NEW YORK CITY — The South African Consulate has signed a 31,494-square-foot office lease in Midtown Manhattan. The diplomatic organization will occupy the penthouse space at 805 Third Avenue, a 31-story building. Michael Goldman of Cresa represented the consulate in the lease negotiations. Glenn Isaacson, Tony Builder and Ava Beganovic of Bradford Allen, along with internal agent Marc Horowitz, represented the landlord, Cohen Brothers Realty Corp.
DENVER — Colliers has directed the sale of Momentum at First Creek, an apartment property located at 5500 Telluride St. in Denver. A local Colorado-based developer sold the asset to a private out-of-state investment firm for $56 million. Completed in 2023, Momentum at First Creek offers 200 apartments, a resort-style pool, an outdoor chef-inspired kitchen with a pizza oven, a fitness center and a clubhouse featuring a game room and collaborative workspaces. Craig Stack, Bill Morkes and Nate Moyer of Colliers represented the seller in the transaction. Colliers Debt and Structured Finance team secured financing for the property on behalf of the buyer.
POWAY, CALIF. — Realty Income has purchased a light industrial and manufacturing facility, located at 13100 Danielson St. in Poway, for $43.3 million. Hunter Rowe, Brian Russell, Michael Longo and Matt Carlson of CBRE represented the undisclosed seller in the deal. Situated on 7.2 acres, the 133,844-square-foot building features nine dock-high doors, 11 grade-level doors, a secure truck court and a loading area. At the time of sale, the property was fully leased to a manufacturer specializing in corrugated boxes and packaging solutions.
REDMOND, ORE. — A partnership between Portland, Ore.-based Ethos Development and San Diego-based Alpine Capital Investments has acquired Redmond Industrial Park, an industrial asset situated on 45 acres in Redmond. Terms of the transaction were not disclosed. The 200,000-square-foot property consists of four industrial buildings and approximately 26 acres of excess land with development potential. At the time of sale, the asset was fully leased to a variety of regional and national tenants, including BasX Solutions and Old Dominion Freight Line. The property team includes KCB Private Equity as capital partner, Ethos Commercial Advisors as debt broker, Meritus Property Group as property manager and Fratzke Commercial as investment sales broker.
HESPERIA AND SAN BERNARDINO, CALIF. — Hanley Investment Group Real Estate Advisors has negotiated the sales of two newly constructed, single-tenant Quick Quack Car Wash properties in two separate transactions located in Hesperia and San Bernardino. Each 3,596-square-foot property operates on a 20-year absolute triple-net ground lease and sold for roughly $2.6 million. Bill Asher and Jeff Lefko of Hanley represented both sellers.
ELGIN, ILL. — Ames Watson, owner of global accessories retailer Claire’s Holdings LLC, has signed a 248,400-square-foot industrial lease at 1100 Tollgate Road in Elgin. Spence Mehl of RCS Real Estate Advisors and JLL’s Sam Brashler, Seth Geldzahler and Sharon Kariampuzha represented the tenant. High Street Logistics Properties LLC owns the building. Located approximately 40 miles northwest of downtown Chicago, the Elgin facility is designed for large-scale distribution operations and will support the broader efforts of Claire’s to modernize its logistics network, improve speed-to-store delivery and enhance omnichannel fulfillment capabilities, according to RCS.
GREEN BAY, WIS. — SF Capital has arranged a $31.2 million loan for the refinancing of a multifamily property in metro Green Bay. Aaron Stemple of SF Capital arranged the loan through a life insurance company on behalf of the undisclosed borrower. The loan features a 75 percent loan-to-value ratio and a 10-year, fixed-rate term.
CHICAGO — Greenstone Partners has arranged the $5.2 million sale of a portfolio of retail properties situated along North Milwaukee Avenue in Chicago’s Wicker Park neighborhood. The portfolio totals 9,470 square feet and includes one corner property at North Milwaukee Avenue and Honore, along with three spaces directly across the street. The assets are fully leased to tenants such as Crossroads Trading Co., 2nd STREET, Thursday Boot Co. and Saint Alfred. Danny Spitz and Brewster Hague of Greenstone represented the seller, a Chicago-based investment and development company, and procured the buyer, a New York-based investor.
Krusinski Construction Breaks Ground on 5,000 SF Wintrust Community Bank Branch in St. John, Indiana
ST. JOHN, IND. — Krusinski Construction Co. has broken ground on a new two-story, 5,000-square-foot banking center for Wintrust Community Bank in St. John within northwest Indiana. The bank branch will provide retail, business and mortgage banking services with a drive-thru. For more than 30 years, Wintrust has served communities across Illinois, Indiana, Michigan, Wisconsin and Florida. Completion is slated for August. The project team includes Grund & Riesterer as architect, DVG Team Inc. as civil engineer, The Structural Shop as structural engineer and W.T. Engineering Inc. as mechanical, electrical and plumbing engineer.
By Shubhra Jha, Standard Real Estate Investments Chicago was not on many investors’ bingo cards. However, consistently popping up in the top five apartment markets nationwide for rent growth and occupancy outperformance is changing that perception. Metro Chicago boasts relative affordability compared with its coastal counterparts, a range of job opportunities at all skill levels and the ongoing need for attainable housing. These factors create a multifamily investment landscape poised to deliver steady, long-term returns driven by resilient and stable demand. Economy, affordability Chicago is a diversified and consistent economic powerhouse, counted as the third largest major metro area in the United States and the largest non-coastal city. Its geographic location in America’s heartland combined with its historic strength in a wide array of sectors ranging from agriculture/food processing and finance/commodities trading to manufacturing, transportation/logistics and education play an important role in the metro’s resilience throughout economic cycles. Notably, there is no singular industry dominating the economy. Looking ahead, sizeable investments in quantum computing, life sciences and fintech will build on Chicago’s historic advantages in finance, trading and education. Despite its diversified and steadily expanding economic base, Chicago remains an affordable city for its residents. Median home prices in the …