NEW YORK CITY — Marcus & Millichap has brokered the $4.5 million sale of a 7,356-square-foot retail property located at 1 Worth St. in Manhattan’s Tribeca neighborhood. The seller was Xeno Lightning, a film production company that had owned and operated out of the six-story building since 1990. The buyer was not disclosed. Trever Gallina of Marcus & Millichap brokered the deal.
MINDEN, NEV. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a development site in Minden, approximately 50 miles south of Reno. The five-acre parcel is fully entitled for construction of a seniors housing community totaling up to 130 units. The site is strategically located adjacent to Carson Tahoe Minden Medical Center, which Carson Tahoe Regional Health — the region’s largest healthcare provider — operates. The buyer was a West Coast-based seniors housing developer that is affiliated with a seniors housing operator. Information on the seller and price were not disclosed.
NEW YORK CITY — Nonghyup Bank has signed a 10-year, 8,194-square-foot office lease at 120 West 45th Street in Manhattan. The South Korean lending institution will occupy space on the 19th floor of the 458,446-square-foot building, which is known locally as Tower 45. Paul Glickman, Diana Biasotti, Kyle Young and Kate Roush of JLL represented the landlord, Kamber Management Co., in the lease negotiations. CBRE represented Nonghyup Bank.
CHICAGO — McShane Construction Co. and Powers & Sons Construction have completed 23rd Place at Southbridge, a 206-unit mixed-income community located on Chicago’s Near South Side. The Community Builders and McCaffery Interests developed the project, which is situated on the former Harold Ickes Homes site. The two-building development features 15,000 square feet of ground-floor retail space. Approximately 50 percent of the units are affordable to households earning up to 80 percent of the area median income. The project features amenity space on the first and sixth floors, including lounges, terraces and a fitness center. A new public right-of-way, 23rd Place, connects the two buildings and can be closed off to create public gathering space for community activities. The transit-oriented development is located adjacent to the Cermak-McCormick Place Green Line L stop. Nia Architects and Antunovich Associates provided architectural services.
INDIANAPOLIS — Greystone has provided $40.1 million in Fannie Mae DUS financing for two multifamily properties totaling 408 units in Indianapolis. Dan Sacks and Avi Kozlowski of Greystone originated the loans. In the first transaction, Greystone provided a $23.5 million Fannie Mae Green Rewards loan with a 10-year term and 30-year amortization. The 26-building property was constructed in 1972 and features 200 units. Loan proceeds enable the borrower to acquire and make improvements to the community. In the second transaction, Greystone secured a $16.6 million fixed-rate loan that features a 10-year term and 35-year amortization. The garden-style community was built in 1970 and consists of 208 units across 24 buildings. In addition to refinancing, loan proceeds enable the borrower to make improvements and monetize a portion of its equity.
BROOKLYN PARK, MINN. — JLL Capital Markets has brokered the sale of Urbana Court, a 207-unit apartment complex in the Twin Cities suburb of Brooklyn Park. The sales price was undisclosed. Completed in 2021, the property features units with an average size of 877 square feet. Amenities include a pool, fitness center, private dog park, outdoor pergolas and pickleball courts. Dan Linnell, Mox Gunderson, Josh Talberg and Adam Haydon of JLL represented the seller, Trident Development LLC, and the buyer, Turner Impact Capital.
INDIANAPOLIS — CBRE has negotiated the sale of The Residences at Keystone Crossing in Indianapolis for an undisclosed price. The buyer, Core Redevelopment, has renamed the 129-unit property as VITRA Apartments. Located at 8785 Keystone Crossing in the heart of the Keystone Crossing submarket, the 12-story building was originally constructed in 1987 as a hotel and converted into apartments in 2012. Residents of the building have access to all the adjacent Sheraton Hotel amenities, including a fitness center, indoor pool, restaurant, bar and public space. Steve LaMotte Jr., Dane Wilson and Ross Wettersten of CBRE represented the seller, Highline Hospitality Partners. PRAXM will manage the asset. The transaction marks the first time that an apartment owner will own the property.
PONTIAC, MICH. — The Paslin Co. has signed a 113,742-square-foot industrial lease at 660 S. Blvd. East in Pontiac. Founded in 1937, the company is a full-service design-build organization serving the global automotive industry. Phil Konopitski of Friedman Real Estate represented the tenant in the lease. The landlord was undisclosed.
PANAMA CITY BEACH, FLA. — A joint venture between The St. Joe Co., Hilton Worldwide Holdings Inc. (NYSE: HLT) and Key International have opened the Embassy Suites by Hilton Panama City Beach Resort, a 255-room resort overlooking the Gulf of Mexico. Located in the popular Florida Panhandle vacation town of Panama City Beach, the resort features one- and two-bedroom suites, including two-bedroom family suites and suites with bunk beds. The resort features a pool complex with a waterslide and hot tub, a fitness center, business center and approximately 15,500 square feet of meeting and event space. The property also includes two restaurants: Blu Bar & Grill, which will serve lunch and dinner, and Fin, which will provide guests with complimentary breakfast. Vue 55, a 3,800 square-foot open-air event venue on the fifth floor, will also be available for weddings and group functions. The resort is in the Pier Park shopping and entertainment district. According to the Panama City Beach website, Pier Park currently offers 124 stores, as well as restaurants such as Dick’s Last Resort and Hook’d Pier Bar and Grill, an IMAX theater and a Ferris wheel. “The location of this resort is unlike anything in the market,” says …
— By Baker Krukow, Senior Advisor, Industrial, Dickson Commercial Group — The Reno-Sparks industrial market is expected to remain active in 2023. It has a hefty pipeline of proposed industrial projects, steady increases in rental rates and a direct vacancy rate below 2 percent. The lack of available product has remained a challenge for tenants looking to occupy space, while landlords have been able to benefit from competing offers. The result of these tight market conditions will continue to push industrial development throughout the year. There was roughly 5.4 million square feet of new industrial product delivered in 2022, with 76 percent of those projects being speculative developments. A vast majority of those spec projects were pre-leased prior to completion. Looking at 2023 new construction, developers are dealing with severe winter weather delays. As a result, several projects have had to push back their completion timelines. Amongst some of the anticipated industrial projects under construction are Dermody Properties’ LogistiCenter at I-80 West Phase II, which will contain two state-of-the-art distribution buildings totaling 429,000 square feet. In the Sparks submarket, Panattoni Development has broken ground on the Pyramid Pointe Commerce Center, a 195,000-square-foot, Class A flex/bulk building, which will demise to …