Sunday, July 13, 2025
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US-Bank-Gilbert-AZ
AcquisitionsArizonaRetailWestern

Marcus & Millichap Brokers $3.2M Sale of U.S. Bank-Occupied Property in Gilbert, Arizona

by Amy Works

GILBERT, ARIZ. — Marcus & Millichap has arranged the sale of a retail property located at North Higley Road and East Michelle Way in Gilbert. A Colorado-based limited liability company acquired the asset from an Arizona-based limited liability company for $3.2 million. U.S. Bank occupies the property on a 10-year absolute triple-net ground lease. The building was constructed in 2023. Mark Ruble, Chris Lind and Zack House of Marcus & Millichap’s Phoenix office represented the seller, while Brennan Clegg of Marcus & Millichap procured the buyer in the transaction.

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AcquisitionsIndustrialMidwestMissouri

Arch Street, Artemis Acquire 2.4 MSF Industrial Portfolio in Metro Kansas City

by Kristin Harlow

KANSAS CITY, MO. — Arch Street Capital Advisors and Artemis Real Estate Partners have acquired a 2.4 million-square-foot industrial portfolio in metro Kansas City for an undisclosed price. The portfolio consists of four Class A properties that are all fully leased and situated near the BNSF intermodal facility. Further details regarding the transaction were not provided.

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AcquisitionsMidwestMultifamilyWisconsin

CBRE Brokers $21M Sale of Historic Multifamily Property in West Bend, Wisconsin

by Kristin Harlow

WEST BEND, WIS. — CBRE has brokered the sale of Cast Iron Luxury Living, a 129-unit multifamily property in West Bend, about 39 miles northwest of Milwaukee. A partnership of local buyers purchased the asset from Hendricks Commercial Properties for $21 million. The property was formerly home to The West Bend Co., a cookware and appliance manufacturing-based business that had occupied the site since 1911. The asset was renovated in 2015 and converted into a mixed-use apartment community in 2017 with 45,748 square feet of ground-floor commercial space. Current tenants include Kettle Moraine YMCA, West Bend Pediatrics-Children’s Wisconsin and the West Bend Area Chamber of Commerce, along with restaurants Café Floriana and The Grün Hexe Kitchen & Catering. Cast Iron Luxury Living features a range of studio through three-bedroom units. Amenities include a business center, club and media room, garage parking, car spa and a self-service canteen convenience shop. Matson Holbrook, Patrick Gallagher, Gretchen Richards, Sean Beuche and Peter Langhoff of CBRE represented the seller.

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AcquisitionsIowaMidwestRetail

Hanley Investment Group Arranges $17.5M Sale of Shopping Center in Cedar Rapids, Iowa

by Kristin Harlow

CEDAR RAPIDS, IOWA — Hanley Investment Group Real Estate Advisors has arranged the $17.5 million sale of Northland Square shopping center in Cedar Rapids. The 106,500-square-foot property is fully occupied by national tenants such as T.J. Maxx, Barnes & Noble, OfficeMax, Old Navy, Famous Footwear and Hallmark. Built in 1994 and renovated in 2000, the center is located on Collins Road Northeast. Jeff Lefko and Bill Asher of Hanley Investment Group, in association with ParaSell Inc., represented the seller, a Midwest-based private partnership. Doug Fielding of Marcus & Millichap represented the buyer, a private investor based in Southern California.

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AcquisitionsMichiganMidwestOffice

Colliers Negotiates Sale of 56,920 SF Flex Office Building in Northville, Michigan

by Kristin Harlow

NORTHVILLE, MICH. — Colliers has negotiated the sale of a 56,920-square-foot flex office building in Northville for an undisclosed price. The property is located at 22300 Haggerty Road. Metro Engineering Solutions, an engineering company, is moving into the space in April. The company maintains several other locations in Michigan. John Fricke and Jonathan Loos of Colliers represented the buyer.

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IllinoisLeasing ActivityLife SciencesMidwest

TCC Inks Two Expansions, One Headquarters Lease at Fulton Labs in Chicago

by Kristin Harlow

CHICAGO — Trammell Crow Co. (TCC) has inked leases with three tenants at 400 North Aberdeen within its Fulton Labs campus in Chicago’s Fulton Market neighborhood. The leases total approximately 40,000 square feet and include extensions and expansions from Portal Innovations and Chan Zuckerberg Biohub Chicago and a headquarters relocation for P33 Chicago. All three tenants are expected to occupy their new spaces by this summer. Portal Innovations is a venture development platform that invests financial, physical and human capital to fuel life sciences breakthroughs. The company has extended its existing lease of 40,000 square feet and grown its footprint to 53,000 square feet, expanding to the 10th floor. Portal’s expansion at its flagship location will help accommodate its growing portfolio, which now includes more than 50 companies. Portal also operates labs in Atlanta, Boston and Houston, and is opening a new lab in partnership with the University of Chicago in Hyde Park Labs. CZ Biohub Chicago is a biomedical research institute led by Shana Kelley, Ph.D and launched by Priscilla Chan and Mark Zuckerberg’s Chan Zuckerberg Initiative. Opened in 2024, the organization has extended its existing lease of 28,000 square feet and expanded to 41,000 square feet. The expansion …

