Thursday, June 19, 2025
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DevelopmentMultifamilyNorth CarolinaSoutheast

Alliance Residential Opens 335-Unit Broadstone Oak City Apartments in Raleigh

by John Nelson

RALEIGH, N.C. — Alliance Residential Co. has opened Broadstone Oak City, a 335-unit apartment community located at 2911 Mid-Century Drive in Raleigh’s East Midtown district. Located near Capital Boulevard and I-440, the site formerly housed a Holiday Inn hotel that opened in the 1970s and was converted in 2005. Broadstone Oak City features studio, one-, two- and three-bedroom apartments ranging in size from 640 to 1,356 square feet. Amenities include a podcast studio, cold brew on tap, private workspaces, pet park, outdoor grills, resort-style saltwater pool with in-pool loungers, indoor fitness center, outdoor fitness space featuring Beaverfit equipment, 445 parking spaces and four electric vehicle charging stations. The design-build team includes LS3P, Cline Design Associates and McAdams. Rental rates range from $1,439 for a studio to $2,240 for a three-bedroom apartment, according to the property website.

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AcquisitionsMultifamilyNorth CarolinaSoutheastStudent Housing

Preiss Acquires 928-Bed Student Housing Community Near NC State in Raleigh, Plans $10M Renovation

by John Nelson

RALEIGH, N.C. — The Preiss Co. has acquired Valentine Commons, a 928-bed student housing property located near the North Carolina State University (NC State) campus in Raleigh. Located steps away from campus at 3009 ME Valentine Drive, the property features an 11-story building offering 277 fully furnished units in two-, three- and four-bedroom configurations. Shared amenities include a swimming pool, rooftop terrace, private study rooms on every floor, a business center, aerobics room, fitness center, game room and a private parking garage. The seller and sales price were not disclosed, but Ben Roelke and Ian Walker of Newmark secured $77.3 million in financing for the acquisition through an unnamed life company lender. The five-year loan features full-term, interest-only payments. Preiss Co. is planning a $10 million capital improvement plan for Valentine Commons, the construction timeline of which was not disclosed.

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AcquisitionsNortheastOfficePennsylvania

Equus Capital Partners Sells 150,466 SF Office Campus in Metro Philadelphia

by Taylor Williams

KING OF PRUSSIA, PA. — Locally based investment firm Equus Capital Partners has sold a 150,466-square-foot office campus in King of Prussia, located north of Philadelphia. Built in 1978, the two-building complex was 95 percent leased at the time of sale. Brett Grifo and Keith Braccia of Cushman & Wakefield represented Equus, which acquired the property in 2018 and invested roughly $5 million in capital improvements, in the transaction. The buyer and sales price were not disclosed.

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AcquisitionsFloridaRetailSoutheast

Marcus & Millichap Brokers $35.3M Sale of South Beach Store Leased to Walgreens

by John Nelson

MIAMI BEACH, FLA. — Marcus & Millichap has brokered the $35.3 million sale of a single-tenant, 22,875-square-foot store in Miami Beach leased to Walgreens. The trophy two-story property is located at 509 Collins Ave. at the intersection of Collins Avenue and 5th Street, which is the closest intersection to South Beach. Walgreens has 12 years left on its 25-year lease, which has seven five-year extension options. Ronnie Issenberg, Gabriel Britti and Ricardo Esteves of Marcus & Millichap’s Miami office represented the seller, an entity doing business as 509 Collins Realty LLC, in the transaction. The buyer was not disclosed.

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DevelopmentIndustrialNew JerseyNortheast

Hampshire Cos., Invesco to Develop 111,660 SF Industrial Project in North Arlington, New Jersey

by Taylor Williams

NORTH ARLINGTON, N.J. — A joint venture between locally based developer Hampshire Cos. and global investment management firm Invesco will develop a 111,660-square-foot industrial project in North Arlington, located just outside Newark. The facility will feature a clear height of 40 feet, 22 dock-high doors, five trailer parking spaces and roughly 4,500 square feet of office space. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged construction financing through BMO Financial Group on behalf of the joint venture. A tentative completion date was not disclosed.

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AcquisitionsNortheastRetailVermont

CBRE Arranges $10M Sale-Leaseback of Car Dealership in Bennington, Vermont

by Taylor Williams

BENNINGTON, VT. — CBRE has arranged a $10 million sale-leaseback of a 20,219-square-foot car dealership in Bennington, located near the Vermont-Massachusetts border. Legacy Automotive Capital acquired the site, which was constructed in 2018, and will continue to lease it to Lundgren Subaru of Bennington. Karly Iacono of CBRE represented the seller and procured the buyer in the transaction.

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DevelopmentMidwestMinnesotaMultifamily

Northland Breaks Ground on 194-Unit Expansion to Multifamily Property in Rochester, Minnesota

by Kristin Harlow

ROCHESTER, MINN. — Northland has broken ground on a 194-unit expansion to SoRoc on Maine in Rochester. Northland acquired the 186-unit, garden-style community in February of this year. Once complete, the property will include 380 units across five buildings. Amenities will include a pool, green area, three fitness centers, clubhouse with private event space and a commercial kitchen. Northland is partnering with several local companies on the project, including Miller Architects & Builders. Minnwest Bank provided $28 million in construction financing. Completion is slated for early 2024.

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CivicDevelopmentKansasMidwest

McCarthy to Build $70M Improvement Project for Kansas River Wastewater Treatment Plant in Lawrence

by Kristin Harlow

LAWRENCE, KAN. — McCarthy Building Cos. Inc. will build a $70 million improvement project for the Kansas River Wastewater Treatment Plant located at 1400 E. 8th St. in Lawrence. The project marks the city’s second-largest funded wastewater project. The improvements are required to meet the National Pollutant Discharge Elimination System regulatory permit requirements issued by the Kansas Department of Health and Environment. The plant, which receives nearly 80 percent of the city’s wastewater, originally opened in 1956 and has an average daily flow of 8 million gallons per day. Preconstruction efforts are underway, with official groundbreaking slated for May 2023. Completion is scheduled for fall 2026.

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Leasing ActivityNew JerseyNortheastRestaurantRetail

Crumbl Cookies Opens 1,794 SF Store in North Brunswick, New Jersey

by Taylor Williams

NORTH BRUNSWICK, N.J. — Crumbl Cookies has opened a 1,794-square-foot store at The Shoppes at North Brunswick, located near Rutgers University in New Jersey. Kevin Pelio and James Azarian represented the landlord, Azarian Realty Co., in the lease negotiations on an internal basis. Jerry Johnson of Bennett Williams Commercial represented the tenant.

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IowaLoansMidwestMultifamilySeniors Housing

Cambridge Provides $10.4M HUD-Insured Loan for Refinancing of Assisted Living Campus in Iowa

by Kristin Harlow

BURLINGTON, IOWA — Cambridge Realty Capital Cos. has provided a $10.4 million HUD Lean loan for the refinancing of Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a dual-facility campus also known as The Views of Burlington. Situated in Burlington, a city in Southeast Iowa, the campus features 60 skilled nursing beds and 42 assisted living beds. Andrew Erkes of Cambridge originated the 35-year loan, which features a 35-year amortization schedule. The borrower was an Iowa-based limited liability company. Denny Howell of Howell Investment Finance arranged the loan.

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