INDIANAPOLIS — Indianapolis-based mall owner Simon has expanded its relationship with retailer Five Below, which will open at least seven different locations within Simon’s Premium Outlets. The new stores will begin opening this spring and summer in Albertville, Minn.; Pleasant Prairie, Wis.; Johnson Creek, Wis.; Gaffney, S.C.; Edinburgh, Ind.; Pismo Beach, Calif.; and Tannersville, Pa. Additionally, Five Below is opening at Great Mall, a Mills property in Milpitas, Calif., and Miller Hill Mall in Duluth, Minn. this year as well as undergoing a full remodel at Arundel Mills in Hanover, Md. Currently, Five Below operates 21 stores within the Simon portfolio.
SOUTHFIELD, MICH. — Costco has purchased 13.4 acres within the Northland City Center development in Southfield for an undisclosed price. Alan Stern and Rich Deptula of Friedman Real Estate represented the undisclosed seller. The retailer plans to build Michigan’s first Costco Business Center. The property will be different from Costco’s standard consumer retail warehouses in that products will be offered in greater quantities and won’t include the bakery and pharmacy that are in current Michigan locations. The project will total 160,000 square feet. Northland City Center is the redevelopment of the former Northland Mall and will include office, retail, medical and multifamily space. No construction timeline was provided.
GLENVIEW, ILL. — Marcus & Millichap has arranged the sale of a 75,649-square-foot retail center in the Chicago suburb of Glenview for $18.1 million. Anchored by Advocate Medical, the property is 97 percent leased, with 21 of the tenants operating at the center for 16 to 30 years. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor based in Chicagoland. Adrian Mendoza of Marcus & Millichap secured and represented the buyer, a Chicagoland-based limited liability company.
CHICAGO — KCB Real Estate has acquired a 26-unit multifamily property in Chicago’s Fulton Market district for an undisclosed price. Built in 2016, the asset is located at 914 W. Hubbard St. KCB plans to implement a value-add program to update the building façade and units. KCB intends to optimize operations to increase rents, which are substantially below market, according to the company. The anticipated hold period is 10 years.
WAUKEE, IOWA — General contractor DCI Group Inc. has broken ground on Waukee Towne Center in suburban Des Moines. Pierson Cos. is developing the 62-acre project, and Ryan Cos. is building the 148,000-square-foot Target store that will anchor the development. Corell Contractor Inc. is currently performing earthwork. Located at the intersection of Hickman and Alice’s roads, the development will include retail, entertainment and restaurant space overlooking an eight-acre lake with a fountain. Seasonal amenities will include a winter ice skating rink, summer game area, playground and amphitheater. A timeline for completion was not provided.
COLUMBUS, OHIO — Woda Cooper Cos. Inc. and co-developer Franklinton Development Association have broken ground on Starling Yard, a 97-unit affordable housing community in the Franklinton neighborhood of Columbus. Located at 120 S. Central Ave., the project involves the adaptive reuse of the vacant Starling Middle School. Woda Cooper secured the site through a purchase agreement with the Board of Education of the Columbus City School District. The school, listed on the Columbus Register of Historic Properties in 2022, was originally built as West High School in 1908. It has been vacant since 2013. In addition to the adaptive reuse component, the project will also include two ground-up buildings with 52 units. All of the property’s units will be reserved for residents who earn 30 to 80 percent of the area median income. Rental rates are projected to range from $400 to $1,295 per month depending on income restriction and size of the unit. Five units will be reserved for those with mobility challenges and two units for those with sight and hearing disabilities. Primary financial support for Starling Yard is the result of a bond issuance and Low-Income Housing Tax Credits allocated by the Ohio Housing Finance Agency (OHFA). …
AVON, OHIO — Cronheim Hotel Capital has arranged a $12.5 million loan for the refinancing of the Residence Inn & Emerald Event Center in Avon, a western suburb of Cleveland. Developed in 2016, the hotel offers extended-stay rooms and a flexible space for corporate functions, weddings and other social events. The borrower was a subsidiary of Nimbus Investment Fund LP, an independent affiliate of Emerald Hospitality Associates Inc. A regional bank provided the fixed-rate loan, which features an interest rate below 6 percent.
LAWRENCEBURG, IND. — Revitate Cherry Tree has acquired Tuscany Bay, a 96-unit workforce housing property located in Lawrenceburg, about 26 miles west of Cincinnati. The purchase price was undisclosed. Built in 1999, Tuscany Bay is situated near the newly developed Amazon Air Hub, a $1.5 billion air cargo facility totaling 800,000 square feet. Amenities at the property include an upgraded clubhouse, pool, playground, TV room and fitness center. The acquisition marks the close of the Revitate Cherry Tree Multifamily Fund I LP, which has been utilized to purchase six properties totaling 841 units. According to Revitate Cherry Tree, Tuscany Bay falls into the category of workforce housing that describes communities offering rental prices that correlate with regional income levels, ensuring that working Americans have quality affordable housing available in proximity to their workplace. The community was formerly a LIHTC-regulated property. Revitate Cherry Tree will maintain Tuscany Bay’s relative affordability for residents earning up to 80 percent of the area median income.
BARTLETT, ILL. — Entre Commercial Realty has brokered the sale of a 3.7-acre industrial site for a build-to-suit project in Brewster Creek Business Park in the Chicago suburb of Bartlett. The corporate headquarters facility will be home to a printing and packaging company relocating from Kane County. Mike DeSerto, Cory Kay and Mike Berkowitz of Entre represented the developer, Triumph Construction. JLL represented the buyer. The deal marks the fourth build-to-suit transaction that Entre has completed in Brewster Creek Business Park on behalf of Triumph.
CHICAGO — Sam Zell, the founder and chairman of Chicago-based Equity Residential (NYSE: EQR), has died at the age of 81. An active investor in real estate since the 1960s, Zell helped revolutionize the industry through the popularization of the real estate investment trust (REIT) structure in the 1990s. Zell founded the predecessor company to Equity Residential while a student at the University of Michigan and took it public in August 1993. Under his leadership, Equity Residential grew into a $31 billion apartment owner, developer and operator. Over the years, he invested in and grew businesses in multiple industries, including real estate, manufacturing, retail, travel, healthcare and energy. Zell was an active philanthropist with a focus on entrepreneurial education. He established several entrepreneurship programs, including the Zell Lurie Institute at the University of Michigan, the Zell Fellows Program for entrepreneurship at Northwestern University’s Kellogg School of Management, the Samuel Zell & Robert Lurie Real Estate Center at the University of Pennsylvania’s Wharton School and the Zell Entrepreneurship Program at Reichman University. “The world has lost one of its greatest investors and entrepreneurs,” says Mark Parrell, Equity Residential’s president and CEO. “Sam’s insatiable intellectual curiosity and passion for dealmaking created some …