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2155-E-GoDaddy-Way-Tempe-AZ
AcquisitionsArizonaOfficeWestern

Avnet Purchases 150,000 SF Office Building in Tempe, Arizona as New Corporate Headquarters

by Amy Works

TEMPE, ARIZ. — Avnet, a global technology distributor and solutions provider, has acquired 2155 East GoDaddy Way in Tempe from ElmTree Funds LLC for an undisclosed price. Avnet will use the 150,000-square-foot Class A office building as its new global headquarters. Currently headquartered at 2211 S. 47th Street in Phoenix, Avnet plans to move into the building in mid-2026. Built in 2014, 2155 S. Science Drive recently served as GoDaddy’s corporate headquarters and its address was changed to 2155 E. GoDaddy Way. The building features a variety of onsite and nearby amenities, including pickleball courts, a skate park, basketball and volleyball courts, soccer field, full-service kitchen, conference and training rooms, huddle rooms, fitness center, locker rooms and shower facilities, yoga room and a game center. Jim Fijan, Jack Fijan and Scott Baumgarten of Transwestern Real Estate Services represented ElmTree Funds in the deal.

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IllinoisLoansMidwestMultifamily

Greystone Provides $58.6M Loan for Refinancing of Apartment Community in Metro Chicago

by Kristin Harlow

ELK GROVE VILLAGE, ILL. — Greystone has provided a $58.6 million Freddie Mac Workforce Preservation loan to refinance Terraces of Elk Grove, a 427-unit multifamily property in the Chicago suburb of Elk Grove Village. Built in 1968, the garden-style community consists of nine buildings, including a clubhouse. Eric Rosenstock and Dan Sacks of Greystone originated the financing on behalf of the borrower, Bayshore Properties. The nonrecourse, fixed-rate loan, which refinances an existing Greystone bridge loan on the property, features a 10-year term, 35-year amortization and five years of interest-only payments. In accordance with Freddie Mac’s Workforce Preservation program, 30 percent of the units at the property are designated for households earning less than 80 percent of the area median income.

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Affordable HousingLoansMichiganMidwestMultifamily

KeyBank Originates $51M in Financing for Detroit Affordable Housing Building

by Kristin Harlow

DETROIT — KeyBank Community Development Lending and Investment (CDLI) has provided $43.6 million in construction loans and arranged $7.6 million in permanent loans for the acquisition and rehabilitation of Lee Plaza in Detroit. The 15-story, Art Deco historical landmark will be transformed into housing for seniors and families. The property will include 182 units, of which 117 units will be restricted to individuals 55 years or older and 65 units available to families. All tenants are required to earn at or below 60 percent of the area median income. The project, which was acquired by the city and subdivided into three separate condo units, will be completed in three phases. KeyBank’s financing covers the first two phases — floors 2-5 and floors 6-10. The project received additional funding through historic tax credit equity totaling $46.7 million as well as low-income housing tax credit equity from other banks. The City of Detroit provided $27.7 million in soft financing and Invest Detroit and the Michigan State Housing and Development Agency also contributed to the project. The borrowers and developers, Ethos Development and The Roxbury Group, are Detroit-based real estate development firms. Kory Clark and Kyle Kolesar of KeyBank CDLI structured the financing.

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AcquisitionsIndianaMidwestMultifamily

CBRE Brokers Sale of 234-Unit Multifamily Property in Mishawaka, Indiana

by Kristin Harlow

MISHAWAKA, IND. — CBRE has brokered the sale of River Pointe, a 234-unit multifamily property in Mishawka near South Bend. The sales price was undisclosed. Located at 350 Bercado Circle along the St. Joseph River, the community features a range of one-, two- and three-bedroom floor plans averaging 1,054 square feet. The property was built in 1974 and features amenities such as a pool, dog park, fitness center, newly renovated clubhouse, courtyard and riverfront deck. George Tikijian, Hannah Ott, Cam Benz, Clair Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller, LV Property Management. Monarch Investment and Management was the buyer.

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AcquisitionsIndianaIndustrialMidwest

Brisky Net Lease Arranges $16.4M Sale of Industrial Property in Evansville, Indiana

by Kristin Harlow

EVANSVILLE, IND. — Brisky Net Lease has arranged the $16.4 million sale of a 150,000-square-foot industrial building leased to Windstream Communications LLC in Evansville. Built in 2022 and located at 14616 Foundation Ave., the property is situated within the nearly fully developed Vanderburgh Industrial Park. Little Rock, Ark.-based Windstream provides fiber-based broadband to residential and small business customers across 18 states. Brian Brisky of Brisky Net Lease represented the buyer, while Greg Folz of Woodward Commercial Realty Inc. represented the seller.

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Leasing ActivityMidwestRetailWisconsin

Sierra to Open 23,592 SF Store in Oshkosh, Wisconsin

by Kristin Harlow

OSHKOSH, WIS. — Sierra, an outdoor apparel and gear retailer owned by TJX Cos., has signed a lease to open at Oshkosh Center II in Oshkosh, which is situated along Lake Winnebago. The tenant is taking the 23,592-square-foot space formerly home to OfficeMax. Owned by a Midland Atlantic Properties investment fund, Oshkosh Center II is located at 1910 S. Koeller St. and totals 220,000 square feet. Anchor tenants include Target and Pick ‘n Save. Tony Colvin and Dan Cohen of Mid-America Real Estate represented Sierra, which now operates 10 locations in Wisconsin.

