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1002-S-54th-Ave-Phoenix-AZ
AcquisitionsArizonaIndustrialWestern

Stos Partners Sells 94,186 SF Industrial Building in Phoenix to ViaWest Group

by Amy Works

PHOENIX — Stos Partners has sold a 94,186-square-foot industrial building located at 1002 S. 54th Ave. in Phoenix to ViaWest Group for an undisclosed price. Copper State Bolt & Nut Co. fully occupies the building, which was originally built on 4.2 acres in the early 1990s and most recently renovated in 2023. The property features 7,000 square feet of office space, 24-foot clear heights, 17 dock-high doors, two grade-level doors, a fenced and secured yard, LED lighting and ample parking. Phil Haenel, Will Strong, Foster Bundy and Katie Repine of Cushman & Wakefield, along with Anna Josephson of KBC Advisors, represented the seller in the transaction. Mike Haenel and Andy Markham of Cushman & Wakefield also advised on the deal.

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Company NewsNortheastPennsylvaniaRetail

Reports: Rue21 to Close All Stores Following Bankruptcy Filing

by Taylor Williams

WARRENDALE, PA. — Rue21, an apparel and accessories retailer based in the Pittsburgh area, has filed for bankruptcy and will close all its stores in the coming months, according to reports from multiple news organizations such as CNN, Reuters and The Business Journals. All three of those media outlets report that this is the third bankruptcy filing in the history of Rue21, which operates about 540 stores nationwide, down from more than 1,000 at the height of its existence. Following Rue21’s 2017 bankruptcy filing, the company closed some 400 stores. The Warrendale-based retailer also shed about $700 million in debt at that time, according to Reuters. However, subsequent growth in e-commerce, along with the COVID-19 pandemic, continued to create operational struggles for the retailer. Today, Rue21 has about $200 million in outstanding debt, according to reports from the aforementioned media groups.

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Legacy-Place-East-Brunswick-New-Jersey
DevelopmentMultifamilyNew JerseyNortheast

Garden Communities Completes One Legacy Place Apartments in East Brunswick, New Jersey

by Taylor Williams

EAST BRUNSWICK, N.J. — New Jersey-based developer Garden Communities has completed One Legacy Place, a multifamily project located in the Northern New Jersey community of East Brunswick. One Legacy Place is the signature building within the larger, 520-unit Legacy Place development. The property features studio, one-, two- and three-bedroom units across two buildings with garage parking and 18,000 square feet of retail space, all on a 25-acre site. Amenities include a pool, outdoor grilling and dining areas, a coworking lounge, fitness center, dog park and walking trails. Leasing began in November. Rents start at $2,540 per month for a one-bedroom apartment.

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Leasing ActivityLife SciencesMassachusettsNortheast

Nuvera Fuel Cells Signs 110,684 SF Industrial Lease Renewal in Billerica, Massachusetts

by Taylor Williams

BILLERICA, MASS. — Nuvera Fuel Cells has signed a 110,684-square-foot industrial lease renewal in Billerica, a northwestern suburb of Boston. The provider of clean energy solutions for various transportation industries has been a tenant at the two-building Rivertech Park for nearly two decades. Rivertech Park spans 30.5 acres and was renovated in 2021. Richard Ruggiero, Torin Taylor, Matthew Adams and Rory Walsh of Newmark represented the tenant in the lease negotiations. JLL represented the landlord.

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Stonecreek-Court-Apartments-Ephrata-Pennsylvania
AcquisitionsMultifamilyNortheastPennsylvania

Kislak Arranges $11.7M Sale of Multifamily Property in Ephrata, Pennsylvania

by Taylor Williams

EPHRATA, PA. — New Jersey-based brokerage firm The Kislak Co. has arranged the $11.7 million sale of Stonecreek Court Apartments, a 60-unit multifamily property in Ephrata, located west of Philadelphia in Lancaster County. Built on 6.2 acres in 2008, the five-building property features a mix of one-, two- and three-bedroom units. Matt Wolf of Kislak represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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LoansMidwestMissouriMultifamilySeniors Housing

Berkadia Secures $82.4M Loan for Refinancing of Seniors Housing Community in Clayton, Missouri

by Kristin Harlow

CLAYTON, MO. — Berkadia has secured an $82.4 million loan for the refinancing of Clarendale Clayton, a seniors housing community in the St. Louis suburb of Clayton. The property offers the full continuum of care in a resort-style environment. Austin Sacco of Berkadia Seniors Housing & Healthcare arranged the financing through a national bank on behalf of the borrower, a joint venture between Harrison Street, Ryan Cos. US Inc. and Life Care Services. The floating-rate loan features five years of interest-only payments.

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Leasing ActivityNortheastPennsylvaniaRestaurantRetail

Simon Welcomes Five Food-and-Beverage Concepts to King of Prussia Mall in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Simon Property Group has welcomed five new food-and-beverage concepts to King of Prussia mall in metro Philadelphia. Vietnamese restaurant Saigon Eats and confectionary Neuhaus Belgium Chocolate recently debuted their eateries. Chinese restaurant Nan Xiang Xiao Long Bao and New York-based Gregory’s Coffee will open in the coming weeks. Chicken Guy!, a concept from celebrity chef Guy Fieri, opened in March.

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LoansMidwestMultifamilySeniors HousingWisconsin

BMO Provides $70.6M in Bridge Financing for Recapitalization of Two Senior Living Assets in Wisconsin

by Kristin Harlow

FRANKLIN AND WAUKESHA, WIS. — BMO’s Healthcare Real Estate Group has provided a $70.6 million bridge loan for the recapitalization of two senior living communities totaling 290 units in Franklin and Waukesha. The borrower is a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. Loan proceeds include capital allocated for future improvements and value enhancement.

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IllinoisLoansMidwestMixed-Use

BWE Arranges $17M Acquisition Loan for Mixed-Use Property in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — BWE has arranged a $17 million loan for the acquisition of 939 North Avenue, a Class A mixed-use property in Chicago’s Lincoln Park neighborhood. The asset features roughly 200,000 square feet of retail, fitness and medical office space as well as a 350-space parking garage. Daniel Rosenberg and Logan Petersmeyer of BWE arranged the loan on behalf of the borrowers, Farpoint Development and MCZ Development Group. A debt fund provided the loan, which features interest-only payments.

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IllinoisIndustrialMidwestSelf-Storage

Devon Self Storage to Manage Six Properties Totaling 361,000 SF in Five States

by Kristin Harlow

OAK BROOK, ILL. — Oak Brook, Ill.-based Devon Self Storage, a member of The Inland Real Estate Group of Cos. Inc., has been awarded the property management contract for six self-storage properties in Indiana, Colorado, Michigan, Nevada and Louisiana totaling roughly 361,000 square feet. The assets include a 603-unit property in Fort Wayne, Ind.; a 487-unit property in Northglenn, Colo.; a 459-unit facility in Waterford, Mich.; a 387-unit facility in Las Vegas; and a 595-unit property in Baton Rouge, La. To date, Devon manages 119 properties for 12 owners across the U.S. The firm expects to add approximately 100 additional self-storage facilities by year’s end.

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