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Home2-Suites-Phoenix-AZ
AcquisitionsArizonaHospitalityWestern

Anish Hotels Group Sells Home2 Suites by Hilton Phoenix Downtown for $43.3M

by Amy Works

PHOENIX — Anish Hotels Group has completed the disposition of Home2 Suites by Hilton Phoenix Downtown to Chatham Lodging Trust for $43.3 million, or $293,000 per room. Chatham funded the purchase using proceeds from recent asset sales and available cash. Located at 125 E. Jackson St., the six-story hotel features 148 guest rooms and is connected to the historic Fuller Paint Company Building, which offers a customized reception area, guest lobby, 1,200 square feet of meeting space and a signature food and beverage outlet. Island Hospitality Management will manage the hotel. Carter Gradwell, Jennifer Bergamo and Rick Rush of CBRE represented the seller in the deal.

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Leasing ActivityNew JerseyNortheastRetail

R.J. Brunelli Negotiates 16,400 SF Retail Lease in Mount Olive, New Jersey

by Taylor Williams

MOUNT OLIVE, N.J. — Locally based brokerage firm R.J. Brunelli & Co. has negotiated a 16,400-square-foot retail lease at The Gardens, a 373,612-square-foot shopping center in the Northern New Jersey community of Mount Olive. The tenant, Fitness Factory, will backfill a space formerly occupied by Bed Bath & Beyond. A recently opened Boot Barn occupies the other portion of the space. The opening is scheduled for June. Danielle Brunelli of R.J. Brunelli & Co. represented the undisclosed landlord in the lease negotiations.

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45-Enterprise-Aliso-Viejo-CA
AcquisitionsCaliforniaOfficeWestern

MicroVention Acquires 242,706 SF Office Building in Aliso Viejo, California for $42.2M

by Amy Works

ALISO VIEJO, CALIF. — MicroVention, a neuroendovascular medical device company, has purchased 45 Enterprise, a nine-story office building in the Orange County city of Aliso Viejo. An undisclosed seller sold the asset for $42.2 million, or $183 per square foot. Built in 2007 and renovated in 2022, the 242,706-square-foot building was vacant at the time of sale. The property features open floorplates, an onsite cafeteria, conference and meeting rooms, premier building signage and a parking ratio of 4.6 spaces to every 1,000 rentable square feet. Carol Trapani and Allison Kelly of CBRE represented the buyer in the deal.

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VT-101-Glendale-AZ
ArizonaDevelopmentIndustrialWestern

VanTrust Real Estate Breaks Ground on 750,000 SF Industrial Park in Glendale, Arizona

by Amy Works

GLENDALE, ARIZ. — VanTrust Real Estate has broken ground on the first phase of VT 101, a 48-acre, three-building, 750,000-square-foot industrial park in Glendale, just northwest of Phoenix. The first phase will include two 156,000-square-foot, Class A industrial buildings, slated for delivery in April 2025. The buildings will offer office suites, HVAC and LED lighting. The project team includes Butler Design Group as architect, Layton Construction as general contractor and JLL’s Pat Harlan and Kyle Westfall as leasing agents.

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The-Falls-at-Canyon-Rim-South-Ogden-UT
AcquisitionsMultifamilyUtahWestern

TruAmerica Buys 288-Unit The Falls at Canyon Rim Apartments in South Ogden, Utah

by Amy Works

SOUTH OGDEN, UTAH — Los Angeles-based TruAmerica Multifamily has purchased The Falls at Canyon Rim, an apartment property in South Ogden, approximately 25 miles north of Salt Lake City. Terms of the transaction were not released. The Falls at Canyon Rim offers 288 one-, two- and three-bedroom apartments averaging nearly 1,200 square feet. Community amenities include a swimming pool, year-round hot tub, 24-hour fitness center, barbecue grills, two playgrounds, basketball courts, tennis courts, recreation rooms and a dog park. Institutional Property Advisors, a division of Marcus & Millichap, represented the undisclosed seller in the deal.

