SOMERVILLE, N.J. — Marcus & Millichap has arranged the $4.2 million sale of a 10-unit apartment building in Somerville, about 50 miles southwest of Manhattan. The building at 28-32 W. Main St. offers one- and two-bedroom units and houses two retail spaces that are occupied by a bank and an art gallery. Brent Hyldahl and Alan Cafiero of Marcus & Millichap represented the undisclosed seller in the transaction and procured the buyer, Harborpoint Residential.
MINNEAPOLIS — Lupe Development has opened Wirth on the Woods, a $52 million seniors housing campus near Theodore Wirth Park in Minneapolis. The project includes 100 units of affordable seniors housing in a six-story building named The Theodore and 100 units of market-rate seniors housing in a six-story building named The Eloise. The development also includes a new regional storm pond, outdoor classroom and play area for the adjacent Anwatin Middle and Bryn Mawr Elementary schools. The two seniors housing buildings feature shared amenities such as an outdoor courtyard, garden and greenhouse. The affordable housing component was made possible with the Livable Communities Demonstration funds from Metropolitan Council, as well as loans, grants and funding participation from the City of Minneapolis, Hennepin County and the Minnesota Housing Finance Agency. Investors in the project included Great Southern Bank and Raymond James Investments. The Eloise was privately funded, and Great Southern Bank served as the senior lender. Frana Cos. was the general contractor. Wirth on the Woods is the result of master planning between Lupe Development and Swervo Development Corp. The master plan created more than 200 additional market-rate units in a combination of lofted units and townhomes called the Pennhurst Collective. …
CHICAGO — JT Magen has completed construction of a two-story retail space for Cartier in Chicago. The luxury goods and jewelry company relocated to 15 Oak St. JT Magen served as construction manager for the retail build-out, overseeing all aspects of budgeting, procurement of materials, managing subcontractors and conducting the final handover of the completed project. The firm also spearheaded the structural design for the base building requirements and those of the storefront. JT Magen collaborated with the Cartier team as well as Atmosphere Design Group, Henderson Engineering and Turner Townsend. The new Cartier boutique features a white oak staircase and a custom internal elevator cab.
BLAINE, MINN. — Transwestern Real Estate Services has brokered the $4 million sale of a 46,800-square-foot office building in Blaine, a northern suburb of Minneapolis. Located at 3680 Pheasant Ridge Drive NE, the property was vacant at the time of sale but formerly housed the Minnesota School of Business. Eric Rapp of Transwestern represented the seller, M5 Built Holdings-Blaine LLC. The buyer, East Blaine Community Center, plans to fully renovate the building. The owner will utilize the building’s classrooms and large gathering spaces as a religious community center.
MILWAUKEE — Marcus & Millichap has negotiated the $3.6 million sale of Grand Riverside Residences in Milwaukee’s Third Ward. The building features 16 apartment units and two retail spaces. Located at 225-229 N. Water St., the property was originally constructed in 1900 and renovated in 2006. The retail spaces are home to Sevva Salon and fitness studio Barre3. Matthew Whiteside of Marcus & Millichap represented the buyer and seller, neither of which were disclosed.
LAWRENCEVILLE, ILL. — The Boulder Group has arranged the $1.1 million sale of a 10,093-square-foot retail property net leased to CVS in Lawrenceville, a city in southeast Illinois. The building is located at 1421 State St. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, an Illinois-based partnership. The buyer was a West Coast-based individual investor. CVS has occupied the property since 2005.
VANCOUVER, WASH. — Kennedy Wilson has partnered with Haseko Corp. to purchase The Farmstead and Villas at 28th Street for $90 million. Both apartment communities are located in Vancouver, just across the Columbia River from Portland, Oregon. The name of the seller was not released. Totaling 350 units, the recently completed properties feature diverse floor plans across three unit types, as well as a variety of amenities, including secure gated access, fitness centers, dog parks, a pickle ball court, pet wash stations, natural green space and walking trail. The assets are located within five minutes of each other and within 10 minutes of Portland.
PHOENIX — Newmark has arranged the $86.1 million all-cash sale of 24th at Camelback, an office asset in Phoenix’s Camelback corridor. Barry Gabel, Chris Marchildon, CJ Osbrink and Kevin Shannon of Newmark represented the seller, an institutional owner. The buyer was a family office based abroad. Located at 2375 E. Camelback Road, the eight-story 24th at Camelback offers 308,481 square feet of office space. Developed by Hines in 2000, the property features a fitness center, onsite dining options, shared tenant conference facilities, 24/7 security, two subterranean levels of parking and a detached, six-level, above-grade parking structure.
RIVERSIDE, CALIF. — Rockefeller Group has begun construction of Sycamore Hills Distribution Center situated on 34.6 acres in the Inland Empire city of Riverside. Totaling 603,100 square feet, the project will include a 400,000-square-foot building and a 203,100-square-foot building. The two buildings will offer 36-foot clear heights, 56-foot by 60-foot column spacing, 623 auto parking spaces and 155 trailer parking spaces. As part of the development, Rockefeller Group will develop and then donate a 1.2-acre trailhead parking lot north of the property that will provide hiking and mountain biking access to the Sycamore Canyon Wilderness Park. The trailhead parking lot will include 52 parking stalls, a seating area, drinking fountain and bike repair stand that will be dedicated in fee title to the City of Riverside upon completion. JPMorgan Chase provided $87.2 million in construction financing for the project, which is slated for completion in early 2025. The project team includes HPA Architects, Kimley-Horn, Fullmer Construction and ECM Management. Bill Heim, Alex Heim, Michael Chavez, Mario Calvillo and Finn Comer of Lee & Associates’ Ontario office will oversee leasing of the project.
ANCHORAGE, ALASKA — PACE Loan Group (PLG) has completed the third tranche of C-PACER financing for The Aviator Hotel in downtown Anchorage. With this round of $10 million financing, the hotel has received $16.7 million in Commercial Property Assessed Clean Energy & Resilience (C-PACER) loans to support the renovations and upgrades to the 1970s-era hotel, which is being redeveloped into a modern, Class A hotel. Once the renovation is complete in late 2024, The Aviator Hotel will have 250 rooms and suites, a retail store, coffee shop, brewery, bar and a restaurant with year-round outdoor deck with views of Denali, the highest mountain peak in North America. Renovation of the property began in 2022. To date, 61 room updates have been completed. Renovations include energy conservation measures, including HVAC upgrades, building envelope, water fixtures, lighting, insulation, snow-load management and energy-efficient heating. The conservation measures are expected to save an average of $259,773 in energy costs annually over the next 30 years, and the resilience improvements will increase the building’s resistance to extreme weather events. Matthew McCormack of PLG originated the C-PACER loans, which required collaboration with other municipal and private funding sources.