Property Type

JLL Negotiates Sale of 432,158 SF Shopping Center in Spanish Fort, Alabama

by John Nelson June 26, 2024

SPANISH FORT, ALA. — JLL has negotiated the $33.2 million sale of Eastern Shore Centre, a 432,158-square-foot power shopping center located at 30500 Highway 181 in Spanish Fort, a suburb of Mobile, Ala. Jim Hamilton, Brad Buchanan and Andrew Nichols of JLL represented the seller, Allied Development, in the transaction. Chip Sykes, Hunter Goldberg, Hamp Gibbs and Mikey Minihan, also with JLL, arranged an undisclosed amount of acquisition financing on behalf of the buyer, Wicker Park Capital Management. Situated on 42.7 acres and shadow-anchored by Dillard’s, Eastern Shore Centre’s tenant mix includes Belk, Shoe Station, Barnes & Noble, Stock & Trade, California Dreaming, Half Shell Oyster House and Mountain High Outfitters. Wicker Park, along with property manager affiliate Crawford Square Real Estate Advisors, has plans to continue to elevate the tenant profile and activate the place-making opportunities within Eastern Shore Centre.

June 26, 2024

Acquisitions Office Southeast Tennessee

Cushman & Wakefield | Commercial Brokers Sale of 100,943 SF Poplar Towers Office Building in Memphis

by John Nelson June 26, 2024

MEMPHIS, TENN. — Cushman & Wakefield | Commercial Advisors has brokered the sale of Poplar Towers, a 100,943-square-foot office building located at 6263 Poplar Ave. in Memphis. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial represented the sellers, an entity doing business as Poplar Towers Office Center LLC and private investor Brett Kaye, in the transaction. Brian Califf of NAI Saig represented the buyer, Gregory Realty GP. The sales price was not disclosed. The Class B office building is situated in the East Memphis submarket. According to LoopNet Inc., Poplar Towers spans 11 stories, features 258 surface parking spots and was built in 1973.

June 26, 2024

Development Loans Multifamily New York Northeast

Affinius Capital, Kennedy Wilson Provide $160M Construction Loan for Brooklyn Multifamily Project

by Taylor Williams June 26, 2024

NEW YORK CITY — Affinius Capital, which is a joint venture between San Antonio-based USAA Real Estate and New York-based Square Mile Capital Management, and global investment firm Kennedy Wilson have provided a $160 million construction loan for a multifamily project in Brooklyn. The site at 340 Nevins St. is located in the Gowanus neighborhood. The project will be a 22-story building that will house 320 units, 25 percent of which will be set aside as affordable housing, as well as 29,000 square feet of retail space. Units will come in studio, one-, two- and three-bedroom floor plans, and amenities will include a pool, fitness center, coworking spaces and indoor and outdoor lounges. Dustin Stolly and Jordan Roeschlaub of Newmark arranged the debt on behalf of the borrower, a partnership between Tavros Holdings and Charney Cos. Completion is slated for mid-2027.

June 26, 2024

Development Florida Loans Self-Storage Southeast

Eastern Union Arranges $10.1M Construction Financing for Self-Storage Development in Davenport, Florida

by John Nelson June 26, 2024

DAVENPORT, FLA. — Eastern Union has arranged a $10.1 million loan for the ground-up construction of a self-storage facility in Davenport, roughly 65 miles east of Tampa. Marc Tropp of Eastern Union secured the four-year loan on behalf of the undisclosed borrower. The lender was also not disclosed. Upon completion, the development will comprise 690 units across five stories, with a gross square footage of 103,020 square feet and 76,431 square feet of rentable space. Malvern, Pa.-based CubeSmart will operate the facility.

