PENSACOLA, FLA. — Cullinan Properties has acquired Tradewinds Shopping Center, a retail center located in Pensacola, for $25 million. Totaling 178,000 square feet, the property was 95 percent leased at the time of sale to tenants including T.J. Maxx/HomeGoods, Jo-Ann Fabrics and Shoe Station. The seller was not disclosed.
CHICAGO — A partnership between Mavrek Development, GW Properties, Luxury Living and Double Eagle Development has broken ground on The Saint Grand, a 21-story mixed-use tower in Chicago’s Streeterville neighborhood. Office tenant buildouts are slated for later this year, while the residential portion is scheduled for completion in early 2024. The development will include 248 luxury apartment units, 45,000 square feet of office space and 7,500 square feet of street-level retail space. The apartments will feature in-unit workspaces and private outdoor spaces. Amenities will include a package receiving service, coworking lounge, fitness center and pool. Office tenants will also enjoy all building amenities.
WASHINGTON, D.C. — The National Retail Federation (NRF) has reported that retail sales during 2022’s November-December holiday season rose 5.3 percent year-over-year, reaching $936.3 billion. Though the number fell short of NRF’s predictions, which anticipated an increase of 6 to 8 percent, it represents an improvement compared with the 4.9 percent average annual holiday sales growth over the previous 10 years. The calculation, based on data from the U.S. Census Bureau, excludes automobiles, gasoline and restaurant sales and defines the holiday season as Nov. 1 through Dec. 31, 2022. “We knew it could be touch-and-go for final holiday sales given early shopping in October that likely pulled some sales forward plus price pressures and cold, stormy weather,” says Jack Kleinhenz, NRF’s chief economist. “The pace of spending was choppy, and consumers may have pulled back more than we had hoped, but these numbers show that they navigated a challenging, inflation-driven environment reasonably well.” According to the Washington, D.C.-based organization, retail sales were down 0.6 percent in December relative to November, but up 5 percent year-over-year. Overall growth for the year met NRF’s forecast, reaching 7 percent. On Wednesday, the United States Department of Commerce reported that retail sales, including automobile, …
ROCHESTER, MINN. — Northmarq has provided a $12.5 million Freddie Mac loan for the acquisition of Timberland Heights in Rochester. The 147-unit multifamily property, built in 1975, is located at 1515 41st St. NW. Amenities include a fitness center, pool, clubhouse, playground and laundry facilities. Mike Padilla of Northmarq originated the 10-year loan, which features four years of interest-only payments and a 30-year amortization schedule. The borrower was not provided.
TINLEY PARK, ILL. — Cawley Chicago has brokered the sale of a 49,418-square-foot office building in the Chicago suburb of Tinley Park for an undisclosed price. Rawly Lantz and Justin Harris of Cawley Chicago represented the seller, a private local investor, and marketed the property for industrial reuse. The single-story property, built in 2001 and located at 18410 Crossing Drive, features 218 parking spaces and a clear height of 18 feet. Ted Gates of CBRE represented the buyer, a multi-national laboratory group.
SPRINGFIELD, ILL. — Marcus & Millichap has arranged the sale of a 12,000-square-foot retail strip center in Springfield for an undisclosed price. FedEx Office and Verizon are the anchor tenants at the fully leased property, which is located at 3422 Freedom Drive. Brian Parmacek of Marcus & Millichap represented the seller, Chicago-based Tartan Realty Group Inc. Buyer information was not provided.
DENVER — Amplify Development Co. has acquired Vista Apartments, a multifamily asset near the University of Denver, for $41.3 million. The community was developed in 2008 and offers 284 beds across 84 units. Located at 1920 S. University Blvd. in Denver, the off-campus, student-focused apartment community features fully furnished two-, three- and four-bedroom units with private bathrooms, flat-screen TVs in the living room and floor-to-ceiling windows. Onsite amenities include a business center, study rooms, computer lab, Wi-Fi, TV lounge, 24-hour maintenance and laundry facilities on each floor. The pet-friendly property also offers two outdoor terraces, an outdoor TV lounge, fireplace, grilling stations, secured covered parking and bike parking. Amplify plans to begin an extensive renovation at the property, which will include unit updates, common area upgrades and the addition of utility infrastructure. Denver-based Capstone Management Partners will manage the asset. Jack Brett with Newmark’s student housing group represented the undisclosed seller, while Nick Steele and Tyler King with Berkadia Denver represented the buyer in the deal.
WEST COVINA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of South Hills Apartments, a multifamily community in West Covina. NexGen Properties Group sold the asset to HFH Ltd. for $38.2 million, or $450,000 per unit. South Hills Apartments features 85 residential units with vaulted ceilings, washers/dryers and a patio or balcony. Built in 1966 and remodeled in 2019, the community features a swimming pool, spa, fitness center and outdoor kitchen with barbecue grills. Kevin Green, Joseph Grabiec and Greg Harris of IPA, along with Marcus & Millichap’s Tyler Leeson, Mathew Kupp and Nick Kazemi, represented the seller and procured the buyer in the deal.
CHANDLER, ARIZ. — United Realty M.T.A. has purchased Norte at Chandler, a Class A flex office property located at 4100 W. Galveston St. in Chandler, from an institutional seller for $17.2 million, or $200 per square foot. The 85,797-square-foot, multi-tenant building is 70 percent leased to two investment-grade tenants, Enterprise Holdings and a Fortune 500 semiconductor firm. The single-story, freestanding building was built in 2016 on nearly eight acres. Eric Wichterman, Mike Coover, Steve Lindley and Alexandra Loye of Cushman & Wakefield’s private capital and capital markets teams in Phoenix represented the seller in the transaction.
PAYSON, ARIZ. — Taylor Street Advisors has arranged the sale of Aspen Cove, a multifamily property at 801 E. Frontier St. in Payson. A local private investment group sold the asset to an out-of-state 1031 exchange buyer for $11 million, or $186,440 per unit. Built in 1984, the 59-unit property is individually metered for electricity and each unit features an individual hot water heater and full kitchens with dishwashers. Brian Tranetzki, Anton Laakso and Thomas Beniamen of Taylor Street represented the buyer and seller in the deal.
