Property Type

Venture One Acquires 541,283 SF Industrial Portfolio in Suburban Chicago

by Kristin Harlow November 21, 2023

BUFFALO GROVE, ELGIN AND ROMEOVILLE, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VI LP, has acquired a 541,283-square-foot industrial portfolio in suburban Chicago for an undisclosed price. The three-building portfolio is fully leased to five tenants. In Buffalo Grove, 351-355 Hastings Drive is a 68,735-square-foot building that was constructed in 1998. The property features a clear height of 24 feet, six exterior docks, six drive-in doors and 10,355 square feet of office space. In Elgin, 2770 Alft Lane is a 246,446-square-foot property that was built in 2015. The building features a clear height of 32 feet, 40 exterior docks, four drive-in doors and 7,423 square feet of office space. In Romeoville, 1881 Normantown Road totals 226,102 square feet and was built in 2017. The property features a clear height of 32 feet, 35 exterior docks, two drive-in doors, 3,179 square feet of office space and parking for 40 trailers. Jeff Devine, Steve Disse and Tyler Ziebel of Colliers represented the undisclosed seller. VK Industrial VI is co-sponsored by Venture One and Kovitz Investment Group.

November 21, 2023

Illinois Leasing Activity Life Sciences Midwest

Four Biotech Tenants Sign Leases at Sterling Bay-Owned Property in Chicago

by Kristin Harlow November 21, 2023

CHICAGO — Four biotech tenants have signed leases at 2430 N Halsted, a recently revamped scientific research facility owned by Sterling Bay in Chicago’s Lincoln Park. • Seq Biomarque is establishing its first location in Chicago. The company is developing a cost-effective, blood-based screening and diagnostic test for Alzheimer’s disease. • CeGaT Corp. is making its debut in the United States. Parent company CeGaT GmbH is based in Germany and works in genomics and personalized medicine. • EVOQ Therapeutics, spun out of the University of Michigan’s on-campus lab spaces, is working to reform autoimmune disease treatment with novel immunotherapies. • Cyclopure specializes in water purification and water treatment technologies. The firm has relocated and expanded its headquarters from the Illinois Science + Technology Park. Dave Gloor and Daniella Hemsley negotiated the leases for Sterling Bay on an internal basis. Jonathan Metzl and Jack Deroche of Cushman & Wakefield represented Cyclopure.

November 21, 2023

Development Indiana Midwest Restaurant Retail Top Stories

RH Opens 151-Acre Showroom and Dining Destination in Indianapolis

by John Nelson November 21, 2023

INDIANAPOLIS — RH (NYSE: RH), a home furnishings retailer formerly operating as Restoration Hardware, has opened RH Indianapolis, The Gallery at DeHaan Estate. Located at 4501 N. Michigan Road, the 151-acre property houses a 60-room, Palladian-style villa that RH has repurposed as a unique showroom and dining destination. RH Indianapolis carries home furnishing collections from the company’s Interiors, Contemporaries, Modern and Outdoor catalogues. The estate’s east and west wings include showrooms from the various RH collections, including bedroom suites on the upper level. The RH Interior Design Studio occupies the east wing’s former billiards room. Clients are able to receive professional design services via the interior design studio space, which features a private presentation room and libraries that carry RH’s various textile, furniture and lighting finishes. RH has advanced into the food-and-beverage industry in recent years, and RH Indianapolis is the latest showcase with The Dining Room restaurant and the Wine Bar and Terrace experiences. The two dining venues open onto the estate’s 35-acre private lake. The Dining Room occupies the villa’s former ballroom space, and the Wine Bar operates from the mansion’s west wing. The Terrace experience is located off the main house and includes RH Outdoor lounge spaces. …

November 21, 2023

Acquisitions Development Industrial North Carolina Southeast

Stonemont, Fortius Complete 702,250 SF Industrial Park in Metro Charlotte, Sell Building to Chick-fil-A Supply

by John Nelson November 20, 2023

KANNAPOLIS, N.C. — Stonemont Financial Group and Fortius Capital Partners have completed the development of Lakeshore Corporate Park, a 702,250-square-foot industrial park in the north Charlotte suburb of Kannapolis. Situated off I-85 on Stadium Drive, the property comprises three buildings featuring 32- to 36-foot clear heights, full-building circulation and 260- to 310-foot depths. Building 1 totals 128,750 square feet, and Buildings 2 and 3 comprise 294,500 and 279,000 square feet, respectively. The property also includes 515 car parking spaces and 76 trailer parking stalls. Chick-fil-A Supply, a subsidiary of Chick-fil-A Inc., has purchased Building 1, with plans to use the facility as a distribution and operations center. Construction of the development began in July 2022, and the project team included Choate Construction Co., Triad Design Group and Oak Engineering.

