Property Type

Renesas Electronics Signs 88,998 SF Office Lease at Forty540 II in Morrisville, North Carolina

by John Nelson May 22, 2023

MORRISVILLE, N.C. — California-based Renesas Electronics America, a subsidiary of Renesas Electronics Corp., has signed an office lease at Forty540 II in Morrisville, about 15 miles west of Raleigh. The company now occupies 88,998 square feet at the building, bringing the property to 95 percent occupancy. Built in 2021, Forty540 II totals 198,424 square feet across five stories at 710 Slater Road. Amenities at the building include a fitness center, showers, an internet café and prominent signage opportunities. Brad Corsmeier and Ed Pulliam of CBRE|Raleigh handle leasing at the property, which is managed by the firm’s Property Management group.

May 22, 2023

Acquisitions North Carolina Retail Southeast

Colliers Arranges $3.5M Sale of Lynnwood Plaza Retail Strip Center in Raleigh

by John Nelson May 22, 2023

RALEIGH, N.C. — Colliers has arranged the $3.5 million sale of Lynwood Plaza, a retail strip center located at 4800 Grove Barton Road in Raleigh. Tenants at the 8,943-square-foot property include Little Caesars, Nail Image Salon, Board & Brush and Salt & Lime Cabo Grill. David Stowe of Colliers represented the seller in the transaction, and Rikky Goswami of Insight Property Group represented the buyer. Both parties requested anonymity.

May 22, 2023

Development Illinois Midwest Multifamily

Marquette Cos. Opens 279-Unit Luxury Apartment Tower in Chicago’s Illinois Medical District

by Kristin Harlow May 22, 2023

CHICAGO — Marquette Cos. has opened The Lydian, a 279-unit luxury apartment tower located at 513 S. Damen Ave. in Chicago’s Illinois Medical District. Rising 22 stories, The Lydian is the second building constructed in a three-phase development by Marquette Cos. The firm completed the first phase in 2021 with the 18-story, 272-unit Atrio. Plans for the third phase are not yet finalized. Managed by Marquette Management, The Lydian is currently 42 percent leased. Units measure from 446 to 1,234 square feet, and monthly rents start around $1,900. Amenities include a 24-hour doorman, fitness center, yoga studio, pet spa, sundeck, outdoor pool and rooftop lounge. Marquette says it selected the name The Lydian because it is a type of yellow Mediterranean flower; it reflects the natural finishes and elements in some of the interiors; and it sounds like a destination or congregating spot.

May 22, 2023

Indiana Leasing Activity Midwest Retail

Simon Expands Relationship with Retailer Five Below

by Kristin Harlow May 22, 2023

INDIANAPOLIS — Indianapolis-based mall owner Simon has expanded its relationship with retailer Five Below, which will open at least seven different locations within Simon’s Premium Outlets. The new stores will begin opening this spring and summer in Albertville, Minn.; Pleasant Prairie, Wis.; Johnson Creek, Wis.; Gaffney, S.C.; Edinburgh, Ind.; Pismo Beach, Calif.; and Tannersville, Pa. Additionally, Five Below is opening at Great Mall, a Mills property in Milpitas, Calif., and Miller Hill Mall in Duluth, Minn. this year as well as undergoing a full remodel at Arundel Mills in Hanover, Md. Currently, Five Below operates 21 stores within the Simon portfolio.

May 22, 2023

Acquisitions Development Michigan Midwest Retail

Costco Purchases 13.4 Acres Within Northland City Center in Southfield, Michigan

by Kristin Harlow May 22, 2023

SOUTHFIELD, MICH. — Costco has purchased 13.4 acres within the Northland City Center development in Southfield for an undisclosed price. Alan Stern and Rich Deptula of Friedman Real Estate represented the undisclosed seller. The retailer plans to build Michigan’s first Costco Business Center. The property will be different from Costco’s standard consumer retail warehouses in that products will be offered in greater quantities and won’t include the bakery and pharmacy that are in current Michigan locations. The project will total 160,000 square feet. Northland City Center is the redevelopment of the former Northland Mall and will include office, retail, medical and multifamily space. No construction timeline was provided.

May 22, 2023

Acquisitions Illinois Midwest Retail

Marcus & Millichap Arranges $18.1M Sale of Retail Center in Glenview, Illinois

by Kristin Harlow May 22, 2023

GLENVIEW, ILL. — Marcus & Millichap has arranged the sale of a 75,649-square-foot retail center in the Chicago suburb of Glenview for $18.1 million. Anchored by Advocate Medical, the property is 97 percent leased, with 21 of the tenants operating at the center for 16 to 30 years. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a private investor based in Chicagoland. Adrian Mendoza of Marcus & Millichap secured and represented the buyer, a Chicagoland-based limited liability company.

May 22, 2023

Acquisitions Illinois Midwest Multifamily

KCB Real Estate Acquires 26-Unit Multifamily Property in Chicago’s Fulton Market

by Kristin Harlow May 22, 2023

CHICAGO — KCB Real Estate has acquired a 26-unit multifamily property in Chicago’s Fulton Market district for an undisclosed price. Built in 2016, the asset is located at 914 W. Hubbard St. KCB plans to implement a value-add program to update the building façade and units. KCB intends to optimize operations to increase rents, which are substantially below market, according to the company. The anticipated hold period is 10 years.

May 22, 2023

Development Industrial Northeast Pennsylvania

DH Property Holdings Begins Sitework on 759,210 SF Industrial Project in Philadelphia

by Taylor Williams May 22, 2023

PHILADELPHIA — DH Property Holdings has begun sitework on a two-building, 759,210-square-foot industrial project at 5000 Richmond St. on the northeast side of Philadelphia. The 348,210-square-foot Building A will feature a clear height of 40 feet, 42 loading dock doors and parking for 81 trailers. Building B will total 411,000 square feet and offer 70 loading dock doors and 125 trailer parking stalls. Completion is slated for the fourth quarter of 2024. CBRE has been appointed as the leasing agent.

May 22, 2023

Development Multifamily New Jersey Northeast

JCM Living Underway on 295-Unit Multifamily Redevelopment in Wood-Ridge, New Jersey

by Taylor Williams May 22, 2023

WOOD-RIDGE, N.J. — New Jersey-based developer JCM Living is underway on construction of Rosera Wesmont, a 295-unit multifamily redevelopment project in Wood-Ridge, located in Bergen County in the northern part of the Garden State. The project represents the final phase of Wesmont Station, which is a redevelopment of a 150-acre site that formerly housed an aircraft engine manufacturing facility. Upon completion, which is slated for early next year, Rosera Wesmont will offer one-, two- and three-bedroom units, as well as Class A amenities and 35,000 square feet of retail and restaurant space. Project partners include Minno & Wasko Architects & Planners, Childs Dreyfus Interior Design and general contractor Ingerman Construction.

May 22, 2023

Acquisitions New Jersey Northeast Retail

JLL Negotiates $18M Sale of Shopping Center in Woodland Park, New Jersey

by Taylor Williams May 22, 2023

WOODLAND PARK, N.J. — JLL has negotiated the $18 million sale of West Falls Plaza, a 90,945-square-foot shopping center located in the Northern New Jersey community of Woodland Park. Cost Plus World Market and Christmas Tree Shops anchor the property. Jose Cruz, J.B. Bruno, Kevin O’Hearn and Michael Zlotnick of JLL represented the undisclosed seller in the transaction and procured the buyer, an affiliate of New York-based Northeast Capital Group.

May 22, 2023

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