Property Type

Continental Properties to Undertake 172-Unit Multifamily Redevelopment in West Hartford, Connecticut

by Taylor Williams March 6, 2023

WEST HARTFORD, CONN. — New York-based investment and development firm Continental Properties will undertake a 172-unit multifamily redevelopment project in West Hartford. The site at 950 Trout Brook Drive previously housed a children’s museum and preschool. John Cafasso and Ian Hunt of Colliers represented the seller, Kingswood Oxford School, in the disposition of the land. The new apartment community will offer one-, two- and three-bedroom units and amenities such as a pool, dog park, coworking space and a rooftop lounge. Continental Properties, which purchased the site for $10.5 million, has received approvals and is underway on preliminary sitework.

March 6, 2023

Industrial Leasing Activity Lee & Associates New Jersey Northeast

Lee & Associates Negotiates 189,000 SF Industrial Lease in South Plainfield, New Jersey

by Taylor Williams March 6, 2023

SOUTH PLAINFIELD, N.J. — Lee & Associates has negotiated a 189,000-square-foot industrial lease in South Plainfield, about 35 miles south of Manhattan. The tenant, an undisclosed logistics group, will occupy the entirety of the building at 602 New Market Ave., which sits on 21 acres. Building features include a clear height of 36 feet, 40 exterior docks and 70 trailer parking spots. Drew Maffey and Rick Marchisio of Lee & Associates represented the tenant in the lease negotiations. Colliers represented the landlord, Bridge Development.

March 6, 2023

Acquisitions Northeast Pennsylvania Retail

JLL Brokers Sale of 124,262 SF Shopping Center in Metro Philadelphia

by Taylor Williams March 6, 2023

NEW BRITAIN, PA. — JLL has brokered the sale of Town Center of New Britain, a 124,262-square-foot shopping center located on the northern outskirts of Philadelphia. Giant Food anchors the center, which was built in 1990 and renovated in 2002. At the time of sale, Town Center of New Britain was 91 percent leased, and other tenants include Rite Aid, Dollar Tree, Verizon Wireless and AutoZone. Christopher Munley, Jim Galbally and Colin Behr of JLL represented the seller, Federal Realty Investment Trust, in the transaction. Milbrook Properties acquired the asset for an undisclosed price.

March 6, 2023

Industrial Loans New Jersey Northeast

G.S. Wilcox Arranges $15M Loan for Refinancing of Industrial Flex Campus in Northern New Jersey

by Taylor Williams March 6, 2023

FAIRFIELD, N.J. — Locally based mortgage banking firm G.S. Wilcox & Co. has arranged a $15 million loan for the refinancing of Madison Corporate Campus, a 350,000-square-foot industrial flex property located in the Northern New Jersey community of Fairfield. David Fryer of G.S. Wilcox arranged the financing through Ohio National Life Insurance Co. The borrower was not disclosed.

March 6, 2023

Industrial Loans New Jersey Northeast

BEB Lending Provides $5M Acquisition Loan for Northern New Jersey Industrial Property

by Taylor Williams March 6, 2023

KEARNY, N.J. — New York-based BEB Lending has provided a $5 million, 18-month bridge loan for the acquisition of an 87,000-square-foot industrial property in the Northern New Jersey community of Kearny. The building at 244 Duke St. sits on 2.4 acres. Sean Silverbrook led the transaction for BEB Lending, and Mark Brachfeld of Meridian Capital Group arranged the debt. The borrower was not disclosed.

March 6, 2023

Affordable Housing Development Illinois Midwest Multifamily

Habitat Co. Receives Financing for Phase II of $200M Ogden Commons Mixed-Income Development in Chicago

by Kristin Harlow March 6, 2023

CHICAGO — The Habitat Co. has received financing for Phase II of Ogden Commons, a $200 million mixed-use, mixed-income project in Chicago’s North Lawndale neighborhood. Upon completion, there will be 120,000 square feet of commercial and retail space and more than 350 mixed-income housing units known as OC Living. Construction has commenced on OC Living’s first phase, a 92-unit building. Of the total units, 90 percent will be affordable and 10 percent will be market-rate. Completion is slated for spring 2024. The four-story building is located steps away from the three-story commercial building that marked Phase I of Ogden Commons and was completed in 2021. The 30,000-square-foot property is home to Wintrust Bank, Momentum Coffee and Sinai Health System’s One Lawndale Express Care Clinic. Development partners include Sinai Health System, Alecko Capital and the City of Chicago. Ogden Commons is the city’s largest Opportunity Zone project, according to Habitat. Built over multiple phases, the entire project is slated for completion by 2026. McHugh Construction Co. and Bowa Construction are the general contractors. Bank of America is among the project’s other development partners.

