Property Type

Kraus-Anderson Begins $40.2M Middle School Renovation Project in St. Paul, Minnesota

by Kristin Harlow July 8, 2024

ST. PAUL, MINN. — Kraus-Anderson has begun an extensive renovation project for St. Paul Public Schools at Hidden River Middle School and Wilson School, which will serve as a temporary location for the school community while Hidden River is remodeled. The combined construction cost of both projects is $40.2 million. Designed by DLR Group, the 98,491-square-foot project will feature a full interior remodel for Hidden River, including new mechanical and electrical systems. A 3,600-square-foot addition will create a new main entrance at the northeast corner of the building, and a 7,200-square-foot addition will expand the kitchen, loading dock and mechanical room. Completion is slated for fall 2025.

July 8, 2024

Development Indiana Midwest Multifamily

Flaherty & Collins Opens Phase II of Arbuckle Apartments in Brownsburg, Indiana

by Kristin Harlow July 8, 2024

BROWNSBURG, IND. — Flaherty & Collins Properties has opened Phase II of The Arbuckle Apartments in Brownsburg, a western suburb of Indianapolis. The first phase of the property was built in 2018 and provides 310 units ranging in size from studios to two-bedroom townhomes. The property is located at 7240 Arbuckle Commons. According to Flaherty & Collins, Brownsburg’s population has increased by nearly 20 percent in the last five years.

July 8, 2024

Acquisitions Industrial Michigan Midwest

Friedman Negotiates $3M Sale of Industrial Property in Mount Clemens, Michigan

by Kristin Harlow July 8, 2024

MOUNT CLEMENS, MICH. — Friedman Real Estate has negotiated the $3 million sale of a 42,385-square-foot industrial property in Mount Clemens, about 25 miles north of Detroit. The facility is located at 200 Elizabeth St. Zach Cummings of Friedman represented the seller, which completed a liquidation of its assets. The buyer was a local fabrication company, which will be relocating its operations.

July 8, 2024

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $1.7M Sale of Three-Tenant Retail Property in Valparaiso, Indiana

by Kristin Harlow July 8, 2024

VALPARAISO, IND. — Marcus & Millichap has brokered the $1.7 million sale of a three-tenant retail property that serves as an outlot to the Cumberland Crossing retail center in Valparaiso near Chicago. Built in 2008, the 7,541-square-foot building is leased to Salon Lofts, Venus Nails and Indiana Farm Bureau Insurance Agency. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the seller, an Indiana-based retail developer and manager, and procured the buyer, an Illinois-based real estate development and management company. Josh Caruana assisted in closing the transaction as the broker of record in Indiana. The property, located at 3029 Calumet Drive, closed at 97.5 percent of the list price.

July 8, 2024

Acquisitions Colorado Multifamily Western

Epp & Sons Acquires One19 Cherry Creek Apartments in Denver for $23M

by Amy Works July 8, 2024

DENVER — California-based Epp & Sons Inc. has purchased One19 Cherry Creek, a three-story multifamily community in Denver’s Cherry Creek submarket. Ready Capital sold the asset for $23 million. Located at 119 S. Harrison St., One19 Cherry Creek features 36 apartments, averaging 1,366 square feet. Built in 2021, the units feature walk-in closets, induction ranges, condo-grade finishes, cabinet-covered refrigerators and dishwashers, balconies, spa-inspired primary bathrooms and wide-plank hardwood flooring. Select units have oversized private terraces. Community amenities include a 24-hour gym, grilling stations, two-story underground parking garage, pet spa, Luxor package system and cold storage, 12 electric vehicle charging stations and an outdoor community terrace. Andy Hellman, Justin Hunt, Eril Toll and Brad Schlafer of CBRE represented the seller in the transaction.

July 8, 2024

California Healthcare Loans Office Western

PSRS Arranges $16.3M Refinancing for Foothill Centre Medical Office Campus in Santa Barbara, California

by Amy Works July 8, 2024

SANTA BARBARA, CALIF. — Seth Ludwick of PSRS has arranged $16.3 million in refinancing for Foothill Centre, a medical office campus in Santa Barbara, approximately 115 miles northwest of Los Angeles. The single-tenant campus offers 61,664 square feet of medical office space and 225 parking spaces. Financed with a bank extension, PSRS provided the undisclosed borrower with a non-recourse, 10-year loan with 30-year amortization and no reserves.

July 8, 2024

Acquisitions Arizona Multifamily Western

Marcus & Millichap Negotiates Sale of Brio 14 Multifamily Property in Phoenix

by Amy Works July 8, 2024

PHOENIX — Marcus & Millichap has arranged the sale of Brio 14, an apartment community in Phoenix. The asset traded for $3.8 million. Located at 2950 N. 29th Place in Phoenix, Brio 14 offers six one-bedroom/one-bath units and eight two-bedroom/two-bath units, averaging 667 square feet. The community was built in 2022. Paul Bay, Adam Saylor and Darrell Moffitt of Marcus & Millichap represented the undisclosed buyer and seller in the deal.

July 8, 2024

Acquisitions Multifamily Washington Western

Private Investor Buys Park Place Townhomes in Everett, Washington for $5.7M

by Amy Works July 8, 2024

EVERETT, WASH. — A private investor has acquired Park Place Townhomes in Everett, a suburb north of Seattle, for $5.7 million. Located at 1225 W. Casino Road, Park Place Townhomes features 28 two- and three-bedroom townhome-style apartments, with an average size of 1,027 square feet. At the time of sale, the property was fully occupied. Zachary Mazzuca, Ryan Dinius and Sidney Warsinske of Marcus & Millichap’s Seattle office represented the seller, a private investor. Tanner Fogle, Dinius and Warsinske of Marcus & Millichap secured and represented the buyer in the deal.

July 8, 2024

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 5,060 SF Retail Property in Denver

by Amy Works July 8, 2024

DENVER — Pinnacle Real Estate Advisors has arranged the sale of a retail property in Denver for $1.2 million. Located at 3830 Morrison Road, the asset features 5,060 square feet of retail space. Peter Sengelmann of Pinnacle represented the undisclosed seller in the deal. The name of the buyer was also not released.

July 8, 2024

Company News New York Northeast Retail Texas Top Stories

Saks Fifth Avenue Parent Company Agrees to Acquire Neiman Marcus for $2.6B

by Taylor Williams July 8, 2024

NEW YORK CITY AND DALLAS — HBC, the New York City-based parent company of Saks Fifth Avenue, has agreed to acquire Dallas-based Neiman Marcus Group. The merger between the two luxury fashion retailers is valued at $2.6 billion. An estimated closing date was not released. Following the acquisition, HBC will establish Saks Global, an entity that will combine the intellectual property and real estate assets of the two companies. Brands that are already owned by HBC or Neiman Marcus, including Saks OFF 5th, Bergdorf Goodman and Last Call Outlet, will continue operations under their original names. HBC will fund the purchase through a combination of equity from new and existing shareholders. Notably, both Amazon and Salesforce will be shareholders in the new company upon closing, with the Seattle-based e-commerce giant also expected to take on a consultative role. According to CNN, the two companies have been discussing a merger for several years. The Atlanta-based news network also reports that Saks currently operates 39 stores, while Neiman Marcus, which filed for Chapter 11 bankruptcy in 2020, operates 36 stores. “For years, many in the industry have anticipated this transaction and the benefits it would drive for customers, partners and employees,” says …

July 8, 2024

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