CAROL STREAM, ILL. — Development Solutions Inc. (DSI) has completed a 200,000-square-foot warehouse and showroom expansion for Frain Industries at 245 E. North Ave. in Carol Stream. The addition brings Carol Stream-based Frain’s facility to a total of approximately 530,000 square feet. The project enhances Frain’s capabilities in packaging and processing equipment solutions.
MELROSE PARK, ILL. — NewMark Merrill has received a $36 million loan for the refinancing of Winston Plaza, a shopping center in Melrose Park. NewMark Merrill acquired the property in 2008 and completed an extensive remodeling and repositioning. Since the end of COVID, the center has received more than 100,000 square feet of new merchants, including a Cermak grocery store, Ross Dress for Less, Burlington, JD Sports, Sistar Beauty and an expanded Five Below store. Kostas Kavayiotidis of Pacific Southwest Realty and Bryan Gortikov of Gortikov Capital arranged the refinancing loan with Wells Fargo for long-term debt from Mutual of Omaha. Sandra Kist and Josh Ginsborg represented NewMark Merrill on an internal basis.
INDIANA — Michael P. Jakubiec Investment Real Estate Inc. has brokered the sales of three multifamily properties in Indiana. All of the properties sold at list price within three days of each other. The 50-unit Bison Ridge Apartments in Nappanee sold for nearly $3.8 million, and the 24-unit Orchard Park Apartments in Wakarusa transacted for $1.3 million. Both were owned by the same entity and were acquired by the seller of the 48-unit Kensard Manor Apartments in Mishawaka, which sold for $3.8 million.
SPRINGFIELD, MO. — Marcus & Millichap has arranged the $4.4 million sale of a net-leased Maverik gas station property in Springfield. The 6,203-square-foot asset is situated on a 2-acre lot at 2704 S. Campbell Ave. The property was built in 2016 and recently remodeled following Maverik’s 2023 acquisition of Kum & Go. There are 10.8 years remaining on the primary lease term. Jackson Harris, Chris Lind, Mark Ruble, Zack House and David Saverin of Marcus & Millichap procured the buyer, a California-based limited liability company.
WEBSTER, TEXAS — Venu, a hospitality and entertainment owner-operator based in Colorado, has signed a letter of intent to open a 12,500-seat amphitheater in Webster, a southeastern suburb of Houston. According to local media sources, including Community Impact Newspaper and CultureMap Houston, the project is valued at $150 million. Known as Sunset Amphitheater Houston and spanning 34 acres, the venue will be located within Flyway, an 80-acre entertainment district that is anchored by Great Wolf Lodge. Former Dallas Cowboys quarterback Troy Aikman is a partner on the project via the Aikman Club, a 350-seat, membership-based elevated space that will be located at the center of the venue.
MIDLAND, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of a portfolio of four multifamily properties totaling 277 units in the West Texas city of Midland. The properties, which are collectively known as the Midland Value-Add Portfolio, include Brighton Court, Delmar Villas, Enclave and Signature Place. All four properties were built in the early 1980s. Will Balthrope and Drew Garza of IPA, in association with Tommy Lovell III and Richard Robson of Marcus & Millichap, represented the seller and procured the buyer, both of which requested anonymity, in the transaction.
ROUND ROCK, TEXAS — Minnesota-based Broadway Street Development has completed The Preserve at Mustang Creek, a 252-unit affordable housing project in the northern Austin suburb of Round Rock. Designed by Merriman Anderson Architects and built by Cadence McShane, the property offers one-, two-, three- and four-bedroom units that are reserved for households earning between 30 and 60 percent of the area median income. Amenities include a pool, outdoor grilling and dining stations, a playground, fitness center, café kitchen and an activity room. The Texas Department of Housing and Community Affairs provided partial funding for the project. Construction began in fall 2023.
HOUSTON — Bank of America has signed a 70,914-square-foot office lease renewal at the 52-acre Greenway Plaza office complex in Houston. The banking giant will continue to occupy portions of the seventh and ninth floors at 20 Greenway Plaza, a 433,132-square-foot building. David Bale and Cody Little of JLL represented the tenant in the lease negotiations. Steve Rocher and Rima Soroka of CBRE represented the landlord, Los Angeles-based Stockdale Capital Partners.
OLYPHANT, PA. — Global investment firm EQT Real Estate has purchased a 1 million-square-foot industrial property in Olyphant, located just outside of Scranton. Completed in 2023, Scranton North Logistics Center features a clear height of 40 feet, 185-foot truck court depths, 233 trailer parking stalls, 163 dock-high doors and four drive-in doors. John Plower, Ryan Cottone and Zach Maguire of JLL brokered the sale of the property, which was fully leased at the time of sale to an unnamed tenant. The seller was regional owner-operator Endurance Real Estate.
FORT LEE, N.J. — Regional brokerage firm BlueGate Partners and JLL have co-arranged the sale of Twenty50, a 194-unit apartment complex in the Northern New Jersey community of Fort Lee. Built in 2013, the 12-story building houses one- and two-bedroom units with an average size of 896 square feet. Amenities include a pool, coworking space, library, fitness center, lounge and outdoor grilling and dining stations. Mark DeLillo, Marc Schulder and Lee Spiegleman of BlueGate collaborated with JLL’s Jose Cruz, Steve Simonelli, Mike Oliver and Elizabeth DeVesty to broker the deal. The buyer and seller were not disclosed.
