Property Type

JLL Brokers Sale of 126-Room Marriott-Branded Hotel in Woburn, Massachusetts

by Taylor Williams September 2, 2022

WOBURN, MASS. — JLL has brokered the sale of the 126-room Fairfield Inn Boston Woburn/Burlington hotel, located north of the state capital. The property underwent a renovation in 2015-2016 and offers a business center, fitness center, outdoor pool and a sundry store. Alan Suzuki, Matthew Enright, Emily Zhang and Miranda Guajardo of JLL represented the seller, a joint venture between funds managed by Contrarian Capital Management and Waramaug Hospitality, in the transaction. The buyer was not disclosed.

September 2, 2022

Industrial Leasing Activity NAI Northeast Pennsylvania

NAI Summit Negotiates 52,800 SF Industrial Lease in Blakeslee, Pennsylvania

by Taylor Williams September 2, 2022

BLAKESLEE, PA. — NAI Summit has negotiated a 52,800-square-foot industrial lease at 196 Commercial Blvd. in Blakeslee, located roughly midway between Scranton and Allentown. According to LoopNet Inc., the property comprises three buildings on an 8.3-acre site. Mike Adams and Sarah Finney Miller of NAI Summit represented the tenant, international freight firm Ally Global Logistics, in the lease negotiations. The duo also represented the landlord, an entity doing business as 196 Commercial LLC.

September 2, 2022

Acquisitions Northeast Retail Rhode Island

Marcus & Millichap Arranges Sale of 42,200 SF Retail Property in Westerly, Rhode Island

by Taylor Williams September 2, 2022

WESTERLY, R.I. — Marcus & Millichap has arranged the sale of Spindrift Village, a 42,200-square-foot retail property located in the coastal Rhode Island city of Westerly. The sales price was $3.4 million. The property consists of two adjacent parcels totaling four acres that house a multi-tenant strip center and a pad site. Adam Cohen and Brett Kilar of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction.

September 2, 2022

Acquisitions Kansas Midwest Multifamily

Midloch Investment Partners, Artisan Capital Group Sell Apartment Complex in Suburban Kansas City for $43.6M

by Kristin Harlow September 2, 2022

OVERLAND PARK, KAN. — Midloch Investment Partners and Artisan Capital Group have sold Villa Medici Apartments and Townhomes in Overland Park for $43.6 million. The partnership acquired the asset in August 2020 for $25 million. The 166-unit multifamily property is located at 9550 Ash St. The developer for the property was J.C. Nichols Co., which was also the developer of Kansas City’s Country Club Plaza. Jeff Stingley and Max Helgeson of CBRE represented the sellers. The buyer was undisclosed.

September 2, 2022

Development Illinois Industrial Midwest

PREMIER Design + Build Breaks Ground on 621,246 SF Spec Industrial Project in Monee, Illinois

by Kristin Harlow September 2, 2022

MONEE, ILL. — PREMIER Design + Build Group has broken ground on Monee Logistics Center, a 621,246-square-foot speculative industrial project in Monee, a southern suburb of Chicago. The facility will feature a clear height of 40 feet, 52 dock positions, four drive-in doors, parking for 148 trailers and 410 car parking spaces. Seefried Industrial Properties Inc. is the developer, Harris Architects Inc. is the architect and SpaceCo Inc. is the civil engineer. Completion is slated for July 2023.

September 2, 2022

Acquisitions Midwest Multifamily Wisconsin

JLL Brokers $40.8M Sale of Multifamily Property in Madison, Wisconsin

by Kristin Harlow September 2, 2022

MADISON, WIS. — JLL Capital Markets has brokered the sale of Stonewood Village in Madison for $40.8 million. The 272-unit, garden-style multifamily property features one- and two-bedroom units with an average size of 1,004 square feet. Amenities include a playground, pool and tennis courts. The value-add property was built in 1982. Wick Kirby, Amanda Friant and Jamie Fink of JLL represented the seller, Stonewood UI LLC, an affiliate of Banner Real Estate Group. Axiom Properties was the buyer. Matthew Schoenfeldt and Medina Spiodic of JLL originated a $29.8 million Fannie Mae acquisition loan on behalf of the buyer. The 10-year loan features a fixed interest rate.

