Property Type

MAG Capital Partners Buys 66,106 SF Electronics Manufacturing Facility in Michigan in Sale-Leaseback

by Kristin Harlow December 7, 2023

HOLLY, MICH. — In a sale-leaseback transaction, MAG Capital Partners LLC has purchased a 66,106-square-foot industrial property in Holly, about 17 miles south of Flint. MARA Technologies USA Inc., an electronics manufacturer, operates its headquarters from the site. Located at 10456 N. Holly Road, the facility features clear heights ranging from 19 to 22 feet, four dock-high doors, one grade-level door and an electric vehicle charging station. MARA is a subsidiary of Canada-based Invotek Group Inc. Phil DiGennaro and Adam Baxter of STREAM Capital Partners represented MARA in the transaction. Dax Mitchell and Andrew Gi lead Dallas-based MAG Capital Partners.

December 7, 2023

Acquisitions California Multifamily Western

MBK Rental Living Divests of 318-Unit Azure Apartment Community in Santa Maria, California

by Amy Works December 7, 2023

SANTA MARIA, CALIF. — MBK Rental Living has completed the sale of Azure, a multifamily property in the Central Coast city of Santa Monica. Terms of the transaction were not released. Developed in MBK Rental Living and opened in September 2020, Azure features 318 one-, two- and three-bedroom units ranging in size from 406 square feet to 1,211 square feet. The units feature open floor plans with vaulted ceilings, wood-style flooring, wall-controlled ceiling fans, gas ranges, stainless steel appliances, quartz countertops, closets with built-in shelves and covered patios with storage rooms. Community amenities include a modern farmhouse-style clubhouse with an entertainment kitchen; two resort-style swimming pools surrounded by cabanas and a firepit; two spas; traditional and Santa Maria-style barbecue grills; a 24-hour fitness center; futsal sports court; Tesla charging stations; two playgrounds; a dog park; pet spa; and business center. Azure is situated on 14 acres at 703 E. Meehan St. Kevin Green, Joseph Grabiec and Greg Harris of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller in the deal.

December 7, 2023

Acquisitions Arizona Hospitality Western

MIG Real Estate Sells 89-Key Sedona Real Inn & Suites in Sedona, Arizona

by Amy Works December 7, 2023

SEDONA, ARIZ. — MIG Real Estate has completed the sale of Sedona Real Inn & Suites, a hotel in Sedona, just south of Flagstaff. Wyoming-based Crystal Creek Capital purchased the property for an undisclosed price. Scott Hall, Aaron Lapping and Spencer Scott of Berkadia Hotels & Hospitality represented the seller in the deal. Sedona Real Inn & Suites features 89 guest rooms.

December 7, 2023

Loans Montana Multifamily Western

Gantry Arranges $8.2M Loan for Skyview Lofts in Kalispell, Montana

by Amy Works December 7, 2023

KALISPELL, MONT. — Gantry has arranged an $8.2 million permanent loan to retire construction financing from the development of Skyview Lofts. The property is located at 2105 Third Ave. E. in Kalispell, just north of Flathead Lake and approximately 70 miles south of the Canadian border. Skyview Lofts features 48 one- and two-bedroom apartments with open floor plans, high-speed fiber optic internet, in-unit washers/dryers and door-to-door trash service. Demetri Koston of Gantry’s Spokane, Wash., office secured the loan on behalf of the borrower, a private real estate company. Fannie Mae funded the 10-year loan with a 30-year amortization and full-term interest-only payments.

December 7, 2023

Acquisitions Colorado Multifamily Western

NorthPeak Commercial Brokers $7M Sale of Multifamily Building in Leadville, Colorado

by Amy Works December 7, 2023

LEADVILLE, COLO. — NorthPeak Commercial Advisors has arranged the sale of an apartment building located at 921 Mount Massive Drive in Leadville, approximately 100 miles southwest of Denver. The asset traded for $7 million, or $250,000 per unit. The names of the buyer and seller were not released. Joe Hornstein and Scott Fetter of NorthPeak Commercial Advisors represented the buyer and seller in the transaction. The 26,040-square-foot apartment building features 28 units.

December 7, 2023

Charbonneau-Village-Center-Wilsonville-OR

Acquisitions Oregon Retail Western

Norris & Stevens Negotiates $1.5M Sale of Charbonneau Village Center in Wilsonville, Oregon

by Amy Works December 7, 2023

WILSONVILLE, ORE. — Norris & Stevens has arranged the sale of Charbonneau Village Center, a retail strip center at 31840 SW Charbonneau Drive in Wilsonville, a southern suburb of Portland. FFF Charbonneau LLC sold the asset to Perseverance LLC for $1.5 million. Constructed in 1980, Charbonneau Village Center features 9,828 square feet of retail space, abundant parking and strong tenant mix. Todd VanDomelen and Michael Brown of Portland-based Norris & Stevens represented the seller, while Daniel Silvey with Knipe Realty represented the buyer in the deal.

