Property Type

Interra Realty Brokers $2.6M Sale of Apartment Building on Chicago’s South Side

by Kristin Harlow December 22, 2023

CHICAGO — Interra Realty has brokered the $2.6 million sale of a 31-unit apartment building in Chicago’s South Shore neighborhood. Located at 6949-6959 S. Merrill Ave., the courtyard property includes a mix of studio to three-bedroom units, some of which have been updated with new kitchens and baths. Two units were reconfigured to include an additional bedroom, which generated additional rent of $300 per month. Max Grossman of Interra represented the local confidential buyer. Joe Smazal and Lucas Fryman of Interra represented the seller, a private investor based on the East Coast. The asset was roughly 90 percent occupied at the time of sale.

December 22, 2023

Indiana Leasing Activity Midwest Retail

Nordstrom Rack to Open 25,000 SF Store in Noblesville, Indiana

by Kristin Harlow December 22, 2023

NOBLESVILLE, IND. — Nordstrom Inc. has unveiled plans to open a new Nordstrom Rack store in Noblesville, a northeast suburb of Indianapolis. The 25,000-square-foot store is slated to open in fall 2024 and will be situated within Hamilton Town Center, a shopping center that is home to Ulta, Ross Dress for Less, Dick’s Sporting Goods and Total Wine & More. Simon Property Group owns and manages the center. Nordstrom Rack is the off-price retail division of Nordstrom. With this new location, the company operates three Nordstrom Rack stores and one Nordstrom store in Indiana.

December 22, 2023

Illinois Leasing Activity Midwest Retail

AXIS 360 Negotiates Two Retail Leases for Cannabis Dispensaries in Normal, Illinois

by Kristin Harlow December 22, 2023

NORMAL, ILL. — AXIS 360 Commercial Real Estate Specialists has negotiated two retail leases for cannabis dispensaries in Normal, just north of Bloomington. Revolution Cannabis signed a lease for 3,700 square feet at 1609 Northbrook Road and expects to open before the end of the year. AYR Wellness signed a lease for 3,200 square feet at 1730 Bradford Lane within the Constitution Trail Centre shopping center. AYR Wellness is slated to open in spring 2024. Michael O’Neal and Meghan O’Neal-Rogozinski of AXIS 360 represented the undisclosed landlords in both leases.

December 22, 2023

Development Loans Massachusetts Mixed-Use Multifamily Northeast Restaurant Retail Top Stories

Madison Realty Capital Provides $177.5M Loan to Refinance SCAPE Boylston Apartments in Boston

by Jeff Shaw December 22, 2023

BOSTON — Madison Realty Capital has provided a $177.5 million loan to Scape, a London-based multifamily developer that opened its U.S. headquarters in Boston in 2018. The loan will refinance the $165 million construction loan for SCAPE Boylston, a 415-unit apartment development that opened earlier this month in Boston’s Fenway neighborhood. The 226,700-square-foot property offers a mix of furnished studios, one- and two-bedroom apartments with Class A retail space on the ground floor. The apartments are already 95 percent occupied, and the retail space is 80 percent leased. Retail tenants include a global bank; Immersive Gamebox; Carbon Health; Dave’s Hot Chicken; Halal Guys; and a 10,000-square-foot, 156-seat, LGBTQ-focused black box theater. Tenant amenities include a landscaped terrace, fitness center, yoga room, co-working space, lounge library and study. The site is located near prominent academic and medical institutions including Boston University and Northeastern University, as well as Fenway’s rapidly growing biotech and life sciences industries. The lights of Fenway Park, home of Major League Baseball’s Boston Red Sox, are visible from the community, which is a block away from a Red Line MBTA train station. “Fenway is a premier academic and employment hub within Boston with substantial demand for efficiently designed, …

December 22, 2023

Florida Loans Multifamily Southeast

JLL Arranges $115M Refinancing for Metro Edgewater Apartments in Miami

by John Nelson December 21, 2023

MIAMI — JLL has arranged a $115 million loan for the refinancing of Metro Edgewater, a new 32-story apartment tower in Miami’s Edgewater neighborhood. Jesse Wright, Elliott Throne, Kenny Cutler, Joshua Odessky and J.J. Hovenden of JLL arranged the financing through MF1 Capital on behalf of the borrower, a consortium between Lujeni Corp., Camino Capital Management and Building Block Realty. MF1’s team working on the deal included Michael Squires, Phil Pesant and Connor Pensabene. The 279-unit property comprises one-, two- and three-bedroom units averaging 955 square feet in size. Amenities include a hotel-style pool with cabanas and day beds, fitness center, live-work club room, sky lounge, private dining room and a coffee bar.

