GASTONIA, N.C. — Nuveen Green Capital has closed a $6.5 million C-PACE loan for Trenton Mill Lofts, a new multifamily development in downtown Gastonia, a suburb 20 miles west of Charlotte. The closing marks the first-ever C-PACE financed transaction in the state of North Carolina. Originally built in 1897, the property formerly operated as the Trenton Cotton Mill before being acquired by the borrower, Lansing Melbourne Group, in 2020. The developer renovated the historic mill in 2022 into an 85-unit loft apartment community with a fitness center, lounge, hammock park and a firepit area. Lansing Melbourne used the C-PACE loan to partially pay down its original construction loan and support the stabilization of the property. Hal Kempson of Avison Young arranged the financing. C-PACE, which stands for “Commercial Property Assessed Capital Expenditure,” is now available in 40 states and Washington, D.C.
SPRING LAKE, N.C. AND JACKSON, MISS. — Marcus & Millichap has arranged the $6.8 million portfolio sale of two retail properties totaling 53,000 square feet in Spring Lake and Jackson. Walmart shadow-anchors both centers. Built in 2004, Spring Lake Town Center totals 29,841 square feet and was 85 percent leased at the time of sale to tenants including Dollar Tree, AT&T, GameStop, Cricket Wireless, Cato, Papa Murphy’s and OneMain Financial. The second property is a 24,069-square-foot retail center located at 4882-4898 Highway 18 W in Jackson. Tenants include Humana, It’s Fashion and Shoe Show. Zach Taylor and Eric Abbott of Marcus & Millichap represented the seller, a private real estate company, and procured the buyer, a private 1031 exchange investor, in the transaction. Both parties requested anonymity. Donald Gilchrist served as Marcus & Millichap’s broker of record in North Carolina, while Mickey Davis was the firm’s broker of record in Mississippi.
TEMPE, ARIZ. — A partnership between Trinitas Ventures and Mitsui Fudosan America is set to break ground on Astria Tempe, a 27-story student housing tower located steps away from the Arizona State University campus in Tempe. The development will offer units in studio, one-, two- and three-bedroom configurations. Shared amenities will include a pool, spa, fitness center, coworking space, social lounges, dog-friendly areas and ground-floor retail space. The community is scheduled for completion in summer 2027. TSB Capital Advisors arranged equity for the project, and BMO Bank provided financing. The development team includes Layton Construction Co. and Niles Bolton Associates.
SACRAMENTO, CALIF. — A joint venture between GMH Communities and Wexford Science & Technology has completed ANOVA Aggie Square, a 252-bed development located on Stockton Boulevard near the University of California, Davis (UC Davis) campus in Sacramento. The community offers 190 units in a mix of studio, one-, two- and four-bedroom configurations. Shared amenities include a 2,500-square-foot fitness center with yoga and spin studios; soundproof office pods and private conference rooms; a coffee bar; wellness lounge with a sauna and massage chairs; 24-hour package system; game room with billiards; and an amenity patio with grilling stations. UC Davis Student Housing and Dining Services master leases 49 of the units and leases them at below-market rates. Priority for occupancy of these units is given to first-year medical, nursing and graduate students studying on the Sacramento campus. The remaining units are available for lease via GMH Communities, which operates the property, with priority given to university students, faculty and staff. The community was constructed during Phase I of Aggie Square, a larger mixed-use project that is set to include state-of-the-art research facilities and office space.
TUCSON, ARIZ. — Marcus & Millichap has brokered the sale of Westside Commons, a multifamily property in Tucson. A limited liability company acquired the asset from a limited liability company for $10.7 million. Located at 1335 West St. Mary’s Road, Westside Commons offers 84 apartments. Hamid Panahi and Clint Wadlund of Marcus & Millichap represented the seller and procured the buyer in the deal.
SAN DIEGO — Juniper Ridge Partners has acquired Bay Bridge Center in San Diego from Jon and Donna Stockholm Trust for $10.4 million. Located at 1943-1995 Main St., Bay Bridge Center offers 38,300 square feet of mixed-use flex space. The five-building, multi-tenant asset is situated on 2.1 acres in San Diego’s Harbor/Downtown submarket. At the time of sale, Bay Bridge Center was fully leased to six tenants, including San Diego County Schools and Wrensilva, a high-end audio manufacturer. The property features 400 feet of frontage on Main Street and Harbor Drive, secure yard areas and proximity to a San Diego Trolley stop with immediate access to Interstate 5. Chris Holder, Mark Lewkowitz and Will Holder of Colliers represented the buyer and seller in the deal.
LAKEWOOD, COLO. — Matthews Real Estate Investment Services has arranged the sale of a Best Western hotel located at 3440 S. Vance St. in Lakewood. The asset traded for $7.2 million. The names of the seller and buyer were not released. Simon Assaf and Hunter Davis of Matthews handled the transaction. Constructed in 1995, the 144,619-square-foot hotel features 112 guest rooms.
LEWIS CENTER, OHIO — Nationwide Realty Investors is nearing completion of renovations at Nationwide Hotel and Conference Center, a 20-acre hotel and event complex in Lewis Center, a northern suburb of Columbus. In conjunction with the renovations, the property will be rebranded as The Ohioan Hotel & Event Center later this summer. The newly completed event center renovations include renovated and modernized ballrooms, expanded pre-function and post-function spaces and a new private outdoor courtyard with multiple fireplaces. Additional renovations underway include updates to the 193 guestrooms and suites. The hotel will remain open throughout the phased renovations. The 2,000-square-foot pub will also be given a refresh later this fall. Nationwide also commissioned three Ohio-based artists to create original artworks for display throughout the event center. What began as a radio station in the 1940s evolved into Green Meadows Inn during the 1960s. The property then became a training center for Nationwide Insurance in the 1970s and ultimately expanded into a full-scale conference and hotel destination by the early 2000s.
OCONOMOWOC, WIS. — HSA Commercial Real Estate has begun development of a 226,321-square-foot speculative industrial facility at Pabst Farms, a 1,500-acre master-planned community in Oconomowoc, about 35 miles west of Milwaukee. Located one mile southwest of the I-94 and Highway 67 interchange, the Class A warehouse is slated for completion in the fourth quarter. Situated on 17.3 acres, the project will accommodate users seeking as little as 40,800 square feet. The building will feature a clear height of 32 feet, 50-foot-by-50-foot column spacing with a 60-foot speed bay, more than 30 dock doors, four drive-in doors, 342 automobile parking spaces and 140 trailer stalls. Cushman & Wakefield | Boerke is handling leasing for the property. Cornerstone Architects, a Nelson company, is the project architect. Pinnacle Engineering is the civil engineer, and Riley Construction is the general contractor. Nearly 1,000 acres have been developed across the residential, retail, healthcare and education sectors within Pabst Farms, which was created in 2002. The remaining 450 acres will be built under an updated 2024 master plan that further integrates commercial, industrial and innovation uses.
COLUMBUS, NEB. — Midas Hospitality has developed a dual-branded hotel featuring Fairfield Inn & Suites and Townplace Suites near Harrah’s Racing and Casino in Columbus, a city in eastern Nebraska. The four-story property is under the Marriott umbrella. Locally based Foreman Lumber built the project, which caters to short-term and long-term stays with the 54-room Fairfield Inn & Suites and the Townplace Suites, which offers 48 extended-stay rooms. Amenities include a fitness center, pool, flex space, outdoor patio, meeting room and complimentary breakfast. The casino and horse racing venue came about following the passage of three Nebraska constitutional amendments in 2020, which legalized casino gambling adjacent to horse racing venues in the state.