MANITOWOC, WIS. — Marcus & Millichap has arranged the $12.3 million sale of Evergreen Townhomes, a 76-unit rental townhome community in Manitowoc. Built in 1999, the property is situated on 2 acres at 4910 Benley Court and totals 91,200 rentable square feet. Dan Bowar of Marcus & Millichap represented the seller, a Florida-based investor, and procured the buyer, a Wisconsin-based investor.
ORLAND PARK, ILL. — McCollom Realty Ltd. has sold El Cameno Plaza in Orland Park after owning it for 38 years. The retail property at 9931-9985 W. 151st St. features a 54-year lease with 7-Eleven, making it one of the longest 7-Eleven tenancies in the world. Five other tenants occupy the center as well. W.R. “Terry” McCollom, president of McCollom Realty, completed the sale.
HOUSTON — International Trip Planning Services has signed a 16,900-square-foot office lease in Houston’s Westchase District. The space is located within Building II at The Towers at Westchase. Matthew Seliger and Parker Noble of Stream Realty Partners represented the landlord, Franklin Street Properties, in the lease negotiations. Travis Taylor of Lee & Associates represented the tenant.
INDIANAPOLIS — Greenstone Partners has brokered the $4.8 million sale of a 60,000-square-foot shallow-bay industrial property located at 450 S. Kitley Ave. on the east side of Indianapolis. The two-tenant building is fully leased. Jason St. John of Greenstone represented the seller and procured the buyer, which closed the transaction 30 days after execution of the purchase and sale agreement. Both tenants are operating below prevailing market rents, providing a future revenue growth path upon lease rollover, according to Greenstone.
NAPERVILLE, ILL. — Crunch Fitness franchise owner JEM Wellness Brands has selected Fox River Commons for its inaugural location in Naperville, marking its second in the greater Chicago market. The tenant signed a lease with Continental Realty Corp. (CRC) for 32,744 square feet and will occupy the former Bed Bath & Beyond space within the 241,524-square-foot shopping center. Cherene Keenan represented CRC on an internal basis, while Newmark’s Holly Estler, Larry Kling and James Schutter represented the tenant. Crunch Naperville is expected to open this fall.
WORCESTER, MASS. — MassDevelopment has provided $38 million in tax-exempt bond financing for an affordable housing project in Worcester. The project is a redevelopment of Lakeside Apartments, a two-building complex that was constructed in 1949. The developer, a partnership between an affiliate of Tremont Development Partners and E3 Development, plans to construct two new buildings with a total of 116 units, 61 of which will replace outdated residences. Of the 116 units, 29 will be rented to households earning 60 percent or less of the area median income (AMI), and the other 87 will be reserved for households at 30 percent or less of AMI. Construction is underway and is expected to be complete in August 2027. Eastern Bank purchased the bond, with participation from Webster Bank. The Worcester Housing Authority is also a partner on the project.
NORTH BERGEN, N.J. — Safely Store has purchased a self-storage redevelopment site in North Bergen, located across the Hudson River from New York City. The site at 3131 Kennedy Blvd. houses a vacant, 73,398-square-foot building that was originally constructed in 1999 and previously functioned as a movie theater. Safely Store plans to convert the building into a four story self-storage facility with 103,000 net rentable square feet of climate-controlled space. Jose Cruz, Nicholas Stefans, Jason Lundy and Luke Ceccoli of JLL represented the seller, Madison International Realty, in the transaction.
NEW YORK CITY — Locally based brokerage firm Brax Realty has arranged the $10.2 million sale of a multifamily development site in the Long Island City area of Queens. The site at 42-73 and 42-71 Hunter St. can support 24,885 buildable square feet of residential product. Cole Kinney Leonhardt of Brax Realty represented the buyer and seller, both of which requested anonymity, in the transaction.
NEWTOWN SQUARE, PA. — Marcus & Millichap has brokered the sale of an 18,000-square-foot mixed-use building in Newtown Square, a western suburb of Philadelphia. Known as the Fieldstone Building, the structure at 4930 West Chester Pike houses 11 residential units and four commercial suites. Vince Peruto of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
The Upstate South Carolina industrial market is at an inflection point — an expected condition in a maturing and evolving market. Similar transitions have occurred in prior cycles and have consistently required lease rates to adjust more rapidly than traditional annual market escalations. These adjustments are driven by a combination of factors, including supply and demand dynamics, construction costs, capital markets and broader economic conditions. Currently, construction costs are the primary constraint impacting new deliveries. The post-COVID development surge resulted in over 30 million square feet of speculative industrial construction, a portion of which has yet to be fully absorbed. Today, we are approaching pre-COVID metrics with roughly 6.4 million square feet of speculative inventory (delivered or under construction) and an overall vacancy rate of approximately 7.3 percent. At this level, certain submarkets are at the point where additional speculative inventory will be required to meet tenant demand. The challenge lies in pricing. Much of the existing vacant space was delivered under a materially different construction cost structure, resulting in lease comps that do not reflect today’s construction and land costs. While incremental rent growth has occurred, it has not fully bridged the gap between legacy pricing and the economics …