NORTHVALE, N.J. — CBRE has brokered the $17.9 million sale of an industrial property in Northvale, a northern suburb of New York City. Built in 1970, the 207,000-square-foot property features 18-foot ceiling heights, 20 loading docks and 17,178 square feet of office space. Elli Klapper and Charles Berger of CBRE represented the buyer, Treetop Development, in the transaction. Kevin Dudley, Geoffrey Schubert and Justin Passaretti, also with CBRE, represented the seller, Vale 521 LLC.
CAMBRIDGE, MASS. — Nauset Construction has completed Ten Essex, a 46-unit multifamily and retail property in Cambridge. Developed by 3MJ Realty LLC, the building offers three studios, 10 one-bedroom units, 19 two-bedroom units and 14 three-bedroom units. Five of the apartments have been designated as affordable housing. Additionally, the property houses 3,000 square feet of retail space and a parking garage. Golden Architects of Quincy, Perkins Eastman and Mark Boyes-Watson Architects collaboratively designed the project.
MACKINAC ISLAND, MICH. — KSL Capital Partners LLC has agreed to acquire the Grand Hotel on Mackinac Island from the Musser family, whose legacy with the hotel dates back over 85 years. Terms of the transaction, expected to close within the next 30 days, were not disclosed. Dan Musser III will remain chairman. The 397-room hotel is a National Historic Landmark that overlooks the Straits of Mackinac and the Mackinac Bridge. Its 660-foot long porch is the world’s longest porch, according to a news release. Mackinac Island does not allow motorized vehicles, so guests arrive by ferry or airplane and are transported to the hotel by horse and carriage. Open from early May to late October each year, the Grand Hotel first opened in July 1887. Pivot Hotels & Resorts, the lifestyle and luxury operating division of Davidson Hotels & Resorts, will manage the property for KSL.
YOUNGSTOWN, OHIO — Washington Prime Group Inc. has unveiled plans to develop a four-acre athletic and entertainment venue to be named DeBartolo Commons at Southern Park Mall in Youngstown. The venue will be situated at the site of a former Sears department store. Demolition of the store has commenced. Washington Prime also plans to develop an additional entertainment area adjacent to DeBartolo Commons. Plans call for a 37,000-square-foot indoor golf center and new food and beverage offerings. Southern Park Mall was originally built by Edward J. DeBartolo Corp. in 1970.
LAWRENCE, KAN. — NorthMarq has arranged the sale of a 170-unit multifamily portfolio in Lawrence for an undisclosed price. The rental properties include Camson Place, Camson Villas and Camson Townhomes. Jeff Lamott of NorthMarq represented the buyer, Orozco Capital Trust, which completed a 1031 tax-deferred exchange and sold a Topeka portfolio. Kyle Tucker and John Duvall of NorthMarq arranged an undisclosed amount of acquisition financing through Fannie Mae. Wilhm Real Estate represented the seller of the Camson portfolio.
CHICAGO — Marcus & Millichap has brokered the sale of a 21,916-square-foot retail center in Chicago for $3.4 million. The property, occupied by Dollar Tree and One Hope United, is located at 707 E. 47th St. It is shadow anchored by a $46 million mixed-use building that includes a Walmart Neighborhood Market. Adrian Mendoza, Austin Weisenbeck and Sean Sharko marketed the property on behalf of the seller, a fund manager. A California-based family trust purchased the asset.
CLAYTON, MO. — Anvil Analytics + Insights, a branding and digital marketing agency, has signed a multi-year lease to occupy 10,000 square feet at 7730 Carondelet in Clayton. The new space more than doubles the size of the agency’s previous location in Chesterfield. Anvil expects to occupy the new space beginning this month. Blaise Tomazic of JLL represented the tenant in the lease transaction. The landlord was not disclosed.
SAN PEDRO, CALIF. — Hunt Real Estate Capital has funded a $64.1 million Fannie Mae affordable multifamily loan for the acquisition and renovation of Park Western Apartments, an affordable multifamily property in San Pedro. The borrower is Park Western Housing, an entity specifically formed to buy and manage the property. Built in 1969, the community comprises 14 residential buildings spread across a 7.7-acre site at 1327 W. Park Western Drive. The 216-unit community features 32 one-bedroom units, 128 two-bedroom apartments, 32 three-bedroom units, 24 four-bedroom apartments and a 1,300-square-foot maintenance shop. Community amenities include a courtyard, on-site management, central laundry facilities, a playground, garage parking and picnic/barbecue areas, as well as surface and covered parking. The borrower plans to renovate the property with plans to upgrade the building exteriors, unit interiors and community amenities and common spaces. Upon completion, the property will also offer a fitness center and community room. Renovations are slated to be completed in 14 months. The Fannie Mae M.TEB loan has a 17-year term, 40-year amortization and provides significantly greater loan proceeds to support a rehab budget. The deal is backed by Richard Siebert and June Park of SDG Housing Partners along with a nonprofit partner, …
RIVERSIDE, CALIF. — Cushman & Wakefield has arranged the sale of Altavita Village, California’s third-largest seniors housing community. Senior Living Riverside LP, an affiliate of La Jolla, Calif.-based Westmont Living, acquired the asset for $58 million, or $98,500 per unit. The seller was Air Force Village West Inc. Totaling more than 1.2 million square feet, Altavita Village is a continuing care retirement community (CCRC) comprising 267 independent living cottages, 103 independent living apartments, 70 independent living duplexes, 59 skilled nursing beds, 55 assisted living units and 35 memory care units. Additionally, the community features main and private dining rooms, a village café, clinic, library, meeting rooms, a chapel and beauty shop. At the time of sale, the asset was 40 percent occupied. Altavita Village is located on a 153-acre site at 17050 Arnold Drive in Riverside, and the property was originally developed in 1989 as a retirement community for military officers before opening to the general public in 2015. The development is located adjacent to March Air Reserve Base. Since 2013, prior ownership invested more than $8 million in upgrades at the property. The buyer plans to invest $20 million in the property over the next several years and convert …
GLENDALE, COLO. — JLL has arranged $22.8 million in financing for two adjacent multifamily properties located in Glendale, a suburb of Denver. The borrower is Glendale-based Slipstream Properties. Kristian Lichtenfels led the JLL team that arranged the two 10-year, interest-only, fixed-rate loans through Freddie Mac’s Green Advantage program for the borrower. The loans will be serviced by Holliday Fenoglio Fowler LP, a JLL company and a Freddie Mac Optigo lender. Proceeds were used to refinance existing loans on the properties. Totaling 185 units, Phenix at Infinity Park I and II are situated along East Mississippi Avenue and South Dahlia Street. The Phase I portion was most recently renovated in 2011 and Phase II was renovated in 2014. The buildings comprise a variety of one- and two-bedroom units, which were 97 percent occupied overall. Community amenities include a swimming pool, dog park, grilling areas and courtyards.