Property Type

NRP Group, Marshall Heights Break Ground on 115-Unit Affordable Housing Project in DC

by John Nelson July 2, 2024

WASHINGTON, D.C. — A partnership between The NRP Group and Marshall Heights Community Development Organization Inc. (MHCDO) has broken ground on Emblem, a 115-unit affordable housing community located at 301 Florida Ave. NE in Washington, D.C. Situated in the District’s NoMa and Union Market neighborhoods, the property will be reserved for households earning up to 30 and 50 percent of the area median income (AMI). Residents of Emblem will be within walking distance of a Metro station, two bus lines, the Metropolitan Branch Trail and Union Market District. The 13-story, flatiron building will feature a dedicated toddler playroom, bike storage room and a multi-purpose community room. NRP Group and MHCDO plan to break ground this year and deliver Emblem in 2026. Financial partners for the project include DC Housing Finance Agency (DCHFA), Department of Housing and Community Development (DHCD), DC Housing Authority (DCHA), DC Green Bank and Bank of America.

July 2, 2024

Leasing Activity Office Texas

Abilene Christian University Signs 25,426 SF Office Lease Renewal in Metro Dallas

by Taylor Williams July 2, 2024

ADDISON, TEXAS — Abilene Christian University has signed a 25,426-square-foot office lease renewal in the northern Dallas metro of Addison, about 190 miles east of the private institution’s main campus. The 195,754-square-foot One Hanover Park building offers a conference room, tenant lounge, minimart and onsite banking and car wash services. Tyler Howarth of Holt Lunsford Commercial represented the tenant in the lease negotiations. J.J. Leonard and Chase Lopez of Stream Realty Partners represented the landlord, New York Life Insurance Co.

July 2, 2024

Development Florida Industrial Southeast

BBX Logistics, FRP Development to Build 182,000 SF Industrial Park in Davie, Florida

by John Nelson July 2, 2024

DAVIE, FLA. — BBX Logistics Properties has formed a joint venture with FRP Development Corp. to develop The Park at Davie, a two-building industrial park in South Florida spanning 182,000 square feet. Located just south of State Road 84, the 11.3-acre project is situated near Fort Lauderdale-Hollywood International Airport and Port Everglades, as well as the Florida Turnpike and I-595. The co-developers plan to break ground on The Park at Davie in the fourth quarter and complete construction in 2025. The duo is also partnering on the development of The Park at Lakeland in Lakeland, Fla.

July 2, 2024

Development Loans Multifamily North Carolina Southeast

IPA Capital Markets Arranges $30.5M Construction Financing for Apartment Development in Greensboro, North Carolina

by John Nelson July 2, 2024

GREENSBORO, N.C. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $30.5 million in construction financing for Brooks North Apartments, a 340-unit multifamily development located at 4005 N. Church St. in Greensboro. Frank Montalto of IPA Capital Markets’ Chicago office arranged the financing with a regional lender on behalf of the borrower, a local development company. The ground-up development will feature three- and four-story garden-style buildings with an amenity package that includes a fitness center, pool, cabana clubhouse and a bark park. Brooks North will be delivered in phases, with Phase I (244 units) set to open next summer.

July 2, 2024

Healthcare Leasing Activity Maryland Retail Southeast

Meritus Health Joins Tenant Roster at Valley Mall in Hagerstown, Maryland

by John Nelson July 2, 2024

HAGERSTOWN, MD. — Meritus Health has joined the tenant roster at Valley Mall, a 900,000-square-foot enclosed shopping development in Hagerstown owned and operated by mall giant PREIT. Meritus Health opened a new physical and therapy and sports medicine practice, called Meritus Sports Medicine, within a 10,000-square-foot space at the mall yesterday. The health system also plans to open a family medicine clinic at the mall in 2025. Other tenants at Valley Mall include Black Rock Bar & Grill, Red Robin, Regal Cinemas, H&M, Dick’s Sporting Goods and Victoria’s Secret.

July 2, 2024

Development Indiana Midwest Office

Bradford Allen, Clark Construction Top Out Phase I of New Global Headquarters for Andretti in Fishers, Indiana

by Kristin Harlow July 2, 2024

FISHERS, IND. — Developer Bradford Allen and Clark Construction Group have topped out the new headquarters for Andretti Global in the Indianapolis suburb of Fishers. The nearly 400,000-square-foot facility, part of a larger 90-acre campus, more than quadruples the size of Andretti’s current headquarters. In addition to housing day-to-day operations for the auto racing team, the building will be home to the advanced research and development of Andretti Technologies. The facility is slated to include a fitness center, walking trails, amphitheaters, employee gathering areas and dining options. The development will continue through a phased approach. The design team included U.K-based motorsport design consultants Ridge and Partners and Indianapolis-based international design firm RATIO. Michael Andretti, son of racing legend Mario Andretti, launched Andretti Global in the early 2000s.

July 2, 2024

Acquisitions Development Indiana Industrial Midwest

John Deere Purchases 234 Acres in Northwest Indiana, Plans to Build 1.2 MSF Warehouse

by Kristin Harlow July 2, 2024

LOWELL, IND. — John Deere has purchased 234 acres of land in Lowell, a city in northwest Indiana, for $7 million. The company plans to build a 1.2 million-square-foot warehouse and distribution facility. Nancy Frigo and Nicholas Smith of Coldwell Banker Commercial Realty represented the seller, Hallmark Construction Co. Venture One will serve as the developer for the project, which is expected to create approximately 1,200 union construction jobs and 400 to 500 permanent positions upon completion. The project site, located at the southwest corner of I-65 South and Route 2, has gas, sewer and water availability.

July 2, 2024

Acquisitions Michigan Midwest Retail

Colliers Arranges Sale of 92,509 SF Retail Property in Pontiac, Michigan

by Kristin Harlow July 2, 2024

PONTIAC, MICH. — The Jonna Group of Colliers Detroit has arranged the sale of a 92,509-square-foot retail property located at 600 N. Telegraph Road in Pontiac for an undisclosed price. Simon Jonna and Raymond Jonna of the brokerage firm represented the seller, a property management company from New York. The new owner, CNS Healthcare, is currently leasing the retail space to Value World Inc. and Harbor Freight Tools USA Inc.

July 2, 2024

Acquisitions Midwest Missouri Retail

Marcus & Millichap Negotiates $4.2M Sale of Walgreens-Occupied Property in Jefferson City, Missouri

by Kristin Harlow July 2, 2024

JEFFERSON CITY, MO. — Marcus & Millichap has negotiated the $4.2 million sale of a 14,820-square-foot retail property occupied by Walgreens in Jefferson City. The net-leased building, constructed in 2010, is located at 900 Eastland Drive. Nicholas Kanich and Mitch Grant of Marcus & Millichap represented the seller, an investor from Kansas City. A local broker procured the buyer, a local group completing a 1031 exchange. Walgreens has operated at the property for more than 14 years and has over 10 years remaining on its lease. Neighboring retailers include Gerbes Supermarket, Dollar General, McDonald’s and Taco Bell.

July 2, 2024

Acquisitions Illinois Industrial Midwest Self-Storage

Newmark Brokers $1.6M Sale of Self-Storage Portfolio in Illinois

by Kristin Harlow July 2, 2024

FARMINGTON AND CANTON, ILL. — Newmark has brokered the $1.6 million sale of a self-storage portfolio in Farmington and Canton, about 25 miles west of Peoria. The four-building portfolio totals 35,650 square feet and includes a primary facility as well as three satellite buildings. Kris Parker of Newmark represented the seller, Simple Self Storage LLC, and the buyer, Prime Space Storage LLC.

July 2, 2024

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