Property Type

Ryan Cos., PGIM Real Estate to Develop 343,000 SF Northwest Commerce Center Industrial Project in Broomfield, Colorado

by Amy Works July 17, 2024

BROOMFIELD, COLO. — Ryan Cos. and PGIM Real Estate, on behalf of its U.S. core-plus investment strategy, have formed a joint venture and received financing for the development of Northwest Commerce Center. The Class A industrial development will be located in Broomfield, a suburb north of Denver. Situated within Verve Innovation Park, Northwest Commerce Center will consist of two buildings offering a total of more than 343,000 square feet with 32-foot clear heights, LED lighting, an ESFR sprinkler system, 22 trailer parking spots and heavy power with 4000-amp electrical service. The buildings are designed to accommodate a wide range of tenants such as warehousing, advanced manufacturing and other industrial uses. Ryan is the developer and builder for Northwest Commerce Center. Ware Malcomb is the architect of record. Carmon Hicks, Patrick McGettigan and Jason White of JLL have been selected to market and lease the project. Construction is slated to begin in August, with completion scheduled for second-quarter 2025.

July 17, 2024

Acquisitions Colorado Industrial Office Western

Pinnacle Brokers Sale of 38,114 SF Flex Property in Wheat Ridge, Colorado

by Amy Works July 17, 2024

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of an office, industrial and warehouse facility situated on 3.3 acres in Wheat Ridge, just west of Denver. Tecta LLC and Solo@LHC LLC sold the asset to an undisclosed buyer for $4.8 million. Located at 4725 Independence St., two tenants fully occupy the 38,114-square-foot property. John Reynolds and James Wachholz of Cushman & Wakefield, along with RC Myles of Pinnacle Real Estate Advisors, represented the seller, while Mark Alley and Paul Schneider with Pinnacle Real Estate Advisors represented the buyer in the deal.

July 17, 2024

Acquisitions Arizona Retail Western

Marcus & Millichap Negotiates Ground Lease Sale of 4,500 SF US Bank-Occupied Retail Property in Scottsdale, Arizona

by Amy Works July 17, 2024

SCOTTSDALE, ARIZ. — Marcus & Millichap has arranged the sale of the ground lease for a U.S. Bank-occupied, net-leased retail property in the Phoenix suburb of Scottsdale. A private investor acquired the asset from a limited liability company for $5.5 million. The transaction included a 4,500-square-foot retail building and a new 10-year, absolute triple-net ground lease with corporate guaranty by U.S. Bank. Built in 2023, the property is located at 14900 N. Pima Road. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap represented the seller and procured the buyer in the transaction.

July 17, 2024

Development Florida Multifamily Southeast

Alliance Residential Delivers 324-Unit Prose Cypress Pointe Apartments in Winter Haven, Florida

by John Nelson July 17, 2024

WINTER HAVEN, FLA. — Alliance Residential Co. has delivered Prose Cypress Pointe, a 324-unit apartment community located at 3110 Gowan Drive in Winter Haven. The property represents the fourth Prose-branded community in Central Florida for the Arizona-based developer. Situated 20 miles from Lakeland and 35 miles from Tampa, Prose Cypress Pointe features one- and two-bedroom apartments averaging 1,008 square feet in size. Monthly rental rates begin at $1,655, according to Prose Cypress Pointe’s property website. Amenities include a clubroom with an entertainment kitchen, business center with coworking spaces, 24/7 package access via a Parcel Pending package locker, 24-hour fitness center, fenced pet park, resort-style pool with a tanning ledge and in-pool lounge seating, gas grill stations and a poolside entertainment cabana with an outdoor TV and lounge seating.

July 17, 2024

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $76.2M Bond Financing for Seniors Housing Community in Chapel Hill, North Carolina

by John Nelson July 17, 2024

CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metropolitan area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to develop, own and operate a replacement nursing facility that will total approximately 122,000 square feet. The project will bring a progressive new care model to Carolina Meadows and will include a total of 90 beds, comprised seven 12-person households with the possibility of dual-occupancy in one unit in six of the households. Each unique household is designed to resemble a home, and include a living room, kitchen, den and direct access to outdoor spaces. Upon completion of the project, which is scheduled for April 2026, Carolina Meadows will transfer residents from its existing health center to the new health center.

