Property Type

TailoredSpace to Open 14,000 SF Coworking Site in San Juan Capistrano, California

by Jeff Shaw June 12, 2023

SAN JUAN CAPISTRANO, CALIF. — TailoredSpace is scheduled to open its newest location in San Juan Capistrano this September. The 14,000-square-foot space will be located at 27131 Calle Arroyo. TailoredSpace has targeted suburban communities with high per-capita income, easy freeway access and walkable retail amenities. TailoredSpace will be the first fully amenitized coworking operation in San Juan Capistrano, according to the company. This lack of supply has resulted in significant pre-leasing activity for the campus.

June 12, 2023

California Leasing Activity Life Sciences Western

IDEAYA Biosciences Leases 44,000 SF Office in South San Francisco

by Jeff Shaw June 12, 2023

SOUTH SAN FRANCISCO — IDEAYA Biosciences has leased 44,000 square feet of space at 5000 Shoreline Court in South San Francisco. The 140,000-square-foot, Class A building is situated on the bay in South San Francisco’s Sierra Point life sciences cluster. IDEAYA plans to move into the space in mid-2024. Chris Jacobs and Matt Jacobs of CBRE represented the landlord, DivcoWest, while Grant Dettmer and Scott Miller of JLL represented IDEAYA.

June 12, 2023

Development Illinois Midwest Multifamily

Lendlease Opens 41-Story Residential Tower in Chicago’s South Loop

by Kristin Harlow June 12, 2023

CHICAGO — Lendlease has opened The Reed at Southbank, a 41-story residential tower located at 234 W. Polk St. in Chicago’s South Loop. The Reed includes both rental units and for-sale homes and is part of Lendlease’s seven-acre Southbank master plan. Of the property’s 440 residences, 224 are apartments and are located on floors nine through 22. Units range from 544 to 1,417 square feet and monthly rents start at $2,205. Inspired by the literary history of Printers Row, the development’s name is a nod to both reed pens and the grasses that grow along waterways like the Chicago River. Perkins & Will designed the property. The Reed is situated near Southbank Park, a two-acre green space developed and maintained by Lendlease as an amenity for both residents and neighbors in the surrounding community. The eighth floor features a 15,000-square-foot amenity deck with a pool, lawn, fire pits, outdoor kitchens and fitness area. Indoor amenities include a fitness center, lounge room, pool table, virtual sports room, massage room and salon. Apartments at The Reed will be managed by Bozzuto, which will provide renters with services like plant care, pet care, newspaper delivery and in-home package delivery. The Reed is the …

June 12, 2023

Development Illinois Midwest Multifamily

Bulley & Andrews Completes Renovation of Historic Belden-Stratford Apartment Building in Chicago

by Kristin Harlow June 12, 2023

CHICAGO — General contractor Bulley & Andrews has completed a renovation of The Belden-Stratford, a luxury apartment building in Chicago’s Lincoln Park neighborhood. Overlooking the Lincoln Park Zoo and Conservatory, the 16-story property was originally constructed in 1923 and is listed on the National Register of Historic Places. Designed by architect Meyer Fridstein, the building originally opened as a residential hotel before being converted to apartments. Mansueto Office, the investment firm of Joe Mansueto, who was a resident of the property during the 1980s, purchased the asset in 2018. Renovation work began in late 2020. Today, the property comprises 209 luxury apartment units, including studios, one-, two- and three-bedroom floor plans as well as a selection of penthouses. Monthly rents range from $2,500 to $15,000. Leasing and move-ins are underway. Solomon Cordwell Buenz served as the architect for the renovation project, along with historic architect Vinci Hamp Architects. Waterton manages the property. The team restored many of the original architectural details of the property and added new amenities, including a mezzanine-level lounge, fitness center, billiards and media lounge, wine tasting room, conference rooms, meeting space and a rooftop deck. Residents also have access to services such as valet parking, concierge …

June 12, 2023

Indiana Loans Midwest Multifamily Student Housing

BWE Arranges $36M Acquisition Loan for 796-Bed Student Housing Property at Indiana University

by Kristin Harlow June 12, 2023

BLOOMINGTON, IND. — Bellwether Enterprise (BWE) has arranged a $36 million loan for the acquisition of The Monroe, a 796-bed student housing property at Indiana University in Bloomington. Christopher Carroll and Max Miller of BWE arranged the loan on behalf of the borrower, Campus Realty Advisors, which plans to make upgrades to the community. According to BWE, Indiana University had record freshmen enrollment in 2022 with more than 10,200 students.

June 12, 2023

Acquisitions Midwest Ohio Retail

Marcus & Millichap Brokers Sale of 136,500 SF Shopping Center in Youngstown, Ohio

by Kristin Harlow June 12, 2023

YOUNGSTOWN, OHIO — Marcus & Millichap has brokered the sale of Boardman Center Plaza in Youngstown, a city in Northeast Ohio. The sales price was undisclosed. The 136,500-square-foot shopping center was 52 percent leased at the time of sale. Tenants include Guitar Center, Legends Food + Drink, FastSigns, Factory Boot Outlet and Harbor Pet Center. Included in the sale was a two-tenant building leased to Five Guys and Jimmy John’s. the property is located directly across the street from Southern Park Mall. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a Canadian private investor, and procured the buyer, a Texas-based private investor.

