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AcquisitionsCaliforniaOfficeWestern

Royal Tulip Investments Buys Newport Victoria Plaza Office Building in Costa Mesa, California

by Amy Works

COSTA MESA, CALIF. — Royal Tulip Investments has acquired Newport Victoria Plaza, an office building located at 2183 Fairview Road in Costa Mesa. A Beverly Hills, Calif.-based private seller sold the asset for $7.1 million, or $165 per square foot. The buyer plans to relocate its offices to the 43,250-square-foot building and lease out the remaining space. At the time of sale, the property was 35 percent occupied. Eric Smith of Voit Real Estate Services represented the buyer, while Anthony DeLorenzo, Sammy Demo and Bryan Johnson of CBRE represented the seller in the deal.

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Building-A-Mary-Ellen-McCormack-Boston
Affordable HousingDevelopmentMassachusettsMultifamilyNortheast

WinnCos., BHA Begin Construction on $70M South Boston Affordable Housing Project

by Taylor Williams

BOSTON — A partnership between regional multifamily owner-operator WinnCos. and the Boston Housing Authority (BHA) has begun work on a $70 million affordable housing project in South Boston. The 94-unit building, which carries a price tag of $62 million, will be constructed as part of the initial phase of the redevelopment of the 1,016-unit Mary Ellen McCormack public housing development, which originally opened in 1938. The partnership plans to invest another $8 million in infrastructure upgrades. Units at the new building will primarily come in one-, two- and three-bedroom floor plans. Bank of America provided the construction loan for Building A and is also the tax credit equity investor on the project. Once Building A is completed in late 2026, construction will begin on Building B, which will offer 300 mixed-income apartments, and Building C, which will offer 196 mixed-income apartments, with 172 units reserved for seniors aged 62 or older. In all, eight new residential buildings totaling 1,310 units will be built over the course of a decade during Phase I of the redevelopment, replacing 529 aging public housing apartments for BHA households and creating 781 additional apartments for middle-income and market-rate renters. Existing buildings will be demolished to …

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IllinoisLoansMidwestMultifamily

Newmark Arranges $110M Loan for Refinancing of Cityfront Place Apartment Tower in Chicago

by Kristin Harlow

CHICAGO — Newmark has arranged a $110 million loan for the refinancing of Cityfront Place, a 39-story luxury apartment tower in downtown Chicago. The borrowers, Strategic Properties of North America and Mirae Asset Securities, acquired the 480-unit property in 2020 and implemented a renovation plan, modernizing unit interiors and common areas while maintaining occupancy above 95 percent throughout the improvement period. The renovations contributed to a more than 60 percent increase in net operating income. Positioned along the Chicago River in the Streeterville neighborhood, Cityfront Place offers studio, one- and two-bedroom units. Amenities include a fitness center, indoor pool, rooftop terrace, resident lounge, indoor parking and direct access to the Riverwalk. Charles Han, Henry Stimler, Bill Weber, Matt Mense, Dan Sarsfield and Ricky Warner of Newmark arranged the financing.

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Thompson Thrift Sells 242-Unit Slate at Fishers District Build-to-Rent Community in Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has sold Slate at Fishers District, a 242-unit luxury build-to-rent community in the Indianapolis suburb of Fishers. Bonaventure Holding Co. purchased the property for an undisclosed price. George Tikijian, Hannah Ott, Ted Abramson, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE brokered the sale. Slate at Fishers District features one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark park and dog spa. Construction wrapped in May 2024, and the property’s occupancy now exceeds 90 percent. Slate at Fishers District is one of five developments within the larger Fishers District. Once completed, the $750 million project will span 123 acres and include multifamily, hotel, office, dining, shopping and entertainment options.

