SAN DIEGO — PSRS has arranged $6.7 million in refinancing for a shopping center in San Diego. Totaling 65,000 square feet, the multi-tenant two-building property is occupied by Smart & Final, AutoZone and Big 5 Sporting Goods. Additionally, Burger King occupies a drive-thru restaurant pad site on a ground lease. Trevan Swierczewski and Alexander Santulis of PSRS secured the nonrecourse loan that was structured with a 15-year term and 15-year amortization.
THOUSAND OAKS, CALIF. — Marcus & Millichap has arranged the sale of a 51,401-square-foot industrial redevelopment site at 670 Lawrence Drive in Thousand Oaks. The asset traded for $1.3 million. The names of the buyer and seller were not released. Christian Desnoes of Marcus & Millichap represented both parties in the transaction.
SHAWNEE, KAN. — Material Capital Partners (MCP) has received $77.8 million in financing and broken ground on Harmony at Clear Creek, a 188-unit build-to-rent (BTR) community in Shawnee near Kansas City. The project marks the final investment within MCP’s BTR Development Fund I and its third collaboration with financial partner Bluerock. Bank OZK provided construction financing, and Winchester Commercial Group is leading the construction. Harmony at Clear Creek will span 40 acres with a mix of three- and four-bedroom floor plans ranging from 1,600 to 2,400 square feet. Each residence will include a two-car garage, private patio, fenced backyard and mudroom. Amenities will include a clubhouse with a fitness center and coworking spaces, a resort-style pool, dog park, pocket parks and walking trails. The first units are expected to be available for rent in October 2026, with the full project slated for completion in February 2028.
SCHAUMBURG, ILL. — Ann & Robert H. Lurie Children’s Hospital of Chicago has opened its new 75,000-square-foot outpatient center in Schaumburg. The project consolidates services from former locations in Arlington Heights, Hoffman Estates and Huntley into one facility. The center will offer a range of specialties and an ambulatory infusion center. The project team included HKS as architect, Skender as general contractor, IMEG Corp. as structural and mechanical engineer and V3 Cos. as civil engineer. In addition to its main hospital in downtown Chicago, Lurie Children’s now offers care through 17 outpatient centers, six primary care locations and 10 partner hospitals across Chicagoland.
BLOOMFIELD HILLS, MICH. — LREH Michigan LLC has acquired Square Lake Office Park II at 1750 S. Telegraph Road in Bloomfield Hills. The 74,500-square-foot, three-story office building features a lakefront setting and is fully occupied. Mason Capitani of L. Mason Capitani/CORFAC International represented the buyer, which maintains a portfolio in excess of 2 million square feet of Class A office space across metro Detroit. Liberty Property & Asset Management will provide property management services for the building moving forward.
MADISON, WIS. — McShane Construction Co. will build The Conway at Huxley Yards in Madison for developer Lincoln Avenue Communities. The affordable housing development will feature 50 units in a five-story building with four residential floors atop a precast parking garage. Amenities will include a fitness room, community room, mail room and leasing area. The project was designed to achieve Wisconsin Green Built Homes Gold Certification and Energy Star Multifamily Certification and is part of the EPA Indoor AirPlus program. Completion is slated for the third quarter of 2026. Knothe & Bruce Architects is the project architect.
OAKBROOK TERRACE, ILL. — Lee & Associates of Illinois has signed a long-term office lease at One Lincoln Centre in Oakbrook Terrace. The move, set for third-quarter 2026 occupancy, marks the firm’s first transition out of the Rosemont area since its 2002 inception. Built in 1986, One Lincoln Centre is a 318,000-square-foot property. Lee & Associates of Illinois will occupy space on the 14th floor. The move will accommodate the company’s growth, housing more than 60 employees across its brokerage and Lee Asset Management divisions. The company will remain in its current space at 9450 W. Bryn Mawr Ave. until the relocation. Hamilton Partners, the owner of One Lincoln Centre, was self-represented.
EDGEWATER, N.J. — S3 Capital has provided a $255 million construction loan to finance the first phase of a $1 billion mixed-use development located on the Hudson River in the Northern New Jersey city of Edgewater. Galaxy Capital arranged the financing on behalf of the borrower and developer, New York City-based The Maxal Group. The initial phase of the project, dubbed 615 River Road, will be the first building in the planned development, which will ultimately comprise 1,200 residential units and more than 1,000 parking spaces, along with a 2.5-acre public waterfront park to link up with the 18.5-mile Hudson River Waterfront Walkway. A timeline for construction has not been announced. “We are thrilled to partner with The Maxal Group as they develop a transformative project that will bring much-needed state-of-the art housing and transit access to the Edgewater waterfront,” says Shawn Safdie of S3 Capital. “This transaction reflects our commitment to supporting best-in-class developers delivering new product to undersupplied markets.” 615 River Road will include a 25-story luxury apartment building featuring 381 units, ground-floor retail space and parking for roughly 500 vehicles. The property will also include a new public ferry terminal that will provide direct service to Manhattan’s west side. …
BRENTWOOD, TENN. —Brookdale Senior Living Inc. (NYSE: BKD), the country’s largest seniors housing operator, has named Nick Stengle as its new chief executive officer. Stengle will assume the role, as well as join the Brookdale board of directors, effective Oct. 6. Denise Warren, who has served as interim CEO beginning in April of this year following the departure of president and CEO Lucinda “Cindy” Baier, will step down and reassume her role as non-executive chairman of the board. According to Brookdale, Stengle’s selection was the result of a comprehensive search led by the board’s search committee. Stengle previously served as president and chief operating officer of Gentiva, a role he assumed in 2022. Gentiva, which employs more than 12,000 associates, provides hospice, palliative and home health services at 550 locations across 38 states. Prior to his tenure at Gentiva, Stengle served as executive vice president and chief operating officer for Sunrise Senior Living, leading community operations, sales, marketing and clinical operations for roughly 250 seniors housing communities. His experience also includes an 11-year career with the U.S. Air Force. “While I have enjoyed my time as interim CEO, I am confident Nick has the strategic acumen, vision and leadership skills …
AUSTIN, TEXAS — Texas-based developer Presidium has completed Presidium Waterford, a 283-unit multifamily project in North Austin. Designed by Dallas-based O’Brien Architects and Atlanta-based Dwell Design Studio, the six-story building offers studio, one- and two-bedroom units and amenities such as a pool, fire pits, fitness center, office lounges and a bocce ball court. The property also features a courtyard with an outdoor kitchen and multiple social spaces. Rents start at $1,450 per month for a studio apartment. When construction began in spring 2021, the project was planned as Phase I of a larger development. Phase II is now known as Presidium 183 and has 374 units that are currently in lease-up.