December 21, 2023

Acquisitions Florida Southeast Student Housing

Cushman & Wakefield Brokers $35M Sale of Student Housing Community Near University of Florida

by John Nelson December 21, 2023

GAINESVILLE, FLA. — Cushman & Wakefield has brokered the $35 million sale of The Pavilion on 62nd, a 312-unit student housing community located at 1000 S.W. 62nd Blvd. in Gainesville. A joint venture between Coastline Management Group and an entity doing business as RWW Gainesville LLC purchased the property from an undisclosed Delaware limited liability company. Mike Donaldson, Nick Meoli, Travis Prince and Victoria Marks Vagnier of Cushman & Wakefield represented the seller in the transaction. Situated about three miles from the University of Florida campus, The Pavilion on 62nd offers a unit mix consisting of mostly large four-bedroom floorplans. The property also includes two large clubhouses, two swimming pools, an indoor and outdoor basketball court, volleyball courts, movie theater, study lounge, separate cardio and weight training fitness rooms, a dog park and a computer lounge.

December 21, 2023

Acquisitions Industrial Leasing Activity Mississippi Southeast

AIC Industrial Acquires 135,000 SF Manufacturing Facility in Metro Memphis in Sale-Leaseback Deal

by John Nelson December 21, 2023

OLIVE BRANCH, MISS. — AIC Industrial has acquired a 135,000-square-foot light manufacturing facility located at 11085 Airport Road in Olive Branch, a Mississippi suburb of Memphis near the Olive Branch Airport. Natureplex Properties LLC, a pharmaceutical manufacturer, sold the facility to AIC Industrial in a sale-leaseback deal. Landon Williams and Katie Hargett of Cushman & Wakefield | Commercial Advisors represented the seller in the transaction. As part of the transaction, Austin, Texas-based AIC Industrial signed Natureplex to a long-term lease at the facility. The sales price and lease terms were not disclosed.

December 21, 2023

Development Florida Leasing Activity Mixed-Use Multifamily Retail Southeast

Newrock Signs Three New Retailers to Join Oaklyn Multifamily Development in South Florida

by John Nelson December 21, 2023

OAKLAND PARK, FLA. — Newrock Partners has signed three new retailers to join the tenant mix at Oaklyn, a multifamily development underway in South Florida’s Broward County. The new tenants include fitness brand Pure Barre, fashion boutique Monkees and wellness spa Pause Studio. Pure Barre and Monkees plan to open on the ground level at Oaklyn in the first half of 2024, and Pause Studio plans to debut next summer. Situated at 3333 N. Federal Highway in Oakland Park, Oaklyn features 274 luxury apartments and more than 19,000 square feet of retail space. Newrock delivered the property in October.

December 21, 2023

Acquisitions Alabama Retail Southeast

SRS Negotiates $6M Portfolio Sale of Two Gas Stations in Alabama Leased to Circle-K

by John Nelson December 21, 2023

MADISON AND HUNTSVILLE, ALA. — SRS Real Estate Partners has negotiated the $6 million portfolio sale of two newly developed gas station/convenience stores in Alabama. The assets are located at 8464 Madison Blvd. in Madison and 11010 Highway 231-431 N in Huntsville. Both properties span 5,200 square feet and have 15-year triple-net ground leases with Circle-K in place. Patrick Nutt and William Wamble of SRS represented the seller, a developer based in the Southeast, in the transaction. The California-based private buyer purchased the assets in a 1031 exchange. The unnamed investor purchased the fee-simple ownership of the land, which span about 2 acres for both locations, in both deals.

December 21, 2023

Development Mixed-Use Texas

Southern Land Co. to Develop Mixed-Use Project in Houston’s Upper Kirby Area

by Taylor Williams December 21, 2023

HOUSTON — Nashville-based Southern Land Co. will develop a mixed-use project in Houston’s Upper Kirby area that will consist of a 330-unit apartment tower and an 83,322-square-foot office building. The 38-story multifamily building will house 312 apartments, 18 penthouses and amenities such as a pool, fitness center, spa and a rooftop garden. The office building will be situated over a podium-style garage, and tenants will have access to a fitness center and a private outdoor elevated park space. The project also includes 16,500 square feet of restaurant space. Construction is scheduled to begin next summer and to be complete in spring 2027. Stream Realty Partners is the leasing agent for the office space.

December 21, 2023

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