Property Type

City of Orlando Approves 8.5-Acre Downtown Sports and Entertainment District

by John Nelson April 23, 2024

ORLANDO, FLA. — The City of Orlando has given final approval for the development of the sports and entertainment district situated on 8.5 acres adjacent to the Kia Center (formerly Amway Center), home arena of the NBA’s Orlando Magic. The co-developers, SED Development LLC, JMA Ventures LLC and Machete Group, recently named the project Westcourt. The developers plan to break ground on the 900,000-square-foot mixed-use development later this year. The Orlando Sentinel reports the project will cost roughly $500 million to develop. The development will include a 260-room hotel, 270 residential units, 3,500-seat live entertainment venue, Class A offices, restaurants, shops, 1,140-space parking garage and a 1.5-acre outdoor green space. The development team expects to deliver the project by March 2027 and create approximately 3,400 jobs for the region.

April 23, 2024

Affordable Housing Development Georgia Loans Multifamily Seniors Housing Southeast

Benoit Group, Atlanta Housing Secure Financing for Englewood Senior Development

by John Nelson April 23, 2024

ATLANTA — A partnership between locally based developer The Benoit Group and Atlanta Housing, the city’s housing authority, has secured financing for the development of Englewood Senior, a $72 million affordable seniors housing project. Located on Atlanta’s southeast side near Grant Park and Zoo Atlanta, the property is a component of Phase I of the Englewood Development Plan, a $200 million overhaul of the former 30-acre Englewood Manor public housing site. Funding for Englewood Senior includes federal and state equity tax credit investment by Raymond James and JP Morgan, a Sterling Bank construction loan, permanent HUD-insured loan financing from Berkadia, Atlanta BeltLine tax allocation district (TAD) funds and a secondary priority loan from Atlanta Housing. Englewood Senior will feature 160 units reserved for households age 62 and older with income restrictions set at 60 percent of area median income (AMI) and will include over $2.5 million in rental subsidies for low-income families using Home Flex vouchers provided by Atlanta Housing. Amenities at Englewood Senior will include outdoor courtyards, movie theaters, fitness centers, a community room, 213-space parking garage and 15,000 square feet of retail space. Other components of Phase I include a mixed-income midrise building comprising 160 affordable housing units, …

April 23, 2024

Development District of Columbia Leasing Activity Office Retail Southeast

Marx Realty Completes Renovations at One Glover Office Building in D.C., Signs Lease With Fitness Concept

by John Nelson April 23, 2024

WASHINGTON, D.C. — Marx Realty has completed renovations at One Glover, a 110,000-square-foot office building located at 2121 Wisconsin Ave. in Washington, D.C.’s Georgetown/Glover Park neighborhood. Additionally, the firm has signed a 10-year, 6,650-square-foot retail lease with Water Street Gym, a boutique fitness concept. John Schlagel of Transwestern represented Water Street Gym in the lease negotiations, and Mark Wooters and James Collins of Cushman & Wakefield represented Marx Realty. Updates to One Glover included an overhaul of the façade and the addition of an outdoor gathering area with seating options, lobby lounge and a garden room. Other updates include a uniform doorman and atmospheric music and scents throughout the building’s common areas. Marx Realty’s in-house design team partnered with Studios Architecture for the One Glover project. Office tenants of the building include Nexstar Media Group, George Sexton and Associates and DispatchHealth. Language immersion preschool CommuniKids occupies nearly 9,000 square feet on the ground level.

April 23, 2024

Florida Leasing Activity Office Southeast

Cushman & Wakefield Arranges 164,221 SF Office Lease With Piedmont Healthcare at Atlantic Station in Atlanta

by John Nelson April 23, 2024

ATLANTA — Cushman & Wakefield has arranged a new 164,221-square-foot office lease with locally based health system Piedmont Healthcare in Atlanta. The tenant will occupy space at 271 17th St., a 25-story office building within the Atlantic Station mixed-use campus in the city’s West Midtown district. Aileen Almassy and John Zintak of Cushman & Wakefield represented the landlord, Lionstone Investments, in the lease negotiations. Bo Keatley, David Rubenstein, John Flack and Michael Broome of Savills represented Piedmont Healthcare.

