phase of Library Park, the project will feature a wellness center, cycle studio, coworking spaces and an onsite restaurant and bar serving both residents and the public. The rooftop will feature an outdoor courtyard complete with a pool and clubhouse. Pizzuti recently broke ground on Phases I and II of Library Park. Lupton Rausch Architects Inc. designed Phase III and Corna Kokosing will serve as general contractor. Construction will begin immediately with completion slated for fall 2021. Phase I is currently in lease-up and Phase II is scheduled for completion in October.
OMAHA, NEB. — R&R Realty Group has added several “healthy” features in its newest office building currently under development in Omaha. Known as the Waterford Building, the property spans 180,000 square feet at the intersection of 192nd Street and West Dodge Road. R&R has configured the HVAC system to use medical-grade air filters. The Waterford Building will feature touch-free entrances along with motion sensors for lighting. R&R is also installing germ-resistant flooring, wall coverings and seating surfaces. Screens will help visitors find their way in an effort to reduce unnecessary foot traffic. The property management team will receive data regarding air quality, circulation and other building health metrics. Completion of the building is slated for spring 2021.
KANSAS CITY, MO. — Local real estate development firm NorthPoint Development has launched Beyond Brokerage, a commercial real estate advisory firm. The brokerage will service the office, retail, industrial, land and multifamily sectors with experience in leasing, sales, site selection, consulting and investment transactions. NorthPoint began as a developer specializing in industrial and multifamily. Since its inception in 2012, the firm has grown to a family of seven companies spanning several industries.
LOCKPORT, ILL. — Marcus & Millichap has arranged the $1.6 million sale of a two-tenant retail property in Lockport, about 30 miles southwest of Chicago. The 3,670-square-foot building is home to Arby’s and Bank of America. It is located at 16545 W. 159th St. and serves as an outlot to a Jewel-Osco grocery store. Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The buyer was a limited liability company affiliated with one of the tenants.
RIVERSIDE, CALIF. — PGIM Real Estate has secured $66 million in acquisition financing for an industrial facility located at 6275 Lance Drive in Riverside. The fixed-rate loan features and eight-year term and was arranged on behalf of the undisclosed borrower, for which TA Realty provides investment advisory services. Situated on 47 acres in California’s Inland Empire, the 1 million-square-foot Class A property is fully leased to an investment-grade tenant in the healthcare industry as of January 2020 through a 10.5-year, triple-net lease. The facility features a 36-foot clear height, truck courts ranging from 140 feet to 185 feet in depth, 147 cross-dock high doors, 11,400 square feet of office space and 355 surface parking spaces. Brett Ulrich of PGIM Real Estate led the transaction for PGIM, while Val Achtemeier of CBRE’s Debt & Structured Finance Group brokered the financing for the borrower.
SAN DIEGO — The Mansour Group of Marcus & Millichap has arranged the sale of a single-tenant retail condominium located at 655 14th St. in downtown San Diego. A Los Angeles-based private investor acquired the asset from a San Diego-based ownership group for $22.1 million. Albertsons grocery store occupies the 43,000-square-foot property on a long-term, triple-net lease basis. Alvin Mansour and Kevin Mansour of Marcus & Millichap’s The Mansour Group, along with Pasquale Ioele and Michael Burton of Flocke & Avoyer represented the seller in the deal.