Property Type

Flaherty & Collins Breaks Ground on Phase II of $67M Luxury Apartment Development in Mishawaka, Indiana

by Kristin Harlow September 29, 2023

MISHAWAKA, IND. — Flaherty & Collins Properties has broken ground on Phase II of the $67 million luxury apartment development named The Mill at Ironworks Plaza in Mishawaka, just east of South Bend. This phase totals nearly 409,000 square feet and includes 226 apartment units, 10,600 square feet of retail space and 422 parking spaces. Flaherty & Collins completed Phase I of the project in 2019. In July, Mishawaka officials approved a new 25-year tax-increment financing district and issued city bonds to support the project, which is situated in the waterfront district. This public-private partnership includes the donation of the land and an investment from the city. Phase II also received $6.3 million from the Regional Development Tax Credit through the Indiana Economic Development Corp. The average unit size is 833 square feet. Amenities include a fitness facility, meeting space, pool, lounge, bike storage and private balconies. Flaherty & Collins expects to welcome the first residential and commercial tenants for Phase II in spring 2025.

September 29, 2023

Hospitality Illinois Loans Midwest

PACE Loan Group Provides $6.2M C-PACE Loan for 391-Room Hotel in Northbrook, Illinois

by Kristin Harlow September 29, 2023

NORTHBROOK, ILL. — PACE Loan Group has provided a $6.2 million C-PACE loan that was part of a $32.8 million refinancing package for the former Northbrook Marriott hotel in suburban Chicago. The loan was a retroactive payback for property improvements that were completed from 2019 to 2022. The enhancements included roofing and insulation, weatherization, HVAC, plumbing, LED lighting, elevator improvements, common area and public space renovations and elevator upgrades. Now flagged as a Renaissance brand, the hotel includes 391 rooms across two towers, which were built in 1973 and 1986. Matthew McCormack of PACE Loan Group originated the loan. The PACE funding entity is managed by the City of Northbrook under the provisions of the Illinois Finance Authority PACE Program.

September 29, 2023

Acquisitions Development Healthcare Illinois Lee & Associates Midwest

Lee & Associates Negotiates $4.1M Sale of Development Site in Suburban Chicago for Future Advocate Health Outpatient Center

by Kristin Harlow September 29, 2023

HOFFMAN ESTATES, ILL. — Lee & Associates has negotiated the $4.1 million sale of a 6.5-acre development site located at the southwest corner of Route 59 and Hoffman Boulevard in the Chicago suburb of Hoffman Estates. Rick Scardino of Lee & Associates represented the seller, Prairie Pointe Commercial (c/o Conor Commercial). Jacob Dell and Gary Fazio of CBRE represented the buyer, Advocate Health and Hospitals Corp. According to Scardino, Advocate Health plans to build a 36,000-square-foot outpatient center at an estimated cost of $34 million, inclusive of land costs.

September 29, 2023

Indiana Leasing Activity Midwest Restaurant Retail

Theo’s Italian to Open at The Shops at Perry Crossing in Plainfield, Indiana

by Kristin Harlow September 29, 2023

PLAINFIELD, IND. — Theo’s Italian, a new pizza and pasta restaurant concept by local Indianapolis-based restaurant operator Cunningham Restaurant Group, is slated to open in October at The Shops at Perry Crossing in Plainfield. Theo’s Italian serves pasta, salads, appetizers, sandwiches and a wide variety of Roman Style Pinsa, a lighter healthier version of Italian pizza. The 6,118-square-foot restaurant will feature patio seating outdoor, a full bar and private dining. Cunningham Restaurant Group also operates Bru Burger Bar, Stone Creek Dining Co. and a 7,500-square-foot event center at The Shops at Perry Crossing, an outdoor lifestyle center managed by JLL that features more than 60 retail, restaurant and service brands.

September 29, 2023

Leasing Activity New Jersey Northeast Office

Sanofi Signs 16,903 SF Office Lease in Morristown, New Jersey

by Taylor Williams September 29, 2023

MORRISTOWN, N.J. — Sanofi has signed a 16,903-square-foot office lease at 21 South St. in the Northern New Jersey community of Morristown. The 43,691-square-foot building was constructed in 1911 as a bank. The move corresponds with the global pharmaceutical company relocating its headquarters to the nearby M Station West development. That larger relocation is expected to bring about 1,900 Sanofi employees to Morristown, while about 70 people within the consumer healthcare division will work in this newly leased space. The Hampshire Cos. owns 211 South Street.

