Property Type

Flaherty & Collins Properties to Break Ground on $101M Apartment Project in Michigan City, Indiana

by Kristin Harlow March 13, 2024

MICHIGAN CITY, IND. — Flaherty & Collins Properties is scheduled to break ground on The Franklin at 11th Street Station, a $101 million apartment project in northern Indiana’s Michigan City. A groundbreaking ceremony will take place Thursday, March 14. The luxury apartment tower will include 220 units and 5,600 square feet of commercial space. The 1.5-acre project site is located at 1010 Franklin St. Amenities will include a heated swim spa, outdoor movie space, coworking cafe, conference facilities, fitness center and sky lounge. Completion is slated for fall 2025. Flaherty & Collins currently manages 85 properties and more than 15,000 units in nine states.

March 13, 2024

Acquisitions Industrial Midwest Office Ohio

Douglas Capital Partners Acquires 385,000 SF Office, Industrial Portfolio in Metro Columbus for $25M

by Kristin Harlow March 13, 2024

GROVE CITY AND DUBLIN, OHIO — Michigan-based real estate investment firm Douglas Capital Partners has acquired three Columbus-area properties from American National Insurance Co. and Brookfield for $25 million. The three-property portfolio totals 385,000 square feet and is comprised of SouthPark XX, a Class A industrial asset in Grove City, and two office buildings in Dublin. The office assets include the Emerald Professional Building and Upper Metro Place. The acquisitions mark the first investments outside of Michigan for Douglas Capital Partners.

March 13, 2024

Acquisitions Industrial Midwest Wisconsin

Greywolf Arranges $3.7M Sale of Industrial Building in New Holstein, Wisconsin

by Kristin Harlow March 13, 2024

NEW HOLSTEIN, WIS. — Greywolf Brokerage LLC, a division of Greywolf Partners Inc., has arranged the $3.7 million sale of a 122,500-square-foot industrial building in New Holstein, about 43 miles south of Green Bay. The property sits on six acres at 2221 Calumet Drive. The fully leased building features 10 loading docks, five drive-in doors and a clear height of 20 feet. Buyer and seller information was not provided.

March 13, 2024

Development Illinois Midwest Retail

Mosaic Construction Completes K-12 STEM Learning Facility for Noggin Builders in Northbrook, Illinois

by Kristin Harlow March 13, 2024

NORTHBROOK, ILL. — Mosaic Construction LLC has completed a K-12 STEM learning facility for Noggin Builders at 4165 Dundee Road in the Chicago suburb of Northbrook. The 3,750-square-foot project consisted of the renovation of three existing vacant spaces that were combined into one large space for Noggin, which relocated from a smaller location in Northbrook. The new location is aimed at reinforcing the importance of STEM studies outside the traditional school setting. STEM stands for science, technology, engineering and mathematics. Established in 2013, Noggin provides afterschool and summertime learning programs. The new facility includes four classrooms, an accordion door for flexible learning spaces, a refrigerator for science experiments and a built-in cage that houses a bearded dragon. A large storage room houses art supplies and tools. MDT provided architectural services.

March 13, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $1.3M Sale of Apartment Building in Chicago’s Lawndale Neighborhood

by Kristin Harlow March 13, 2024

CHICAGO — Interra Realty has brokered the sale of a 13-unit apartment building in Chicago’s Lawndale neighborhood for $1.3 million. Built in 1923, the property at 1858 S. Springfield Ave. was completely renovated in 2022 with new roofing, porches and windows. There are nine two-bedroom units and four three-bedroom residences, which were also upgraded but had not yet been leased. An empty side lot will be used for onsite parking. Lucas Fryman of Interra represented the buyer, a local owner who has a portfolio of multifamily properties in the immediate area. Ted Stratman of Interra represented the seller, Brilliant Future LLC. The asset sold for 96 percent of the list price.

March 13, 2024

Development North Carolina Seniors Housing Southeast

LCS Development Plans $90M Seniors Housing Expansion Project in Greenville, North Carolina

by John Nelson March 13, 2024

GREENVILLE, N.C. — LCS Development, An LCS Company, has received an undisclosed amount of financing for the community expansion and remodeling project at Cypress Glen, a seniors housing development in Greenville, roughly 80 miles east of Raleigh. The $90 million project will add 57 independent living residences and include a new auditorium, expo kitchen, wine bar and remodeled amenities. The expansion is slated for completion by November 2025. Cypress Glen sits on over 95 acres and is the only continuing care retirement community (CCRC) in Eastern North Carolina, according to LCS. LCS Development has led the planning, development and design, and will oversee the construction services. Affiliate Life Care Services provides management services and support for the community and its residents. Other project partners include SB&A Architects, interior designer RDG Planning and Design, general contractor BLUM Construction and investment partner Ziegler.