December 7, 2023

Company News Development Illinois Midwest Restaurant Retail Top Stories

McDonald’s to Test Small-Format, Beverage-Led CosMc’s Concept with First Location in Metro Chicago

by Katie Sloan December 7, 2023

BOLINGBROOK, ILL. — McDonald’s (NYSE: MCD) has announced plans to test CosMc’s, a new smaller format concept featuring a beverage-led menu with new food and drink items. The first location will open this month in the Chicago suburb of Bolingbrook, where the first McDonald’s franchise location opened in 1955. By the end of 2024, the company plans to open 10 pilot locations for the concept, with target markets set to include the Dallas-Fort Worth and San Antonio metropolitan areas. CosMc’s will offer digital and drive-thru ordering formats only, with dynamic menu boards, cashless payment devices and pick-up windows. The concept’s menu will be beverage-focused, including specialty lemonades and teas, blended beverages and cold brew coffees. Drink offerings — which will include churro- and s’mores-flavored coffees, sour cherry energy drinks and lemonades — will be customizable, to include the addition of boba, energy and Vitamin C shots. CosMc’s locations will also feature a small lineup of food items, including new offerings like a spicy queso sandwich and pretzel and hash brown bites, alongside traditional menu standbys like Egg McMuffin sandwiches and McFlurrys. The new concept is named after CosMc, a mascot that McDonald’s launched in the late 1980s. Chicago-based McDonald’s is …

December 7, 2023

Acquisitions Features Multifamily Seniors Housing

Seniors Housing Acquisitions Make More Sense Than Development in Today’s Market, Says Benchmark CEO Tom Grape

by Jeff Shaw December 7, 2023

The dearth of new supply in the seniors housing space is a double-edged sword, says Tom Grape, founder, chairman and CEO of regional operator Benchmark Senior Living. While the lack of new product has provided a much-needed lift to operators of existing communities seeking to boost occupancy, it’s also a missed opportunity for developers chomping at the bit to start new projects. The year-over-year (YOY) inventory growth in seniors housing was 1.3 percent in the third quarter, nearly the smallest YOY growth since 2012, according to NIC MAP. Grape foresees the possibility of even slower inventory growth in the near term. “We’ve got a development pipeline, but we’re sort of parking it. Construction costs remain high. We’re starting to see early signs that maybe those are softening a bit, but nothing has really softened materially,” said Grape during the keynote interview at the seventh annual InterFace Seniors Housing Northeast conference in Philadelphia on Wednesday, Nov. 29. Laura Cambria of KARE, senior vice president of operations at KARE, a senior living staffing app that connects caregivers with operators, conducted the interview. France Media’s InterFace Conferece Group and Seniors Housing Business hosted the conference at the Hilton Philadelphia at Penn’s Landing. The daylong event …

December 7, 2023

Market Reports New York Northeast Northeast Market Reports Retail

Stability Returns to New York City Retail Market

by Taylor Williams December 7, 2023

By Taylor Williams Across Manhattan’s major retail corridors and pockets, leasing agents, operators and owners are all gaining greater clarity on what levels of rent various submarkets can bear and, by extension, how much spaces are truly worth. After three years of disruptions of the public health and financial variety — each devastating in its own right — a reset of sorts is a major windfall for the country’s largest and arguably most dynamic retail market. Closing deals is challenging enough when all parties are on the same page and the economy is stable. When markets are going through tumultuous phases of discovery in which perceived valuations of spaces fluctuate wildly, negotiations tend to flame out even more quickly — if they even get going at all. “A year ago in Manhattan, you could have two adjacent stores, and one might have been asking for $120 per square foot while the other wanted $220 per square foot,” says Chase Welles, partner at TSCG, an Atlanta-based brokerage and consulting firm that is active in New York City. “There’s certainly more definition relative to last year, and the range of asking rents in each submarket has narrowed.” “The market has become more …

December 7, 2023

The-Trailhead-at-Chisholm-Trail-Ranch-Fort-Worth

Development Multifamily Texas

Titan Development, Aberg Property Top Out $63M Multifamily Project in Fort Worth

by Taylor Williams December 6, 2023

FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has topped out The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units will be spread across seven buildings and will be available in studio, one-, two- and three-bedroom formats. Amenities will include a pool, dog park and a pickleball court. HEDK Architects is designing the project, and MW Builders the general contractor. Completion is slated for fall 2024. Construction of a second phase will begin in early 2024.

December 6, 2023

Newer Posts

Older Posts