September 29, 2023

Acquisitions Illinois Midwest Multifamily

Kiser Group Brokers $1.9M Sale of Historic Multifamily Property in Chicago

by Kristin Harlow September 29, 2023

CHICAGO — Kiser Group has brokered the sale of a historic multifamily property located at 2324 W. 111th St. in Chicago’s Morgan Park neighborhood for $1.9 million. Known as “The Castle” for its architecture, the property’s 16 apartment units were vacant at the time of sale. Originally constructed in the late 1800s as a funeral home, the building was later converted into a mixed-use asset in the 1920s. John George and Joe Bianchi of Kiser brokered the sale. Buyer and seller information was not provided.

September 29, 2023

Acquisitions Industrial New Jersey Northeast

Dalfen, Centerbridge Acquire Industrial Outdoor Storage Facility in Old Bridge, New Jersey

by Taylor Williams September 29, 2023

OLD BRIDGE, N.J. — Dallas-based development and investment firm Dalfen Industrial and private investment management group Centerbridge Partners have acquired a 6.9-acre industrial outdoor storage facility in Old Bridge, about 40 miles south of Manhattan. At the time of sale, the property was fully leased to two tenants that utilize the site for truck and trailer storage. Dalfen acquired the facility in conjunction with a 4.1-acre trailer storage yard in California’s Inland Empire. The seller and sales price were not disclosed.

September 29, 2023

Development New Jersey Northeast Retail Top Stories

SJC Ventures Breaks Ground on 54-Acre Mixed-Use Development in Montgomery Township, New Jersey

by Jeff Shaw September 29, 2023

MONTGOMERY TOWNSHIP, N.J. — SJC Ventures, a privately held commercial real estate and retail development firm based out of Atlanta, has broken ground on Montgomery Promenade in the New York City suburb of Montgomery Township. Situated on a 54-acre site on Route 206, Montgomery Promenade will comprise 292,700 square feet and feature palisades for walking, green spaces, outdoor dining and restaurants. According to the Montgomery Township website, the project also includes 34 single-family detached homes that buffer the existing homes on Route 518 and the new shopping center. A Whole Foods Market grocery store will anchor the new development. Other confirmed tenants include an 11,000-square-foot Ulta, Panera Bread, Iron Whale, The Robinson Ale House, Dor L’ Dor NYC, Turning Point Restaurants, More Than Q, European Wax Center, Spavia and Norman’s Hallmark. According to the SJC Ventures, three new retail leases will be announced in the next 60 days, with five more before the end of the year. “We’re thrilled to have two great concepts from the McLoone’s Group with Iron Whale and Robinson Ale House that will take about 15,000 square feet,” says Justin Latone, senior vice president of leasing for SJC Ventures. “Both spaces will front a promenade and patio area immediately adjacent to the roundabout …

September 29, 2023

Development Multifamily Texas

Midway Begins Leasing 359-Unit Apartment Community at East River in Houston

by Taylor Williams September 28, 2023

HOUSTON — Midway has begun leasing The Laura, a 359-unit multifamily project that is part of the Houston-based developer’s initial phase of the 150-acre East River development in Houston’s Historic Fifth Ward. Designed by Munoz + Albin with EDI International as the architect of record, The Laura features studio, one- and two-bedroom apartments that range in size from 431 to 1,432 square feet. Amenities include a fitness center, dog park, pool, grilling stations, outdoor yoga space and a lawn for games and passive recreation. OHT Partners served as the general contractor for the project. The first move-ins will begin in December. Phase I of East River also includes 250,000 square feet of office space and 110,000 square feet of retail and restaurant space. Rents start at $1,600 per month for a studio.

September 28, 2023

Arizona Development Industrial Loans Western

JLL Arranges $96.5M Construction Loan for The Base Logistics Development in Glendale, Arizona

by Amy Works September 28, 2023

GLENDALE, ARIZ. — JLL Capital Markets has arranged $96.5 million in construction financing for The Base Phase I, a seven-building logistics development totaling 1.2 million square feet in Glendale. Kevin MacKenzie, Jason Carlos and Jarrod Howard of JLL Capital Markets Debt Advisory team secured the financing through Bank OZK for the borrower, ViaWest Group. Situated on 82.5 acres, the property will feature buildings ranging from 80,000 square feet to 310,000 square feet with clear heights up to 36 feet. In total, the development will offer 105 trailer parking spaces, 1,325 auto parking spaces, 236 dock-high doors and 38 grade-level doors in rear-load and cross-load configurations. The buildings are designed to accommodate a wide range of divisibility between 20,000 square feet and full-building users up to 310,000 square feet. The Base Phase I, is slated for delivery in the fourth quarter of 2024.

September 28, 2023

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