Thursday, July 17, 2025
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CivicDevelopmentMidwestMinnesota

Kraus-Anderson Breaks Ground on $20.4M Fire Station in Victoria, Minnesota

by Kristin Harlow

VICTORIA, MINN. — Kraus-Anderson has begun construction of a new $20.4 million fire station for the City of Victoria at 8250 Kochia Lane. Designed by CNH Architects, the facility in metro Minneapolis will support staffing changes necessary to meet Victoria’s increased demand for service, according to a news release. The new station will enable firefighters to sleep inside the building and respond directly to calls for service versus responding from home or work, which will reduce overall response times across the community. The two-story, 40,230-square-foot building will feature six apparatus bays, a training tower, mezzanine, decontamination areas, living quarters, a lobby and offices. A large classroom will also function as the city’s emergency operation center. Completion is slated for June 2026.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

swissQprint America Acquires 3-Acre Site in Metro Chicago for New North American Headquarters

by Kristin Harlow

WEST DUNDEE, ILL. — swissQprint America, the U.S. arm of the Swiss digital printing technology company, has acquired a 3-acre parcel within Canterfield Corporate Campus in the northwest Chicago suburb of West Dundee. The company plans to use the land to house its new 30,000-square-foot North American headquarters, which will include modern office space, a high-tech showroom and a parts warehouse. The development marks the third building within Canterfield Corporate Campus. The remaining land is owned by HLC Partners, a West Dundee-based, family-owned business and division of Haeger Industries. NAI Hiffman is the leasing agent for the campus. Site design is led by Karl Heitman, president of Heitman Architects. Development Solutions Inc. (DSI) is the general contractor.

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Affordable HousingLoansMidwestMissouriMultifamily

Northmarq Secures $18M HUD-Insured Loan for Affordable Housing Community in Metro St. Louis

by Kristin Harlow

O’FALLON, MO. — Northmarq has secured more than $18 million in HUD financing for Southernside Apartments, a 220-unit affordable housing community in the St. Louis suburb of O’Fallon. The property features one-, two- and three-bedroom floor plans. Amenities include a pool, fitness center, game room, business center, great room, covered parking and walking trails. Eugene Harris of Northmarq arranged the 35-year loan on behalf of Hennessey Construction Co.

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IllinoisLeasing ActivityMidwestOffice

NAI Hiffman Negotiates Three Leases at Renovated Office Building in Lisle, Illinois

by Kristin Harlow

LISLE, ILL. — NAI Hiffman has negotiated three leases totaling 15,642 square feet at 2200 Cabot Drive, a renovated office building within the Corporate Lakes office park in Lisle. Agriculture company Syngenta signed a 13,381-square-foot lease at the five-story building. Prior to the pandemic, Syngenta occupied space in Downers Grove. Additionally, Bethany Christian Services inked a 1,217-square-foot lease, and Retirement Solutions leased 1,044 square feet. Patrick Kiefer of NAI Hiffman represented building owner RE Development Solutions in all three deals. The property is now 70 percent leased. RE Development Solutions acquired the building in November 2019 when it was 5 percent occupied. Ownership has completed extensive renovations, including a redesigned lobby, updated first floor and fifth-floor amenity suite, onsite deli, exterior monument signage, a conference room, updated corridors and washrooms and new mechanical systems. The building offers spec suites to meet demand from small and midsize companies seeking turnkey space.

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1011-First-Avenue-Manhattan
AcquisitionsDevelopmentMultifamilyNew YorkNortheastTop Stories

Vanbarton Group Receives $250M in Financing for Manhattan Multifamily Conversion Project

by Taylor Williams

NEW YORK CITY — Locally based investment and development firm Vanbarton Group has received $250 million in financing for an office-to-residential conversion project at 1011 First Ave. in Manhattan. An affiliate of Eldridge Capital Management provided the debt. The Roman Catholic Archdiocese of New York, which had housed its headquarters within the 20-story, 400,000-square-foot building since 1973, sold the property to Vanbarton Group for $103 million. The archdiocese has since relocated to 488 Madison Ave. The building is located within the Sutton Place submarket in Midtown Manhattan and is known locally as the Cardinal Terrence Cooke Center. Vanbarton plans to convert the property into a 420-unit multifamily property that will offer approximately 8,000 square feet of street-level retail space and more than 55,000 square feet of amenity space. Of the 420 units, 25 percent (105) will be reserved as affordable housing, though specific income restrictions were not disclosed. “The addition of 1011 First Avenue to our portfolio marks a significant step in expanding our office-to-residential conversion efforts, building on the success of nearly two decades of converting underutilized real estate and encompassing over 5 million square feet and 5,000 residences,” said Joey Chilelli, Principal at Vanbarton Group. CBRE’s Doug Middleton …

