NEW YORK CITY — Courier Health Inc. has signed a 15,038-square-foot office lease in Manhattan’s NoMad district. The locally based healthcare technology company will occupy the entire third floor of 135 Madison Avenue, a 175,200-square-foot building that was originally constructed in 1911. Max Koeppel of Koeppel Rosen represented the landlord in the lease negotiations on an internal basis. Jacob Wolkenfeld of Norman Bobrow & Co. represented Courier Health.
GRESHAM, ORE. — USA Properties Fund and Northwest Housing Alternatives have completed Terracina Vista, an affordable housing community in Gresham, approximately 10 miles from downtown Portland. Located at 16503 E. Burnside St., Terracina Vista offers 92 one-, two- and three-bedroom apartments for residents earning less than 60 percent of the area median income. Apartments feature energy-efficient appliances and lighting and low-flow faucets, showers and toilets. Community amenities include a community room, computer workstations, indoor bike storage, elevators and laundry facilities. Funding for Terracina Vista was made possible by a private-public partnership with the City of Gresham, Oregon Housing and Community Services and Oregon Metro as subsidy lenders. WNC & Associates is the tax credit investor on the $43 million development. Capital One was the construction lender, with Citi Community Capital as the permanent lender.
CARLSBAD, CALIF. — Pacific Development Partners has completed the sale of an 85,000-square-foot office building, located at 1265 Laurel Tree Lane in Carlsbad, to Sharp HealthCare for $31 million. Lars Eisenhauer and Dan Henry of CBRE, along with Greg Lewis and Steven Field of JLL, represented the seller, while Mike Labelle of Cushman & Wakefield represented the buyer in the transaction. Initially developed for the 24 Hour Fitness corporate headquarters, the three-story property features a ground-floor fitness facility and two floors of corporate office space. Sharp HealthCare plans to convert the top floor into a Sharp Rees-Stealy outpatient clinic with immediate occupancy and grow into the balance of the building over time. 24 Hour Fitness will continue to operate out of the first and second floors until the phased conversion is complete.
GILBERT, ARIZ. — Kidder Mathews has arranged the $13 million sale of Lindsay Square, a 46,728-square-foot neighborhood shopping center located in Gilbert, a suburb of Phoenix. Tenants at the property include a mix of service-oriented retailers such as a daycare, fitness center, veterinary clinic, dry cleaner and specialty schools, as well as various restaurants. Jenette Bennett and Michelle Gardner of Kidder Mathews represented the buyer, a Washington-based family investment firm.
SAN FRANCISCO AND IRVINE, CALIF. — BRIDGE Housing and Avanath Communities have jointly formed an affordable and workforce housing property management company called Brighthaven Communities. Initially, Brighthaven will provide property management services to the two organizations’ combined portfolio of properties, which totals approximately 30,000 affordable homes across 15 states. The new company plans to extend its services beyond the partners’ own properties to include other nonprofit and for-profit owners of affordable and workforce housing communities. Brighthaven will be governed by a six-member board with equal representation from both organizations. Avanath is an Irvine-based private investment firm, and BRIDGE is a nonprofit affordable housing owner and developer headquartered in San Francisco.
PHOENIX — A partnership between Dorn Properties and Far Western Properties has completed the disposition of Parkway Apartments in Phoenix to Parkway Apartments LLC for $4.5 million, or $125,000 per unit. Located at 5407 W. Glenrosa Ave., Parkway Apartments offers 35 two-bedroom/two-bath units and a one-bedroom/one-bath unit. All apartments are individually metered for electricity and feature large private front patios. The community was built in 1963. Brian Smuckler and Derek Smigiel of JLL represented the seller in the deal.
ELKHART, IND. — Merchants Capital has arranged $70 million in financing for the construction of Flats at Pinecreek, a 252-unit workforce housing development in Elkhart. Holladay Properties is the developer. Merchants Capital secured a $35 million Freddie Mac Forward Commitment permanent loan and a $35 million construction loan provided by Merchants Bank. Flats at Pinecreek will be supported via an 18-year tax-increment financing structure. Roughly 25 percent of the units will be reserved for residents earning between 60 and 80 percent of the area median income, with the remaining units provided at market rate. Flats at Pinecreek will include seven three-story buildings and a clubhouse. There will be 126 one-bedroom units, 105 two-bedroom units and 21 three-bedroom residences. Amenities will include a fitness center, pool, dog park, lounge and coffee bar, grill stations and a package delivery hub. Construction has commenced, and completion is slated for January 2027.
WARREN, OHIO — CBRE has negotiated the $9.4 million sale of a 94,000-square-foot industrial research and development facility in Warren, a city in eastern Ohio. CBRE’s Steve Timmel, Will Roberts and George Stevens represented the seller, Industrial Commercial Properties. An entity doing business as PG Warren Industrial LLC was the buyer. Built in 1998 and renovated in 2014, the building at 4551 Research Parkway features a clear height of 22 feet, 10 drive-in doors and a reinforced concrete foundation on an 11.9-acre site. The property was fully occupied by Aptiv at the time of sale and is part of the company’s broader Warren campus.
HALES CORNERS, WIS. — Marcus & Millichap Capital Corp. (MMCC) has secured an $8 million loan for Hales Corners Plaza, a 94,207-square-foot retail center in the Milwaukee suburb of Hales Corners. The property is fully leased to tenants such as Great Clips, AT&T, a nail salon and a physical therapy clinic. Michael Hughes of MMCC arranged the financing on behalf of the private client. A credit union provided the five-year loan, which features a 75 percent loan-to-value ratio, 6 percent interest rate and 30-year amortization period.
MINNEAPOLIS — Zimmerman Reed has signed a long-term renewal of its 15,179-square-foot lease at IDS Center, a Class A office building in downtown Minneapolis. Kevin Salmen and Danny Callahan of Transwestern Real Estate Services represented the law firm, which has been headquartered at IDS Center since 2011. The firm plans a full-scale renovation of its space. Jon Dahl of JLL represented the landlord, Accesso.