SALEM, MASS. — MassHousing has provided $22 million in financing for two affordable housing redevelopment projects in Salem, located north of Boston. The borrower, North Shore Community Development Coalition, will convert two former school buildings near the downtown area into affordable housing complexes that will add 61 units to the local supply. The building at 160 Federal St. will have 32 age-restricted units that will come in studio, one- and two-bedroom floor plans and will be reserved for renters earning between 30 and 60 percent of the area median income (AMI). The building at 13 Hawthorne Blvd. will house 29 units in the same formats that will be earmarked for households earning between 30 and 80 percent of AMI. ICON Architecture is leading design of the redevelopments, which will be known as Residences at St. James Place and Hawthorne Lofts, respectively. NEI General Contracting is leading construction, which is slated for a late 2025 completion.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has completed Park Lane Senior Apartments in The Bronx. The 154-unit, age-restricted development is located in the borough’s Soundview neighborhood, and about a third (53) of the residences are reserved for households earning 50 percent or less of the area median income. In addition, 30 percent of the units are set aside for seniors who were formerly homeless. Amenities include a tenant lounge and indoor/outdoor recreational spaces.
NEWARK, DEL. — CBRE has negotiated a 128,000-square-foot industrial lease in Newark, Del. The tenant is an undisclosed medical technology group, and the space is located within Building F of First State Logistics Park, a three-building, 1 million-square-foot industrial development that sits on a 149-acre site. Paul Touhey and Dan Rattay of CBRE, along with internal agents Mark Glagola and Tim Shaw, represented the landlord, Chicago-based Logistics Property Co., in the lease negotiations. The deal brings the park to about 75 percent occupancy.
HAWTHORNE, N.Y. — Locally based developer Robert Martin Co. has broken ground on a 71,098-square-foot industrial flex project in Hawthorne, located north of New York City in Westchester County. The site at 14-16 Skyline Drive is located within Mid-Westchester Executive Park, and the development will consist of two buildings totaling 34,738 and 36,360 square feet. Completion is scheduled for the third quarter of 2025.
RARITAN, N.J. — Men’s apparel retailer DXL Big + Tall has signed a 6,170-square-foot retail lease at Somerville Circle Shopping Center in Raritan, located roughly midway between Trenton and Newark. Vanessa Kelty of Levin Management Corp. represented the undisclosed landlord in the lease negotiations. Alison Horbach of RIPCO Real Estate represented the tenant. The deal brings the 150,000-square-foot center to full occupancy.
REDLANDS, CALIF. — Majestic Realty Co. Capital Markets has secured loans totaling $118.9 million for the refinancing of two shopping centers located in Redlands. Situated within a 100-acre mixed-use development, the properties — Mountain Grove Shopping Center and Citrus Plaza Shopping Center — together comprise roughly 1 million square feet. A life insurance company provided first trust deed loans of $62.4 million and $56.5 million, respectively, for the centers, which Majestic Realty Co. and affiliates developed and manage. Tenants at the properties include Target, Harkins Theaters, Aldi, Nordstrom Rack, Kohl’s, Hobby Lobby, T.J. Maxx, HomeGoods, Ross Dress for Less, Ulta Beauty, Nike and Barnes & Noble.
SACRAMENTO, CALIF. — Manulife US REIT has completed the disposition of 400 Capitol Mall, a 29-story Class A office tower in downtown Sacramento. PacWest Equities, an affiliate of Buzz Oates, acquired the asset for $117 million. The 501,308-square-foot property has maintained a nearly 90 percent historical occupancy over the past 25 years. Tenants include Wells Fargo, Morgan Stanley, PWC, Deloitte and Orrick. The tower features a five-story, 1,094-space parking garage, valet parking, car detailing, a fitness center with locker rooms and saunas, a private outdoor pool, conference center facility and a high-end ground-floor restaurant and café. Adam Lasoff, Rob Hielscher, Erik Hanson and Caroline Reynolds of JLL Capital Markets Investment Sales and Advisory team represented the seller in the deal.
PHOENIX — Santa Monica, Calif.-based Karney Properties has purchased a freestanding cross-dock industrial building in Phoenix for $69.5 million. Will Strong, Michael Matchett and Molly Hunt of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West represented the undisclosed seller in the deal. The Home Depot fully occupies the 400,000-square-foot property as a return center. Located at 7200 W. Buckeye Road, the building features a fully air conditioned warehouse, high-speed fans, equipment on every door, a gated and security station-controlled yard area, approximately 4.5 percent of office space and four acres of excess trailer parking that was customized by and for the tenant.
SANTA ROSA, CALIF. — Interstate Equities Corp. (IEC) has acquired 888 Fourth St. Apartments, a multifamily property in downtown Santa Rosa, from a private individual for $38 million, or $350,000 per unit. At the time of sale, the 108-unit property was approximately 50 percent occupied. The IEC investment team and Philip Saglimbeni of Institutional Property Advisors handled the all-cash transaction.
SAN JOSE, CALIF. — JLL Capital Markets has arranged $30.2 million in refinancing for Monte Alban Apartments, an affordable housing complex in San Jose. The borrower, The John Stewart Co., received a 35-year, fixed-rate HUD 223(f) cash-out refinancing loan. The refinancing allows for $47,000 per unit in property renovations and upgrades. Located at 1324 Santee Drive, Monte Alban Apartments was built in 1970 and renovated in 2006. The property offers 192 garden-style one-, two-, three- and four-bedroom apartments spread across 12 buildings. Amenities include a community room, laundry facilities, an exercise room, basketball court, two swimming pools and two playgrounds. The community maintains 100 percent occupancy with many long-term tenants and provides rents 40 percent to 60 percent below market rates. Anson Snyder led the JLL Capital Market’s Debt Advisory team in the refinancing.