July 17, 2024

Development Illinois Midwest Mixed-Use

Crown Community Development Submits Plans for 760-Acre Mixed-Use Project in Sugar Grove, Illinois

by Kristin Harlow July 17, 2024

SUGAR GROVE, ILL. — Crown Community Development (CCD) has submitted its formal land development application to the Village of Sugar Grove for The Grove, a 760-acre, master-planned mixed-use project. Plans call for several housing options, a town center, over 200 acres of open space, public amenities and a variety of commercial uses. The Grove is proposed for land surrounding the I-88 and Route 47 interchange, about 45 miles west of Chicago. Named after the maple trees scattered across Sugar Grove, the new proposal for The Grove is the result of re-envisioning the plan CCD presented to the village in 2019 for the same parcel of land. The new plan includes an increase in green space and the preservation of existing tree groves, which were based on public feedback from community meetings held by CCD in 2023. As part of the land development application for The Grove’s updated master plan, which covers zoning, subdivision and annexation, CCD is proposing Planned Development District (PDD) zoning that will accommodate uses that meet market and community needs. Proposed land uses via the PDD zoning for The Grove include: multiple residential areas offering a variety of housing options, from single-family homes and active adult living …

July 17, 2024

Illinois Leasing Activity Midwest Retail

Cushman & Wakefield Negotiates 30,000 SF Lease for First Padel Location in Chicago

by Kristin Harlow July 17, 2024

CHICAGO — Cushman & Wakefield has negotiated a 30,000-square-foot lease on behalf of Padel Chicago LLC for the first padel location in the city. Padel combines the elements of tennis, squash and pickleball. The property is located at 219 N. Paulina St. Chip Evans of Cushman & Wakefield represented the main investors, Lakeshore Sport & Fitness and Fabian Gosselin, in lease negotiations with the building owner, Walnut Street Properties. Lakeshore Sport & Fitness owns and operates large, multi-sport facilities. Gosselin is a Chicago venture-capital investor whose family has owned and operated a global hospitality and restaurant company for three decades. The Chicago padel facility, slated to open in the first quarter of 2025, will feature five indoor courts. Amenities will include private member lounges, locker rooms, coworking space and a coffee shop and bar.

July 17, 2024

Loans Michigan Midwest Multifamily

Matthews Capital Markets Arranges $8.7M Loan for Refinancing of Detroit Apartment Building

by Kristin Harlow July 17, 2024

DETROIT — Matthews Capital Markets (MCM), a financing division of Matthews Real Estate Investment Services, has arranged an $8.7 million loan for the refinancing of New Cadillac Square Apartments in Detroit. Located at 111 Cadillac Square, the apartment building rises 21 stories with 221 units. Jack Quigley of MCM arranged the loan through a credit union. The floating-rate loan features a free rate lock ability at the borrower’s discretion.

July 17, 2024

Acquisitions Florida Multifamily Southeast

JBM Brokers $57M Sale of Brantley Pines Apartments in Fort Myers, Florida

by John Nelson July 17, 2024

FORT MYERS, FLA. — JBM Institutional Multifamily Advisors has brokered the $57 million sale of Brantley Pines, a 296-unit apartment community situated on 29.1 acres in Fort Myers. The Inland Real Estate Group of Cos. sold the Southwest Florida property to Boca Raton, Fla.-based Interface Properties for $192,568 per unit. Interface plans on continuing a renovation program for the unit interiors at Brantley Pines while also adding a lakeside walking path and enhancing the clubhouse, pool area and landscaping. The previous owner recently added pickleball courts to Brantley Pines, which was delivered in two phases in 1988 and 1997.

July 17, 2024

Acquisitions Illinois Midwest Retail

Quantum Brokers $8.5M Sale of Retail Center in St. Charles, Illinois

by Kristin Harlow July 17, 2024

ST. CHARLES, ILL. — Quantum Real Estate Advisors Inc. has brokered the $8.5 million sale of a 47,000-square-foot retail center in St. Charles, about 40 miles west of Chicago. At the time of sale, the property was 97 percent leased to Syrup, Consume Cannabis, CD One Price, La Huerta Market and other local and national tenants. Brett Berlin of Quantum represented the seller, an Illinois-based developer. The buyer was a private group of investors based in Illinois and New Jersey.

July 17, 2024

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