MUNDELEIN, ILL. — Marcus & Millichap has arranged the $1.4 million sale of an 1,800-square-foot retail property occupied by Grease Monkey in Mundelein, a far north suburb of Chicago. The building is located at 1079 W. Maple Ave. across from Mundelein High School. Brian Bailey and Drew Isaac of Marcus & Millichap represented the seller, a limited liability company. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap secured and represented the buyer, a boutique real estate investment firm based in California. Grease Monkey provides services such as oil changes.
MOUNT PLEASANT AND STURTEVANT, WIS. — Quality Logistics Solutions has signed two new industrial leases in Wisconsin. The firm will occupy 9,840 square feet at 7900 Durand Ave. in Mount Pleasant, about 30 miles south of Milwaukee, and 4,472 square feet at the Renaissance Business Center in Sturtevant, just south of Mount Pleasant. Bob Flood and Brian Flood of Founders 3 Real Estate Services represented the tenant. The landlords were not disclosed.
PASADENA, CALIF. — A partnership between Community Builders Group and Bridge Financial Advisors is opening Pasadena Studios, a $45 million affordable housing property in Pasadena. The six-story community will offer 180 micro-units, ranging from 245 square feet to 270 square feet. Each apartment will feature a private balcony, offering an indoor-outdoor living experience and additional square footage. The 56,000-square-foot asset features free internet service, a fitness center, laundry room, landscaped rooftop deck with seating, two grilling stations, fire features, landscaped courtyard, outdoor seating areas, lobby area seating with a kitchenette and community space, two elevators, secure entrances, security surveillance and bike storage. The project team includes Westport Construction, Natoma Architects and LCRA. WinnResidential, the property management arm of WinnCompanies, will manage the community.
LEHI, UTAH, AND HENDERSON, NEV. — Boise, Idaho-based Braintree Group has acquired three hotel properties adding a total of 330 rooms to its hospitality portfolio. Resolute Road Hospitality, a national third-party management company, will manage all three assets. The properties are the Courtyard by Marriott Lehi at Thanksgiving Point and the SpringHill Suites by Marriott Lehi at Thanksgiving Point in Lehi and the Hilton Garden Inn Las Vegas/Henderson in Henderson. Opened in 2014, the four-story, 97-room Courtyard by Marriott Lehi at Thanksgiving Point features an indoor swimming pool, hot tub, fitness center, business center and bistro. The four-story, 94-room SpringHill Suites by Marriott Thanksgiving Point, which opened in 2008, offers a complimentary breakfast, indoor pool, hot tub, fitness center, business center, meeting rooms, guest laundry and an outdoor barbecue area. Renovated in 2020, the three-story, 139-key Hilton Garden Inn Las Vegas/Henderson features an outdoor pool, business center, fitness center, meeting rooms and the Garden Grille & Bar.
LEHI, UTAH — JLL Capital Markets has arranged the sale of Mountain Point Medical Center, a Class A medical office building in Lehi. An affiliate of The Inland Real Estate Group of Cos. sold the asset to an affiliate of Heitman LLC for an undisclosed price. The three-story, 60,000-square-foot outpatient medical building is fully leased to Centura Health through its recent acquisition of Steward Health Care’s ownership interest in its Utah healthcare operations. Tenants include a variety of medical specialities, such as orthopedics, general surgery, radiology, women’s health and ENT. Mindy Berman, Matt DiCesare and Vasili Davos of JLL Medical Properties Group, along with Phil Brierley and Cole Macadaeg of JLL’s Salt Lake City office, represented the seller and procured the buyer.
FONTANA, CALIF. — CBRE has brokered the sale of an apartment property located at 8919 Mango Ave. in Fontana. A local private investor acquired the asset from an undisclosed private seller for $6.3 million. Built in 1973, the community features 25 apartments in a mix of one-, two- and three-bedroom floor plans, with an average unit size of 787 square feet. Units offer high-speed internet access, air conditioning, heating and kitchen appliances. Onsite amenities include laundry, carport and surface parking, a secure entry gate and landscaping. Eric Chen, Blake Torgerson and Hunter Wetton of CBRE represented the buyer and seller in the deal.