April 23, 2024

Acquisitions Florida Retail Southeast

ASG Equities Sells Retail Property in Miami’s Design District for $14M

by John Nelson April 23, 2024

MIAMI — New York City-based ASG Equities has sold a 4,500-square-foot retail building located at 70-74 N.E. 40th St. in Miami’s Design District. Dacra acquired the property, which was fully leased to luxury brands Ksubi and Orlean at the time of sale, for $14 million. The transaction marks the final step for ASG’s three-property portfolio that it has sold in recent months, the others being buildings at 80 and 101 N.E. 40th St. The company is actively developing a 500,000-square-foot mixed-use development nearby called Parterre 42 with co-developer Helm Equities.

April 23, 2024

Development Industrial Texas

March Capital Management to Develop 900,000 SF Industrial Project in Creedmoor, Texas

by Taylor Williams April 23, 2024

CREEDMOOR, TEXAS — San Francisco-based development and investment firm March Capital Management will develop 45 Logistics South, a five-building, 900,000-square-foot industrial project in Creedmoor, about 20 miles south of Austin. The site is located adjacent to I-45 and just east of I-35. Construction of the first phase of the project, which will consist of two buildings totaling approximately 400,000 square feet, is set to commence in the coming days. Deutsche Bank is financing the development.

April 23, 2024

Acquisitions Midwest Retail Wisconsin

Legacy Realty Group Arranges $27.6M Sale of Plaza 50 Shopping Center in Kenosha, Wisconsin

by Kristin Harlow April 23, 2024

KENOSHA, WIS. — Legacy Realty Group Advisors LLC has arranged the $27.6 million sale of Plaza 50, a 199,217-square-foot shopping center in Kenosha. The property is home to tenants such as Burlington, Marshalls, Ross Dress for Less and Pick ‘n Save. Jacob Baruch, Daniel Baruch and Jonah Warshaw of Legacy represented the buyer and seller, neither of which were disclosed.

April 23, 2024

Illinois Loans Midwest Multifamily Seniors Housing

Cambridge Provides $15.5M HUD-Insured Loan for Refinancing of Assisted Living Facility in Suburban Chicago

by Kristin Harlow April 23, 2024

ALGONQUIN, ILL. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan for the refinancing of The Pointe at Eastgate in Algonquin. The assisted living facility is designed for residents age 65 and older who are transitioning from independent living to a more supportive environment. The property offers private apartments and a variety of services, including weekly housekeeping, optional laundry service, medication set-up and reminders, assistance as needed with personal care, grooming and bathing, plus transportation to medical appointments and group outings. Brent Holman-Gomez of Cambridge originated the 35-year loan on behalf of the borrower, an Illinois-based limited liability company.

April 23, 2024

Acquisitions Indiana Industrial Midwest Missouri Self-Storage

StorageMart Acquires Properties in Indiana, Missouri Totaling 550 Units

by Kristin Harlow April 23, 2024

GREENWOOD, IND. AND COLUMBIA, MO. — StorageMart has acquired two facilities in Indiana and Missouri totaling 550 units. The Columbia, Mo., property is located at 1500 Creekwood Parkway and includes 312 units across 42,200 square feet. The Greenwood, Ind., facility is located at 994 S. State Road 135 and comprises 238 units across 37,475 square feet. The properties will undergo enhancements to align with StorageMart standards.

April 23, 2024

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Brokers Sale of 112,290 SF Industrial Building in Mount Prospect, Illinois

by Kristin Harlow April 23, 2024

MOUNT PROSPECT, ILL. — Entre Commercial Realty has brokered the sale of a 112,290-square-foot industrial building in the Chicago suburb of Mount Pleasant for an undisclosed price. The property, which features a clear height of 24 feet, is located at 1450 Feehanville Drive within the Kensington Business Center. Dan Jones and Sam Deihs of Entre represented the buyer, a joint venture between Nicholas & Associates and Parenti & Raffaelli. The buyers intend to occupy a portion of the facility and lease the remainder. Nicholas & Associates is a full-service construction management and development company specializing in public projects, private sector work and multifamily developments in Illinois, Wisconsin and Florida. Parenti & Raffaelli is a custom woodworking company specializing in custom finished millwork. Planned renovations for the property include a new entrance façade, office area, truck docks, landscaping, lighting and parking improvements. Mike Sedjo and Jack Brennan of CBRE represented the undisclosed seller.

April 23, 2024

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