Thursday, November 12, 2026
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AcquisitionsIllinoisMidwestRetail

Core Acquisitions Buys Rice Lake Square Shopping Center in Suburban Chicago for $34.2M

by Kristin Harlow

WHEATON, ILL. — Core Acquisitions has purchased Rice Lake Square, a 251,584-square-foot shopping center in the Chicago suburb of Wheaton, for $34.2 million. Developed in 1989 and renovated in 2011 and 2019, the property is anchored by Pete’s Fresh Market, Studio Movie Grill and PetSmart. Additional tenants include Massage Envy, Orangetheory Fitness, Potbelly Sandwich Shop, Men’s Wearhouse, Xfinity and Taco Bell. The value-add center was 76.2 percent leased at the time of sale. Rick Drogosz of Mid-America Real Estate Corp. represented the undisclosed seller. Old National Bank provided acquisition financing. Core Acquisitions will provide property management services, and Mid-America Asset Management, which has handled leasing at the property for 20 years, will continue to serve as the leasing agent.  

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Leasing ActivityNew YorkNortheastOffice

Herrick Feinstein Signs 76,849 SF Office Lease at Two Park Avenue in Manhattan

by Taylor Williams

NEW YORK CITY — Law firm Herrick Feinstein LLP has signed a 76,849-square-foot office lease at Two Park Avenue, a 1 million-square-foot building in Manhattan’s Flatiron District. The space spans the entire 14th floor and part of the 15th floor of the building, which recently underwent a capital improvement program. Tara Stacom, Mitchell Arkin, Peter Trivelas and Mike Tranfalia of Cushman & Wakefield represented the landlord in the lease negotiations. John Wheeler and Peter Riguardi of JLL represented the tenant.

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Element-Hotel-Mission-Valley-San-Diego-CA
CaliforniaDevelopmentHospitalityWestern

Driftwood Capital Breaks Ground on 150-Room Element Hotel by Marriott in San Diego

by Amy Works

SAN DIEGO — Driftwood Capital, along with architect AO and general contractor R.D. Olson Construction, has broken ground on Element Hotel by Marriott in the Mission Valley submarket of San Diego. The seven-story, 150-room hotel will be located next to the existing full-service Marriott Hotel Mission Valley. The two hotels will share the pool amenity deck and restaurant space, while each maintaining its own entrance, lobby, lounge and other amenities. Slated for completion in winter 2026, the 98,000-square-foot hotel will feature a 5,300-square-foot conference and ballroom space, a fitness center, meeting rooms and a lobby/lounge, as well as shared exterior main and lounge area. Once completed, the hotel will comply with Title 24 energy and water use criteria, which is similar to LEED’s silver level. Additional project partners include Ficcadenti Waggoner and Castle as structural engineer, Kimley-Horn as civil engineer, RTM Engineering as MEP engineer and Linda Snyder Associates as interior designer.

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DevelopmentMidwestMissouriMultifamily

Brinkmann Constructors Tops Out 255-Unit Luxury Apartment Complex in Maryland Heights, Missouri

by Kristin Harlow

MARYLAND HEIGHTS, MO. — Brinkmann Constructors has topped out The Porter Apartments, a 255-unit luxury apartment complex in the western St. Louis suburb of Maryland Heights. The five-story project is located at Westport Plaza, a 42-acre entertainment district. Amenities will include a clubroom, fitness and yoga center, private courtyard, pool and spa. The development team includes Lodging Hospitality Management, Balke Brown Transwestern, 2B Residential and Humphreys and Partners Architects. Completion is slated for the first quarter of 2025.

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125-16th-St-Huntington-Beach-CA
AcquisitionsCaliforniaMultifamilyWestern

CBRE Negotiates $8.6M Sale of Beachwood Apartments in Huntington Beach, California

by Amy Works

HUNTINGTON BEACH, CALIF. — CBRE has brokered the sale of Beachwood Apartments, a multifamily property located at 125 16th St. in Huntington Beach, approximately 35 miles southeast of Los Angeles. The asset traded for $8.6 million, or $480,556 per unit. Built in 1971, Beachwood Apartments features 18 one-, two- and three-bedroom apartments totaling 15,809 rentable square feet. Select units have private patios or balconies and some units offer ocean views. Each unit features an individual water heater and individual meters for gas and electricity. Community amenities include a courtyard, sun deck, laundry facilities, 24 garage spaces and an on-site manager. Dan Blackwell and Mike O’Neill of CBRE represented the Huntington Beach-based seller and the Fountain Valley-based buyer in the transaction.

