NEWTOWN, PA. — Hamister Group, an investment firm based in Buffalo, has acquired a 104-room hotel in Newtown, located northeast of Philadelphia, that is operated under the Homewood Suites by Hilton brand. Built in 2010 and renovated in 2018, the hotel offers an indoor pool, fitness center, business center and meeting and event space. The seller and sales price were not disclosed.
EVESHAM TOWNSHIP, N.J. — Capitol Seniors Housing has opened Arbor Terrace Marlton, an 87-unit complex in Evesham Township, located in Southern New Jersey’s Burlington County. Designed by Philadelphia-based architecture firm Meyer and built by IMC Construction, the property offers 60 assisted living units and 27 memory care residences. Amenities include a theater, bistro, salon, lounges, shared and private dining rooms and an outdoor garden. Rents start at $6,850 per month for an assisted living studio.
ROCHESTER, MINN. — Kraus-Anderson has completed construction of Bryk on Broadway, a 180-unit affordable housing community in Rochester’s Destination Medical Center (DMC) district. Local developers, led by Dirk Erickson, own the property. Designed by ISG architects, the project features 7,500 square feet of commercial and retail space on the ground floor as well as 140 climate-controlled parking stalls. Of the 180 units, 54 are restricted to those who earn up to 50 percent of the area median income (AMI), 18 are restricted at 60 percent of AMI and 108 are reserved for 80 percent of AMI. The top floor features a speakeasy-inspired lounge with views of the city. Amenities include a fitness center, storage units, bike storage and landscaped areas. In 2021, the Rochester City Council approved $2.2 million in tax-increment financing to help with project costs. The developers also received $2.2 million in DMC infrastructure funds in the form of a forgivable loan.
MACEDONIA, OHIO — SRS Real Estate Partners has negotiated the $10.6 million sale of a newly developed medical property occupied by Optima Dermatology in Macedonia, a southern suburb of Cleveland. The 15,500-square-foot building is located at 8183 Golden Link Blvd. within The Crossings at Golden Link, a 400,000-square-foot shopping center anchored by Lowe’s. Michael Carter and Frank Rogers of SRS, along with Greg Guyuron of Anchor Cleveland, represented the seller, a private developer. The buyer was a New Jersey-based private investor completing a 1031 exchange. The sales price represented a cap rate of 6.5 percent.
INDIANAPOLIS — Marcus & Millichap has arranged the sale of Meridian Marketplace in Indianapolis for an undisclosed price. Located at 8923 S. Meridian St., the 41,645-square-foot retail strip center was fully occupied at the time of sale. Dollar Tree is the anchor tenant. Additional tenants include Play It Again Sports, Pizza Hut, a dentist, nail salon, Asian grocery store, barbershop, escape room, indoor golf concept and e-sports gaming lounge. Scott Wiles, Erin Patton and Craig Fuller of Marcus & Millichap represented the seller, a New York-based private investment firm. The team also procured the buyer, a Washington-based investor. The buyer received an acquisition loan with a 60 percent loan-to-value ratio.
HOFFMAN ESTATES, ILL. — Fairgrounds World’s Fair, a café and food concept from Fairgrounds Craft Coffee and Tea, has opened at Bell Works Chicagoland in Hoffman Estates. The café features 137 seats as well as an outdoor patio with an additional 45 seats. The 5,743-square-foot space is equipped with a full-service kitchen, food and bakery program, cocktail bar and grab-and-go offerings. Fairgrounds offers a selection of craft coffee, tea varieties, cold brews, lattes and sparkling beverages. Designed by Barker/Nestor Architecture and Design with input from Wight & Co. Architects and npz studio+, the space also features a foosball table and other games. Fairgrounds, which maintains 10 locations across the country, is operated and managed by Infuse Hospitality. Bell Works Chicagoland is the redevelopment of the former AT&T corporate campus undertaken by Inspired by Somerset Development.
PLEASANT PRAIRIE, WIS. — Greenstone Partners has brokered the sale of a three-acre retail development site situated near I-94 in Pleasant Prairie for an undisclosed price. The site is an outparcel to Seasons at River View, a 300-unit apartment development completed in 2022, as well as a future senior living development covering 20 acres. Brewster Hague of Greenstone Partners represented the buyer, a Chicago-based investor.
By Ron Fanish, co-owner, Rainbow International Restoration of Westchester Operating an apartment complex is no easy task. Property managers must juggle a long list of duties, from serving current residents and recruiting new tenants to maintaining buildings. Among the most challenging of these tasks is implementing large-scale apartment renovations. These undertakings comprise many complicated moving parts — managing contractors, overseeing budgets and ensuring the project does not significantly disrupt residents’ quality of life. This last element is especially important. Apartment renovations have the potential to be majorly disruptive by generating noise, clutter and limited access to utilities. In some cases, residents may even be temporarily displaced from their homes. For this reason, it’s essential for property managers to prioritize positive resident experiences during the renovation process. Here are five strategies for doing precisely this. Communicate, communicate, communicate. Since large-scale apartment renovations can have such significant impacts on residents’ day-to-day lives, there’s no such thing as over-communication. Start by giving advance notice about the project as soon as possible and providing thorough details on duration, potential noise and other disturbances. Also, operators must ensure that they’re communicating across multiple channels so residents don’t miss any updates. Use email, paper bulletins, text …
OLIVE TOWNSHIP, IND. — A joint venture between General Motors Co. (NYSE: GM) and Samsung SDI, part of the South Korean-based Samsung Electronics group, plans to build a $3 billion electric vehicle (EV) battery plant in Olive Township. The duo plan to begin operations at the Northwest Indiana plant in 2026. The new facility will house production lines to build prismatic and cylindrical battery cells and is expected to help significantly increase the accessibility and affordability of GM’s line of EVs. Once complete, the plant will support about 1,700 full-time jobs, in addition to 1,000 construction jobs during the build-out. “We are grateful that Samsung SDI can contribute to boosting the economy of Indiana and creating new jobs here,” says Yoonho Choi, president and CEO of Samsung SDI. “Securing Indiana as a strong foothold together with GM, Samsung SDI will supply products featuring the highest level of safety and quality in a bid to help the U.S. move forward to an era of EVs.” GM and Samsung SDI announced their joint venture in April and ultimately selected Olive Township, a city in St. Joseph County near the Indiana-Michigan border and 15 miles west of South Bend, home of Notre Dame …
Ryan Desmond, partner, Western Retail Advisors in Phoenix Metro Phoenix’s population grew faster than any other major U.S. city between 2010 and 2020. By 2021, the Valley’s 1.48 percent population growth continued to far exceed the country’s .01 percent growth — the slowest annual growth rate in our nation’s history. For a community that has historically been criticized as being over-retailed on a per-capita basis, this has injected tremendous strength into the local retail market. Today, Phoenix ranks as a hotspot among U.S. cities for retail absorption. According to CoStar, Phoenix had absorbed 4.1 million square feet of retail space year over year — the strongest absorption since the start of the Great Recession — by the start of the second quarter in 2023. This reduced the market’s overall vacancy rate to 5 percent. This is impressive, but it doesn’t reflect the increased gap between demand for Class A product and all other retail classes. Much like the flight to quality happening in the office sector, tenants looking for retail space in metro Phoenix want excellence: high-traffic locations in a growth submarket with compelling demographics. As a result, we have seen more metro Phoenix Class A retail properties reach full …