Saturday, September 12, 2026
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DevelopmentIndustrialMidwestMinnesota

Opus Breaks Ground on 132,200 SF Spec Industrial Facility in Dayton, Minnesota

by Kristin Harlow

DAYTON, MINN. — The Opus Group has broken ground on Dayton Parkway Business Center in Dayton, a northwest suburb of the Twin Cities. The 132,200-square-foot speculative industrial facility will be located at 17600 Territorial Road near the new Dayton Parkway Interchange and I-94. TurbinePROs, a provider of field services for rotating equipment manufacturers, has signed a lease for more than 87,000 square feet. The property will feature 19 dock doors, four drive-in doors, a clear height of 28 feet, 136 vehicle parking stalls and 14 trailer parking stalls. Opus is the developer, design-builder, architect and structural engineer. Dan Swartz and Austin Lovin of CBRE are marketing the space for lease. Completion is slated for early 2025.

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AcquisitionsIndianaIndustrialMidwest

CBRE Brokers $5.2M Sale of Industrial Building in South Indianapolis

by Kristin Harlow

INDIANAPOLIS — CBRE has brokered the sale of a 34,000-square-foot industrial building in Indianapolis for $5.2 million. Located at 5150 Elmwood Ave. and renovated in 2023, the property features a clear height of 22 feet, nine dock doors, 138 auto parking spaces and outdoor storage. Cinderella, a wholesale distributor of pool supply products, leases the facility. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo, Nick Busch and Terry Busch of CBRE Investment Properties represented the undisclosed seller. The asset sold to a high-net-worth buyer from California at a cap rate of 5.8 percent.

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AcquisitionsIllinoisMidwestRestaurantRetail

Marcus & Millichap Negotiates $1.7M Sale of Andy’s Frozen Custard-Occupied Property in Mokena, Illinois

by Kristin Harlow

MOKENA, ILL. — Marcus & Millichap has negotiated the $1.7 million sale of a 2,200-square-foot retail property occupied by Andy’s Frozen Custard in Mokena, a southwest suburb of Chicago. Built in 2024, the net-leased building is located at 11275 W. Lincoln Highway near Meijer, Panda Express and PetSmart. Nicholas Kanich of Marcus & Millichap represented the seller, an Illinois-based real estate investment firm. Kirk Trammel, David Cutler and Joshua Johnson of Marcus & Millichap represented the buyer, a California-based family trust. The property sold at 98 percent of the listing price. Andy’s Frozen Custard maintains more than 135 locations nationwide.

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LoansMassachusettsMultifamilyNortheast

MassHousing Provides $8M in Financing for Mixed-Income Housing Project in Lancaster, Massachusetts

by Taylor Williams

LANCASTER, MASS. — MassHousing has provided $8 million in financing for a 32-unit mixed-income housing project in Lancaster, about 45 miles west of Boston. MCO Cottage Rentals will be situated on an 18-acre site and feature 20 two-bedroom units and 12 three-bedroom units, eight of which will be reserved for households earning 80 percent or less of the area median income. The other 24 units will be rented at market rates. The borrower is MCO & Associates. Completion is slated for October.

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AcquisitionsNew JerseyNortheastNorthmarqRetail

Marcus & Millichap Brokers $7.5M Sale of Retail Strip Center in Flemington, New Jersey

by Taylor Williams

FLEMINGTON, N.J. — Marcus & Millichap has brokered the $7.5 million sale of a 7,388-square-foot retail strip center in Flemington, about 60 miles southwest of Manhattan. The center was renovated in 2023 and is home to Aspen Dental and City MD Urgent Care. Dean Zang, David Crotts, Alan Cafiero and Brent Hyldahl of Marcus & Millichap represented the seller, New Jersey-based investment firm Paramount Realty, in the transaction. Tom Georges of Northmarq represented the buyer, a local private investor.  

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Leasing ActivityNew YorkNortheastOffice

Amika, Eva NYC Sign 19,000 SF Office Lease in Brooklyn

by Taylor Williams

NEW YORK CITY — Local haircare providers amika and Eva NYC have signed a 10-year, 19,000-square-foot office lease for shared headquarters space in Brooklyn. The brands will both operate out of 25 Kent, a mixed-use waterfront building in the Williamsburg neighborhood. Sam Seiler of JLL represented the landlord, Rubenstein Partners, in the lease negotiations. Michael Berman and Whitten Morris, also of JLL, represented the tenants, which plan to take occupancy of their new space this fall.