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2760-S-La-Luna-Goodyear-AZ
AcquisitionsArizonaIndustrialWestern

American Gem Packaging Solutions Buys 50,594 SF Industrial Building in Goodyear, Arizona

by Amy Works

GOODYEAR, ARIZ. — American Gem Packaging Solutions has acquired a 50,594-square-foot industrial building located at 2760 S. La Luna in Goodyear, a western suburb of Phoenix. A1 Desert Investments sold the asset for $4.7 million. Jeffrey Garza Walker represented the buyer, while the seller was self-represented in the deal.

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AcquisitionsFloridaRetailSoutheast

SRS Negotiates $6.1M Sale of Retail Strip Center in Ocala, Florida

by John Nelson

OCALA, FLA. — SRS Real Estate Partners has negotiated the $6.1 million sale of a nearly 15,000-square-foot retail strip center located at 3701 S.W. College Road in Ocala, a city in Central Florida. Built in 1991 and renovated earlier this year, the multi-tenant property was fully leased at the time of sale to Lumber Liquidators, IVXpress, Dan’s Fan City and MUV Dispensary. The center is situated on a 1.2-acre site near I-75 and serves as an outparcel to The Home Depot. Patrick Nutt, William Wamble and Daniel Becker of SRS represented the seller, a private investor based in Florida, in the transaction. The buyer was also a private investment firm based in South Florida.

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Affordable HousingLoansMidwestMultifamilyOhio

National Church Residences Receives LIHTC Financing for Two Affordable Housing Projects in Ohio

by Kristin Harlow

COLUMBUS AND MACEDONIA, OHIO — National Church Residences has received two 9 percent Low-Income Housing Tax Credits (LIHTC) awards from the Ohio Housing Finance Agency for two affordable housing projects in Ohio. Divinity Landing is a new 54-unit affordable seniors housing property to be developed in Macedonia, a suburb of Akron. The three-story property will feature a community room, exercise center, multipurpose room, outdoor patio and onsite walking paths. The Commons at Grant, an existing 100-unit permanent supportive housing community in Columbus, was originally constructed in 2002 through the 9 percent LIHTC program. The development provides affordable housing for formerly homeless, veterans and disabled individuals. The planned renovation will include upgrades to apartments and common areas, as well as a new roof and windows. Construction on both projects is slated to begin as early as spring 2025.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers $1.5M Sale of Former Walgreens Building in Fort Wayne, Indiana

by Kristin Harlow

FORT WAYNE, IND. — Marcus & Millichap has brokered the $1.5 million sale of a retail building formerly occupied by Walgreens in Fort Wayne. The property is located at 1701 E. Paulding Road. David Klink and Jordan Klink of Marcus & Millichap represented the buyer and seller, both of which were limited liability companies.

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AcquisitionsArizonaFloridaMidwestOhioOregonRetailSoutheastTop StoriesWestern

Pine Tree Acquires 2.5 MSF Retail Portfolio from SITE Centers for $495M

by Jeff Shaw

NORTHBROOK, ILL. — Pine Tree, in partnership with a state pension fund, has purchased six open-air shopping centers from SITE Centers Corp. (NYSE: SITC) for $495 million.  The portfolio comprises 2.5 million square feet and includes properties in metros such as Fort Lauderdale, Florida; Columbus, Ohio; Cincinnati; Phoenix; and Portland, Oregon. The assets included in the portfolio are: The portfolio’s retail anchors include Kroger, New Seasons Market, The Fresh Market, Target, Ulta Beauty, Nordstrom Rack, Dick’s Sporting Goods and 13 stores leased by TJX Cos. Pine Tree is a retail developer and management company based in Northbrook, Illinois. The deal, which was sourced off-market, brings Pine Tree’s assets under management to a total of approximately $2.5 billion and 20 million square feet. SITE Centers is a retail REIT based in Beachwood, Ohio. The SITC stock price opened at $14.56 on Friday, June 14, up slightly from $13.19 one year prior. — Channing Hamilton

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