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Zaterra-Apts-Chandler-AZ
AcquisitionsArizonaMultifamilyWestern

PB Bell, PCCP Sell Zaterra Multifamily Property in Chandler, Arizona for $137.5M

by Amy Works

CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.

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Harbert-Seniors-Housing-Fund-Community-Metro-Los-Angeles-CA
CaliforniaLoansMultifamilySeniors HousingWestern

Live Oak Bank Provides $25M Bridge Loan for Seniors Housing Community Near Los Angeles

by Amy Works

LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences. 

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Midway-Village-Daly-City-CA
Affordable HousingCaliforniaDevelopmentMultifamilyProperty TypeWestern

Mid-Pen Opens First Phase of Midway Village Affordable Housing Property in Daly City, California

by Amy Works

DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility. Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units. When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community. These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original …

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4900-Cecilia-St-Cudahy-CA
CaliforniaDevelopmentIndustrialWestern

Stream Realty Partners Secures Entitlements for 100,000 SF Central LA Commerce Center Development

by Amy Works

CUDAHY, CALIF. — Stream Realty Partners has secured project entitlements for Central LA Commerce Center, a Class A light industrial development located at 4900 Cecilia St. in Cudahy, a suburb 11 miles southeast of Los Angeles. The project will transform a functionally obsolete 1950s-era manufacturing building into a LEED-certified light industrial development. The 100,000-square-foot property will feature a clear height of 36 feet, 5,000 square feet of speculative two-story office space, 11 dock-high doors and two drive-in doors. Additionally, the asset will include a fully secured truck court, independent ingress and egress for autos and trucks, and heavy base building power to meet the needs of modern light industrial tenants. Stream’s Industrial Development team for Central LA Commerce Center includes Nick Kreuter, Andrew Warren and Scott Sowanick, who will collaborate with the brokerage team led by Matt Moore and Wes Hunnicutt.

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AcquisitionsArizonaMultifamilyWestern

Providence Property Group Buys Tropicana Apartments in Tucson, Arizona for $1.7M

by Amy Works

TUCSON, ARIZ. — Providence Property Group has purchased Tropicana Apartments, a multifamily complex in Tucson, from TropicanaApartments LLC for $1.7 million. Located at 3815-3816 E. 3rd St., the 8,650-square-foot asset offers 14 units. Allan Mendelsberg and Joey Martinez of Cushman & Wakefield | PICOR represented both parties in the transaction.

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LoansMidwestMultifamilyOhio

ACRES Provides $72.5M Loan for Refinancing of Apartment Complex in Columbus

by Kristin Harlow

COLUMBUS, OHIO — ACRES Capital Corp. has provided a $72.5 million bridge loan for the refinancing of 4th & 5th Apartments, a 311-unit apartment complex in Columbus. The Class A property features a 557-space parking garage and two retail suites totaling 5,492 square feet. Amenities include a clubhouse, courtyard, fitness center, rooftop area and swimming pool. The community is located on the southern edge of the city’s Weinland Park neighborhood, which is directly east of the Short North Arts District. Loan terms and the borrower were not provided.

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DevelopmentIndianaIndustrialMidwest

Ambrose Breaks Ground on 248,000 SF Building at Indianapolis Logistics Park – Northwest

by Kristin Harlow

WHITESTOWN, IND. — Ambrose has broken ground on Building IV, a speculative industrial building totaling 248,000 square feet at Indianapolis Logistics Park – Northwest in Whitestown. The building marks the last planned development within the industrial park and is slated for completion in December. Building II was completed in April, and the balance of the building — 145,568 square feet — was recently leased to a confidential user. Kattsafe North America, a provider of innovative safety and security solutions, moved into its 93,871-square-foot headquarters in Building II. The 233,000-square-foot Building III is available for lease. Construction continues on Building I, a 601,000-square-foot build-to-suit for Safavieh, a global home furnishings company. The general contractor for all four buildings is Compass Commercial Construction Group. Design partners include Curran Architecture and Kimley-Horn. CBRE is the leasing agent. Ambrose partnered with Horizon Bank on the construction financing for Buildings II and IV. Total investment in the park exceeds $120 million.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Brokers Sale of Two-Tenant Retail Property in Chicago’s South Loop

by Kristin Harlow

CHICAGO — Marcus & Millichap has brokered the sale of 1160 S. Michigan Ave., a two-tenant, ground-floor retail property in Chicago. Located at the base of The Columbian, a 47-story residential tower, the fully leased property is home to Burger Bar Chicago and Elements Massage. The two tenants have been in place for over a decade and recently extended their leases. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, a limited liability company. Kiven and Kanich procured the buyer, Zam Investment LLC, along with colleague Carson Dodge.

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Leasing ActivityMidwestOhioRetail

Eight New Retailers to Open at Easton Town Center in Columbus

by Kristin Harlow

COLUMBUS, OHIO — Eight new retailers with a focus on men’s fashion are opening soon at Easton Town Center, which is home to more than 250 fashion, dining and entertainment offerings in Columbus. Now open is Allen Edmonds, a U.S.-based manufacturer of premium men’s footwear and accessories. The Madewell store is now offering Madewell Men’s. Coming soon to the property are first-in-Ohio locations for Faherty, Peter Millar, State & Liberty, Suitsupply and Todd Snyder. Additionally, the first Vuori store in Columbus will debut.

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DevelopmentMarylandMixed-UseRestaurantRetailSoutheast

SJC Ventures Unveils Plans for $100M Transformation of Harford Mall Site in Metro Baltimore

by John Nelson

BEL AIR, MD. — SJC Ventures has unveiled plans for a $100 million transformation of the Harford Mall site located in Bel Air, roughly 23 miles north of Baltimore. The redevelopment is a partnership between the Atlanta-based mixed-use development firm and the mall owner, Chattanooga, Tenn.-based CBL Properties. Upon approval by the Bel Air Economic and Community Development Commission, the redevelopment project will feature 48,000 square feet of open-air retail, restaurants and amenities that will replace a former Macy’s store, as well as a 35,000-square-foot grocery store. If approved, the new development will complement SJC’s project on the mall’s former Sears parcel, as well as the multifamily development adjacent to the former Sears. SJC Ventures also plans to incorporate pedestrian walkways for enhanced connectivity, pocket parks and open gathering spaces at the Harford Mall site.

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