Property Type

Marcus & Millichap Brokers $2.6M Sale of Net-Leased Restaurant Building in Falcon, Colorado

by Amy Works October 11, 2023

FALCON, COLO. — Marcus & Millichap has arranged the sale of a restaurant property located at 7575 Falcon Market Place in the Colorado Springs suburb of Falcon. A limited liability company sold the asset to an undisclosed buyer for $2.6 million. Freddy’s Frozen Custard & Steakburgers occupies the 3,030-square-foot property on a net-lease basis. Part of a 20-acre development, the new restaurant is located in front of a King Soopers supermarket that is currently under construction. Drew Isaac and James Rassenfoss of Marcus & Millichap’s Denver represented the seller in the deal.

October 11, 2023

Development Multifamily Texas

Civitas Capital Tops Out 238-Unit Multifamily Project in Houston

by Taylor Williams October 11, 2023

HOUSTON — Dallas-based Civitas Capital Group has topped out UNITi Montrose, a 238-unit multifamily and coliving project in Houston. The site spans a full acre, and the building rises six stories atop a three-story parking garage. Floor plans consist of 190 studio, one- and two-bedroom units as well as 48 private suites that house a total of 161 private rooms. Amenities will include a pool, coworking space and a courtyard, as well as 4,000 square feet of ground-floor retail space. Meeks + Partners designed the project, and Arch-Con Corp. is serving as the general contractor. Completion is slated for next summer.

October 11, 2023

Acquisitions Midwest Ohio Retail

Midland Atlantic Properties, Next Realty Acquire 160,000 SF Shopping Center in Cincinnati

by Kristin Harlow October 11, 2023

CINCINNATI — A joint venture between affiliates of Midland Atlantic Properties and Next Realty has acquired Waterstone Center, a 160,000-square-foot shopping center in Cincinnati. The purchase price and seller were undisclosed. The fully leased property is home to Best Buy, Ross Dress for Less, Michaels, Old Navy, Petco and Verizon. BWE arranged acquisition financing through Goldman Sachs.

October 11, 2023

Illinois Leasing Activity Midwest Retail

Picklemall Leases 46,000 SF in Metro Chicago for Flagship Location

by Kristin Harlow October 11, 2023

VERNON HILLS, ILL. — Picklemall Inc. has leased 46,000 square feet at 5555 Town Line Road in the Chicago suburb of Vernon Hills. The site will serve as a flagship location for the startup, which aims to establish 50 pickleball facilities nationwide within the next two years. Transwestern’s sports and entertainment group, led by Tim Katt and Larry Serota, is the exclusive real estate provider for Picklemall. Led by CEO West Shaw and backed by billionaire financier and Major League Pickleball founder Steve Kuhn, Picklemall is an indoor pickleball concept that capitalizes on vacant mall space. Picklemall’s Vernon Hills location takes the space formerly occupied by Toys “R” Us. The build-out of the facility is slated for completion in the first quarter of 2024.

October 11, 2023

Acquisitions Illinois Midwest Multifamily

Quantum Brokers $3.8M Sale of Multifamily Building in Chicago’s West Town

by Kristin Harlow October 11, 2023

CHICAGO — Quantum Real Estate Advisors Inc. has brokered the $3.8 million sale of an 11-unit multifamily building in Chicago’s West Town neighborhood. The property at 835 N. Wolcott Ave. was renovated in 2020. Quantum represented the out-of-state buyer, which completed a 1031 exchange. The seller was undisclosed.

October 11, 2023

Acquisitions Illinois Midwest Retail

Time Equities Purchases Burbank Plaza Retail Strip Center in Suburban Chicago for $3.1M

by Kristin Harlow October 11, 2023

BURBANK, ILL. — Time Equities Inc. (TEI) has purchased Burbank Plaza, a 28,000-square-foot retail strip center in Burbank, a southern suburb of Chicago. The purchase price was $3.1 million. Currently 91 percent leased and anchored by Family Dollar, the property is home to various tenants such as a dry cleaner, nail salon and phone store. One 2,500-square-foot space is available for lease. Ami Ziff, Jonathan Kim, Grant Scott and Eli Smith represented TEI on an internal basis. Adam Foret of CBRE represented the private seller.

October 11, 2023

Civic Development Multifamily New York Northeast

LMXD Tops Out 21-Story Residential, Civic Project in Harlem

by Taylor Williams October 11, 2023

NEW YORK CITY — LMXD, an affiliate of New York City-based L&M Development Partners, has topped out the National Black Theatre & Ray Harlem, a 21-story residential and civic project. Designed by Frida Escobedo Architects and Handel Architects, the development will house 222 mixed-income apartments, commercial space along 125th Street and a multi-purpose living room that will be open to the community. In addition, the site will feature a 27,000-square-foot home for National Black Theatre. This space will house offices, classrooms, a 250-seat performance space, a 99-seat flexible studio theater and a set-building shop to support workforce development in theatrical trades. The building is scheduled to open in late 2024, with the theater coming on line in early 2026.

October 11, 2023

Development Industrial New York Northeast

Simone Development Buys Retail Building in The Bronx, Plans 186,298 SF Warehouse Conversion

by Taylor Williams October 11, 2023

NEW YORK CITY — New York City-based Simone Development Cos. has purchased a retail building in the Morris Park area of The Bronx with plans to convert the property into a 186,298-square-foot industrial facility. The site at 1720 Eastchester Road, which previously housed a 63,000-square-foot Stop & Shop grocery store, liquor store and a Subway restaurant, is adjacent to Hutchinson Metro Center, Simone’s 1.4 million-square-foot mixed-use development. Jonathan Squires and Josh King of Cushman & Wakefield represented the seller, Madison International Realty, in the transaction. Megan Guy, Brian Reardon, Josh Gopan, Dina Gupta and Sean Heneghan represented Simone Development on an internal basis.

October 11, 2023

Acquisitions Mixed-Use New York Northeast

Ariel Property Advisors Negotiates $19.1M Sale of Mixed-Use Building in The Bronx

by Taylor Williams October 11, 2023

NEW YORK CITY — Ariel Property Advisors has negotiated the $19.1 million sale of a 160,000-square-foot mixed-use building located at 950 Westchester Ave. in the Longwood area of The Bronx. The 12-story building consists of 111 market-rate and affordable housing units and a community facility with seven office units and two retail spaces. Victor Sozio, Jason Gold, Howard Raber, Shimon Shkury and Daniel Mahfar of Ariel Property Advisors represented the undisclosed seller in the transaction. The buyer was also not disclosed.

October 11, 2023

Acquisitions New York Northeast Retail

Marcus & Millichap Brokers $11.7M Sale of Brooklyn Shopping Center

by Taylor Williams October 11, 2023

NEW YORK CITY — Marcus & Millichap has brokered the $11.7 million sale of a 26,260-square-foot shopping center in the Canarsie neighborhood of Brooklyn. The two-story center consists of five ground-floor spaces and a 12,000-square-foot second-level space that is occupied by A+ Kidz Academy. Scott Plasky and Alexander Arustamian of Marcus & Millichap represented the seller and procured the buyer, a private investor. Both parties requested anonymity.

October 11, 2023

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