NEW YORK CITY — Marcus & Millichap has brokered the $8 million sale of a seven-unit apartment building located at 228 W. 10th St. in Manhattan’s West Village. The four-story building consists of six one-bedroom apartments and a 2,500-square-foot retail space that is leased to Italian restaurant L’Artusi. Joe Koicim and Peter Dodge of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
KNOXVILLE, TENN. — Juneau Construction has topped out Hub Knoxville, a student housing development near University of Tennessee that will comprise two 10-story towers and a seven-story building. The co-developers, Core Spaces and Schenk Realty Group, broke ground on the project in February 2023 and secured $233 million in construction financing last summer. Upon completion, the 1,600-bed community will feature 30,000 square feet of retail space, 23,000 square feet of indoor amenities and a 19,000-square-foot rooftop terrace that features a pool, basketball court and hot tub. The design-build team includes Dwell Design Studio, Antunovich Associates and DCI Engineers. Core Spaces and Schenk Realty Group plan to deliver Hub Knoxville in time for fall semester in 2025.
MIAMI — Kushner and PTM Partners have launched preleasing at 2000 Biscayne Boulevard, a 36-story apartment tower underway in Miami’s Edgewater district. The property will feature 420 studio, one-, two- and three-bedroom luxury apartments ranging in size from 500 to 1,500 square feet. Kushner and PTM have appointed SERHANT. New Development as the marketing and leasing agency of record for the building. Designed by Kobi Karp Architecture and Restoration Hardware for interiors, each unit will feature modern flooring, stainless steel appliances, Italian kitchen cabinetry and bathroom vanities, floor-to-ceiling windows and private terraces in select units. Amenities will include a fitness center with a sauna and massage treatment rooms, gaming club room, children’s play area, pet spa, resort-style pool with cabanas and an outdoor gym and yoga area overlooking Biscayne Bay.
DANIA BEACH, FLA. — Northmarq has arranged $88 million for the refinancing of Avery Dania East, a 336-unit apartment community located at 120 N. Compass Way in Dania Beach, about five miles south of Fort Lauderdale. Built in 2023, the property is a multifamily component within Dania Pointe, a mixed-use development by Kimco that features six hotels, 1 million square feet of retail and restaurants and more than 500,000 square feet of office space, including the new headquarters for Spirit Airlines. David Gahagan, Chris Hammel and Chandler Kaye of Northmarq arranged the financing through BlackRock and SteepRock on behalf of the borrower, Meyers Accesso, a new partnership between The Meyers Group and Accesso. The refinancing was underwritten with a three-year term with interest-only payments for the full term. The developer received a certificate of occupancy in December 2023 for Avery Dania East, which was 45 percent occupied at the time of financing.
VALDOSTA, GA. — Marcus & Millichap has brokered the $18.5 million sale of Staten Crossing Apartments, a 196-unit community located at 3925 N. Oak St. Extension in Valdosta, a city in South Georgia near the Florida border. John Brigel of Marcus & Millichap’s Tampa office represented the seller and secured the buyer, THC Management LLC, in the transaction. John Leonard, Marcus & Millichap’s broker of record in Georgia, assisted in closing the transaction. Built in 1998, Staten Crossing features one- and two-bedroom apartments, as well as a swimming pool, sundeck, fitness center and tennis courts.
MARSHALL, MINN. — The U.S. Department of Energy Loan Programs Office has provided a $213.6 million loan guarantee to support the construction of Solugen’s Bioforge Marshall facility in Southwest Minnesota. The 500,000-square-foot facility will produce bio-based chemical products for use in wastewater treatment, industrial wastewater, construction, agriculture and the energy sector. The project is designed to reduce annual carbon emissions by up to 18 million kilograms compared with incumbent production methods. Construction began in April, and production at the facility is scheduled to begin in fall 2025. The development will create up to 100 jobs during construction and 56 full-time manufacturing jobs once fully operational.
PERRIS, CALIF. — BWE has arranged $66.5 million in construction financing for a new phase of development at Plaza de Perris, a retail center located in the Inland Empire city of Perris. Upon completion, the property will span 363,582 square feet and feature a Target location. Wood Investments, the borrower and developer, purchased the center in 2017 and previously completed the addition of 118,000 square feet of retail space at the property in 2019 and 2020. Upon completion of construction, Target will join the center as a tenant. Other tenants at the center, which was 99 percent leased at the time of financing, include Ross Dress for Less, Ulta Beauty, Burlington Coat Factory, Planet Fitness and Five Below. Tom Kenny and Josh Boehling of BWE secured a $55.5 million loan through a life insurance company, as well as an $11 million joint-venture equity investment, on behalf of the borrower.
LAS VEGAS — Northmarq has arranged the sale of Millennium East, a multifamily community located in Las Vegas’ Sunrise Manor area. A Massachusetts-based property manager company seller sold the asset to a California-based real estate investment company for $52.7 million. Built in 2000 and renovated in 2018, Millennium East features 236 one-, two- and three-bedroom apartments ranging from 720 square feet to 1,116 square feet. A majority of the units were renovated and feature upgraded nickel light fixtures, full-size washers and dryers, luxury vinyl flooring and stainless steel appliances. Onsite amenities include a resort-style pool, gym, playground, dog park, package lockers and covered parking. Thomas Olivett of Northmarq’s Las Vegas multifamily investment sales team represented the seller in the deal. Bryan Mummaw, Bryan Liu, Brandon Harrington, Tyler Wood and Chris Gitibin of Northmarq’s debt and equity team secured $33.5 million in acquisition financing for the buyer. The permanent, fixed-rate loan was arranged through Northmarq’s relationship with Freddie Mac.
WHEATON, ILL. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. The value-add center was 76.2 percent leased at the time of sale. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services, and Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.
NEW YORK CITY — Law firm Herrick Feinstein LLP has signed a 76,849-square-foot office lease at Two Park Avenue, a 1 million-square-foot building in Manhattan’s Flatiron District. The space spans the entire 14th floor and part of the 15th floor of the building, which recently underwent a capital improvement program. Tara Stacom, Mitchell Arkin, Peter Trivelas and Mike Tranfalia of Cushman & Wakefield represented the landlord in the lease negotiations. John Wheeler and Peter Riguardi of JLL represented the tenant.