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AcquisitionsIllinoisMidwestMultifamily

Interra, Triton Broker $16.1M Sale of Multifamily Portfolio on Chicago’s North Side

by Kristin Harlow

CHICAGO — Interra Realty and Triton Realty Group have brokered the sale of a three-building multifamily portfolio totaling 115 units in Chicago’s Rogers Park neighborhood. The properties sold for $16.1 million in an off-market deal. All of the buildings were fully occupied at the time of sale and are located on North Damen Avenue. Brad Feldman of Interra and Harrison Cohen of Triton represented the seller, George Triff. The duo also represented the buyer, a private individual investor.

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DevelopmentKansasMidwestMultifamilySeniors Housing

Brinkmann Constructors Breaks Ground on 89-Unit Senior Living Building in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — Brinkmann Constructors has broken ground on a five-story building at the Tallgrass Creek Senior Living campus in the Kansas City suburb of Overland Park. Maryland-based Erickson Senior Living is the developer. The 173,000-square-foot property marks Brinkmann’s fifth residential building in Neighborhood Two at the Tallgrass Creek campus. As the final residential addition to the campus, the new building will feature 89 units built over a podium deck with below-grade parking. Lantz-Boggio Architects PC is the architect.

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AcquisitionsIndustrialMidwestOhio

Marcus & Millichap Negotiates $3.8M Sale of Industrial Property in Sidney, Ohio

by Kristin Harlow

SIDNEY, OHIO — Marcus & Millichap has arranged the $3.8 million sale of a 165,230-square-foot industrial property in Sidney, about 40 miles north of Dayton. Located at 1521 Michigan St., the facility sits on more than 33 acres at the intersection of I-75 and Michigan Street. Formerly home to Reliable Castings Corp., the property includes heavy manufacturing capacity, a machine shop, warehouse, distribution spaces and offices. Nathan Pealer of Marcus & Millichap represented the seller, Reliable Castings, and procured the buyers, Moxie Equities and Lido Realty. The complex sale involved a bankruptcy, a business winding down its operations and active equipment auctions taking place during the selling process, according to Pealer. The buyers plan to improve and lease the property, and marketing efforts are underway.

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MassachusettsNortheastRetailUncategorized

JLL Arranges Recapitalization of 580,000 SF Retail Power Center in Dedham, Massachusetts

by Taylor Williams

DEDHAM, MASS. — JLL has arranged the recapitalization of Legacy Place, a 580,000-square-foot retail power center in Dedham, a southwestern suburb of Boston. The open-air center was built on 37 acres in 2009 and was 99 percent leased at the time of recapitalization to tenants such as Whole Foods Market, Apple, Lululemon, Nike and L.L. Bean. Chris Angelone, Zach Nitsche and Hugh Doherty of JLL represented Nuveen Real Estate, which sold its unquantified interest in the property to Madison International Realty, in the transaction. WS Development remains the principal owner of Legacy Place.

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AcquisitionsNew JerseyNortheastRetail

Marcus & Millichap Brokers $4.3M Sale of Two Retail Buildings in Maplewood, New Jersey

by Taylor Williams

MAPLEWOOD, N.J. — Marcus & Millichap has brokered the $4.3 million sale of two retail buildings in Maplewood, located just outside of Newark. The two adjacent, freestanding buildings are leased to Dollar General and Sherwin-Williams and both recently underwent capital improvements. Alan Cafiero, David Cafiero and Dean Matuszewicz of Marcus & Millichap represented the seller and procured the buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNortheastOfficePennsylvania

CBRE Negotiates 32,600 SF Office Lease in Wayne, Pennsylvania

by Taylor Williams

WAYNE, PA. — CBRE has negotiated a 32,600-square-foot office lease in Wayne, a western suburb of Philadelphia. The tenant is Comcast Cable Communications Management, and the space is located within the 200,000-square-foot, freshly renovated building at 1111 Old Eagle School Road. Scott Gabrielsen of CBRE represented the landlord, De Lage Landen Financial Services, in the lease negotiations. Jay Joyce of Savills represented Comcast.

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