SAN DIEGO — Saca Capital has obtained a $91 million financing package from Rialto-Hines for One America Plaza, a Class A office tower at 600 W. Broadway in downtown San Diego. Saca Capital acquired the 34-story, 630,000-square-foot office tower from Irvine Co. Rob Rubano, J.P. LeVeque, Ernesto Sanchez and Lars Weston of Cushman & Wakefield represented the borrower in the financing.
CITY OF INDUSTRY, CALIF. — Bridge Logistics Properties has acquired San Jose 2-Pack, a two-building, 450,000-square-foot industrial portfolio in City of Industry within Los Angeles’ San Gabriel Valley submarket. Terms of the transaction were not disclosed. The fully leased complex includes a 250,000-square-foot facility and a 200,000-square-foot facility. Patrick Nally, Evan Moran, Ryan Spradling, Makenna Peter and Rustin Mork of JLL represented the undisclosed seller in the the transaction.
GLENDALE, ARIZ. — Wealhouse Capital Management has sold Summers Point in Glendale for $20 million. JLL represented Wealhouse and arranged acquisition financing for the transaction. The identity of the buyer was not disclosed. Summers Point was built in 1980 and features 16 buildings across 4.3 acres with a unit mix that includes studios, one- and two-bedroom apartments averaging 572 square feet. The former owner renovated 98 of the 164 units, leaving value-add potential for future renovations on the remaining 66 units. Renovated units feature white shaker cabinetry with brushed nickel hardware, vinyl wood plank flooring, stainless steel appliances and subway tile backsplashes. JLL Capital Market’s investment sales team was led by Brian Smuckler, Jeff Seaman, Derek Smigiel and Bryson Fricke.
SAN JUAN CAPISTRANO, CALIF. — Hanley Investment Group Real Estate Advisors has arranged the $9.2 million sale of Rancho Ortega Plaza, a 23,122-square-foot retail strip center located in San Juan Capistrano, roughly 55 miles south of Los Angeles. Starbucks Coffee anchors the two-story property, which was 89 percent leased at the time of sale. Other tenants include Tannins Wine Bar & Restaurant, Bella Nails and Ortega Dental Care. Rancho Ortega Plaza was built in 2004 on 2.2 acres. Kevin Fryman and Ed Hanley of Hanley Investment Group represented the seller, an Orange County, Calif.-based private investor. Michael Asarch of Asarch Commercial Endeavors represented the buyer, a Los Angeles-based private investor, in the transaction.
SALINE TOWNSHIP, MICH. — OpenAI, the creator of ChatGPT, has unveiled plans to build a new Stargate campus in Saline Township near Ann Arbor as part of its 4.5-gigawatt partnership with Oracle. Combined with capacity from OpenAI’s six previously announced U.S. Stargate sites with Oracle and SoftBank, this project brings Stargate to more than 8 gigawatts of planned capacity and more than $450 billion in investment over the next three years. In January, the company announced a $500 billion, 10-gigawatt commitment. Related Digital is developing the Stargate Michigan campus. Construction is expected to begin in early 2026 and create more than 2,500 union construction jobs. DTE Energy will serve the campus using existing excess transmission capacity, avoiding impacts on local energy supply. OpenAI says that any upgrades required to support operations will be funded by the project and not local ratepayers. The project will span 1.6 million square feet across three buildings, according to Crain’s Detroit Busienss. OpenAI has previously announced Stargate sites in Texas, New Mexico, Wisconsin and Ohio.
KANSAS CITY, MO. — Twelfth Street Heritage Development Corp. and Flaherty & Collins Properties have broken ground on the $300 million redevelopment of Parade Park Homes, one of the country’s oldest Black-owned housing cooperatives that is located in Kansas City. Plans call for nearly 1,100 multifamily units, 200 of which will be reserved for low-income families and 80 for seniors housing. Additionally, the project will include 27 acres of open green space and 15,000 square feet of community-centered commercial space. Block & Co. Inc. Realtors will serve as the exclusive retail broker for the project. The restoration will include three phases, with Phase I projected to be finished by 2027. The project marks the largest development in East Kansas City’s history, according to Block & Co.