September 2, 2022

Development Illinois Industrial Midwest

PANCOR Begins Construction of $20M Headquarters for Maybach in Elgin, Illinois

by Kristin Harlow September 2, 2022

ELGIN, ILL. — PANCOR has begun construction of the new $20 million headquarters for Maybach International Group in Elgin. The 62,000-square-foot project will be situated on 12 acres at 1384 Madeline Lane. Completion is slated for 2023. Plans call for roughly 47,000 square feet of warehouse and repair space and 15,000 square feet of office space. The building will feature a clear height of 24 feet, 28 docks, 10 drive-in door docks, 57 car parking spaces and 206 trailer parking spaces. Maybach is a logistics company currently based in Alsip. Kelly Disser and Mike Freitag of NAI Hiffman assisted Maybach in the site selection process. The duo consulted on the facility’s design, construction timeline and budget alongside Peter Kenny, director of project services with Hiffman National.

September 2, 2022

Acquisitions Industrial Midwest Missouri

White Co. Acquires Three Industrial Buildings in Missouri’s Meadows Corporate Center

by Kristin Harlow September 2, 2022

MARYLAND HEIGHTS, MO. — White Co. has acquired three multi-tenant industrial buildings totaling 133,015 square feet in Meadows Corporate Center in Maryland Heights, a western suburb of St. Louis. The purchase price was undisclosed. White Co. has negotiated two new leases for the properties, bringing the overall occupancy to 87 percent. Tom Schenk represented White Co. on an internal basis, while Will Mura of CBRE represented the undisclosed seller.

September 2, 2022

Acquisitions Arizona Multifamily Western

ABI Multifamily Brokers $37M Sale of Commons on Stella Apartment Homes in Tucson

by Amy Works September 2, 2022

TUCSON, ARIZ. — ABI Multifamily has arranged the sale of Commons on Stella Apartment Homes, a multifamily property located at 6534 E. Stella Road in Tucson. An undisclosed California-based buyer acquired the asset from an undisclosed Illinois-based seller for $37 million, or $185,930 per unit. Completed in 1964, Commons on Stella Apartment Homes features 199 apartments in a mix of 30 one-bedroom/one-bath units, 109 two-bedroom/one-bath units and 60 three-bedroom/one-bath units. Each unit is individually metered for electricity and gas with individual hot water heaters. Units feature air conditioning/heating, full-size washers/dryers, hardwood floors, private enclosed backyards, oversized closets and kitchens equipped with refrigerators and microwaves, as well as dishwashers in select units. Community amenities include a swimming pool, splash pool, business center, clubhouse, children’s play area, picnic area with barbecues and assigned parking. Alon Shnitzer, Rue Bax, Eddie Chang and Doug Lazovich of ABI Multifamily’s Phoenix-based institutional apartment group, in collaboration with Desiree Palmer and Ryan Kippes of ABI Multifamily’s Tucson apartment team, represented the buyer and seller in the transaction.

September 2, 2022

Colorado Development Multifamily Seniors Housing Western

OZ Architecture Completes Design of The Reserve at Lone Tree Seniors Housing Community in Colorado

by Jeff Shaw September 2, 2022

LONE TREE, COLO. — OZ Architecture has completed the design of The Reserve at Lone Tree, a seniors housing community located within the RidgeGate master-planned community in Lone Tree. Experience Senior Living Development (ESLD), a NexCore company, is a partner on the project. The community will offer 124 independent living units in a nine-story building alongside 60 assisted living and 24 memory care units in an attached five-story building. The project is scheduled break ground in fourth-quarter 2022, with anticipated completion in 2024. Independent living units will be up to 1,930 square feet, while assisted living apartments will range between 430 and 1,100 square feet. RidgeGate spans 3,500 acres southeast of Denver and includes the RidgeGate Parkway Regional Transportation District (RTD) station, as well as more than 1,000 acres of parks to support an active lifestyle.

September 2, 2022

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