NEW YORK CITY — Locally based brokerage firm Ariel Property Advisors has negotiated the $16.5 million sale of two apartment buildings totaling 110 units that are located at 226 and 259 W. 144th St. in Harlem. The elevator-served buildings both rise six stories and include one ground-floor commercial space between them. Victor Sozio, Shimon Shkury, Gabriel Elyaszadeh and Remi Mandell of Ariel represented the undisclosed seller in the transaction. The buyer was also not disclosed.
MIAMI — Benderson Development has purchased Shops at Midtown Miami, a 347,740-square-foot infill power shopping center located at 3401 N. Miami Ave. in Miami. Danny Finkle, Eric Williams, Jorge Portela and Kim Flores of JLL represented the seller in the transaction. The seller and sales price were not disclosed, but South Florida Business Journal reports that SITE Centers Corp. is the seller. Built in 2006, Shops at Midtown Miami spans more than 18 acres and is leased to tenants including Target, Ross Dress for Less, Dick’s Sporting Goods, Marshalls and HomeGoods. The property also features 2,860 structured garage parking spaces.
PITTSFIELD, MASS. — New Jersey-based intermediary Cronheim Mortgage has arranged a $7.4 million refinancing of Merrill Road Retail Plaza in the western Massachusetts city of Pittsfield. Built in 1971, the property was fully leased at the time of the loan closing to tenants such as T.J. Maxx, HomeGoods, Harbor Freight, Aspen Dental, Sally Beauty Supply and Planet Fitness. Andrew Stewart, Dev Morris and Brandon Szwalbenest of Cronheim arranged the 10-year loan on behalf of the borrower, Phoenix Realty Management.
DURHAM, N.C. — Trinity Capital Advisors and partner Nuveen Real Estate have sold Alexander Commerce Park, a three-building industrial property located along TW Alexander Drive in Durham’s Research Triangle Park. San Francisco-based Prologis acquired the park for an undisclosed price. Built in 2023, the development was fully leased at the time of sale to tenants including Upper Deck, Wolfspeed, Wesco and Running Logistics. The properties feature 32-foot clear heights, ESFR sprinklers, LED lighting and abundant auto and trailer parking. Pete Pittroff, Dave Andrews and Zachary Lloyd of JLL represented the seller in the transaction.
POOLER, GA. — Cohen & Steers Income Opportunities REIT (CNSREIT) has acquired Village on Pooler Parkway, a 142,000-square-foot shopping center located in Pooler, roughly 15 miles outside Savannah. CNSREIT purchased the center through a joint venture with Sterling Organization. Built in 2014, the property was fully leased at the time of sale. Tenants at the center include T.J. Maxx, Ross Dress for Less, Michaels, PetSmart, Panera Bread, Buffalo Wild Wings and Jersey Mike’s.
HENDERSON, KY. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a four-property portfolio in Henderson, located in western Kentucky along the Ohio River and approximately 11 miles south of Evansville, Ind. Known as the Colonial Portfolio, the properties in the transaction included Colonial Assisted Living (69 units), Colonial Court Independent Living (22 units), Colonial Senior Living (51 assisted living units) and Colonial Cottages (16 independent living units). The seller was a local owner that developed and operated the assets since their inception. The buyer was a Kentucky-based owner and operator looking to grow its portfolio strategically in western Kentucky. Ryan Saul and Daniel Geraghty led the transaction for SLIB.
KANSAS CITY, MO. — Brinkmann Constructors, in partnership with EPC Real Estate Group, has broken ground on 74 Broadway, a 280-unit apartment complex in Kansas City. Situated in the Waldo neighborhood, the 440,000-square-foot project will feature a clubhouse, six-story parking garage and ground-floor retail space. BRR Architecture is the project architect. A timeline for completion was not provided.
MINNEAPOLIS — Woda Cooper Cos. Inc. and Project for Pride in Living (PPL) have opened Shelby Commons, a 46-unit affordable housing community in the North Loop neighborhood of Minneapolis. The City of Minneapolis and Minnesota Housing each awarded the development Low-Income Housing Tax Credits (LIHTCs) to support primary financing. All of the units are reserved for households earning 30 to 80 percent of the area median income. Shelby Commons marks the first development in Minnesota for Ohio-based Woda Cooper. The four-story building features one-, two- and three-bedroom units along with a community room, central laundry and outdoor spaces such as a rooftop terrace, playground and community gardens. Underground parking is also available onsite. The property will feature two large murals now underway by local artist Jordan Hamilton in association with Juxtaposition Arts. The artwork symbolizes the neighborhood’s history and culture. PPL will provide optional supportive services for residents in the 12 units that are reserved for those who have faced housing insecurity and need assistance. Merchants Capital purchased the LIHTCs in exchange for equity financing. Security Bank and Trust provided a permanent first mortgage, and Huntington Bank provided a construction loan. CRW Architecture & Design Group and BKV Group were …
ANN ARBOR, MICH. — IPA Capital Markets, a division of Marcus & Millichap, has arranged a $17 million loan for the acquisition of a 62-unit student housing property adjacent to the University of Michigan’s main campus in Ann Arbor. Max Hulsh, Max Herzog, Marko Kazanjian and Andrew Cohen of IPA arranged the loan through A10 Capital on behalf of the borrower, Havenly Ventures, a New York City-based real estate investment firm that specializes in value-add acquisitions primarily in the student housing sector. The buyer plans to densify the property’s oversized two-bedroom units into four-bedroom units. The asset has maintained full occupancy for over 25 years.
SOUTH POINT, OHIO — Catalyst Healthcare Real Estate and Heitman have broken ground on a new 51,000-square-foot inpatient rehabilitation hospital in South Point along the Ohio River. The project marks the ninth hospital Catalyst has delivered for PAM Health, and the second in Ohio. The 42-bed facility will be fully leased and operated by PAM Health. The hospital will provide inpatient and outpatient physical, occupational and speech therapy services.