BROOKFIELD, WIS. — Greenstone Partners has negotiated the sale of PrairieWalk, a 56-unit multifamily property in the Milwaukee suburb of Brookfield, for an undisclosed price. Mandel Group Inc. developed the asset, which was built in 2015. The two-building property features one- and two-bedroom units. Amenities include community rooms, outdoor grills and pet stations. Jordan Multack of Greenstone represented the buyer, Breneman Capital, and the seller, Mandel Group.
ROMEOVILLE, ILL. — Simoniz USA, a manufacturer of cleaning and maintenance products, has renewed its 18,013-square-foot industrial lease at 1109 Windham Parkway in the Chicago suburb of Romeoville. Jeff Galante of Lee & Associates of Illinois represented the tenant. Prologis, which was self-represented, owns the building.
WASHINGTON, D.C. — The NFL’s Washington Commanders have announced plans to develop a new football stadium in Washington, D.C., (“the District”), as well as a surrounding mixed-use destination. The team, which currently plays at FedEx Field in Landover, Md., has pledged to invest at least $2.7 billion into financing the project. The District has committed to a $500 million investment for the new stadium, which is expected to open in 2030. The site spans 180 acres within the Robert Francis Kennedy (RFK) campus on the city’s east side. The Commanders, formerly known as the Redskins, are developing the new 65,000-seat stadium in partnership with the District, which recently gained control of the campus via the D.C. Robert F. Kennedy Memorial Stadium Campus Revitalization Act. The legislation, which took effect in January, gave the District the ability to develop the campus for a mix of uses, lifting the restrictions that were in place under the previous lease. The legislation also required that 30 percent of the RFK campus be reserved for parks, trails and open space, not including a 32-acre riparian area along the Anacostia River. As part of the larger development, the Commanders plan to bring a variety of commercial …
Nashville’s multifamily sector has faced headwinds stemming from a wave of new deliveries over the past few years, similar to other high-growth areas across the country. Across this market, stabilized occupancy is currently 350 basis points below historical norms. Average market rents have declined nearly 3 percent from their 2022 peak, and concessions are widespread across several submarkets. However, despite these challenges, optimism is building around the Nashville’s outlook over the coming years. Investors are actively seeking well-positioned assets, anticipating what many believe will be the next strong cycle for multifamily assets in this market. Over the past three years, Nashville’s multifamily market has absorbed approximately 28,000 units, compared to roughly 30,000 new deliveries — creating a near-term supply-demand imbalance that contributed to recent softness. Nevertheless, the outlook is shifting. Only 17,000 units are expected to deliver between 2025 and 2027, while demand is expected to exceed this new supply materially, creating strong tailwinds for rent growth. In 2024 alone there were over 11,000 units of net absorption. New starts are few and far between, mostly concentrated in suburban submarkets where developers can build cost-effective, attainable housing. Elevated construction costs and higher interest rates continue to constrain development, pointing to …
PALM BEACH, FLA. — New York-based O’Connor Capital Partners plans to redevelop the former Saks Fifth Avenue retail space at The Esplanade, a 146,000-square-foot shopping center located at 150 Worth Ave. in Palm Beach. The two-level, 50,000-square-foot store will be transformed to feature high-end retail, office space and lifestyle offerings. Fairfax & Sammons Architecture will design the redevelopment project, while Odyssey Retail will lead leasing efforts and tenant curation. Current luxury retailers at The Esplanade include Louis Vuitton, Emilio Pucci, Akris, Christofle, Panerai, Hublot, Carolina Herrera, Lugano Diamonds and Worth Avenue Watches.
SAN MARCOS, TEXAS — CBRE has arranged the sale of Cottages at San Marcos, an 899-bed student housing community located near the Texas State University campus in San Marcos. Built in 2014, the community offers 194 cottage- and townhome-style units in three-, four-, five- and six-bedroom configurations. Amenities include a 12,000-square-foot clubhouse; three-tiered pool; private shuttle service to campus; a two-story gym with a locker room and Pilates and Zumba rooms; study rooms; a game room; pet washing station; walking trail; and basketball courts. Jaclyn Fitts, William Vonderfecht and Casey Schaefer of CBRE represented the seller, an undisclosed Singapore-based global real estate company. The buyer and sales price were also not disclosed.
WICHITA FALLS, TEXAS — Red Oak Capital Holdings has provided a $9.7 million bridge loan for the refinancing of the Panda Biotech High Plains Hemp Gin facility in Wichita Falls, about 115 miles northwest of Fort Worth. Built in 1978 and renovated to the tune of $34 million over the years, the facility comprises seven buildings totaling 472,903 square feet on a 97-acre site. Grant Garlock and Miles Kallial of BMC Capital arranged the loan, which carries a two-year term and a fixed 10.5 percent interest rate, through Red Oak. The new financing allows the sponsor, Panda Biotech CEO Robert Carter, to continue operations at what is projected to be the largest industrial hemp processing facility in the world.
NORFOLK, VA. — The Breeden Co. has completed Lake Taylor Pointe Apartments, a 198-unit multifamily community located at 1060 Kempsville Road near Norfolk International Airport. Breedon Construction served as the general contractor for the $43 million development. The apartment complex features carriage house and garden-style buildings, with one to three-bedroom floorplans ranging in size from 723 square feet to 1,425, according to Apartments.com. Amenities at the complex include a resort-style swimming pool, poolside fitness center, outdoor gathering areas, arcade room, electric vehicle charging stations and a bark park. Rental rates for the property begin at $1,750.
CELINA, TEXAS — Walmart will open a 200,000-square-foot store in the North Texas city of Celina that will be operated under the Arkansas-based retail giant’s Supercenter brand. The store will be located at the northwest corner of Preston Road and the West Outer Loop and will house a full-service grocery store and pharmacy, as well as electronics, apparel and home goods departments. Walmart is developing the store in partnership with the Celina Economic Development Corp. Construction is underway, and the opening is slated for next spring.
DALLAS — A partnership between P4 Capital and Elevate Equity Partners has purchased a 112,678-square-foot mixed-use property in the Dallas Design District. The property, which comprises three sites totaling 4.4 acres at 1800 Irving Blvd., 1715 Market Center Blvd. and 1805 Market Center Blvd, was originally built to house industrial and office uses. The new ownership plans to redevelop the property into a retail, restaurant and entertainment destination. Jonathan Carrier of JLL represented the seller, a partnership between Quadrant Investment Partners and Maryland-based FCP, in the transaction.