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HospitalityLoansTexasTop Stories

JLL Arranges $430M Refinancing for Fairmont Austin Hotel Tower

by John Nelson

AUSTIN, TEXAS — JLL has arranged a $430 million CMBS loan for the refinancing of Fairmont Austin, a 37-story luxury hotel tower located at 101 Red River St. in downtown Austin. The borrower, San Diego-based developer Manchester Financial Group, used the five-year, fixed-rate loan to replace a $300 million senior loan and $125 million of mezzanine debt, which Berkadia arranged in 2019. Spanning 1.4 million square feet, Fairmont Austin features 1,048 guestrooms and suites, nearly 140,000 square feet of meeting space, a full-service spa, five dining options, an outdoor resort-style pool deck on the seventh floor and a pedestrian walkway connected to the Austin Convention Center. The hotel is currently the fifth-tallest building in Austin, according to JLL. Manchester Financial Group delivered the Fairmont Austin in 2018. In addition to its direct connection to the convention center, the building is near Lady Bird Lake and the city’s premier neighborhoods including the Rainey Street District and East Austin. Tim Wright, Aldon Cole and Olga Walsh of JLL’s capital markets debt advisory team arranged the interest-only loan through Goldman Sachs, which acted as lead manager and sole bookrunner in the transaction. Walsh says the marketing process for the refinancing was “competitive” due …

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Waterloo
FeaturesStudent Housing

Student Housing Developers Bring Hospitality Focus

by Katie Sloan

Ask any student housing operator what Gen Z is after, and they’ll tell you this — Gen Z wants what it wants. This generation isn’t afraid to say it, nor are they afraid to voice their displeasure or seek out alternatives if they don’t feel the current offering aligns with their values. And they certainly have values.  “As the largest, most-educated and most ethnically diverse generation in American history, Gen Z has a deep understanding and passion for social justice, are always seeking to learn, and are keen on inclusivity, paying it forward and doing the right thing,” says Michele Bettinazzi, customer experience manager at PeakMade Real Estate.  Laura Formica, senior managing director of operations at Core Spaces, believes resident priorities can be met by operators if these attributes are boiled down a little further.  “Today’s residents want to be seen, heard and taken care of,” she says. “Operating in student housing is much like operating a restaurant…there’s a lot of responsibility that comes with that. We lead with kindness and care, anticipate our residents’ needs and try to create memorable moments for them every day.” Johanna Adolfs, director of sales and marketing at Cardinal Group, whittles it down even …

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DevelopmentFloridaMultifamilySoutheast

Berkadia Arranges Sale of 22-Acre Multifamily Development Site in Port St. Lucie, Florida

by John Nelson

PORT ST. LUCIE, FLA. — Berkadia has arranged the sale of a 22-acre multifamily development site at 3043 S.E. Port St. Lucie Blvd. in Port St. Lucie, a city in South Florida. Development firm Ciprés acquired the parcel from Sympatico Real Estate for $8.5 million, with plans to develop a 324-unit community at the site. A construction timeline was not disclosed. Omar Morales, Jaret Turkell, Roberto Pesant and Yoav Yuhjtman of Berkadia arranged the transaction. Javier Herrera of Franklin Street acted as the land lender broker, and Vertix provided acquisition financing.

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DevelopmentGeorgiaMultifamilySoutheast

Thompson Thrift to Develop 212-Unit Multifamily Community in Metro Atlanta

by John Nelson

STOCKBRIDGE, GA. — Thompson Thrift has announced plans to develop a 212-unit multifamily community at 2245 Jodeco Road in Stockbridge, a southeast suburb of Atlanta. Dubbed The Levi, the property will feature one-, two- and three-bedroom apartments averaging 1,100 square feet in size. Amenities at the community will include a 24-hour fitness scenter, swimming pool, firepits, outdoor grills, work suites, a pickleball court, dog park, pet spa and a Starbucks coffee bar. The Levi will be situated within the 158-acre master-planned Bridges at Jodeco development. A construction timeline was not disclosed.

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