MANHATTAN, KAN. — RockStep Capital has acquired Manhattan Town Center, a 367,000-square-foot shopping mall in Manhattan within eastern Kansas. The purchase price was undisclosed. Anchor tenants include Dillard’s, JC Penney and the AMC Dine-In IMAX Theater. There are more than 50 small shops and full-service restaurants at the regional mall, which was built in 1987. RockStep plans to make improvements to the property.
CHICAGO — Lactalis Heritage Dairy has expanded its office lease at 540 W. Madison St. in Chicago’s West Loop by an additional 13,000 square feet. The company, which manufactures and markets brands such as Kraft Natural Cheese, Knudsen, Breakstone’s and Cracker Barrel, now occupies 48,000 square feet at the building. Lactalis Heritage Dairy is part of Lactalis USA, which is under Lactalis Group, the world’s largest dairy company that is headquartered in France. By January 2024, the Chicago office of Lactalis expects to house 230 positions, representing more than 280 percent growth in positions since the office opened in late 2021. Lactalis is working with Savills on the lease agreement and office expansion.
CHICAGO — McHugh Construction has completed a new five-story healthcare facility and medical office for Howard Brown, the Midwest’s largest LGBTQ healthcare organization, in Chicago’s Lakeview neighborhood. The property at 3501 N. Halsted St. offers primary care and dental services. The building, which features 38 exam rooms and 12 dental chairs, is expected to serve 23,000 patients per year. Eckenhoff Saunders was the architect. A two-story lobby features an open staircase that leads to the various offices, exam and consultation rooms located on the second through fifth floors. A Walgreens store and pharmacy occupies the building’s street-level retail space. A rooftop terrace is available for clinic events and functions. Howard Brown developed the project in partnership with Inland National Development Co. McHugh Concrete, a sister company of McHugh Construction, was the concrete subcontractor.
CHICAGO — Law firm Gordon Rees Scully Masukhani (GRSM) has signed a 29,839-square-foot office lease at One North Wacker in Chicago. The company currently occupies 24,182 square feet at One North Franklin and plans to relocate in August 2024. Completed in 2002, One North Wacker is a 51-story, 1.4 million-square-foot office tower in the city’s West Loop. In December, ownership will launch a refresh of the building’s amenity floor. Tenants will enjoy an expanded lounge with private work/phone rooms, new meeting and event spaces, a state-of-the-art fitness center and a new craft coffee bar. Completion is slated for summer 2024. Dougal Jeppe of Colliers represented the tenant, while Maggy Brophy of Irvine Co. represented the owner on an internal basis.
TEMPE, ARIZ. — San Diego-based investment firm MG Properties has acquired NOVO Broadway Apartments, a newly built apartment community in the eastern Phoenix suburb of Tempe, for $100.2 million. The seller, Evergreen Devco Inc., originally developed and delivered the property as Parc Broadway in 2022. According to Apartments.com, the property totals 324 units and features studio, one-, two- and three-bedroom units that range in size from 632 to 1,262 square feet. Residents enjoy proximity to a number of employment centers that are anchored by large technology, manufacturing and healthcare companies. Communal amenities include a pool, fitness center, outdoor grilling and dining stations, resident lounge with a TV and coffee bar, dog park and a coworking lounge. Unit amenities include stainless steel appliances, wood-style flooring, individual washers and dryers, and private balconies/patios. “NOVO Broadway Apartments is a high-quality community that is well-positioned to benefit from regional employment growth, making it an ideal fit for our long-term investment strategy,” says Jeff Gleiberman, president of MG Properties. Steve Gebing and Cliff David of Institutional Property Advisors (IPA), a division of Marcus & Milliichap, represented Evergreen Devco in the sale. Brian Eisendrath and Cameron Chalfant, also with IPA, originated an undisclosed amount of Freddie …
Like many regional peer cities, there is a clear bifurcation between office leasing activity in Louisville’s downtown and suburban office markets. Downtown Louisville has been slower to recover from the double gut-punch of the COVID-19 pandemic and local social unrest that kept workers away from the office in 2020, with overall vacancy stubbornly exceeding 20 percent for most of this year. Much of the vacancy has been driven by health insurer Humana, by far the largest office occupier in downtown Louisville, which has let several large Class B office leases expire as it continues to consolidate its workforce into properties the company owns. Year-to-date, downtown leasing activity totals 115,000 square feet, which is up 58 percent compared to this time last year, while overall absorption has swung sharply lower at negative 237,000 square feet. The relative oversupply of available office space has created a very “tenant-friendly” dynamic downtown, with landlords becoming increasingly aggressive to court leasing activity. More so than their suburban counterparts, downtown landlords are offering outsized incentive packages to tenants, including rental concessions, turnkey construction delivery of new tenant space, termination options and rental abatement periods that in some cases extend beyond one year. In exchange, downtown tenants …
LEESBURG, VA. — TA Realty has signed a build-to-suit lease agreement with an unnamed tenant at its 1.9 million-square-foot data campus project in Leesburg, approximately 40 miles outside of Washington, D.C. The tenant, a global cloud services provider, will occupy the entirety of the property. Construction of the development, which will comprise five buildings, is scheduled to begin later this year. Completion is scheduled for 2027.
MOUNT PLEASANT, S.C. — Ziff Real Estate Partners (ZRP) has acquired Wando Crossing, a retail center located in the Charleston suburb of Mount Pleasant, for $46.8 million. Marshalls/HomeGoods, T.J. Maxx, Total Wine & More, Petco, Ashley HomeStore, Michaels and Five Below anchor the property, which totals 214,029 square feet. Ohio-based SITE Centers Corp. was the seller. Brad Peterson, Scott Israel, Whitaker Leonhardt, Joe Montgomery and Patrick Nealon of Colliers represented the seller in the transaction. Donald Jennewein of Colliers arranged an undisclosed amount of acquisition financing for ZRP.
MIAMI — Oak Row Equities and LNDMRK Development will develop 2900 Terrace, a 324-unit luxury apartment community in the Edgewater neighborhood of Miami. Final design plans include residences in one-, two- and three-bedroom layouts, many of which will feature wraparound terraces and home offices. Arquitectonica designed the property, which will be situated on 1.5 acres with 500 parking spots, including electric vehicle charging stations. Amenities will include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, content creator studio, card room, resident lounge, treatment rooms, sauna, golf simulator, theater and a children’s playroom. Outdoor amenities will include a swimming pool, cold plunge, poolside cabanas and lounge seating, barbecue grills and picnic seating, a hot tub, summer kitchen, two padel courts, a children’s playground and a coworking terrace. Move-ins are scheduled to begin in 2026.
DOUGLASVILLE, GA. — Dermody Properties plans to develop LogistiCenter at Bright Star, a 181,000-square-foot industrial project located in Douglasville, roughly 23 miles west of Atlanta. Upon completion, the property will feature two logistics buildings that will be divisible for up to three tenants each. Building 1 will comprise 113,400 square feet and feature 32-foot clear heights, 50- by 45-foot column spacing with a 60-foot speed bay, 28 dock-high doors, two drive-in doors, approximately 90 car parking spaces and ESFR fire protection. Building 2 will total 68,040 square feet with 32-foot clear heights, 40- by 54-foot column spacing with a 60-foot speed bay, 26 dock-high doors, two drive-in doors, approximately 50 car parking spaces and ESFR fire protection. Construction is scheduled to begin early next year. Mason Marstellar of Hughes Commercial Real Estate represented Dermody Properties in the deal.
