FREEPORT, ILL. — Coldwell Banker Commercial McGuire Mears & Associates has negotiated the sale of a 488,000-square-foot industrial facility in Freeport, a city in Northwest Illinois. The sales price was undisclosed, but the list price was $7 million. The building is roughly 70 years old and features a clear height of 26 feet, 30 exterior docks and 10 drive-in doors. Adam Shultz of Coldwell Banker Commercial McGuire Mears & Associates represented the seller, an affiliate of Janesville, Wis.-based Badger Property Investments LLC. The buyer was an affiliate of Milwaukee-based Phoenix Investors LLC.
GRAFTON, WIS. — McShane is building Woodside Prairie, a 32-unit supportive living community for adults with autism in Grafton, about 20 miles north of Milwaukee. Impact Seven is the developer. The project incorporates four supportive living buildings as well as two townhomes. Additionally, a 3,700-square-foot activity building will contain a community kitchen, craft space, computer center and fitness area. Completion is scheduled for October 2023. New Horizon Ventures is the architect.
FORT WAYNE, IND. — Quantum Real Estate Advisors Inc. has arranged the sale of a single-tenant retail building occupied by Sherwin-Williams in Fort Wayne for an undisclosed price. Constructed in 2022, the building spans 3,500 square feet. Chad Firsel and Seth Gilford of Quantum represented the seller, Chicago-based Core Acquisitions LLC. The asset sold to an out-of-state buyer.
DALLAS — A partnership between a subsidiary of locally based investment firm CAF Cos. and Goldman Sachs Asset Management has acquired a portfolio of 16 multifamily properties totaling 2,766 units in Dallas-Fort Worth. The names and addresses of the properties, which are collectively known as The Obsidian Portfolio, were not disclosed, but all were constructed as market-rate projects. The new ownership plans to self-impose rent restrictions and social programming for renters at a variety of income levels. New services will include childcare, afterschool tutoring, workforce development and financial literacy. The seller was not disclosed.
DALLAS — JLL Capital Markets has arranged a $175 million refinancing for a six-property seniors housing portfolio totaling 821 units across the Southeast. The portfolio offers a mix of independent living, assisted living and memory care units. Five of the properties are recently completed and the sixth, a second phase to its adjacent sister property, is currently under construction. The properties are positioned in high-growth markets with strong demographics and forecasted growth in the senior population. The communities are near major retail, entertainment, healthcare and professional centers, as well as numerous outdoor activities such as golf courses and country clubs. Allison Holland and Jason Skalko led the JLL Capital Markets debt advisory team representing the unnamed borrower. Further details on the borrower and properties were not disclosed.
MIAMI — Miami Worldcenter Associates and partner CIM Group have delivered Block F-East, an 80,000-square-foot “jewel box” retail building within the $4 billion Miami Worldcenter campus in downtown Miami. The standalone, glass-encased building marks one of the last retail components to be delivered as part of the 27-acre mixed-use development. The building, which will be home to Bowlero and the recently announced Sports & Social, will feature an open-air rooftop restaurant overlooking Miami Worldcenter’s World Square public plaza and park. Block F-East is located at the confluence of the 7th Street Promenade and World Paseo open-air retail pedestrian streets. The site is directly west of Miami Worldcenter’s upcoming citizenM boutique hotel and north of the completed luxury apartment tower Bezel Miami. In addition to the jewel box’s tenants, other retailers at Miami Worldcenter include Sephora (now open), lululemon athletica, Savage x Fenty, Ray-Ban, Posman Books and Lucid Motors, as well as dining and entertainment concepts such as Brasserie Laurel (now open), El Vecino and Chicago’s Maple & Ash and etta restaurants.
DORAL, FLA. — Marcus & Millichap has brokered the $57 million sale of Doral Shops, a 113,354-square-foot shopping center located at 11402 N. West 41st St. in Doral, a suburb of Miami. Built in 2002 on nearly six acres, the shopping center was 99 percent leased at the time of sale to Navarro Discount Pharmacy, as well as 12 restaurants and several service-oriented tenants on the ground floor. The second floor of Doral Shops, which spans roughly 40,000 square feet, houses service retailers and some offices. Scott Sandelin and Edward Romo of Marcus & Millichap’s Miami office represented the seller, a limited liability company that developed Doral Shops 20 years ago. The buyer was also a limited liability company. Both parties requested anonymity.
WILMINGTON, N.C. — A joint venture between an affiliate of The Beach Co. and Swain & Associates plans to develop Center Point, a mixed-use project adjacent to Mayfaire Town Center in Wilmington. Phase I of the campus will include 351 apartments, 45,655 square feet of retail space and 6,941 square feet of live/work space. The co-developers have tapped Charlie Coyne and Matt Larson of CBRE|Raleigh to lease the retail component of Center Point, which will be located across from Landfall Shopping Center and The Forum. A construction timeline was not disclosed.
AUSTIN, TEXAS — A partnership between Minneapolis-based developer Ryan Cos. and locally based investment and management firm Castletop Capital has broken ground on a 222-unit seniors housing project in Austin. Grand Living at The Grove will be located within a larger mixed-use development and will offer 186 independent and assisted living units and 36 memory care units. Residences will range in size from 450 to 1,600 square feet. Amenities will include a bistro, library, performance theater, spa, fitness center, salon, pool, therapy rooms, chapel and outdoor amenity spaces. Completion is slated for late 2024.
GLEN ALLEN, VA. — Genworth Financial Inc., a publicly traded personal finance firm based in Richmond, has leased approximately 175,000 square feet of office space at SunTrust Business Center, an office campus located at 1011-11013 W. Broad St. in the Richmond suburb of Glen Allen. The firm is subleasing the space from Truist Bank and also signed a direct lease with the landlord, FD Stonewater, that commences at the end of the sublease term. Dean Meyer and Mac Wilson of Cushman & Wakefield|Thalhimer, as well as Jamie Smith of Cushman & Wakefield’s Baltimore office, represented Genworth Financial in the lease negotiations. Paul Silver, Brian Berkey and Karla Knight of Thalhimer, as well as Hap Royster and William Woltz of Cushman & Wakefield’s Winston-Salem office, represented Truist Bank. Amy Broderick and Jeffrey Cooke of Thalhimer represented FD Stonewater. SunTrust Business Center will be the new corporate headquarters for Genworth Financial. Other tenants at the campus include EAB, Wipro, Magellan and Home Care Delivered.