LAS VEGAS — Quick-service chicken chain Bojangles has signed a development agreement to bring 20 new restaurants to Las Vegas, as well as the development of restaurants within 10 TravelCenters of America franchise locations across Western markets. TravelCenters of America franchisee LVP Restaurant Group LLC, an entity of LV Petroleum, and its investment partner, Kingsbarn Realty Capital, will lead the projects. Kingsbarn Realty Capital provides institutional and accredited investors access to an array of alternative real estate investments in the Las Vegas area. In partnership with LVP Restaurant Group, Kingsbarn will identify and acquire properties suitable for the new Bojangles developments. Kingsbarn has over $1.9 billion of assets under management, a $2 billion development pipeline and has acquired more than 270 properties within the United States. In July, Bojangles launched its expansion strategy, including a streamlined menu, new building design and new staffing model. The strategy simplifies operations and enhances the guest experience. To date, the brand has implemented the new strategy within seven restaurants in Texas, Florida, Tennessee, Arkansas and Louisiana.
NEW YORK CITY — JLL Capital Markets has arranged $220 million in financing for the conversion of 55 Broad Street in New York City’s Financial District into 571 luxury apartment units. Conversion of the 30-story office tower will occur in phases. JLL arranged the four-year, floating-rate loan through Mexico City-based Banco Inbursa on behalf of the borrower, a partnership between Metro Loft Developers LLC and Silverstein Properties. JLL also advised on the procurement and structuring of equity for the deal. The Rudin Family sold the building to the developers for about $173 million, according to Crain’s New York Business. Upon completion, 55 Broad Street will feature studios, one-, two- and three-bedroom units along with roughly 17,000 square feet of amenity space. Amenities will include a rooftop pool, fitness center, coworking facilities and sports simulators. The project will be one of the first fully electric residential buildings in Manhattan, leveraging self-contained heating and cooling systems. Mechanical renovations will bring the building to 100 percent carbon neutral and will enable the creation of additional amenities and rentable floor area. Located less than two blocks from the Bowling Green subway station, 55 Broad Street offers connectivity to destinations across the city and the …
By Taylor Williams For the past several years, including during the height of the pandemic, the Boston retail market has performed well, if unspectacularly. Defined and driven by stable fundamentals in terms of job growth and tenant demand, the state capital’s retail sector has proven itself a reliable environment in which to expand store counts and park long-term money. But few, if any commercial markets and asset classes are wholly immune to the effects of sluggish and disruptive macroeconomic activity. Through no fault of its own, the Boston retail market is seeing its paces of growth slow across the key verticals that are development, leasing and investment sales. That said, seasoned players in this space know better than to panic. Boston remains a dynamic market, despite data from the U.S. Census Bureau showing that the city’s total population shrunk by about 25,000 people, or 3.7 percent, between April 2020 and April 2022. In addition, even in an inflationary economy, Boston consumers tend to retain healthy disposable income levels. A burgeoning life sciences sector that is bringing thousands of well-paying jobs to the city and a steady flow of students and young professionals across its 25-plus colleges and universities lie at …
HOUSTON — NewPoint Real Estate Capital has provided a Freddie Mac loan of an undisclosed amount for the refinancing of Stadia Med Main, a 338-unit apartment community in Houston’s Medical Center/West University submarket. Built in 2020, Stadia Med Main offers one- and two-bedroom units and amenities such as a clubhouse, game room, fitness center, business center, pool, outdoor lounge areas and a dog park. Barry Lefkowitz of Meridian Capital Group arranged the seven-year, fixed-rate loan, which retires the loan that the borrower, Aspen Oak Capital Partners, used to acquire the asset in 2022. Stadia Med Main was 95 percent occupied at the time of the loan closing.