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Market ReportsMultifamilyNorth CarolinaSoutheastSoutheast Market Reports

As New Supply Levels Off, Charlotte’s Multifamily Market Regains Momentum

by John Nelson

Charlotte’s multifamily market is turning a corner after a once-in-a-generation supply wave that introduced 19,000 new apartments into the metro area in 2024. While rent growth will be muted for most of the year as the market continues to absorb the new supply, the dynamic will shift toward the end of 2025, putting landlords back in the driver’s seat.  Record-low new apartment starts this year, combined with steady population growth and an economic climate that favors renting over owning will boost leasing activity in the second half of the year — and may even produce rent growth for the first time since 2022. Fundamentals in play Like many other Sun Belt cities, Charlotte has been on a joyride of growth stemming from in-migration since the COVID-19 pandemic. The city’s population expanded 2.2 percent between 2023 and 2024, making it one of the fastest-growing markets in the Southeast. Another 56,000 new residents are expected to move in by the end of the year, according to research from Berkadia. The long-term forecast for population growth is even rosier: the Charlotte Regional Business Alliance forecasts the metro population will surge by 50 percent over the next 25 years, driving demand for housing. Tariff …

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Westside-Village-Fort-Worth
DevelopmentMixed-UseTexas

Keystone Group, Larkspur Capital Underway on $1.7B Mixed-Use Redevelopment in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between two locally based developers, Keystone Group and Larkspur Capital, is underway on Westside Village, a $1.7 billion mixed-use redevelopment project in Fort Worth. The 37-acre site is an assemblage of parcels that includes the former home of the Fort Worth Independent School District. Plans currently call for 880,000 square feet of office space, 238,000 square feet of retail, restaurant and entertainment space, 1,785 multifamily units and a 175-room hotel, all of which will be developed over four phases. Demolitions of multiple existing buildings on the site are now complete, and the project team has successfully rezoned about half the acreage. In addition, the first office and multifamily buildings within the development are now in the design phase, and construction of both buildings is expected to begin before the end of the year. Negotiations with several retailers are also underway, with construction of those individual buildings also slated to commence before the end of the year. 

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GCP-Paper-New-Caney
DevelopmentIndustrialLoansTexas

CBRE Arranges Construction Financing for 565,765 SF Manufacturing Project in New Caney, Texas

by Taylor Williams

NEW CANEY, TEXAS — CBRE has arranged an undisclosed amount of construction financing for a 565,765-square-foot manufacturing project in New Caney, a northeastern suburb of Houston. The 32-acre site is located within East Montgomery Industrial Park, and the project is a build-to-suit for GCP Paper, a Mexican company that provides toilet paper, facial tissue and paper towels. The facility will consist of two interconnected single-story structures: an office/production warehouse and a mill building. The office/production warehouse will feature dock-high loading bays and concrete tilt-wall panel construction. Construction is slated for a summer 2026 completion. John Fenoglio and Brock Hudson of CBRE arranged the debt through Cadence Bank on behalf of GCP Paper in conjunction with Pontikes, which is serving as the fee developer for the project as well as the general contractor. The loan was structured a loan-to-cost ratio of 80 percent.

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AcquisitionsMultifamilyTexas

GREA Negotiates Sale of 278-Unit Apartment Complex in Plano

by Taylor Williams

PLANO, TEXAS — Global Real Estate Advisors (GREA) has negotiated the sale of Bellevue at Spring Creek, a 278-unit apartment complex located northeast of Dallas in Plano that was originally built in 1982. According to Apartments.com, the property offers one- and two-bedroom units that range in size from 704 to 1,247 square feet. Amenities include two pools, a fitness center, playground, tennis court and a business center. The buyer was Dallas-based investment firm The ValCap Group, and the seller was not disclosed. Bellevue at Spring Creek was roughly 90 percent occupied at the time of sale.

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IndustrialLeasing ActivityTexas

World Emblem Signs 72,000 SF Industrial Lease in Northwest Houston

by Taylor Williams

HOUSTON — World Emblem has signed a 72,000-square-foot industrial lease in northwest Houston. The Florida-based patch and insignia manufacturer is relocating and expanding from a nearby, 35,000-square-foot space to the building at 6740 Signat Drive. About 140 employees will work at the plant to start, and the company plans to reshore 50 jobs and add up to 100 additional staff at the facility, which will initially produce up to 500,000 emblems and patches per week. No third-party brokers were involved in the lease negotiations.

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