NEW YORK CITY — Tutor Perini Corp. has signed a 27,990-square-foot, six-year office lease in Midtown Manhattan. The general contractor will occupy part of the eighth floor at 520 Eighth Avenue and the entire ninth floor at 266 West 27th Street, two interconnected buildings that share a lobby. Matthew Mandell of GFP Real Estate represented the landlord in the lease negotiations on an internal basis.
FOLSOM, CALIF. — Northmarq has provided a $53.7 million Fannie Mae loan for the refinancing of Fairmont at Willow Creek, a garden-style apartment community in Folsom. Joe Giordani, Alex Kane, Brendan Golding and Alvin Cao of Northmarq originated the financing for the borrower, CWS Capital Partners. The transaction was structured with a five-year term and full-term interest-only payments. The loan features a 70 percent loan-to-value ratio and a 35-year amortization for sizing purposes. Located at 200 S. Lexington Drive, Fairmont at Willow Creek features 260 one- and two-bedroom apartments with custom kitchens, in-unit washers/dryers and private patios or balconies. Community amenities include a clubhouse, swimming pool, spa, fitness center and dog park.
WEST VALLEY CITY, UTAH AND ENGLEWOOD, COLO. — Westcore has completed the disposition of The Raceway Commerce Center in West Valley City and Potomac Park I & II in Englewood to a partnership between Hyde Development and Mortenson Properties for an undisclosed price. Jeff Chiate, Will Strong, Michael Matchett, Phillip Eilers and John Schreck of Cushman & Wakefield, along with Joe Cesta, Tyler Carner and Jeremy Ballenger of CBRE, represented the seller and procured the buyer in the transaction. The properties are part of the National Core Industrial Portfolio, a multi-state portfolio totaling 2.4 million square feet across eight assets in six states. Located at 6057 W. SR-201 Frontage Road and 2234 S. 5900 West in West Valley City, The Raceway Commerce Center offers 397,894 square feet of industrial space with a clear height of 32 feet, expansive truck courts and LED lighting. Located at 7955 and 7901 S. Potomac St. in Englewood, Potomac Park I & II offer 28-foot to 30-foot clear heights, dock-high and drive-in loading and ESFR fire sprinklers.
LOS ANGELES — A partnership between John Stanley Inc. and Concerned Citizens Community Involvement known as Southside LA Housing Partners has opened a new affordable seniors housing development in South Los Angeles. John Stanley Inc. and Concerned Citizens Community Involvement co-developed the community, Serenity Apartments, which totals 50 units reserved for residents age 62 and older with incomes at or below 30 to 60 percent of the area median income. Nine units are reserved for individuals who require mobility accommodations, with five designed for residents with hearing and vision disabilities and 36 reserved for previously homeless seniors. One unit is reserved for an onsite manager. The property, formerly known as Southside Seniors, is situated on land provided by Southside Church through a land lease. Trillium will manage Serenity Apartments. Amenities at the community include a lounge, courtyard with a barbecue area, kitchen, computer lab, gym and laundry facilities. The development also features 1,600 square feet of ground-floor commercial space and a 100-car garage. In partnership with R4 Capital Funding, Western Alliance Bank invested $22.2 million in tax-exempt and taxable construction-to-permanent multifamily housing revenue bonds to finance the project.
LAS VEGAS — RA Centers has arranged $20 million in financing for Cheyenne Point Plaza, a 111,809-square-foot neighborhood center located in Las Vegas. Mariana’s Supermarkets anchors the center, which is fully leased. Other tenants include Dollar General, Intermountain Healthcare, Taco Bell, Panda Express and Subway. Raymond Arjmand and Nader Arjmand of RA secured the financing through JP Morgan.
CRESCENT CITY, CALIF. — LRE & Co. has obtained approval from the Del Norte County Planning Department for a retail development at 915 Washington Blvd. in Crescent City. Situated on an 87,120-square-foot site, the project will feature 12,000 square feet of retail space, including a quick-service restaurant building, two retail shop pads with drive-thru capabilities, multiple inline tenant spaces and two additional drive-thru pads. Construction is slated to start in early 2026.
ALGONQUIN, ILL. — Red Mountain Group Inc. has sold Algonquin Commons, a 548,000-square-foot retail power center in the Chicago suburb of Algonquin. Nuveen Real Estate was the buyer. Located along Randall Road, Algonquin Commons is home to tenants such as Trader Joe’s, The Fresh Market, Nordstrom Rack, Bob’s Furniture, Ulta Beauty, Old Navy, Dick’s Sporting Goods and Barnes & Noble. Red Mountain Group has focused on repositioning and restabilizing the center since its acquisition. Occupancy increased from 60 percent to more than 90 percent. Bill Bauman of Newmark represented Red Mountain Group in the sale.
COLUMBUS, OHIO — Hammes has broken ground on OhioHealth Hall, an 80,000-square-foot academic building for healthcare education at Columbus State Community College in Columbus. The facility will feature labs, simulation spaces, classrooms and student amenities. The project, announced in June 2023, is a partnership with OhioHealth. Hammes Healthcare will serve as Columbus State’s project manager and owner’s representative. The architect is Moody Nolan, and Elford is serving as the construction manager.
NOBLESVILLE, IND. — Marcus & Millichap has brokered the $4.8 million sale of a newly built retail property occupied by Wawa in the Indianapolis suburb of Noblesville. Located at 2701 Westfield Road, the 5,915-square-foot asset features a new 20-year absolute NNN ground lease corporately guaranteed by Wawa Inc. The store, which opened in May, is positioned at the entrance to Midland Pointe, a $72 million development with luxury apartments and more than 40,000 square feet of retail space. Don McMinn and Andrew Koriwchak of the Taylor McMinn Retail Group of Marcus & Millichap represented the seller, a Florida-based developer, in association with Josh Caruana, the firm’s broker of record in Indiana. The buyer was undisclosed.
CRYSTAL LAKE, ILL. — Premier Commercial Realty has arranged the $2 million sale of a six-building industrial portfolio in the Chicago suburb of Crystal Lake. Totaling nearly 40,000 square feet, the multi-tenant properties were built by John Yazel in the 1970s. Bruce Kaplan and Heather Schweitzer of Premier brokered the transaction. An Indiana-based investor purchased the portfolio with plans to make necessary improvements and lease up any vacant spaces.