March 6, 2023

Development Hospitality Midwest North Dakota

Kraus-Anderson to Complete $95M Renovation of 4 Bears Casino & Lodge in New Town, North Dakota

by Kristin Harlow March 6, 2023

NEW TOWN, N.D. — Kraus-Anderson will complete a $95 million renovation of the 4 Bears Casino & Lodge in New Town with a new seven-story hotel. The property is located on the western shore of Lake Sakakawea between Minot and Williston. The project includes an 18,000-square-foot demolition of the existing two-story hotel, 108,000 square feet of new construction and 20,200 square feet of renovation space. Upon completion, the lodge will have 264 rooms. The new hotel tower will add 90 guest rooms, gaming, offices and a 3,100-square-foot sports bar with a dining room and gaming stations. There will also be a 2,500-square-foot ballroom, meeting rooms and a fine dining steakhouse. A new Sakakawea Spa will feature couples’ massage, a gift shop, fitness room and hair and nail salon. The original 4 Bears Motor Lodge opened in the 1970s with 40 rooms. In 1993, a casino was added. Over the years, there were various expansions and improvements, including restaurants, an event center, marina, RV park, water park, convenience store and River Willow gaming boat. The project team includes Wenaha Group, a Native-owned owner’s representative firm, and TBE Architects, a St. Louis-based and Native American-founded design firm. Demolition and site work is …

March 6, 2023

Development Illinois Midwest Office

Equitable Funds, Berger Asset Management Complete Amenity Center, Expand Spec Suites at Suburban Chicago Office Property

by Kristin Harlow March 6, 2023

SCHAUMBURG, ILL. — The Equitable Funds and Berger Asset Management have completed a tenant amenity center and expanded the spec suite leasing program at One Story Schaumburg in the Chicago suburb of Schaumburg. The office property consists of six single-story buildings totaling 130,000 square feet at 1340 Remington Road. The spec suite program offers businesses move-in ready spaces spanning from 630 to 3,000 square feet. The new suites are under construction and will be available this spring. The amenity center features a tenant lounge, coffee bar and vending, as well as a conference center with fully equipped Wi-Fi. Recently, FCx Performance, the Certification Board for Diabetes Care and Education, Prime Line Transportation and QPS Employment Group all signed leases at the property for a total of 11,473 square feet. Steve Chrastka and Jason Wurtz of NAI Hiffman are the leasing agents.

March 6, 2023

Acquisitions Kansas Midwest Retail

Marcus & Millichap Arranges $2.3M Sale of Retail Property in Liberal, Kansas

by Kristin Harlow March 6, 2023

LIBERAL, KAN. — Marcus & Millichap has arranged the $2.3 million sale of a 4,743-square-foot retail property in Liberal, a city in Southwest Kansas. Starbucks and T-Mobile occupy the building, which was constructed in 2022 and is located at 1411 N. Kansas Ave. Alex Van Krevel, Mark Ruble and Chris Lind of Marcus & Millichap represented the buyer, a private 1031 exchange investor. James Litzler of Marcus & Millichap Capital Corp. arranged an acquisition loan, which featured a fixed interest rate of 5.84 percent and a 68 percent loan-to-value ratio.

March 6, 2023

Acquisitions Illinois Industrial Midwest

Brown Commercial Group Brokers $1.8M Sale of Industrial Building in Lindenhurst, Illinois

by Kristin Harlow March 6, 2023

LINDENHURST, ILL. — Brown Commercial Group has brokered the $1.8 million sale of a 25,600-square-foot industrial building in Lindenhurst, a city in Northeast Illinois. The property is located at 2910 Falling Waters Blvd. Collin Tyrrell of Brown represented the seller, Falling Waters Development LLC, which sold its warehouse space and is moving its office operations to a 5,500-square-foot space at 1225 Tri State Parkway in Gurnee, Ill.

March 6, 2023

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