November 20, 2023

Acquisitions Development Healthcare Mixed-Use North Carolina Southeast

UNC Health Acquires 43-Acre Parcel Within Chatham Park in Metro Raleigh

by John Nelson November 20, 2023

PITTSBORO, N.C. — UNC Health has acquired a 43-acre parcel within Chatham Park, an 8,500-acre master-planned community located in Pittsboro, roughly 34 miles outside of Raleigh. Development of the parcel, which can accommodate up to 700,000 square feet of medical care facilities, will complement existing UNC Health facilities within Chatham Park. Preston Development is the master developer of the community, which features residences as well as more than 200,000 square feet of office and retail space. A 121-room Hampton Inn hotel is scheduled to open soon, and site development is currently underway for a 34,000-square-foot YMCA facility. UNC Health has not released a development timeline for the healthcare facilities.

November 20, 2023

Acquisitions Florida Multifamily Southeast

Covenant Capital Sells 640-Unit Multifamily Community in Tampa

by John Nelson November 20, 2023

TAMPA, FLA. — Covenant Capital Group has sold Seven Lakes at Carrollwood, a 640-unit multifamily community located in Tampa. Situated on more than 39 acres, the property features apartments in studio, one- and two-bedroom layouts and amenities including a swimming pool, fitness center and clubhouse. Monthly rental rates begin at $1,270, according to the community website. The buyer and sales price were not disclosed.

November 20, 2023

Georgia Leasing Activity Retail Southeast

Halpern Signs Marshalls, Five Below to Leases Totaling 26,450 SF at Old Orchard Square in Ellijay, Georgia

by John Nelson November 20, 2023

ELLIJAY, GA. — Halpern Enterprises has signed two new leases totaling 26,450 square feet at Old Orchard Square, a 131,200-square-foot shopping center located in Ellijay, roughly 80 miles north of Atlanta. Halpern has owned the property, which is anchored by a 68,000-square-foot Ingles grocery store, since 1994. Marshalls will replace Black Bear Antiques in an 18,000-square-foot space, and Five Below will occupy 8,450 square feet at the center. Other tenants include BenchMark Physical Therapy, Okinawa Restaurant, UPS, Pizza King and Farmer’s Home Furniture.

November 20, 2023

Acquisitions Kentucky Multifamily Southeast

Marcus & Millichap Arranges Sale of 40-Unit Jefferson Park Apartment Community in Louisville

by John Nelson November 20, 2023

LOUISVILLE, KY. — Marcus & Millichap has arranged the sale of Jefferson Park, a 40-unit apartment community located at 5161 Jefferson Blvd. in Louisville. Built in 2016, the single-building property was constructed and sold by an unnamed, locally based developer. Aaron Kuroiwa and Tony Rogers of Marcus & Millichap represented both the seller and buyer, a limited liability company, in the transaction. Grant Fitzgerald assisted in closing the sale as the Kentucky broker of record for Marcus & Millichap. The sales price was not disclosed.

November 20, 2023

Development Industrial Texas

Masonite Opens 626,718 SF Manufacturing, Distribution Facility in Mesquite, Texas

by Taylor Williams November 20, 2023

MESQUITE, TEXAS — Masonite, a provider of interior and exterior doors for commercial and residential buildings, has opened a 626,718-square-foot manufacturing and distribution center in the eastern Dallas suburb of Mesquite. The facility, which is Masonite’s second in the area, can support operations such as door assembly, direct fulfillment, pre-finishing/painting and product display via a showroom. In addition, the site offers proximity to several major thoroughfares, including State Highway 80 and Interstates 20 and 635. Dallas-based Dalfen Industrial owns the building.

November 20, 2023

Loans Multifamily Texas

Eastern Union Arranges $17.5M Acquisition Loan for Metro Houston Apartments

by Taylor Williams November 20, 2023

BAYTOWN, TEXAS — New York City-based Eastern Union has arranged a $17.5 million acquisition loan for The Lakes at Madera, a 392-unit apartment complex located in the eastern Houston suburb of Baytown. Built in 1983, The Lakes at Madera comprises 22 two-story buildings on a 20-acre parcel. The unit mix consists of 242 one-bedroom units, 120 two-bedroom apartments and 30 three-bedroom residences. Yoel Goldberg, Michael Muller, Alex Jaffa and Mikael Rechdiener led the transaction for Eastern Union. Arbor Realty Trust provided the debt. The borrower was not disclosed.

November 20, 2023

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