June 12, 2023

Leasing Activity Midwest Minnesota Restaurant Retail

Three New Restaurants to Open at Eden Prairie Center in Suburban Twin Cities

by Kristin Harlow June 12, 2023

EDEN PRAIRIE, MINN. — Three new restaurants are opening at Eden Prairie Center, a 1.4 million-square-foot shopping mall in the Twin Cities suburb of Eden Prairie. A dual concept Japanese cuisine restaurant, Gyu Mai Japanese BBQ and Ichiddo Ramen, will occupy 7,996 square feet. The space will be divided to operate the two separate concepts. At the Japanese barbecue restaurant, guests will cook meats and vegetables on personal grills installed on the tables. The other portion is a noodle restaurant that serves authentic ramen noodle soups as well as other Japanese specialties in a counter-service environment. Completion is slated for December. Where’s the Flour?, a gluten-free fast-food restaurant, is slated to open this summer in the food court. The tenant, which is relocating from Blaine, Minn., offers an extensive selection of gluten-free breaded and fried comfort foods. Café Viola is opening an Italian coffee kiosk this month. The café will offer barista-made specialties and nitro cold brew made exclusively from beans from Lavazza, a brand that has been roasting and grinding espresso beans in Italy for over 120 years. Café Viola will also serve pastries and ready-to-eat prepared foods. Opened in 1976, Eden Prairie Center is home to more than …

June 12, 2023

Development Multifamily New York Northeast Top Stories

JLL Arranges $520M in Financing for Brooklyn Multifamily Development

by Taylor Williams June 12, 2023

NEW YORK CITY — JLL has arranged $520 million in financing for Sackett Place & Society Brooklyn, a waterfront multifamily development located in Brooklyn’s Gowanus neighborhood. The financing includes a $335 million construction loan and $165 million in limited partnership equity. The borrower and developer is a joint venture between two New York City-based investment firms, Property Markets Group (PMG) and Carlyle. Sackett Place & Society Brooklyn will ultimately consist of two 21-story residential towers totaling 517 units and 10,000 square feet of retail space. The two towers are situated on the corner of Bond and Union streets overlooking the Gowanus Canal. An undisclosed number of units will be reserved as affordable housing as part of a rezoning initiative for permanent affordable housing in the Gowanus area. Construction is slated for a 2025 completion. Christopher Peck, Andrew Scandalios, Peter Rotchford, Nicco Lupo, Rob Hinckley, Jeff Julien and Jonathan Faxon of JLL arranged the debt and structured the equity partnership between PMG and Carlyle. The direct lender on the construction loan was not disclosed. “Developments with an affordable component continue to make sense to lenders seeking to deploy equity in a highly fractured market,” says Peck. “With its best-in-class sponsors and …

June 12, 2023

Georgia Market Reports Office Southeast Southeast Market Reports

What Atlanta Office Workers Need Is Energy at Their Doorstep

by John Nelson June 12, 2023

Five blocks doesn’t seem that far. It’s about a quarter of a mile, or 560 steps. But, it’s just a hair past convenient for today’s office workers. Now more than ever, tenants are seeking an office experience that is dynamic and energized with amenities. They want great options for coffee, lunch or happy hour that are steps away, not blocks. If it’s not right outside the office, it’s not close enough. In Atlanta, the Midtown submarket is still where the action is. In 2022, Midtown had 775,652 square feet of positive absorption, which was the highest in the metro according to Cushman & Wakefield. In keeping with the flight-to-quality trend, Atlanta leasing activity last quarter was dominated by Class A product, which accounted for 75.6 percent of all transactions. Most of this activity occurred in Midtown. With a Walk Score of 87, Midtown is Atlanta’s most walkable submarket. But even there, it’s the vertically integrated office developments that bring a new layer of urban density that are rising above the rest. Not only are they seeing more leasing demand, but they are also experiencing a constant hum of activity and energy due to immediate access to great retail and restaurants. …

June 12, 2023

Development Florida Loans Multifamily Southeast

Belpointe OZ Secures $130M Construction Financing for Multifamily Project in Sarasota, Florida

by John Nelson June 9, 2023

SARASOTA, FLA. — Belpointe OZ has secured a $130 million construction loan for the development of Aster & Links, a multifamily project in Sarasota. Bank OZK provided the financing. Upon completion, Aster & Links will comprise 424 apartments across two 10-story buildings, with units in one-, two-, three- and four-bedroom layouts. Amenities at the community will include more than 900 parking spaces, a clubroom, fitness center, courtyard, heated saltwater pool and outdoor grills. A construction timeline was not disclosed.

June 9, 2023

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