KANSAS CITY, MO. — Berkadia has arranged the sale of Ashton Court, a 41-unit multifamily property built in 1960, and Ashton Place, a 37-unit community constructed in 1961, in Kansas City. Michael Spero, Niko Vrentas and Simon Rodewald of Berkadia represented the seller, Shawnee, Kan.-based Landmark Realty. Kansas City-based G1 Real Estate was the buyer. Additionally, the Berkadia team negotiated the sale of The Marseilles Apartments, a 28-unit property in Fairway, Kan. A private Missouri-based partnership sold the asset to Northfield, Ill.-based QMR Partners LLC. Built in 1971, the community offers a mix of studio, one- and two-bedroom units as well as a swimming pool and structured parking garage.
BROOKLYN PARK, MINN. — CBRE has negotiated the sale and acquisition financing for 610 Business Center, a 78,215-square-foot warehouse in the Minneapolis suburb of Brooklyn Park. Water Street Partners sold the asset to i3 Investors. Located at 9300 Winnetka Ave., 610 Business Center offers convenient access to I-94 via Highway 610. The facility was fully leased to Southern Graphics Systems and Twin Cities Habitat for Humanity at the time of sale. CBRE’s Bentley Smith, Judd Welliver, Zach Graham, Ryan Bain, Joe Horrigan and Michael Caprile represented the seller. CBRE’s Billy Mork, Mike Vannelli and Joel Torborg arranged a fixed-rate loan with interest-only payments for the full term on behalf of the buyer.
BATAVIA, ILL. — The Boulder Group has brokered the $4.8 million sale of a single-tenant retail property occupied by Slumberland Furniture in the Chicago suburb of Batavia. The 42,676-square-foot building is located at 165 N. Randall Road. Randy Blankstein and Jimmy Goodman of Boulder Group represented the seller, a Northeast-based real estate investor. The buyer was an investor based in the Midwest. Founded in 1967 and headquartered in Little Canada, Minn., Slumberland has grown to one of the largest furniture retailers in the Midwest with more than 120 stores in 12 states.
PISCATAWAY, N.J. — Lee & Associates has brokered the $19.4 million sale of two industrial buildings totaling 101,454 square feet in the Northern New Jersey community of Piscataway. The buildings at 121 and 131 Ethel Road W. were fully leased at the time of sale to tenants in the distribution, food production and research-and-development sectors. Drew Maffey and Joseph Komitor represented the buyer, national investment firm Longpoint, in the transaction. The seller was not disclosed.
EDEN PRAIRIE, MINN. — Seven retail tenants are now open or coming soon at Eden Prairie Center in the Twin Cities suburb of Eden Prairie. PRVDR, now open, is located on the lower level of Center Court near Niko Niko. Totaling 1,300 square feet, the locally owned boutique is one of two locations in Minnesota that offers men’s fashion apparel, t-shirts, hoodies, hats and sneakers. Umi’s for Men, expected to open in late October, will offer men’s fashion in a 1,409-square-foot store on the upper level near Auntie Anne’s. Opening later this year, Wings Credit Union will occupy 3,800 square feet on the upper level near Target. The nonprofit institution is Minnesota’s largest credit union. Reborn Salon features a new expansion. The 2,361-square-foot salon, located on the upper level near Visionworks, is owned and operated by local stylist Bella Roberts. Phenix Salon Suites, now open, offers salon suites, development tools and education to support independent beauty professionals operating their own businesses. The 6,244-square-foot salon features 35 suites on the lower level near Gyu Mai Japanese BBQ. The location marks the sixth in Minnesota. Also now open is the U.S. Army Career Center. The 1,178-square-foot service center is located on the …
JACKSON, MICH. — The McDaniel Apartments at Andy’s Place II has opened in Jackson, about 37 miles west of Ann Arbor. The project marks a major expansion of Michigan’s first Permanent Recovery Supportive Housing initiative. The development adds 26 affordable housing units and vital recovery services to serve expectant families overcoming opioid addiction. The new phase is named in honor of Mark McDaniel, president and CEO of Cinnaire. Andy’s Place, established in 2020, was the first in Michigan to directly link long-term housing with recovery services. Andy’s Place II, now The McDaniel Apartments, focuses on keeping families together through recovery. Unlike the first phase, which primarily serves treatment court referrals, this phase is open to families applying directly. Residents will have access to peer recovery coaching; onsite behavioral health services; a resource center and community room; and outdoor gathering spaces, picnic areas and a tot lot. These features are designed to reduce relapse, prevent family separation and help residents develop the skills needed for long-term recovery and independence. The McDaniel Apartments was made possible through a collaboration among local, state and private-sector partners, including Cinnaire, Huntington Bank, Comerica, Fifth Third Bank, Michigan State Housing Development Authority and various community-based organizations. …
MOORESTOWN, N.J. — Pennrose has completed Residences at Harper, a 76-unit affordable housing project in Moorestown, located in Southern New Jersey’s Burlington County. Units come in one-, two- and three-bedroom floor plans and are reserved for households earning between 30 and 60 percent of the area median income. Several residences will be specifically earmarked for formerly homeless residents or those with certain disabilities. Amenities will include a community room, fitness center, playground and a laundry room.
BASKING RIDGE, N.J. — Aucta Pharmaceuticals, which specializes in the development and commercialization of branded specialty products, has purchased a 52,000-square-foot office building in Basking Ridge, about 35 miles west of New York City, for its new headquarters. Local brokerage firm The Kislak Co. represented Aucta Pharmaceuticals in the $4.6 million acquisition. The seller was not disclosed.
LAS VEGAS — Bally’s Corp. (NYSE: BALY) has announced plans for Bally’s Las Vegas, an entertainment resort destination planned on the 35-acre site of the former Tropicana Las Vegas hotel and casino. The casino and sports entertainment operator is partnering with JLL and Marnell Cos. on the development, which is being submitted to Clark County for entitlements. Bally’s Las Vegas will share the site with the new Las Vegas Athletics Major League Baseball ballpark, a move by the Oakland Athletics that was announced and approved in 2023. Bally’s expects construction at Bally’s Las Vegas to begin in the first half of 2026. “Bally’s Las Vegas represents a once-in-a-generation opportunity to redefine the heart of the Strip,” says Soo Kim, chairman of the board of directors at Bally’s. “With world-class partners like JLL and Marnell, and with the arrival of Major League Baseball, we are not just building an integrated resort. We are creating a landmark destination that unites sports, entertainment, dining and hospitality on a scale only Las Vegas can deliver.” Plans for Bally’s Las Vegas include two luxury hotel towers totaling 3,000 rooms, an entertainment venue with a seating capacity of 2,500 and more than 500,000 square feet of …
Executing ground-up development for pure-play retail space — or retail product in mixed-use settings — in Houston is immensely challenging these days for a variety of reasons. This is in spite of the fact that the city has the underlying job and housing growth needed to justify a greater inventory of retail product. While all retail developers in Houston face similar headwinds in terms of costs of capital and construction materials/labor, as well as elevated tenant improvement (TI) costs and hefty required return thresholds from investors, it’s difficult to single out any one of those factors as most responsible for the dearth of new retail development. Some issues will be felt more acutely in some submarkets than others. Certain companies may have better connections and capital situations such that they can circumvent some of the uncontrollables. But no matter the combination of barrier-to-entry factors, the net result is the same: a market that cannot adequately supply retail product to meet demand. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. At the annual InterFace Houston Retail & Mixed-Use conference that …