June 26, 2024

Development Industrial Leasing Activity New Jersey Northeast

Seagis Completes Renovation of 202,490 SF Northern New Jersey Industrial Building, Signs New Tenant

by Taylor Williams June 26, 2024

EAST RUTHERFORD, N.J. —Seagis Property Group has completed the renovation of a 202,490-square-foot industrial building located at 13 Manor Road in the Northern New Jersey community of East Rutherford. The metro Philadelphia-based development and investment firm has also signed an undisclosed tenant to a full-building lease at the property, which features a clear height of 22 feet, 16 docks and 84 car parking spaces. Seagis purchased the building, which previously functioned as a manufacturing facility, in 2006.

June 26, 2024

Affordable Housing Development Kansas Loans Midwest Multifamily Walker & Dunlop

Walker & Dunlop Arranges $29.6M in LIHTC Equity for Affordable Housing Project in Lenexa, Kansas

by Kristin Harlow June 26, 2024

LENEXA, KAN. — Walker & Dunlop Inc. has arranged $29.6 million in federal Low-Income Housing Tax Credit (LIHTC) equity for the financing of Canyon Creek East, an affordable housing project in Lenexa. The development will include 212 units across five buildings. Jennifer Erixon led the Walker & Dunlop team that arranged the LIHTC equity, which will finance approximately 40 percent of the total development costs, on behalf of MRE Capital. Canyon Creek East is part of the larger Cedar Canyon West development plan, which encompasses a mix of residential, commercial and recreational facilities. MRE’s development will provide units for households earning between 30 and 80 percent of the area median income.

June 26, 2024

Leasing Activity New York Northeast Office

Cushman & Wakefield Negotiates 15,158 SF Office Lease in Midtown Manhattan

by Taylor Williams June 26, 2024

NEW YORK CITY — Cushman & Wakefield has negotiated a 15,158-square-foot office lease in Midtown Manhattan. The tenant, deal-sourcing platform Grata Inc., will occupy the entire second floor at 1410 Broadway, which recently underwent a $20 million capital improvement program. David Hoffman and Sam Hoffman of Cushman & Wakefield represented Grata Inc. in the lease negotiations. Richard Doolittle, Michael Joseph, John Howard and Taylor Bell of Colliers represented the landlord, L.H. Charney Associates.

June 26, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $5M Sale of Multifamily Property in Chicago’s Uptown Neighborhood

by Kristin Harlow June 26, 2024

CHICAGO — Interra Realty has brokered the sale of a 30-unit multifamily property in Chicago’s Uptown neighborhood for $5 million. Built in 1927 and renovated in 2014, the asset at 5051 N. Kenmore Ave. was fully leased at the time of sale. Joe Smazal of Interra represented the buyer, East Superior Real Estate Partners, and the seller, an East Coast-based investment company. The buyer assumed the property’s existing mortgage, which carries an interest rate below current market levels.

June 26, 2024

Acquisitions Midwest NAI Office Wisconsin

NAI Pfefferle Negotiates Sale of 31,225 SF Office Building in Greenville, Wisconsin

by Kristin Harlow June 26, 2024

GREENVILLE, WIS. — NAI Pfefferle has negotiated the sale of a 31,225-square-foot office building in Greenville, about 35 miles southwest of Green Bay. The sales price was undisclosed, but the asking price was $1.9 million. Amy Oelhafen of NAI Pfefferle brokered the sale of the property, which is located on Aerotech Drive.

June 26, 2024

Development Illinois Midwest Restaurant Retail

Next Realty Completes Development of Chipotle-Occupied Retail Property in Barrington, Illinois

by Kristin Harlow June 26, 2024

BARRINGTON, ILL. — An affiliate of Next Realty LLC has completed development of a 2,460-square-foot retail property occupied by Chipotle in the northwest Chicago suburb of Barrington. Next acquired the site at 550 Hough St. in 2022 when it was a former Bank of America property. The newly reconfigured outlot has parking for 25 cars and a Chipotlane for mobile order pickups. Buildtech was the general contractor. Sarah Norlander and Elizabeth Sweeney of Mid-America Real Estate represented Next, while Steve Fishman of Mid-America represented Chipotle.

June 26, 2024

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