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Valley Ridge
AcquisitionsFeaturesMultifamilyMultifamily & Affordable Housing Feature Archive

Stage Set for Late-Year Uplift in 1031 Multifamily Deals

by Channing Hamilton

Late last summer, optimism ran steady across the multifamily investment sales market. Prior to the Federal Reserve’s initial rate cut in September 2024, interest rates had remained stable throughout the year. The outlook was positive. But that more ebullient market proved temporary.  The Fed’s interest rate cut had a positive effect on the secured overnight financing rate (SOFR), which fell from 5.3 percent on Sept. 18, 2024, to 4.3 percent in early February 2025. The U.S. 10-year Treasury yield rose during the same period. On Sept. 18, 2024, the 10-year yield closed at approximately 3.7 percent, and it stands at 4.5 percent as of Feb. 17. As a result of these factors, a bid-ask spread between apartment buyers and sellers has re-emerged, and transactions largely continue to follow the lackluster pace emblematic of the market since the cost of capital skyrocketed over a roughly 18-month period beginning in early 2022.  The lack of sales has also suppressed the plans of property investors who want to take advantage of Section 1031 of the U.S. Internal Revenue Code. The provision allows sellers to defer paying capital gains taxes by using the sales proceeds to buy a similar, or “like-kind,” asset. But upon …

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ArizonaMarket ReportsRestaurantRetailWesternWestern Market Reports

Phoenix’s Growing Population Brings New Retail Tenants, Shopping Centers

by John Nelson

By Nellie Day Metro Phoenix’s population grew to include more than 5 million people in 2023, per the Census, making it the second fastest-growing large U.S. city that year. This increase in residents and employment opportunities naturally brought new, emerging and different retailers to the area, who quickly occupied both existing centers and new developments.  Phoenix-headquartered Vestar’s activity paints a picture of how this retail market has grown with its population. In the last quarter of 2024 alone, Vestar broke ground on Verrado Marketplace, a 500,000-square-foot shopping center in Buckeye; ushered in a new wave of tenant openings at Las Tiendas Village in Chandler and Queen Creek Marketplace in Queen Creek; and brought back a seasonal pop-up inside a 50-foot spherical dome at the District at Desert Ridge Marketplace in Phoenix. Balancing Tenant Mix, Community Relevance The key to capitalizing on Metro Phoenix’s growth, the firm says, is focusing on tenant diversification and market positioning. Vestar actively seeks out curated tenant mixes that not only attract foot traffic but align with the demographic and economic profiles of each community. Las Tiendas Village, for example, recently welcomed Marshalls, beauty supply store Happy Beauty, luxury lash spa Revelashons and child-focused hair salon …

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DevelopmentStudent HousingTexasTop Stories

Subtext, Larson Capital Management to Develop 1,738-Bed Student Housing Project Near Texas A&M University

by John Nelson

COLLEGE STATION, TEXAS — Subtext, a student housing and multifamily owner-operator based in St. Louis, has partnered with Larson Capital Management for a two-phase student housing development near Texas A&M University in College Station. The project will include EVER College Station (176 units, 545 beds) and VERVE College Station (382 units, 1,193 beds), which will be situated across the street from one another in the city’s Northgate Entertainment District, less than two blocks from campus. EVER will rise seven stories at 401 Stasney St. and include 420 parking spaces, while VERVE will rise 21 stories at 311 Stasney St. and feature 882 parking spaces. The properties will feature layouts ranging from studios to five-bedroom apartments, as well as a combined 55,000 square feet of amenity space (29,000 square feet of indoor and 26,000 square feet of outdoor). The specific amenity offerings will include open lounges, study rooms, a coffee bar, mini market, fitness center, sauna, meditation rooms, outdoor fitness spaces, multi-sport simulator, indoor/outdoor bar and kitchen. Other amenities will include a resort-style pool with poolside cabanas, a jumbotron TV and a sky lounge with a spa, as well as outdoor grilling stations, fire pits, a dog run and a game …

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AcquisitionsIndustrialRetailTexas

M2G Ventures Buys 740,000 SF Industrial, Retail Property in Northwest Dallas

by Taylor Williams

DALLAS — Locally based investment firm M2G Ventures has purchased Inwood Design District, a 14-building, 740,000-square-foot industrial and retail property in Dallas that also includes showroom space as part of the retail component. The 38-acre site at 1110 Inwood Road is located northwest of the downtown area in between the Dallas Design District and the West Brookhollow neighborhood. At the time of sale, Inwood Design District was 93 percent leased to tenants such as Crate & Barrel, White Glove Storage & Delivery, Community Coffee, Neiman Marcus and Granimport USA. M2G Ventures has tapped SHOP Cos. to lease the retail space and Holt Lunsford Commercial to lease the industrial space.

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