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Montvale-Self-Storage
DevelopmentIndustrialLoansNew JerseyNortheastSelf-Storage

Fulton Bank Provides $14.9M Construction Loan for Self-Storage Project in Montvale, New Jersey

by Taylor Williams

MONTVALE, N.J. — Fulton Bank has provided a $14.9 million construction loan for a 989-unit self-storage project that will be located in the Northern New Jersey community of Montvale. The three-acre site at 21 Phillips Parkway currently houses an 18,500-square-foot office building that will be demolished to accommodate the new climate-controlled facility. Jon Mikula, Michael Klein and John Cumming of JLL arranged the loan, which carries a 42-month term and a floating interest rate, on behalf of the developer, a partnership between Claremont Development, March Development and Battery Global Advisors.

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1101-Richfield-Rd-Placentia-CA
AcquisitionsCaliforniaIndustrialLee & AssociatesWestern

Lee & Associates Brokers $3M Sale of Industrial Property in Placentia, California

by Amy Works

PLACENTIA, CALIF. — Lee & Associates | Orange has arranged the sale of an industrial asset located at 1101 Richfield Road within Miraloma Business Center in Placentia. Davcal sold the property to Chin Kim for $3 million. Originally built in 1991, the 7,492-square-foot warehouse facility features 400 amps, 120/208v, three-phase electrical service; 16-foot minimum warehouse clearance; two ground-level doors; 3,000 square-foot of office space, plus a second-floor office space; and easy access to local freeways. Jameson Hearne, Marshal Vogt and Bryan Miller of Lee & Associates | Orange represented the seller in the deal.

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LoansMidwestMultifamilyWisconsin

MMCC Secures $10.1M Loan for Refinancing of Wisconsin Multifamily Property

by Kristin Harlow

EAU CLAIRE, WIS. — Marcus & Millichap Capital Corp. (MMCC) has secured a $10.1 million loan for the refinancing of Alto Station Apartments in Eau Claire within western Wisconsin. The newly built apartment community is pre-leasing now and is slated to open in 2026, according to the property’s website. The 88-unit building is located at 325 Main St. and features a mix of studio to two-bedroom floor plans. Amenities include a fitness center, clubhouse, rooftop terrace and bike storage. Robert Bhat of MMCC arranged the loan with a local credit union on behalf of the private buyer. The loan features an interest rate of 6.75 percent and a 75 percent loan-to-cost ratio.

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Leasing ActivityMidwestMinnesotaRetail

Transwestern Negotiates 66,100 SF Retail Lease in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — Transwestern Real Estate Services has negotiated a 66,100-square-foot retail lease at Aurora Village shopping center in the southern Minneapolis suburb of Burnsville. The tenant is Soar N Bounce Trampoline and Adventure Park, which currently maintains locations in Michigan and Pennsylvania. The company plans to open 12 additional locations, including the site in Burnsville, which is slated to open in the first quarter in 2026. Brad Kaplan and Molly Townsend of Transwestern represented the owner, Aurora Investments LLC. Brian Weld and Tom Martin of Cushman & Wakefield represented the tenant. The lease marks the largest deal by square footage in the trade area since 2018, according to Transwestern. Aurora Village totals 122,323 square feet.

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AcquisitionsMidwestOhioRetail

Cooper Group Arranges $4.5M Sale of Charles Schwab-Occupied Retail Property Near Cleveland

by Kristin Harlow

COPLEY, OHIO — The Cooper Commercial Investment Group has arranged the $4.5 million sale of a single-tenant, newly built retail property occupied by Charles Schwab in Copley, a southern suburb of Cleveland. The banking office was built in 2023. There are approximately 13.5 years remaining on the lease with multiple rental increases and options to extend. Dan Cooper of Cooper Group represented the seller, a private investment group based in Ohio. The sales price represented a cap rate of 5.99 percent and $897 per square foot. The all-cash transaction closed in approximately 30 days.

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AcquisitionsMidwestNebraskaRetail

Marcus & Millichap Brokers $2.4M Sale of Retail Strip Center in Omaha

by Kristin Harlow

OMAHA, NEB. — Marcus & Millichap has brokered the $2.4 million sale of Stonegate Plaza, a five-suite retail strip center in Omaha. The 13,648-square-foot, fully leased center is anchored by Sherwin-Williams, which has been a tenant for more than 20 years. Austin Sweet, Chris Garavaglia and Alex Perez of Marcus & Millichap represented the seller, a North Dakota-based investment group. A local investor was the buyer.

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Leasing ActivityMidwestRetailWisconsin

FedEx Renews 1,925 SF Retail Lease in Brookfield, Wisconsin

by Kristin Harlow

BROOKFIELD, WIS. — FedEx has renewed its 1,925-square-foot retail lease at Shoppers World of Brookfield in the Milwaukee suburb of Brookfield. Last Mile Investments (LMI) owns the property, which is home to tenants such as Great Clips, Potbelly, AT&T, Aspen Dental and the upcoming Tropical Smoothie Café. Ryan Toppel of FedEx Real Estate represented FedEx, while Tyler Murphy and Sean Quinn represented LMI on an internal basis.

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Leasing ActivityNew YorkNortheastOffice

Amalgamated Bank Signs 94,045 SF Office Lease at 99 Park Avenue in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Amalgamated Bank has signed a 94,045-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The lease term is 15 years, and the space encompasses the entire second, third and fifth floors, as well as a portion of the ground floor, of the 26-story, 600,000-square-foot building. Daoud Awad and Chris Kraus of JLL represented Amalgamated Bank in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter of JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.

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ConnecticutLeasing ActivityNortheastOffice

Cushman & Wakefield Negotiates 12,000 SF Office Lease in Wilton, Connecticut

by Taylor Williams

WILTON, CONN. — Cushman & Wakefield has negotiated a 12,000-square-foot office lease in the southern coastal Connecticut community of Wilton. The tenant is Fairfield Chemical, and the space is located within the freshly renovated building at 187 Danbury Road. Adam Klimek and Steve Baker of Cushman & Wakefield represented the landlord, Time Equities Inc., in the lease negotiations. The representative of the tenant was not disclosed.

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AcquisitionsDistrict of ColumbiaMixed-UseSoutheastTop Stories

Hoffman, Madison Marquette Sell The Wharf in Southwest D.C. to PSP Investments at $1.8B Valuation

by John Nelson

WASHINGTON, D.C. — In two separate releases, co-developers Hoffman & Associates and Madison Marquette have announced that they sold their stake in The Wharf, a 3.5 million-square-foot mixed-use destination in southwest Washington, D.C. The Public Sector Pension Investment Board (PSP Investments), a pension fund investor based in Quebec, is now the sole owner of The Wharf, following more than a decade of having a minority stake in the development. The Wharf was constructed over the course of 15 years by Hoffman & Associates and Madison Marquette. The mixed-use neighborhood features a mile of waterfront development along the Potomac River. The sales price was not shared in either announcement, but Green Street News reports that Hoffman & Associates and Madison Marquette sold their stake at a $1.8 billion valuation. Previous components at The Wharf have sold in recent years and were thus not included in the sale to PSP Investments, including 300 condominiums, two office buildings and the Willard InterContinental Washington hotel, which Willard Investments purchased and rebranded in 2022. The Wharf was delivered by the sellers in two separate phases. Phase I opened in October 2017 and included three hotels, two multifamily and condominium buildings and 210,000 square feet of retail, …

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