NEWBURGH, N.Y. — Customers Bank has provided a two-year, $13 million bridge loan for the refinancing of a 348,352-square-foot industrial building in Newburgh, about 70 miles north of New York City. Built in 1985, the facility at 3 Enterprise Drive features 37 dock-high loading doors, six drive-in loading doors, a clear height of 24 feet, 81 parking spaces and 5,000 square feet of office space. Local investment firm GFP Real Estate owns the building, which was fully leased at the time of sale to FedEx and organic food distributor UNFI.
SOMERVILLE, MASS. — Locally based general contractor Nauset Construction has completed a 59-unit multifamily project in Somerville, located just outside of Boston. Designed by ICON Architecture, the project represents the second phase of a larger development known as Union 346 and houses one-, two- and three-bedroom units, with 11 residences set aside as affordable housing. Amenities include a rooftop deck, fitness center, lounge, outdoor grilling and dining spaces and a dog wash station. A joint venture between John M. Corcoran & Co., The Grossman Companies and SMT Development owns Union 346, the first phase of which comprised 94 units.
NEW YORK CITY — Marcus & Millichap has brokered the $6.8 million sale of a two-building, six-unit apartment complex located at 164-166 7th Ave. in the Park Slope neighborhood of Brooklyn. The complex was constructed in 1921, offers three-bedroom units and includes a retail space that is occupied by Starbucks Coffee. Matt Fotis of Marcus & Millichap represented the seller and buyer, both of which were private investors that requested anonymity, in the transaction.
NEW YORK CITY — Jay Suites, a provider of flexible workspace solutions, has signed a 12-year, 60,000-square-foot lease extension in Midtown Manhattan. The space spans three full floors at 515 Madison Avenue, a 42-story, 370,000-square-foot structure that is known locally as the Dumont Building, with the 10th floor dedicated to the company’s conference brand. Jeffrey Gural of GFP Real Estate, which owns the building, represented both the tenant and landlord in the lease negotiations.
IRVINE, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of 2400 Barranca, a 4.9-acre redevelopment site within Irvine Business Complex (IBC) in Irvine. Gemdale USA sold the asset to Irvine Community Land Trust, in partnership with USA Properties, for $26.5 million. The site offers a variety of development opportunities from for-sale townhomes to industrial redevelopment. According to IPA, the City of Irvine’s 2045 General Plan includes a new residential housing overlay that will target 15,000 new housing units in the IBC and eliminate the need for a site-specific environment impact report, zone change or amendment to the master plan and city council vote to stimulate new high-density housing developments in locations where multifamily housing is needed. Kevin Green, Joseph Grabiec, Gregory Harris and Mark DeGiorgio of IPA represented the seller and buyer in the transaction.
MISSION VIEJO, CALIF. — Bolour Associates has completed the disposition of Cerro, a Class A creative office property fronting Interstate 5 in Mission Viejo, for $23.9 million. The name of the buyer was not released. Situated on 3.8 acres at 27401 Los Altos, the four-story building offers 71,464 rentable square feet and ample free surface parking. Nearly half of the building’s leases represent credit tenant commitments by organizations, including Pulte Homes and the U.S. General Services Administration, with almost 70 percent of tenants leased through at least 2028. Since acquiring the building in 2018, Bolour completed a renovation, including a Wi-Fi enabled lobby and outdoor patio, elevator modernization, common area corridors and restrooms, and exterior hardscape and landscaping. Additionally, Bolour completed multiple speculative creative office suites, providing move-in-ready spaces. Simon Dillon, Justin Hill and Reid Weaver of CBRE are handling leasing for the property. Blake Bokosky and Will Poulsen of JLL served as investment sale advisors for the transaction.
TUCSON, ARIZ. — Tucson-based Mister Car Wash has purchased a 23,550-square-foot retail property in Tucson from Oracle Partners for $3.2 million. The buyer plans to start redevelopment of the building, which was formerly occupied by BevMo, this quarter. The asset is situated on 1.6 acres at 46446 N. Oracle Road. Aaron LaPrise and Greg Furrier of Cushman & Wakefield | PICOR represented the buyer in the transaction. Furrier also represented the seller.
CAMERON PARK, CALIF. — SRS Real Estate Partners has arranged the ground lease (land ownership) acquisition of a Dutch Bros asset in Cameron Park, a suburb of Sacramento, Calif. An Oregon-based investment group sold the building to a Sacramento-based private investor for $2.7 million. Dutch Bros occupies the 950-square-foot property on a new 15-year, absolute triple-net corporate-guaranteed lease. Built in 2024, the asset is located at 4085 Cameron Park Drive. Alexander Moore of SRS Capital Markets represented the buyer, which completed a 1031 exchange, in the transaction.
DENVER — Newmark has directed the sale of an industrial property at 6580 Federal Blvd. in Denver. Joseph Bogetich and Larry Brand sold the asset to 6580 Federal LLC for $1.4 million. Located at 6580 Federal Blvd., the building offers 5,288 square feet of industrial space. John Gustafson of Newmark represented the seller, while Engel & Volkers Denver represented the buyer in the deal.
CHICAGO — Habitat has received a $72.9 million Freddie Mac loan plus $29.5 million in equity from New York-based Torchlight Investors for the refinancing of Columbus Plaza in downtown Chicago. Torchlight Investors joins Habitat as an equity partner in the apartment property, which rises 47 stories with 534 units. Northmarq arranged the Freddie Mac loan. The refinancing replaces a $93 million loan from 2017 that matured in November. The new loan and capital structure enable Habitat and its partners to plan renovations and other capital improvements. Completed in 1980, Columbus Plaza comprises studio, one- and two-bedroom units. Monthly rents average from $1,700 to $3,350. The building was 95 percent leased at the time of loan closing. Onsite amenities include a fitness center, sunroom, business lounge, patio and bicycle storage. Located on East Wacker Drive, the asset features views of Lake Michigan and the surrounding downtown cityscape. Habitat was the original developer of the building and continues to serve as property manager.