TUCSON, ARIZ. — Cushman & Wakefield | PICOR has arranged the sale of a medical investment property located at 4881 E. Grant Road in Tucson. Elliott Bay Medical Properties Holdings LLC acquired the asset from a private investment group for $5.5 million. Pain Institute of Southern Arizona occupies the 15,000-square-foot property on a long-term lease. Bryce Horner of Cushman & Wakefield | PICOR represented the seller in the deal.
HEMET, CALIF. — Avison Young has negotiated the sale of a single-tenant retail property located at 1735 W. Florida Ave. in Hemet. A California-based limited partnership sold the asset to a California-based private investor for $2.2 million. Harbor Freight Tools occupies the 20,571-square-foot building, which was renovated in 2023. The tenant has approximately 11 years remaining on its absolute triple-net lease. Chris Maling and David Maling of Avison Young represented the seller in the transaction.
COLUMBUS, OHIO — Affinius Capital LLC has provided a $73.4 million loan to finance the ground-up development of Rockpointe at Quarry Trails, an eight-building multifamily property in Columbus with 486 garden-style units. Thrive Cos. is the developer. The project marks the fourth phase of the Quarry Trails mixed-use development, which is owned by Thrive. Affinius Capital previously provided a bridge loan for the first phase. Amenities at Rockpointe will include a community kitchen, gaming areas, coworking facilities, a pool and cabanas. The 85-acre Quarry Trails will include 1,045 apartment units, 600 for-sale homes, 28,000 square feet of Class A office space and 30,000 square feet of retail and restaurant space. Residents will have access to kayaking, rock climbing and mountain biking, as the development is located within a natural, unmanicured 220-acre metro park. Chad Kiner, Conor Lee, Grant Proegler and Brody Hoying of BWE arranged the financing.
OXFORD, OHIO — JLL Capital Markets has brokered the sale of Level 27, a 756-bed student housing community serving Miami University in Oxford. Built in 2006, the 216-unit property features a mix of three- and four-bedroom floor plans with an average unit size of 1,603 square feet. Amenities include a fitness center, private movie theater, gaming lounge, outdoor sports courts and clubhouse with study rooms. Teddy Leatherman, Scott Clifton, Kevin Kazlow, Jack Goldberger and Grace Picchiotti of JLL represented the undisclosed seller. Buyer information was also not provided.
APPLETON, WIS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $10.4 million loan for the refinancing of Urbane115 Apartments, a 46-unit apartment complex in Appleton. The newly built property, located adjacent to Fox Commons, features a mix of studio to two-bedroom units. Robert Bhat of MMCC arranged agency financing on behalf of the private borrower. The five-year, nonrecourse loan features a 65 percent loan-to-value ratio and an interest rate of 6.1 percent.
BROOKFIELD, WIS. — Greenstone Partners has negotiated the sale of PrairieWalk, a 56-unit multifamily property in the Milwaukee suburb of Brookfield, for an undisclosed price. Mandel Group Inc. developed the asset, which was built in 2015. The two-building property features one- and two-bedroom units. Amenities include community rooms, outdoor grills and pet stations. Jordan Multack of Greenstone represented the buyer, Breneman Capital, and the seller, Mandel Group.
ROMEOVILLE, ILL. — Simoniz USA, a manufacturer of cleaning and maintenance products, has renewed its 18,013-square-foot industrial lease at 1109 Windham Parkway in the Chicago suburb of Romeoville. Jeff Galante of Lee & Associates of Illinois represented the tenant. Prologis, which was self-represented, owns the building.
WASHINGTON, D.C. — The NFL’s Washington Commanders have announced plans to develop a new football stadium in Washington, D.C., (“the District”), as well as a surrounding mixed-use destination. The team, which currently plays at FedEx Field in Landover, Md., has pledged to invest at least $2.7 billion into financing the project. The District has committed to a $500 million investment for the new stadium, which is expected to open in 2030. The site spans 180 acres within the Robert Francis Kennedy (RFK) campus on the city’s east side. The Commanders, formerly known as the Redskins, are developing the new 65,000-seat stadium in partnership with the District, which recently gained control of the campus via the D.C. Robert F. Kennedy Memorial Stadium Campus Revitalization Act. The legislation, which took effect in January, gave the District the ability to develop the campus for a mix of uses, lifting the restrictions that were in place under the previous lease. The legislation also required that 30 percent of the RFK campus be reserved for parks, trails and open space, not including a 32-acre riparian area along the Anacostia River. As part of the larger development, the Commanders plan to bring a variety of commercial …
Nashville’s multifamily sector has faced headwinds stemming from a wave of new deliveries over the past few years, similar to other high-growth areas across the country. Across this market, stabilized occupancy is currently 350 basis points below historical norms. Average market rents have declined nearly 3 percent from their 2022 peak, and concessions are widespread across several submarkets. However, despite these challenges, optimism is building around the Nashville’s outlook over the coming years. Investors are actively seeking well-positioned assets, anticipating what many believe will be the next strong cycle for multifamily assets in this market. Over the past three years, Nashville’s multifamily market has absorbed approximately 28,000 units, compared to roughly 30,000 new deliveries — creating a near-term supply-demand imbalance that contributed to recent softness. Nevertheless, the outlook is shifting. Only 17,000 units are expected to deliver between 2025 and 2027, while demand is expected to exceed this new supply materially, creating strong tailwinds for rent growth. In 2024 alone there were over 11,000 units of net absorption. New starts are few and far between, mostly concentrated in suburban submarkets where developers can build cost-effective, attainable housing. Elevated construction costs and higher interest rates continue to constrain development, pointing to …
O’Connor Capital to Redevelop Former Saks Fifth Avenue Store at The Esplanade in Palm Beach, Florida
PALM BEACH, FLA. — New York-based O’Connor Capital Partners plans to redevelop the former Saks Fifth Avenue retail space at The Esplanade, a 146,000-square-foot shopping center located at 150 Worth Ave. in Palm Beach. The two-level, 50,000-square-foot store will be transformed to feature high-end retail, office space and lifestyle offerings. Fairfax & Sammons Architecture will design the redevelopment project, while Odyssey Retail will lead leasing efforts and tenant curation. Current luxury retailers at The Esplanade include Louis Vuitton, Emilio Pucci, Akris, Christofle, Panerai, Hublot, Carolina Herrera, Lugano Diamonds and Worth Avenue Watches.