KANSAS CITY, MO. — Hunt Midwest has formed a build-to-suit joint venture with Prologis at two Hunt Midwest-owned industrial parks in Kansas City. The 3,300-acre KCI 29 Logistics Park, Missouri’s largest industrial megasite under single ownership planned for up to 20 million square feet of industrial development, anchors the new partnership alongside the nearby Five Star Logistics Park, which is capable of supporting up to 800,000 square feet of Class A industrial space. “This partnership is a tremendous opportunity to align Hunt Midwest’s local resources with Prologis’ global user relationships to ensure Kansas City and Missouri are competing for the most impactful logistics projects,” says Ora Reynolds, president and CEO of Hunt Midwest. Hunt Midwest says the new agreement will also bolster the entire Kansas City area’s reach with site selectors, brokers, industry leaders and other clients to drive economic development in the region.
ARLINGTON HEIGHTS, ILL. — Bradford Allen has begun preleasing for Arbor House, a 301-unit luxury apartment complex in Arlington Heights. First move-ins are scheduled for this spring. Located at 25 E. Algonquin Road, the eight-story community offers studio, one-, two- and three-bedroom layouts, with monthly rents starting at $1,895. Arbor House features 17,500 square feet of indoor and outdoor shared spaces and amenities, including a pool, resident lounge, coworking spaces, a fitness center, concierge and package services, pet-friendly facilities and covered parking. The property also features 26,000 square feet of ground-floor retail space. Arbor House will serve as the anchor development of Bradford Allen’s 18-acre mixed-use district known as Arlington Gateway. The concept includes a full renovation of the former Daily Herald building, now branded as Arlington Med, a 150,000-square-foot wellness center.
CHICAGO — Berkadia has brokered the sale of 3121 N. Sheridan Road, a 296-unit multifamily property in Chicago’s Lakeview neighborhood. A publicly traded corporation sold the asset to a local investment group and Annenberg Investments Ltd. Peak Properties will manage the community, and Cross Street will handle leasing. The property was originally built in 1950 and updated in the early 1990s. The new ownership plans a comprehensive repositioning, including amenity spaces and units. Mike Garbers, Cody Tremper, Dave Fasano, Ross Sanders, Pete Evans and Richard Evans of Berkadia brokered the sale.
SUITLAND and LARGO, MD. — Colliers has arranged 232.7 million in acquisition financing for a three-property multifamily portfolio located in Prince George County. 29th Street Capital and Willton purchased the property for an undisclosed price. Shahin Yazdi and Jonathan Lee of Colliers arranged the five-year, fixed-rate loan on behalf of the buyers. The full-term, interest-only loan features a 70 percent loan-to-purchase price. Loan proceeds reassigned existing tax increment financing (TIF) agreements associated with Allure Apollo and Aspire Apollo. Allure Apollo and Aspire Apollo are adjacent multifamily communities located in Suitland, Md., and operate as a single residential campus totaling 801 units. The properties feature a mix of studio, one-, two- and three-bedroom units with a full suite of tenant amenities. Ascend Apollo, located approximately 10 miles away along I-495 near the Joint Base Andrews military facility in Largo, comprises 424 units with a similar unit mix and similar amenities such as a resort-style swimming pool with a sundeck, clubhouse, business center and fitness center, among others.
WEST PALM BEACH, FLA. — Locally based Related Ross has acquired The Ben, Autograph Collection, a 208-room luxury hotel property located on the waterfront in downtown West Palm Beach. Jordan Roeschlaub, Nick Scribani, John Caraviello, Tyler Dumon and Tate Keir of Newmark arranged $172.5 million in acquisitioning financing through Nomura on behalf of Related Ross. Robert Webster, Ron Danko, Jr., and Timothy Southard of CBRE represented the seller, Greenwich, Conn.-based Wheelock Street Capital, in the transaction. The sales price was not disclosed. Wheelock Street Capital originally acquired The Ben in 2021. Situated near the CityPlace retail lifestyle center (formerly known as Rosemary Square), The Ben opened in 2020 and includes amenities such a rooftop lounge with a heated swimming pool, cabanas and a bar, 24-hour fitness center, library, onsite restaurant and roughly 18,475 square feet of event space. The boutique hotel offers various experiences to guests like private yacht charters and sunrise yoga.
NASHVILLE, TENN. — Manova Partners, an international independent real estate firm headquartered in Munich, has sold Nashville West Shopping Center, a 323,927-square-foot, super-regional shopping center in Nashville near Vanderbilt University. Chris Decoufle, Kevin Hurley, Matt Karempelis of CBRE marketed the property on behalf of the seller. The buyer and sales price were not disclosed. Situated at the intersection of I-40 and Charlotte Pike, Nashville West was built in phases from 2007 to 2008 and comprises six single-story buildings across 31 acres. Tenants at the center, which was 98 percent leased at the time of sale, include Dick’s Sporting Goods, Best Buy, Ross Dress for Less, Marshalls, Cost Plus World Market, Old Navy, DSW and Books-A-Million. Costco, Target and Publix shadow-anchor the center.
CUMMING, GA. — JLL has signed four new tenants to leases at The Collection at Forsyth, a 565,000-square-foot mixed-use lifestyle center located in Cumming, a north Atlanta suburb. Sherri Wilson of JLL handles leasing efforts on behalf of the owner, CTO Realty Growth (CTO). Civil engineer firm Kimley-Horn will open a 16,500-square-foot office at the property, while real estate brokerage firm Berkshire Hathaway HomeServices Georgia Properties will operate a 4,002-square-foot space. Warby Parker will debut a 1,200-square-foot storefront, and The Cheesecake Factory will open a smaller-format restaurant (roughly 6,500 square feet) that will backfill a former Wild Wings Café. Other recent additions to The Collection at Forsyth include Sephora, Kilwins, BODYROK, The PICKLR, J. Crew Factory, Pandora, Build-A-Bear Workshop, Rocket Fizz Soda Pop and Candy Shop, Giggle Town, Dermani Medspa, Bahama Buck’s, True Rest Float Spa, Le Macaron, Spavia, F45 Training, Woof Gang Bakery and Master Jewelers. The Collection at Forsyth is 95 percent leased, with all remaining tenants expected to open this year.
COPIAGUE, N.Y. — A partnership between Atlanta-based developer The Ardent Cos. and Ironwood Development Partners has completed a 950-unit self-storage facility in Copiague, located on Long Island. Extra Space Storage will operate the facility, which spans 108,201 square feet, though it is unclear if that figure refers to gross or net rentable square footage. Park East Construction served as the general contractor for the project. Michael Sudano Architect PC designed the facility, and R&M Engineering acted as the civil engineer. A formal opening took place in mid-December.
HOBOKEN, N.J. — Los Angeles-based investment firm JRK Property Holdings has acquired 77 Park Avenue, a 301-unit apartment complex in Hoboken. Built in 2000, the property offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, granite countertops, hardwood flooring, walk-in closets and private balconies. Amenities include a fitness center, sundeck, outdoor grilling stations and onsite laundry facilities. The seller was Equity Residential, and the property traded as part of a $400 million portfolio deal that was brokered by CBRE.
NEWARK, DEL. — NAI Emory Hill has brokered the sale of a 27,000-square-foot office building in Newark, located near the Delaware-Pennsylvania border. The building at 254 Chapman Road sits on a 1.9-acre site within the University Office Plaza development and was 93 percent leased at the time of sale. Jim O’Hara Jr. of NAI Emory Hill represented the seller, BRB Realty, in the transaction. EXP Realty represented the buyer, Life Reign International LLC.