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CaliforniaDevelopmentLoansRetailWestern

Keystone Mortgage Arranges $16.2M Bridge Loan for Retail Repositioning Project in Palm Desert, California

by Amy Works

PALM DESERT, CALIF. — Keystone Mortgage Corp. has arranged a $16.2 million bridge loan to fund the repositioning of retail center in the Coachella Valley city of Palm Desert. Situated on 8.2 acres, the 80,072-square-foot retail property is 97 percent occupied by 14 tenants, including Grocery Outlet and Ross Dress for Less. Tim Winton of Keystone secured the financing on behalf of the borrower, a private real estate investor. One of Keystone’s correspondent life company lenders provided the 36-month, high-leverage, non-recourse loan. The loan will allow the borrower to complete the remainder of property upgrades while providing maximum leverage, interest-only payments, fixed rate and prepayment flexibility, according to Winton.

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DevelopmentMichiganMidwestMultifamily

Thompson Thrift Completes 344-Unit Apartment Community in Suburban Grand Rapids

by Kristin Harlow

WYOMING, MICH. — Thompson Thrift has completed The BLVD at Wilson Crossings, a 344-unit apartment community in the Grand Rapids suburb of Wyoming. The property, which is 45 percent leased, offers townhome-style units with up to four bedrooms. Amenities include a clubhouse, fitness center, pool, pickleball courts, turf game lawn and dog park. The project marks the third Michigan development for Indianapolis-based Thompson Thrift.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Brokers $9.3M Sale of Multifamily Portfolio on Chicago’s South Side

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a three-building, 114-unit multifamily portfolio on Chicago’s South Side for $9.3 million. Two buildings, 7131 S. Bennett Ave. and 1949 E. 73rd Ave., are located in the South Shore neighborhood, while the third property, 6600 S. Ingleside Ave., is in the Woodlawn neighborhood. Lucas Fryman of Interra represented the buyer and seller, both based in Brooklyn, N.Y. The purchaser assumed the asset’s existing mortgage, which carries a 3.29 percent interest rate that matures at the end of 2032. Built in the early 1920s, the properties were 95 percent occupied at the time of sale. All three buildings have undergone capital improvements in recent years to include upgraded exteriors, building systems and unit interiors. The new ownership plans to continue the modernization with new appliances, fixtures and paint.

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IllinoisLeasing ActivityMidwestRetail

Reform Studios to Open 4,000 SF Pilates Studio at Optima Signature in Downtown Chicago

by Kristin Harlow

CHICAGO — Reform Studios is scheduled to open a 4,000-square-foot Pilates studio on Saturday, June 22 in downtown Chicago. The studio will occupy ground-floor retail space of Optima Signature, a 57-story luxury apartment tower developed by Optima Inc. in 2017. Additional commercial tenants at the property include Guidepost Montessori School, Egg Harbor Café, Bedazzled and GoodVets Streeterville. Founded by local resident Jennifer Villamil, Reform Studios is the only studio in Chicagoland to offer Reform RX machines, the world’s first commercial-grade smart Pilates reformer. Equipped with high-definition touchscreen displays and a library of on-demand classes, the machines can precisely track users’ movements and present real-time data on calories burned, heart rate and power output as well as post-session workout summaries.

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DevelopmentIllinoisMidwestRestaurantRetail

Principle Construction Completes Bakery Build-out in Lake Zurich, Illinois

by Kristin Harlow

LAKE ZURICH, ILL. — Principle Construction has completed a bakery build-out for Apres Pastry & Bakery in downtown Lake Zurich, a northwest suburb of Chicago. The tenant occupies the last remaining space within the building that Principle constructed in 2023. Principle added a new common entrance and pedestrian access corridor from the rear parking lot. The project included various mechanical, electrical, fire protection and plumbing systems as well as the installation of a walk-in freezer. Muran Architects served as the project architect, while Siren Betty designed the interior.

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