PHILADELPHIA — Entrepreneur Justin Meshberg has opened Silk Screen Studios, a 22,774-square-foot creative workspace in Philadelphia. The space is located within the former Process Screen Manufacturing building in the city’s Fishtown neighborhood and houses 57 workstations. Space range in size from 200 to 600 square feet and are equipped with high-speed internet, in-unit climate control options and app-controlled entrances. Members also have access to a bike room, package room and kitchenettes on each floor.
LONG BRANCH, N.J. — Locally based brokerage firm The Kislak Co. Inc. has arranged the $3.5 million sale of Morris Mews Apartments, an 18-unit multifamily complex located in the coastal New Jersey community of Long Branch. The two-story building was constructed in 1966 and houses 16 one-bedroom units and two two-bedroom units that were fully occupied at the time of sale. Daniel Lanni of Kislak represented the seller and procured the buyer, both of which were limited liability companies, in the transaction.
CHICAGO — JLL Capital Markets has arranged the sale and acquisition financing of The Parker, a 29-story luxury apartment tower in Chicago’s Fulton Market district. The sales price was $93.3 million, according to Crain’s Chicago Business. Developed by Atlantic Residential, Shapack Partners and Focus Development in 2016, the 227-unit property features panoramic views of downtown Chicago. Units range from studios to three-bedroom layouts. Amenities include a fitness center, yoga studio, rooftop pool, clubroom, work-from-home space, outdoor dog run, indoor dog wash, private parking garage, package concierge system, dry-cleaning pickup lockers and bicycle storage. The property is located at 730 W. Couch Place, steps from the Randolph Street Restaurant Row. Kevin Girard, Mark Stern, Zach Kaufman, Jennifer Hull and Colleen Watson of JLL represented the seller, institutional investors advised by J.P. Morgan Asset Management and Atlantic Residential. Danny Kaufman, Matthew Schoenfeldt, Medina Spiodic, Mary Dooley, Rebecca Brielmaier and Yougsoo Yang of JLL arranged a fixed-rate, five-year acquisition loan through Northwestern Mutual Life on behalf of the buyer, JDL Development.
CHICAGO — Nassimi Realty, a New York-based real estate development company, has purchased Joffco Square, a 100,000-square-foot retail center in Chicago’s South Loop. The purchase price was $9.2 million. Located at 555 W. Roosevelt Road, Joffco Square is anchored by Best Buy and shadow anchored by Home Depot. The property features a two-story covered parking garage. The seller, Pine Tree, had purchased the asset for $27 million. Nassimi is working with national retailers to address vacancies at the center.
NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.
WASHINGTON TOWNSHIP, MICH. — The Salvation Army has signed a 13,065-square-foot retail lease on Van Dyke Avenue in Washington Township, a northern suburb of Detroit. The charitable organization will take occupancy in June and is relocating from across the street. Gary Grochowski and Bryan Barnas of Colliers represented the undisclosed landlord, while John Lominack and Michael Bennett of Colliers represented the tenant. The Salvation Army operates nearly 8,000 locations across the U.S.
PORTLAND, ORE. — A joint venture between PCCP and Guardian Real Estate Services has acquired The Louisa, a 16-story multifamily property at 123 NW 12th Ave. in Portland’s Pearl District. Terms of the transaction were not released. Built in 2005, The Louisa offers 242 apartments, 29,295 square feet of ground-floor retail space and shared ownership of the Brewery Blocks parking garages. The property features townhomes, studio units and one- and two-bedroom apartments with central air conditioning, 10-foot ceilings, in-unit washers/dryers, luxury plank flooring and stainless steel appliances. Additionally, a portion of the apartments feature balconies. Community amenities include resident lounges, a community room, garden terrace with eco roofs, barbecues and a fire pit. The ground-floor retail space is accompanied by West Elm, Williams-Sonoma, Frame Central, lululemon athletica and The Cookie Dough Café.
HERMOSA BEACH, CALIF. — Chartwell Real Estate Development has purchased Park Pacific Shopping Center, a grocery-anchored retail center in Hermosa Beach, from a private investor for $27.8 million. Located at 1100 Pacific Coast Highway, Park Pacific Shopping Center offers 49,911 square feet of retail space. Current tenants include Trader Joe’s, Starbucks Coffee, Five Below and Sally Beauty. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL handled the transaction.
LAS VEGAS — Northmarq has arranged $18 million in refinancing for two-building industrial portfolio, totaling more than 246,000 square feet, in Las Vegas. The portfolio includes an industrial warehouse that was built in 1992 and situated on 7.5 acres along Pilot Road, as well as a property that was built in 2017 on 5.5 acres along East Craig Road. The buildings are occupied by a vitamin and supplements retail and e-commerce store and a fabric/linens supplier. David Blum of Northmarq’s Newport Beach, Calif., Debt + Equity team secured the permanent fixed-rate loan for the undisclosed borrower through a correspondent life company lender. The transaction was structured on a seven-year, interest-only term.
CENTENNIAL, COLO. — Laramar Group has purchased Southglenn Place, a multifamily community in Centennial, from a private investor for an undisclosed price. Located at 6541 S. Vine St., the 1970-vintage property offers 135, mostly one-bedroom, apartments. Laramar Group plans to renovate the property.