NEW YORK CITY — Eastern Union has arranged a $33.4 million acquisition loan for a 144,263-square-foot medical office building in Brooklyn. The four-story building at 6201 15th Ave. is located in the Borough Park neighborhood and was most recently renovated in 2010. Alex Jaffa and Ben Halpern of Eastern Union arranged the loan, which was structured with an 80 percent loan-to-value ratio, an interest rate of 5.55 percent over a five-year term based on a 25-year amortization schedule. The direct lender was Webster Bank. The borrower was not disclosed.
ROCKVILLE CENTRE, N.Y. — Florida-based development and investment firm Basis Industrial has received a $27 million construction loan for a self-storage project that will be located in the Long Island community of Rockville Centre. Public Storage will operate the facility, which will comprise 121,500 gross square feet of space across 957 units. NexBank is the senior lender on the project, and NexPoint is the mezzanine lender. Construction is underway and is expected to be complete in early 2027.
PHOENIX — EMBREY has closed on the land and financing for 12th & Greenway, a Class A apartment property located near North 12th Street and Greenway Parkway in Phoenix. Construction will begin immediately, with first occupancy slated for third-quarter 2027. Situated on 7 acres, the four-story, wrap-style community will feature 340 apartments, including townhomes. Units will feature open-concept layouts with 9- to 10-foot ceilings, wood-style plank flooring, quartz countertops and stainless steel appliances. Additional features will include built-in desks, keyless entry and double vanities in select units. Onsite amenities will include a heated pool and hot tub with private cabanas, an outdoor kitchen and fireplace, fitness and yoga studios, a game room, conference and micro-office spaces and a secured 24-hour package room. Outdoor features will include several courtyards, a walking trail, dog park and shaded community spaces. Frost Bank, with support from private investors, provided financing for 12th & Greenway. EMBREY’s Garrett Karam and Jimmy McCloskey led the execution of the transaction.
TUCSON, ARIZ. — Lincoln Property Co. has completed I-10 International Phase I, the company’s first-ever ground-up industrial development in Tucson. Valued at $80 million, I-10 International Phase I sits on 79 acres at the southeast corner of Alvernon Way and Los Reales Road, two miles from an interchange at I-10 and Valencia Road, within the Tucson International Airport submarket. Totaling 373,811 square feet, the property includes the 158,944-square-foot Building B and the 214,867-square-foot Building C. A fully designed, 188,434-square-foot Building A and a 476,000-square-foot Building D will be developed in line with market demand, bringing the asset to more than 1 million square feet of Class A industrial space. Buildings at I-10 International Phase I are state-of-the-art cold capable with 32-foot clear heights, 14-foot glass entrances, full concrete truck courts, generous clerestory windows and an R-38 insulated roof deck system. The project team includes Brinkmann Constructors as general contractor and Butler Design Group and Ware Malcomb as the collaborative design team. Jesse Blum of Cushman & Wakefield | PICOR is handling leasing for the project.
SAN JOSE, CALIF. — Interstate Equities Corp. has acquired Atrium Garden, a multifamily community located at 1536 Kerley Drive in San Jose, from an undisclosed seller for $18.4 million. The four-story property offers 160 apartments on three levels over a ground-floor podium parking structure with 63 onsite parking spaces. Residences are fully furnished with beds, bedside tables and lamps, lounge chairs, built-in desks, chairs and TVs. Community amenities include a fitness center, media rooms, multiple resident lounges, community kitchens, onsite laundry facilities and an outdoor barbecue and lounge area.
BELLINGHAM, MASS. — New England Appliance Group has signed a 124,000-square-foot industrial lease in Bellingham, located southwest of Boston. The independent retailer cooperative will occupy the entirety of the building at 206 Mechanic St. Locally based investment and development firm Marcus Partners owns the building. Both parties were self-represented in the lease negotiations.
BELLEVUE, WASH. — Pine Forest Properties has completed the disposition of Juniper Ridge, a multifamily property in Bellevue, to a private investor for $17.5 million, or $397,727 per unit. Built in 1991 and renovated in 2015 and 2016, Juniper Ridge offers 44 apartments with kitchen pantries, linen closets, wood-burning fireplaces and a private deck or patio. Philip Assouad, Giovanni Napoli, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction.
DENVER — Malman Real Estate has arranged the sale of an industrial property located at 2173 S. Wabash St. in Denver. AB Investment sold the asset to United Properties Group for $1.3 million. Situated on a 28,096-square-foot lot, the property offers 2,040 square feet of flex space. Taylor Roy of Malman Real Estate represented the seller, while Ruzlan Shamaev of Brokers Guild Real Estate represented the buyer in the transaction.
EDINA, MINN. — Cushman & Wakefield has negotiated several new long-term leases totaling more than 150,000 square feet at Southdale Office Centre, a six-building campus along France Avenue in the Twin Cities suburb of Edina. First-time tenant Southdale Pediatrics inked a lease for 38,306 square feet at 6600 France Avenue, a specialty medical outpatient property that recently underwent major renovations to the first- and second-floor lobbies and common areas. Edina Realty signed a lease renewal for 38,676 square feet at 6800 France Avenue, and Evereve doubled its footprint to 41,113 square feet. Several other companies have also recently signed new leases or renewals. Bill Rothstein and Eric King of Cushman & Wakefield represented property ownership, Wildamere Capital Management and Olympus Ventures.
MICHIGAN — Berkadia has brokered the sale and arranged financing for the Michigan MHC Portfolio, which comprises four manufactured housing communities (MHC) with 335 sites across the state. Kevan Enger of Berkadia represented the seller, California-based Urban West Ventures. Scott Modelski of Berkadia secured acquisition financing through Barclays – Conduit on behalf of the buyer’s Chicago-based affiliate, Butler Communities. The portfolio includes Pontaluna Shores in Norton Shores, Broadway Acres in Mount Pleasant, University Mobile Estates in Whitmore Lake and Brookhaven in Comstock Park. The assets were built in 1967, 1986, 1952 and 1970, respectively.