Property Type

AXIS 360, Lee & Associates Arrange $2.3M Sale of Former Gold’s Gym Property in Bloomington, Illinois

by Kristin Harlow January 16, 2024

BLOOMINGTON, ILL. — AXIS 360 Commercial Real Estate Specialists and Lee & Associates have arranged the $2.3 million sale of a 45,749-square-foot building formerly occupied by Gold’s Gym in Bloomington. The two-story property features areas for workout equipment, locker rooms, offices, physical therapy areas and a childcare area. Greg Yount of AXIS 360 and Rick Scardino of Lee & Associates represented the seller, Citizen’s First Bank. Sherye Przybyla of Berkshire Hathaway represented the undisclosed buyer, which plans a remodel of the building in the coming months.

January 16, 2024

Acquisitions Illinois Midwest Retail

Quantum Brokers $2.1M Sale of Two-Tenant Retail Property in Oak Lawn, Illinois

by Kristin Harlow January 16, 2024

OAK LAWN, ILL. — Quantum Real Estate Advisors Inc. has brokered the $2.1 million sale of a two-tenant retail property in the Chicago suburb of Oak Lawn. The center recently underwent a full renovation, including new pylon signage. At the time of sale, the property was fully leased to Chicago Title and Hassleless Mattress. Chad Firsel and Brett Berlin of Quantum represented the seller, a joint venture between affiliates of Core Acquisitions and T2 Capital Management. The buyer was a California-based 1031 exchange investor.

January 16, 2024

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Provides $1.5M HUD-Insured Loan for Rehabilitation of Minnesota Seniors Housing Community

by Kristin Harlow January 16, 2024

BURNSVILLE, MINN. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.

January 16, 2024

Leasing Activity New York Northeast Office

Paul Taylor Dance Signs 31,000 SF Office Lease in Midtown Manhattan

by Taylor Williams January 16, 2024

NEW YORK CITY — The Paul Taylor Dance Co. has signed a 31,000-square-foot office lease at 307 West 38th Street in Midtown Manhattan. The company will relocate and expand from a 13,000-square-foot space at 551 Grand St. to the entire ninth and 10th floors of the 21-story building in early 2025. Jeffrey Rosenblatt of Lincoln Property Co. represented the tenant in the lease negotiations. Peter Duncan, Matthew Coudert and Alexander Bermingham represented the landlord, George Comfort & Sons, on an internal basis.

January 16, 2024

Leasing Activity Restaurant Retail Texas

Chalo India to Open 10,000 SF Grocery Store, Café in Frisco

by Taylor Williams January 16, 2024

FRISCO, TEXAS — Chalo India will open a 10,000-square-foot Indian grocery store and café at The Shops at Panther Creek in Frisco. Thurston Witt of CBRE represented Chalo India in the lease negotiations. Tim McNutt of DBA Commercial Real Estate represented the landlord, Dallas-based GreenRoad Development Construction LLC. The opening is scheduled for May.

January 16, 2024

Features Mixed-Use

How to Revitalize Urban Landscapes Through Mixed-Use Development

by Taylor Williams January 16, 2024

By Lamar Wakefield, senior vice president, national practice leader for mixed-use, NELSON Worldwide In recent years, urban landscapes across the globe have witnessed a transformation fueled by mixed-use development. Cities are using sports and entertainment venues in particular as anchors for sizable mixed-use projects, creating vibrant destinations that not only attract crowds but also breathe new life into previously neglected urban areas. These developments have the power to serve as economic catalysts, creating new jobs, increasing foot traffic and generating tax revenue — and it all begins with great urban design. Creating Fan & Cultural Hubs A key element of these mixed-use developments is their ability to serve as hubs for fan and cultural activity. Before and after the main events or games, these districts are central gathering places where people can live, work and play. The incorporation of multifamily, office, retail and recreational spaces fosters a sense of community, making the urban environment more dynamic and engaging. Likewise, these multifunctional spaces can be used year-round to host festivals, markets and social events. This infusion of cultural richness adds to the vibrancy of the urban environment, attracting a diverse range of residents and visitors. In metro Atlanta, The Gathering at South …

