BOSTON — Colliers International has brokered the sale of a medical office building located at 147 Milk St. in Boston. Multi-Employer Trust, advised by Bentall Kennedy, purchased the property form an affiliate of Lexington Realty Trust for $33.2 million. The 52,337-square-foot building is fully leased to Atrius Health, parent of Harvard Vanguard Medical Associates. Doug Jacoby, Scott Dragos, Tony Hayes, Tim Mulhall and Dan Hines of Colliers represented the seller and secured the buyer.
NEWTON, N.J. — Marcus & Millichap has arranged the sale of Brookside Terrace, an apartment complex located on 7.2 acres at 33 Mill St. in Newtown. The property was sold for an undisclosed sum. Built in 1976, the 222-unit HUD property consists of a 10-story high-rise building and townhouses. Andrew Townsend, Ridge MacLaren, Clarke Talone of Marcus & Millichap represented the seller and procured the buyer. The names of the seller and buyer were not released. J.D. Parker of Marcus & Millichap was the firm’s broker of record in New Jersey.
NEW YORK CITY, AND JERSEY CITY, N.J. — Arbor Commercial Mortgage has funded four loans for properties in New York City and Jersey City totaling $29.8 million. Ari Short of Arbor’s New York office originated the loans, which were funded under the Freddie Mac Small Balance Loan program. The firm provided a $12.6 million loan to a three-property, 97-unit multifamily portfolio in the Bronx. The 20-year refinance loan features a 30-year amortization schedule. In the second loan, Eastern Parkway Portfolio, a five-property, 49-unit multifamily portfolio in Brooklyn, received $9.6 million in financing. The 20-year refinance loan features a 30-year amortization schedule. In the third deal, a 23-unit multifamily property located at 429 Lenox Ave. in New York City received a $5.1 million loan. The 20-year refinance loan features a 30-year amortization schedule. In Jersey City, Arbor provided a $2.4 million loan to a 27-unit multifamily property located at 112-118 Tonnele Ave. The 20-year refinancing features a 30-year amortization schedule.
LOS ANGELES — MWest Holdings has purchased the San Fernando Building, an 89,500-square-foot building in the Old Bank District of downtown Los Angeles, for $37 million. The historic building was originally constructed in 1907 as an office building. It was converted into 70 large, loft-style multifamily units with about 11,500 square feet of ground-floor retail and restaurant space in 2000. The San Fernando Building is located at 400 S. Main St. It is currently 92 percent leased. The building has also been featured in several films, including Bull Durham and 500 Days of Summer. Fred Cordova, Lee Shapiro, Ryan Eddy, Justin Weiss, Michael Puleo and Jake Sachse of Kennedy Wilson represented the seller, Gilmore Associates, in this transaction. Mesa West Capital provided the $21.6 million acquisition loan for the property. Sklar Kirsh was the legal representation for MWest Holdings, while Shumaker Mallory represented Gilmore Associates in this transaction.
GIG HARBOR, WASH. — Emerald Communities, a Seattle-based operator, has started construction of Heron’s Key, a 275-unit continuing care retirement community (CCRC) in Gig Harbor, approximately 40 miles southwest of Seattle. Being built on 18 acres of woodlands in the Harbor Hill neighborhood of Gig Harbor, Heron’s Key is more than 70 percent pre-leased. The first construction phase will include 194 apartment and cottage homes, 36 assisted living suites and 45 private skilled nursing rooms. Amenities built during this phase include multiple dining venues, a salon and barber shop, massage and day spa, nature walking trails and pond, fitness center, and onsite health center. This will be the first CCRC in the county, and the largest project ever built in Gig Harbor, according to Emerald Communities. The first phase is slated to open in early 2017.
CARSON, CALIF. — KTGY Architecture + Planning has unveiled the design for Vintage Real Estate’s retailer expansion at SouthBay Pavilion, a 1.2 million-square-foot enclosed shopping center located in the Los Angeles suburb of Carson. KTGY worked with Vintage Real Estate to redesign the mall’s over-all lease plan to make way for a new 17,000-square-foot F21 RED store, and new retail and food tenants, as well as new flooring, restrooms and other upgrades to the property. The firm adapted Forever 21’s F21 RED brand for the new SouthBay Pavilion store, which includes floor-to-ceiling display window boxes, textured wall treatments and red metal panels. The expansion includes food concepts Wing Stop, Jamba Juice, Chile Verde Mexican Food and health retailer Vitamin World. The anticipated completion date for the redevelopment is early 2017.
CANOGA PARK, CALIF. — Charles Dunn Co. has arranged the acquisition of a single-tenant retail property located at 8232 De Soto Ave. in Canoga Park. A private investor from Orange County acquired the 3,139-square-foot property from a Los Angeles-based private investor for $2.9 million, or $948 per square foot. Built in 2001, the property is triple-net leased to Wendy’s. Kyle Gulock and Jason Cope of Charles Dunn Co. represented the buyer, while Sands Investments Group represented the seller.
TORRANCE, CALIF. — Irvine, Calif.-based The Muller Company has signed 24 Hour Fitness to Del Amo Crossing, a 422,000-square-foot, mixed-use complex located at 21515 Hawthorne Blvd. Designed by Nadel Architects, the two-story 24 Hour Fitness will be located in a new 44,000-square-foot building, which will be adjacent to the existing office structure. The $22 million, 15-year lease will be the chain’s first super sport club in the area. Construction is slated to begin in the first quarter of 2017, the fitness center is slated to open in late 2018. Bryan Norcott of Savills Studley represented 24 Hour Fitness, and Chris Sinfield and Leslie Mayer of Cushman & Wakefield represented The Muller Company.
GLENDALE, CALIF. — Century West Partners will break ground today on Next on Lex, a $280 million, mixed-use multifamily development located in the Los Angeles suburb of Glendale. The transit-oriented development, located at 201 Lexington Drive, will occupy a full block and will feature four, six-story buildings that include a mix of one-, two- and three-bedroom units and studio lofts. The property will also offer 10 live-work units, as well as three levels of underground parking with space for 753 cars and 152 bicycles. Next on Lex will include 8,140 square feet of retail space, which will be occupied by a Citibank branch alongside other tenants. Amenities at Next on Lex will include outdoor living areas; pools and hot tubs; landscaped courtyards including a rooftop deck and sky lounge; multiple sun decks; and a variety of community spaces. The property will also feature an onsite business center; yoga studio and fitness center; a media room; game room; private massage room; and party room and kitchen. Demolition on the existing office building on-site took place in April, according to reports by the Los Angeles Times. Santa Monica, Calif.-based Killefer Flammang Architects (KFA) designed the project. Chicago-based W.E. O’Neil Construction is the …
LOWELL, MASS. — WinnDevelopment has secured financing to transform the 170-year-old Adden Building, a historic mill in Lowell, into market-rate apartments. The $15.5 million adaptive reuse project will complete a three-building residential development effort for the 15-acre Hamilton Canal District. Construction of the 88,000-square-foot building is expected to start immediately, with completion slated for summer 2017. Designed by The Architectural Team, the project will feature 73 market-rate apartments and two units restricted to households with incomes at or below 60 percent of area median income. The unit mix will be 47 one-bedroom units, 11 one-bedroom units with dens and 17 two-bedroom apartments. The project is a joint venture between WinnDevelopment, Banc of America CDC and the Architectural Heritage Foundation. Dellbrook Construction is serving as general contractor for the project, which is situated between the 52-unit Counting House Lofts and the 173-unit Loft Two Seven.