Property Type

Federal Realty Breaks Ground on 217-Unit Multifamily Redevelopment in Metro Philadelphia

by Taylor Williams June 12, 2024

BALA CYNWYD, PA. — Federal Realty Investment Trust has broken ground on a 217-unit multifamily redevelopment project in Bala Cynwyd, a northwestern suburb of Philadelphia. The project, which represents the second phase of a larger redevelopment, will convert a former 120,000-square-foot Lord & Taylor department store into an apartment complex with 16,000 square feet of ground-floor retail space. Bernardon is the project architect, and Bohler is the civil engineer. Construction is slated for a 2026 completion. Federal Realty received zoning approval for the project in February.

June 12, 2024

Leasing Activity New York Northeast Retail

Room 11 Hospitality Signs 23,000 SF Retail Lease in Brooklyn’s Williamsburg District

by Taylor Williams June 12, 2024

NEW YORK CITY — Room 11 Hospitality has signed a 23,000-square-foot retail lease in Brooklyn’s Williamsburg district. The space at 25 Kent, a 511,000-square-foot mixed-use building, will be an event and catering venue for Room 11 affiliate La Sirena Events. Sam Seiler and Joe Whitten Morris of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. Seiler also represented the tenant in conjunction with Joseph Sipala of JLL. The venue is scheduled to open next spring.

June 12, 2024

Data Centers Development Industrial Loans Midwest North Dakota

CIM Group Provides $125M in Construction Financing for Applied Digital’s Computing Campus in North Dakota

by Kristin Harlow June 12, 2024

ELLENDALE, N.D. — CIM Group has provided a $125 million loan with a potential increase up to $200 million to fund construction of Applied Digital’s High-Performance Computing (HPC) Campus in Ellendale, a city in southern North Dakota. The data center is designed to provide massive computing power and support HPC applications. Applied Digital is a designer, builder and operator of next-generation digital infrastructure for HPC applications. The company began construction on the first building at its HPC campus in October. Applied Digital has also executed a Letter of Intent with a U.S.-based hyperscaler for a 400-megawatt lease at the campus, which has more than 600 megawatts of future capacity.

June 12, 2024

Acquisitions Illinois Midwest Multifamily

DMG Capital Acquires Linkt Apartments in Chicago’s River West for $14.2M

by Kristin Harlow June 12, 2024

CHICAGO — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group, has acquired Linkt Apartments in Chicago’s River West neighborhood for $14.2 million. The luxury apartment property includes 47 units and two street-level retail spaces. The asset is 95 percent occupied. DMG will manage the building and oversee a common area refresh and light unit rehabs. The fitness center, outdoor green space and lobby will all be part of upgrades that will occur in the second half of this year. The acquisition marks DMG Capital’s third in six months, totaling $40 million in new assets. Philip Galligan and Danny Kaufman of JLL Capital Markets arranged debt financing through Freddie Mac. Meredith Katz and Ariel Murray of Greenberg Traurig LLP represented DMG in the purchase. Craig Martin and Joe Smazal of Interra Realty brokered the transaction on behalf of the buyer and undisclosed seller.

June 12, 2024

Acquisitions Industrial Midwest Wisconsin

Brisky Net Lease Brokers $11.7M Sale of 186,588 SF Industrial Property in Green Bay

by Kristin Harlow June 12, 2024

GREEN BAY, WIS. — Brisky Net Lease has brokered the sale of a 186,588-square-foot industrial property in Green Bay for $11.7 million. The single-tenant building is located at 3181 Commodity Lane. The tenant, Itasca, Ill.-based Advanced Converting Works, provides solutions for the flexible packaging converting industry. There are 15 years remaining on the lease. Brian Brisky of Brisky Net Lease represented the seller, a REIT. The buyer was undisclosed.

June 12, 2024

Acquisitions Illinois Industrial Midwest

Venture One Buys 32,496 SF Industrial Building in Elgin, Illinois

by Kristin Harlow June 12, 2024

ELGIN, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 32,496-square-foot industrial building in Elgin for an undisclosed price. Located on Church Road and built in 1979, the property is fully leased to three tenants. The facility features three docks, four drive-in doors and parking for 30 cars. Nick Kyriazes of 360 Real Estate Services represented the undisclosed seller, while Matthew Lee and Parker Ray of Core Industrial Realty represented Venture One. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

June 12, 2024

Leasing Activity Michigan Midwest Office

Jacobs & Diemer Law Firm Signs 5,286 SF Office Lease in Detroit

by Kristin Harlow June 12, 2024

DETROIT — Law firm Jacobs & Diemer PC has signed a 5,286-square-foot office lease at 211 W. Fort St. in Detroit. The law firm has more than 70 years of experience as an appellate specialist in the state of Michigan. Andrew Bower of Friedman Real Estate represented the tenant, which is relocating from 500 Griswold St.

June 12, 2024

Development Florida Multifamily Southeast

Codina Partners Receives Site Plan Approval for 412-Unit Multifamily Development at Downtown Doral in South Florida

by John Nelson June 12, 2024

DORAL, FLA. — Codina Partners has received site plan approval for Sevilla, a 412-unit mid-rise apartment community coming to Downtown Doral, a 250-acre mixed-use development in Miami-Dade County. The seven-story project will be situated on a 4.2-acre lot at the corner of N.W. 53rd Street and N.W. 52nd Terrace, a block from University of Miami Health Systems’ (UHealth) new Ambulatory Center. Sevilla’s floor plans will include one-, two- and three-bedroom apartments ranging in size from 720 to 1,708 square feet. Amenities will include a resort-style pool deck with outdoor loungers, barbecue stations, a large beach-entry pool, private cabanas, Zen courtyard and a large dog park. Codina Partners will develop the community in two phases, with Phase I move-ins slated for second-quarter 2026. The developer expects to fully complete Sevilla by late 2026.

June 12, 2024

Acquisitions California Retail Western

Primestor Acquires 245,921 SF Retail Center in Metro San Francisco

by John Nelson June 12, 2024

RICHMOND, CALIF. — Primestor Development has acquired Hilltop Plaza, a 245,921-square-foot retail center situated on 59 acres in Richmond, roughly 18 miles outside San Francisco. An undisclosed seller sold the property for $36.5 million. Tenants at the center, which was 88 percent occupied at the time of sale, include Ross Dress for Less, City Sports Club, dd’s Discounts and Century Theatres. Geoff Tranchina, Eric Kathrein, Gleb Lvovich and Warren McClean of JLL represented both the buyer and seller in the transaction.

June 12, 2024

Development Georgia Industrial Loans Southeast

JLL Arranges $42.5M Construction Loan for Industrial Development in Locust Grove, Georgia

by John Nelson June 12, 2024

LOCUST GROVE, GA. — JLL has arranged a $42.5 million construction loan for Stonemont Park 75 South, a three-building industrial park in the South Atlanta city of Locust Grove. Gregg Shapiro, Dan Kearns, Kelsey Bawcombe and Hunter Rich of JLL arranged the loan through Principal Asset Management on behalf of the locally based borrower, Stonemont Financial Group. At full completion, Stonemont Park 75 will span more than 900,000 square feet and feature clear heights ranging from 32 to 40 feet, 143 dock-high doors, 130-foot truck courts, 280 trailer parking stalls and 645 car parking stalls. The construction timeline for Stonemont Park 75 South was not disclosed.

June 12, 2024

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