January 16, 2024

Acquisitions Hospitality Southeast Tennessee Top Stories

Noble Investment Group Acquires Downtown Nashville Hotel for $82M

by Taylor Williams January 16, 2024

NASHVILLE, TENN. — Noble Investment Group has acquired the Holiday Inn Express | Nashville Downtown hotel. The seller, number of rooms and sales price were not disclosed, but the Nashville Business Journal reports that the Atlanta-based investment firm paid approximately $82 million for the property. The publication also reports that the price is nearly a third less than what the previous owner paid for the property. Located at 920 Broadway in the city’s entertainment district, the hotel is located within walking distance of more than 100 live music venues, the Music City Center, Bridgestone Arena, more than 500 bars and restaurants and over 100 shopping outlets. The hotel’s physical amenities include an outdoor pool and a business center. “Nashville remains among the most dynamic growth markets in the country, with a highly diversified demand base across multiple segments,” says Dustin Fisher, vice president at Noble Investment Group. Nashville has been a consistent growth center in the Southeast for over 30 years, growing by more than 2 percent every year from 1991 to 2020, according to Macrotrends. The metro-area population more than doubled in that time, from 643,000 in 1994 to more than 1.3 million in 2024. — Taylor Williams

January 16, 2024

Hawaii Market Reports Retail Western Western Market Reports

Navigating Hawaii’s Retail Landscape: Adapting to Shifting Tides

by Jeff Shaw January 16, 2024

— By Jon-Eric Greene, Colliers — Hawaii has historically been home to many of the nation’s top grossing retail locations (as measured by gross sales), including one of the highest grossing regional malls in Ala Moana Center, and the world-famous retail street, Kalakaua Avenue in Waikiki. However, since COVID shutdowns, Hawaii retailers and shopping centers have struggled to recover. While the tourism and hotel markets have bounced back, an important visitor demographic — the international shopper — has yet to return. Tourism is Hawaii’s No. 1 industry, with almost every dollar circulating through the economy tracing back to visitors. In 2019, Hawaii welcomed a record 10.4 million visitors. However, in 2020, arrivals plummeted to 2.7 million visitors due to the pandemic. The state experienced rebounded visitor numbers in 2021 and 2022 of 6.8 million and 9.2 million visitors respectively and expected to end 2023 with 9.3 million visitors. The visitor profile has changed dramatically, however, impacting many retailers and shopping centers. In 2019, around 3 million visitors were international, with over 50 percent (1.58 million) coming from Japan. In 2022, only 900,000 of Hawaii’s 9.2 million visitors were international, including just 192,500 Japanese. So, while overall visitor counts to Hawaii …

January 16, 2024

Acquisitions Georgia Multifamily Southeast

Cushman & Wakefield Arranges Sale of 303-Unit Multifamily Community in Smyrna, Georgia

by John Nelson January 15, 2024

SMYRNA, GA. — Cushman & Wakefield has arranged the sale of Harlow, a newly constructed, 303-unit multifamily community located in Smyrna, roughly 15 miles northwest of Atlanta. RA Capital Partners acquired the property from the developer, South City Partners, for an undisclosed price. Situated in proximity to The Battery and Truist Park, home stadium of the MLB’s Atlanta Braves, the community features 6,000 square feet of activity and amenity space. Robert Stickel, Alex Brown, Ashlyn Warren, Michael Kay and Sim Patrick of Cushman & Wakefield represented the seller in the transaction.

January 15, 2024

Acquisitions Georgia Office Southeast

Innova Solutions Acquires 186,846 SF Office Building in Atlanta

by John Nelson January 15, 2024

ATLANTA — Innova Solutions has acquired 1455 Lincoln Parkway, a 186,846-square-foot office building in Atlanta. The global talent and IT solution company plans to relocate its headquarters to the property and occupy two floors totaling 50,010 square feet. Florida-based Parmenter Realty Partners, which acquired the property in 2015, sold the building for an undisclosed price. Built in 1986, the building features an onsite café, conference center and a fitness center with shower and locker facilities. Innova Solutions will bring the property to 82 percent occupancy. Brian Howell and Jack Arnold of Bridger Properties will continue to manage leasing at the property on behalf of Innova Solutions. Jay O’Meara, Nima Ghomghani and Paul Holmes of CBRE represented the buyer in the transaction.

January 15, 2024

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