FORT WAYNE, IND. — Marcus & Millichap has brokered the $1.5 million sale of a retail building formerly occupied by Walgreens in Fort Wayne. The property is located at 1701 E. Paulding Road. David Klink and Jordan Klink of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.
NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million. The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton
By Dougal Jeppe, Colliers Over the past few years, we have been inundated with less than positive industry news. While it’s true we are at a historic moment in commercial real estate, and users are facing complex, never-before-seen questions about how to use their space, there remain many positives as we head toward the second half of 2024. So, let’s take a look at the good news from the Chicago office market. For now, downtown Chicago remains a tenant’s market, a trend expected to persist throughout 2024. With over 47.2 million square feet of office space available, tenants have a plethora of high-quality options to choose from, making it an opportune time for businesses seeking favorable lease terms to secure space. And companies are doing just that. There has been a recent uptick in large space renewals by long-term office tenants including some consolidations reflecting the commitments many Fortune 500 companies, such as Mesirow and PNC Bank, have made to the City of Chicago. Notably, JPMorgan Chase announced plans to reinvest in Chicago by renovating its namesake tower and keeping its 7,200 employees in the city. Similarly, Google has committed to the Central Loop, and plans to move about 1,000 …
SAN ANTONIO — Austin-based investment firm Palladius Capital Management has purchased The Luxx, a 694-bed student housing community that serves students at the University of Texas at San Antonio (UTSA). Built in 2014, the property is located roughly a mile from campus and offers one-, two- and four-bedroom layouts across 220 units with bed-to-bath parity. Amenities include a pool, study spaces, volleyball court, fitness center, dog park and outdoor grills and dining stations. Palladius plans to implement a value-add program. The seller and sales price were not disclosed.
DALLAS — Trademark Property Co. has received approval from the Dallas City Council to rezone the site at 3900 Lemmon Ave. in the Oak Lawn area. The Fort Worth-based developer plans to construct a multifamily community with more than 400 units at the corner of Lemmon Avenue and Reagan Street. The building will rise three to seven stories and encompass three acres. The preliminary design includes plans for pocket parks, an amenity terrace and a ground-floor restaurant. Dallas-based GFF is the project architect. A construction timeline has not yet been established.
AMARILLO, TEXAS — New York City-based Dwight Capital has provided a $58.6 million HUD-insured loan for Residences at Town Square, a 32-acre mixed-use property in Amarillo that consists of 480 residential units and 121,360 square feet of commercial space. The residential component comprises four five-story apartment buildings, and the commercial space houses a dental office, nail bar, spa, retail merchandising and restaurant users. Daniel Malka of Dwight Capital originated the debt through HUD’s 223(f) program on behalf of the borrower, Williams Group. Daniel Hartnett of Greysteel served as the loan correspondent.
AUSTIN, TEXAS — Dallas-based investment firm S2 Capital has acquired Vineyard Hills, a 202-unit multifamily property in southwest Austin. The site spans 11 acres, and the property features one-, two- and three-bedroom floor plans. Amenities include a pool, spa, dog park and outdoor grilling and dining stations. Ryan McBride, Robert Arzola, Robert Wooten, Alex Fernandes and Nick Beardslee of JLL represented the seller, Bob Reeves, in the transaction. Mark Brandenburg, also with JLL, arranged an undisclosed amount of acquisition financing for the deal through Benefit Street Partners. S2 Capital acquired the property in conjunction with Belle Rive Club Apartments, a 104-unit complex in Jacksonville, Fla.
SPRING, TEXAS — Marcus & Millichap has brokered the sale of a 5,677-square-foot retail building in the northern Houston suburb of Spring. The building is located along the I-45 corridor and is leased to breakfast eatery IHOP, which has 15 years remaining on its lease. John Paine of Marcus & Millichap represented the seller, metro Atlanta-based investment firm Greenleaf Property Management, in the transaction. Paine also procured the buyer, a California-based 1031 exchange investor.
FISHER ISLAND, FLA. — Berkadia has arranged a $400 million construction loan for the development of The Residences at Six Fisher Island, an ultra-luxury condominium property in Miami-Dade County. The 10-story development will feature 50 for-sale condos and high-end amenities on the northeastern shoreline of Fisher Island, a barrier island east of Miami. Scott Wadler, Michael Basinski, Patrick Johnson, Mitch Sinberg, Brad Williamson and Matthew Robbins of Berkadia arranged the loan through Madison Realty Capital. The borrowers — Related Group, Teddy Sagi, BH Group and Wanxiang America RE Group — launched sales for The Residences at Six Fisher Island in late 2022, generating more than $500 million in sales to date. Two of the property’s penthouses sold earlier this year for a combined total of $150 million, with remaining inventory targeting prices north of $4,000 per square foot. The project is set to begin construction this summer, with completion slated for 2026.
PICKENS COUNTY, S.C. — RealtyLink has purchased 115 acres behind the former Greenville-Pickens Speedway in Pickens County, directly west of Greenville, S.C. The locally based developer plans to initially invest $100 million in Phase I, which will comprise 1 million square feet of industrial space. At full build-out, Speedway Business & Technology Park will span 600 acres and comprise up to 4 million square feet of industrial space. The park will also include sidewalks, walking trails and other amenities. Phil Wilson and Stan Tzouvelekas of RealtyLink, along with CBRE, are seeking tenants for the development. Inaugural tenants of Speedway Business & Technology Park will be announced in the weeks and months to come.