MIDDLETON, WIS. — The Kickback Bar, a bar and arcade with over 30 pinball and arcade games, is opening this Friday at Middleton Market Food Hall in the Wisconsin city of Middleton. Cardinal Capital Management Inc. owns the property. The Kickback offers rotating craft beer and seasonal craft cocktails. Food and additional games will be introduced in the coming weeks. Middleton Market continues to expand with food, retail and entertainment options.
RIVERSIDE AND SAN BERNARDINO, CALIF. — PSRS has arranged a $5 million loan for the refinancing of six non-contiguous retail properties, totaling 38,000 square feet in Riverside and San Bernardino counties. The portfolio loan enabled the undisclosed borrower to cash out and restructure high-interest-rate private financing. Michael Warner of PSRS secured the financing, which features five years of interest-only payments, a 30-year amortization and no prepayment penalties. A credit union is providing the capital.
By Taylor Williams The meteoric rise of industrial real estate over the past decade will forever stand as one of the remarkable growth stories in the annals of commercial real estate, a quasi-rags-to-riches tale of an asset class that has become a preferred use for highly valuable sites and penetrated the portfolios of institutional-grade investors around the country. But after surging to all-time highs in the immediate post-COVID era, industrial rents have moderated in most major markets. Slowing rent growth has coincided almost perfectly with interest rate hikes, all while land and construction costs have continued to do what they always do: go up. For these reasons, industrial developers, who still overwhelmingly build on spec, tend to need a little more help these days than they did in recent years. Or in some cases, these developers may be perfectly well-capitalized to acquire land, secure financing and deliver buildings, but simply aren’t motivated to do so in the current financial environment. Enter incentives — of both the tangible and intangible variety — as the missing link that could mean the difference between a project being shelved or delayed and being executed. Incentives can take many forms, from tax breaks granted by …
GRANDVILLE, MICH. — Memphis-based developer Poag Development Group has acquired RiverTown Crossings, a 1.3 million-square-foot enclosed shopping mall located in Grandville, a suburb southwest of Grand Rapids. The two-story property featured 114 retailers at the time of sale, including Macy’s, Kohl’s, JCPenney, Celebration Cinemas and Dick’s Sporting Goods. The mall first opened in 1999. Although the seller was not disclosed, Brookfield Property Partners assumed ownership of the mall in 2018 as part of its $15 billion acquisition of giant shopping mall operator GGP Inc. The price was not disclosed. According to local news outlets including WGRD 97.9, a buyer — Jonathon Bryant —purchased a vacant former Younker’s space at the mall in 2022 for $2 million. In 2024, trampoline entertainment concept Soar N Bounce signed a 10-year lease to occupy a portion of the 75,000-square-foot space. Poag plans to “revitalize the mall through redevelopment” and will add new uses, as well as reposition “underutilized parking fields.” JLL will work with Poag to manage and lease the property. “This property has so much potential for redevelopment given its great location,” says Josh Poag, CEO of Poag Development Group. “We are energized about the opportunity to deploy our redevelopment expertise to reimagine the property.” …
Orlando’s industrial market has enjoyed consistently low vacancy, robust new development and significant rent growth year after year since the onset of the pandemic. While fundamentals remain strong, project deliveries and changing size preferences for leased space have caused a shift in activity. From an economic perspective, Orlando is well-positioned. The unemployment rate has decreased by 30 basis points since first-quarter 2024, reaching 2.9 percent, notably lower than the national average of 4.3 percent. Over the past year, nonfarm employment has grown by 1.4 percent with construction employment seeing a significant increase of 2.9 percent during the same period. Small to mid-sized spaces For the past 20 consecutive quarters, Orlando has maintained positive net absorption. Small bay and other tenants under 200,000 square feet have dominated leasing activity, while demand for spaces over 200,000 square feet has significantly slowed. As a result, year-to-date absorption is just over 800,000 square feet, representing a 40.8 percent decrease compared to 2023’s midyear total and the lowest midyear total since 2020. This slowdown in absorption is accompanied by a rise in vacancy rates, which have increased by 1 percent since last year and 3 percent since 2022. ATR Commercial Flooring took 150,600 square feet …
PLANO, TEXAS — A partnership between two investment firms, Los Angeles-based TruAmerica Multifamily and Ohio-based Spoke Real Estate Capital, has purchased Sheridan Park at Spring Creek Apartments, a 300-unit property in Plano. The sales price was $50.3 million. The property offers one-, two- and three-bedroom units that feature private patios/backyards and washer and dryer connections. Amenities include a fitness center, two pool areas and a resident lounge. Greg Toro and Rob Key of JLL represented the partnership and the undisclosed seller in the deal. Brandon Smith and Annie Rice, also with JLL, arranged an undisclosed amount of acquisition financing for the deal.
CITY OF INDUSTRY, CALIF. — A joint venture between RCB Equities and Real Estate Development Associates (REDA) has received a $115 million loan for the acquisition of Puente Hills Mall in City of Industry. Located at 1600 S. Azusa Ave., the 56.4-acre Puente Hills Mall is a redevelopment opportunity. The buyers plan to work closely with the City of Industry to formulate a redevelopment plan for the property. Mark Wintner of JLL Capital Markets Debt Advisory obtained the non-recourse, three-year, floating-rate loan through Hankey Capital on behalf of the borrower.
WOODINVILLE, WASH. — MainStreet Property Group and HAL Real Estate have received $77 million in refinancing for The Schoolhouse District, a mixed-use asset in downtown Woodinville, a suburb of Seattle. Located at 17409 133rd Ave. NE, The Schoolhouse District consists of four separate buildings, including District Flats offering 254 one-, two- and three-bedroom apartments, and 44,800 square feet of retail space. Apartments offer keyless entry, a balcony or patio, wine storage, vaulted ceilings, oversized windows, open kitchens with premium appliances, in-unit laundry, AC ports and custom-built home office spaces. Amenities at District Flats include a 24-hour fitness center, work-from-home spaces, a grocery delivery room, private access to sporting events, a game room, cafeteria lounge, an enclosed dog park, controlled-access garage and electric vehicle charging stations. The retail section features a YMCA, beauty spa, dining options and Wine Walk Row tasting rooms. Seth Heikkila and Steve Petrie of JLL Capital Market’s Debt Advisory team secured the fixed-rate loan through AXA IM Alts., acting on behalf of its client, for the borrowers.
MANOR, TEXAS — Tampa-based investment firm American Landmark Apartments has acquired Alta Blue Goose, a 300-unit multifamily community in Manor, a northeastern suburb of Austin. Built in 2023, the community offers studio, one-, two- and three-bedroom units and amenities such as private work offices and conference rooms, a pool, fitness center and a clubroom. American Landmark plans to rebrand the property as EightyOne 10 Blue Goose. The seller was not disclosed, but Alta is the brand of Atlanta-based multifamily developer Wood Partners.
FORT WORTH, TEXAS — A partnership between Thrive Senior Living and Orison Holdings has broken ground on Encore at Heritage-Glen, a 75-unit seniors housing project that will be located in the Alliance submarket of North Fort Worth. Arrive Architecture Group designed the property, which will feature 50 assisted living units and 25 memory care units. The groundbreaking of Encore at Heritage-Glen follows closely behind the announcement of the International at Aventura, Thrive Senior Living’s latest development in Florida.