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Novo-Apts-Rowland-Heights-CA
AcquisitionsAffordable HousingCaliforniaDevelopmentMultifamilyWestern

Community HousingWorks Buys Metro L.A. Apartment Complex, Plans Affordable Housing Conversion

by Amy Works

ROWLAND HEIGHTS, CALIF. — Community HousingWorks (CHW) has acquired NOVO Apartments in Rowland Heights and will convert the market-rate property into affordable housing. Northmarq arranged the $38.3 million sale as well as a $24.9 million fixed-rate, Freddie Mac acquisition loan for CHW. Stratford Partners Real Estate was the seller. NOVO was constructed in 1974. Additional financing details for the conversion were not disclosed, but CHW often uses its own equity and 4 percent low-income housing tax credits (LIHTC) to fund developments, according to nonprofit directory GuideStar. Rowland Heights is about 23 miles east of Los Angeles. Rent restrictions were not disclosed. Northmarq’s Westlake Village Multifamily Investment Sales team, led by Vince Norris, Mike Smith, Jim Fisher and Tommy Yates, represented Stratford Partners in the transaction. Northmarq’s Newport Beach Debt & Equity team, led by Scott Botsford, Joe Giordani and Brendan Golding, arranged the loan for CHW.

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Terracina-Wildhawk-Apts-Sacramento-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

USA Properties Fund Starts Construction on Terracina at Wildhawk Affordable Housing Community in Sacramento

by Amy Works

SACRAMENTO, CALIF. — USA Properties Fund has started construction on Terracina at Wildhawk, an affordable housing community located at 9750 Gerber Road in Sacramento. Terracina at Wildhawk will offer 145 one-, two- and three-bedroom apartments, with completion slated for summer 2026. Residents must meet income requirements, earning 30 percent to 70 percent of the median income for Sacramento County. Apartments will feature energy-efficient appliances and light fixtures, ceiling fans and low-flow faucets, showers and toilets. Amenities will include a community room, fitness center, swimming pool, dog park and EV (electric vehicle) charging stations. The property will also feature a $3.3 million photovoltaic solar system that will help offset electrical use for residents. Terracina at Wildhawk will include LifeSTEPS, a social services provider that offers a range of services for residents from health living and financial planning classes to programs for children. The $67.9 million development is being funded by a public-private partnership that includes the Sacramento Housing and Redevelopment Agency (SHRA), Sacramento County, JPMorgan Chase and WNC Inc. Sacramento County contributed $1.5 million to offset impact fees for the project, and SHRA provided a $9.2 million loan and bond issuance.

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Aspendale-Northglenn-CO
ColoradoDevelopmentMultifamilySeniors HousingWestern

Headwaters Group Launches New Aspendale Active Adult Brand

by Amy Works

DENVER — Headwaters Group, a Denver-based real estate owner and developer, has launched a new active adult brand. Dubbed Aspendale, the brand will serve residents age 55 and older at a portfolio of communities across Colorado and the western United States.  The current Aspendale portfolio comprises four communities scheduled to open between late 2025 and mid-2026. Located in Centennial, Colo., Aspendale Centennial will total 200,000 square feet and 172 apartments. Now leasing, the property is scheduled to open in late 2025.  Aspendale Northglenn in Northglenn, Colo., is also currently leasing and totals 172 units. The property will open in early 2026 and will include an 8,800-square-foot clubhouse.  Aspendale Littleton in Littleton, Colo., is scheduled for completion in mid-2026, with leasing scheduled to begin this fall. Upon completion, the property will feature 190 apartments and a two-story, 10,000-square-foot clubhouse.  In Scottsdale, Ariz., Aspendale Scottsdale is scheduled to begin move-ins in October 2026. In addition to 161 apartment units, the community will feature 10 single-story duplex cottages.  Amenities at Aspendale communities include fitness centers, outdoor turf areas, art studios, card rooms, swimming pools, dining courtyards and dog parks. 

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1345-Avenue-of-the-Americas
LoansNew YorkNortheastOfficeTop Stories

Fisher Brothers, Blackstone Receive $850M CMBS Refinancing for Midtown Manhattan Office Tower

by Taylor Williams

NEW YORK CITY — Fisher Brothers and Blackstone Real Estate have received $850 million in CMBS debt for the refinancing of 1345 Avenue of the Americas, a 50-story office tower in Midtown Manhattan. Morgan Stanley, J.P. Morgan Chase and Citibank provided the debt to the locally based co-investors. The refinancing was executed as part of a larger recapitalization of the 2 million-square-foot building, which also saw funds backed by Blackstone acquire a 46 percent interest in the property at a valuation of $1.4 billion. Fisher Brothers also increased its majority ownership of the asset as part of the transaction. The building was 92 percent leased at the time of the loan closing, with nearly 1.1 million square feet of leases signed since 2023. Tenants include the Intercontinental Exchange, Equitable Financial, Fortress Investment Group and law firm Paul, Weiss, Rifkind, Wharton & Garrison LLP. Fisher Brothers completed a $120 million capital improvement project at 1345 Avenue of the Americas in 2021. Designed by Skidmore, Owings & Merrill, the project upgraded the building’s exterior, redesigned the lobby with touchless elevators and added a new amenity floor with flexible meeting space, a tenant lounge, wellness center and an indoor terrarium. “The completion of …

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