Thursday, July 3, 2025
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AcquisitionsMidwestMultifamilyNebraska

Northmarq Arranges Sale of 566-Unit Multifamily Portfolio in Nebraska

by Kristin Harlow

BELLEVUE AND LINCOLN, NEB. — Northmarq has arranged the sale of two multifamily properties in Nebraska totaling 566 units. The sales price was undisclosed. The portfolio includes The Vue in Bellevue and Lakeview Park in Lincoln. Parker Stewart, Anthony Martinez, Dominic Martinez and Alex Malzone of Northmarq represented the seller, a joint venture between Vantage Capital Advisors and Cherry Tree Capital Partners. The buyer was a private Canadian investment firm. Built in 2000, The Vue features 330 units. Lakeview Park is a garden-style community built in 1995 that includes 236 units. Both properties feature recently renovated clubhouses along with pools, fitness centers and package lockers.

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AcquisitionsRetailSoutheastVirginia

SRS Brokers $10M Sale of Flagship Commons Retail Center in Ashburn, Virginia

by John Nelson

ASHBURN, VA. — SRS Real Estate Partners has brokered the $10 million sale of Flagship Commons, a 13,316-square-foot retail strip center located at 44795 Dulles Overlook Drive in Ashburn. Delivered in 2022 near a Topgolf and iFly, the center features an endcap Dunkin’ restaurant and drive-thru. Other tenants at Flagship Commons include Five Guys, The Big Screen Store, Club Champion and Finn Thai. Andrew Fallon, Philip Wellde Jr. and Rick Fernandez of SRS represented the developer/seller in the transaction. John Marshall Bank provided acquisition financing on behalf of the buyer, a private investment firm based in Northern Virginia that purchased the retail center as part of a 1031 exchange.

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IllinoisIndustrialLeasing ActivityMidwest

Popcorn Factory Signs Industrial Lease Renewals Totaling 149,000 SF in Suburban Chicago

by Kristin Harlow

LAKE FOREST, ILL. — The Popcorn Factory has signed industrial lease renewals totaling 149,000 square feet in the Chicago suburb of Lake Forest. The transactions span two properties — 28160 N. Keith Drive and 13970 W. Laurel Drive — where the tenant’s manufacturing operations have been based for more than 25 years. Corey Chase of Newmark represented Popcorn Factory, which first moved into the 70,000-square-foot facility at Laurel before expanding to the adjacent 78,000-square-foot property at Keith. As part of the expansion, a tunnel connecting the two contiguous properties was built. Today, the facilities require substantial renovations. Seeking to motivate the tenant to stay in place, ownership agreed to implement a seven-figure capital improvement and modernization to meet the requirements. The scope of work includes enhancements to the power system, modernization of dock doors, improvements to the parking lot and a modernized lunchroom.

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AcquisitionsIndianaMidwestMultifamily

GMF Group Acquires Three Manufactured Housing Communities in Indiana

by Kristin Harlow

INDIANAPOLIS AND HUNTINGTON, IND. — GMF Group has acquired three manufactured housing communities in Indiana for an undisclosed price. The purchases include Brookfield Estates in Indianapolis, East Indy Estates in Indianapolis and Huntington Estates in Huntington. The communities feature a combined 301 lots and offer a range of amenities. Palm Beach, Fla.-based GMF’s portfolio includes approximately 4,300 lots and units across Florida, North Carolina and Indiana.

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AcquisitionsKansasLeasing ActivityMidwestRetail

Block & Co. Negotiates Sale, Lease of Village West Discount Liquors Store in Kansas City

by Kristin Harlow

KANSAS CITY, KAN. — Block & Co. Inc. Realtors has negotiated the sale and new lease of the Village West Discount Liquors store in Kansas City. Village West Discount Liquors sold the property at 11010 Parallel Parkway and leased 8,029 square feet to new ownership. Grant Summers of Block & Co. represented the buyer, 110th and Parallel, KC Development LLC. Summers also negotiated the lease of the space to South Hills LLC, which is the new acting operator for Village West Discount Liquors. Daniel Brocato of Block & Co. represented the tenant in the lease.