March 13, 2024

Development Florida Leasing Activity Restaurant Retail Southeast

PEBB, Banyan Ink Seven Retail Leases at Tradition Development in Port St. Lucie, Florida

by John Nelson March 13, 2024

PORT ST. LUCIE, FLA. — PEBB Enterprises and Banyan Development have signed seven new retail tenants to join the roster at Shoppes @ the Heart of Tradition, a 71,000-square-foot shopping center within the Tradition master-planned development in Port St. Lucie. The new tenants include Ace of Carts (1,950 square feet); Carmela Coffee (1,800 square feet); Cooper Orthodontist (1,800 square feet); The Joint Chiropractic (1,604 square feet); Papa John’s Pizza (1,602 square feet); Robeks Smoothie (1,340 square feet); and Swift Mediterranean Grill (2,770 square feet). Aldi (19,231 square feet) anchors the shopping center, which has three inline spaces available for lease and three available outparcel sites ranging from one to three acres. PEBB and Banyan expect to complete exterior construction of Shoppes @ the Heart of Tradition this summer, with tenant build-outs commencing after.

March 13, 2024

Acquisitions Florida Retail Southeast

Marcus & Millichap Arranges $30M Sale of Shopping Center in Pompano Beach, Florida

by John Nelson March 13, 2024

POMPANO BEACH, FLA. — Marcus & Millichap has arranged the $30 million sale of Shoppers Haven, a 205,567-square-foot shopping center in the South Florida city of Pompano Beach. Built in 1964 and renovated multiple times between 1999 and 2023, the property will see the addition of a new Publix grocery store, with construction scheduled to begin over the next 30 days. The buyer, Stiles Corp., also plans to implement improvements to storefronts, façades, landscaping, the parking lot and signage. Tenants at the center include Michaels, Bealls, Walgreens, Party City, YouFit, Outback Steakhouse, Comcast, H&R Block, Dunkin’ and Domino’s Pizza. Howard Bregman of Marcus & Millichap represented the seller, Partridge Equity Group, in the transaction.

March 13, 2024

Acquisitions Retail Southeast Tennessee

Last Mile Investments Acquires 26,114 SF Retail Center in Metro Nashville

by John Nelson March 13, 2024

BRENTWOOD, TENN. — Cincinnati-based Last Mile Investments has acquired The Shops at Mallory, a 26,114-square-foot, unanchored retail center located at 1731 Mallory Lane in Brentwood, about 10 miles south of Nashville. Jim Foley of Foley Real Estate represented the undisclosed seller in the transaction. Jordan Powell of Avison Young represented Last Mile Investments, which now has assets in 16 separate MSAs. The sales price was not disclosed. The Shops at Mallory was leased to service and convenience retailers including Massage Envy, Sola Salon Studios and Genesis Diamonds at the time of sale.

March 13, 2024

Acquisitions Colorado Multifamily Western

Partnership Buys 360-Unit Hearthstone at City Center Apartments in Aurora, Colorado for $74M

by Amy Works March 13, 2024

AURORA, COLO. — The Bascom Group and an affiliate of Oberndorf Real Estate Management, formerly known as The Axton Group, have acquired Hearthstone at City Center, a multifamily property in Aurora, for $74 million. The name of the seller was not released. Aurora is just east of Denver. Located at 932 South Helena Way, Hearthstone features 360 one-, two- and three-bedroom apartments spread across 41 buildings on 18.2 acres. Select units offer contemporary appliances, in-home washers/dryers, hardwood-style flooring, walk-in closets, fireplaces and private patios or balconies. Community amenities include a resort-style pool, outdoor grilling and picnic areas, a fitness center and sauna, pet park, playground, basketball court and on-site laundry. The buyers plan to implement an extensive value-add renovation program that includes upgraded appliances, countertops and lighting; additional in-unit washers/dryers; added kitchen backsplashes; new cabinets and fixtures; and wood plank flooring. Planned common area improvements include updating the fitness center, leasing center and pool, as well as a completely redesigning the multipurpose activity area, enhancing the façade and revamping landscaping.

March 13, 2024

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