BARTLETT AND JOLIET, ILL. — Mapletree Investments has broken ground on two industrial facilities in metro Chicago. The projects are located at 1360 Schiferl Road in Bartlett and 3600 Houbolt Road (formerly 23551 Vetter Road) in Joliet. Completion is slated for summer 2026. The Bartlett Commerce Center will total 149,100 square feet within the Brewster Creek Business Park. It will be located on an 8.2-acre parcel adjacent to Mapletree’s existing 400,000-square-foot warehouse. Plans call for a clear height of 36 feet, 42 dock doors, two drive-in doors and 181 car parking spaces. Morgan/Harbour Construction is the general contractor. Ryan O’Leary, Jonathan Postweiler and Jeff Fischer of KBC Advisors are overseeing leasing. Situated along the I-80 and I-55 interchange, the 18.1-acre project in Joliet provides direct connectivity to the Joliet Intermodal Center. Upon delivery, the 312,306-square-foot warehouse will meet LEED Silver standards and include a clear height of 40 feet, 59 dock doors, 76 trailer stalls and 204 parking stalls. Keeley Construction is the general contractor. Sean Henrick and Jason West of Cushman & Wakefield are overseeing leasing efforts.
CHICAGO — Interra Realty has brokered the sale of Low-Line Commons, a 95-unit apartment complex in Chicago’s Lakeview neighborhood. Joe Smazal and Mark Dykstra of Interra represented the seller, a joint venture between Wildwood Investments and Contemporary Concepts, and the buyer, Highland Real Estate Partners. The building was 98 percent leased at the time of sale. Constructed in 2024, the property features amenities such as a lounge, coworking space, fitness center, storage lockers, a pickleball court and rooftop deck. Located on North Ashland Avenue, the asset features studio, one-, two- and three-bedroom units.
PAULDING, OHIO — Marcus & Millichap has negotiated the $2.9 million sale of Whispering Pines, a 48-unit multifamily property in Paulding, about 64 miles southwest of Toledo. All but one of the units are two-bedroom floor plans. The property also includes 67 self-storage units. Teddy Kenny, Aaron Kuroiwa and Austin Meeker of Marcus & Millichap represented the seller, Covington Properties LLC, and procured the buyer, Colarusso Properties LLC. The buyer plans to implement professional third-party property management and complete a value-add strategy by renovating unit interiors and improving operations at the property, which was built in 1989.
CHARLOTTE, N.C. — The Annex Group has announced plans to develop a $57 million affordable housing community located at 5709 N. Tryon St. in Charlotte. Dubbed Central at Old Concord, the new community will be situated on 3.5 acres and will offer 200 apartments ranging in size from one- to three-bedroom floorplans. The apartments will be reserved for residents earning up to 70 percent of the area median income (AMI). Planned amenities for the five-story building will include a community room, playground, exercise room and a grilling area. Construction for Central at Old Concord is underway, with completion anticipated for summer 2027. Bank of America provided a $39 million construction loan and $23 million in federal equity for the project, while Stifel Public Finance underwrote $28.4 million in bonds provided by Inlivian, the City of Charlotte’s housing authority. The North Carolina Housing Finance Agency (NCHFA) allocated 4 percent tax credits and tax-exempt bonds, while the City of Charlotte provided more than $4 million in Housing Trust Funding (HTF). An additional $22 million in permanent financing was also provided. Partners on the project include Cline Design, McAdams, Shelter Investment Group, ECS Southeast LLP, August Mack Environmental, Capital Consultants, Drucker + Falk, DELCK Group LLC and Impact Housing Indiana Corp. Annex Group is also under construction on Union …