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IndustrialMarket ReportsMidwestMidwest Market Reports

A Developer’s Guide to Midwest Industrial Hot Spots

by Kristin Harlow

Developers identify industrial hot spots as areas with low vacancy rates that justify speculative construction. These centrally located sites offer convenient highway access and proximity to a wide labor pool.  In the Midwest, examples of industrial development hot spots where demand has remained strong include Chicago, Minneapolis, Columbus and Louisville, according to Steve Schnur, chief operating officer with Chicago-based CRG. He cites these markets because of their affordability, business-friendly environment and robust logistics infrastructure. These areas tend to keep a healthy supply-demand balance, he adds. Luckily for those whose livelihood is tied to the industrial property type, 2025 is expected to bring a return to pre-pandemic demand drivers, according to CBRE’s “U.S. Real Estate Market Outlook 2025.” The brokerage firm states that industrial occupiers will focus on longer-term strategies to improve warehouse efficiency, ensure supply chain resiliency and meet the needs of an evolving consumer base.  At the beginning of this year, CRG inked a lease with States Manufacturing for 503,440 square feet at The Cubes at French Lake in metro Minneapolis. The 1 million-square-foot facility, completed in 2024, marked the largest speculative industrial project ever developed in the state, according to the developer.  On the other end of the …

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Affordable HousingFeaturesHeartland Feature ArchiveMultifamily

How to Invest in Sustainable Affordable Housing Initiatives

by Kristin Harlow

By Wilson Ding, Related Midwest The integration of sustainable features in affordable housing often comes with a perceived conflict: the expense of green technologies versus tight operating margins. However, innovative financing strategies and open dialogue with government agencies can bridge the gap, making sustainability more achievable for these projects. By their very nature, affordable housing developments tend to be very complex, often with a number of public and private stakeholders and a multifaceted capital stack. Securing additional resources for the implementation of sustainable technologies in both new and existing communities adds another layer of intricacy, contributing to the sector’s lag behind market-rate in this area. Yet while the installation of sustainable technologies may require a higher upfront investment of time and money, their ability to reduce ongoing expenses makes them a smart long-term strategy. Tax incentives, grants and other subsidies can also help make these projects feasible. Round Barn Manor My firm, Related Midwest, recently finished a $6.8 million renovation of Round Barn Manor, a 156-unit affordable seniors housing community in Champaign, Illinois. Completed in September 2024, the renovation was part of a broader $38.6 million recapitalization initiative carried out in collaboration with Related Affordable, our national affordable housing arm …

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LoansMassachusettsMultifamilyNortheast

MMCC Arranges $13.6M Loan for Refinancing of Metro Boston Apartment Complex

by Taylor Williams

WAKEFIELD, MASS. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $13.6 million loan for the refinancing of Lofts at 27 Water Street, a 46-unit apartment complex located north of Boston in Wakefield. The complex spans two buildings and includes 13,000 square feet of commercial space. Robert Bhat of MMCC arranged the five-year, nonrecourse loan, which carried an interest rate of 5.86 percent and a 65 percent loan-to-value ratio, through an undisclosed agency lender. The borrower is Pasciuto Properties.

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AcquisitionsConnecticutMultifamilyNortheast

NEPCG Negotiates $8.2M Sale of Crestview Apartments in West Haven, Connecticut

by Taylor Williams

WEST HAVEN, CONN. ­— Regional brokerage firm Northeast Private Client Group (NEPCG) has negotiated the $8.2 million sale of Crestview, a 63-unit apartment complex in West Haven, located in southern coastal Connecticut. According to Zillow.com, the property exclusively offers one-bedroom units, and residents also have access to a pool. Brad Balletto and Jeff Wright of NEPCG represented the Massachusetts-based seller and procured the Connecticut-based buyer, both of which requested anonymity, in the transaction.

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Leasing ActivityNew YorkNortheastRetail

Pickle1 to Open 5,060 SF Pickleball Facility in Manhattan’s Financial District

by Taylor Williams

NEW YORK CITY — Pickle1, a locally based pickleball operator, will open a 5,060-square-foot facility in Manhattan’s Financial District. The lease term is 10 years, and the three-court space will be located within the 964,175-square-foot building at 100 Pearl St. Allen Gurevich of GFP Real Estate and Andrew Taub of Newmark represented the owner, Commerz Real Americas, in the lease negotiations. Steven Evans and Emre Bozkurt of Platinum Properties represented Pickle1. The opening is set for this summer.

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