Property Type

Newmark Negotiates $23.5M Sale of The Block at Pima Center Retail Property in Scottsdale

by Amy Works December 16, 2022

SCOTTSDALE, ARIZ. — Newmark has arranged the sale of The Block at Pima Center, a multi-tenant retail property in Scottsdale. Block East LLC and Block West LLC sold the asset to New Block 22 LLC for $23.5 million. Located at the northwest corner of Via De Ventura and Arizona State Route 101, The Block at Pima Center features 37,958 square feet of retail space that was fully leased at the time of sale. Current tenants include Starbucks Coffee, Dickey’s Barbecue Pit, Mayweather Boxing + Fitness and Spinato’s. The property features several full-service restaurants with patios, fast-casual dining options, health and fitness tenants, and personal care services. Jesse Goldsmith, Steve Julius and Chase Dorsett of Newmark represented the seller in the transaction.

December 16, 2022

Acquisitions Multifamily Oregon Western

Kidder Mathews Brokers $19.3M Sale of Fox Meadows Apartments in Tualatin, Oregon

by Amy Works December 16, 2022

TUALATIN, ORE. — Kidder Mathews has arranged the sale of Fox Meadows Apartments, a garden-style multifamily property in Tualatin. Trion Properties sold the asset to a California-based national multifamily investor for $19.3 million. Tyler Linn, Jordan Carter and Clay Newton of Kidder Mathews represented the seller in the deal. Located at 19545 and 19605 SW Boones Ferry Road, Fox Meadows features 95 apartments in a mix of one-, two- and three-bedroom units.

December 16, 2022

Colorado Development Industrial Western

Lovett Industrial Starts Construction of 201,329 SF Broadway Logistics Center in Denver

by Amy Works December 16, 2022

DENVER — Houston-based Lovett Industrial closed on 14.9 acres of land for the development of Broadway Logistics Center, a Class A, front-park, rear-load building in Denver. Totaling 201,329 square feet, Broadway Logistics Center will feature 32-foot clear heights, six-inch reinforced concrete slab, 204 auto parking stalls, 57 dock-high doors, 130 truck courts and 50 trailer parking spots. Construction started in November 2022 with completion slated for October 2023. Drew McManus, Ryan Searle and Bryan Fry of Cushman & Wakefield will handle marketing and leasing efforts for the property. Texas Capital Bank provided construction financing. Brinkmann Constructors is serving as general contractor, Powers Brown Architecture is the lead architect and Kimley-Horn is serving as civil engineer.

December 16, 2022

Development Illinois Midwest Restaurant Retail

Structured Development, Burnt City Brewing Open District Brew Yards in Suburban Chicago

by Kristin Harlow December 16, 2022

WHEELING, ILL. — Structured Development and Burnt City Brewing have opened a second District Brew Yards location at 700 N. Milwaukee Ave. in the Chicago suburb of Wheeling. Occupying the former Ram Restaurant & Brewery, which shuttered in 2019, the 11,668-square-foot space features five breweries: Burnt City Brewing, Around the Bend Beer Co., Casa Humilde Cerveceria, Twisted Hippo Brewing and Histrionic Brewlab. Guests can sample a range of beers and are charged by the ounce with a cashless system. Guests can also enjoy barbecue from Lillie’s Q, fried chicken and fish from Salt & Scratch and Mexican cuisine from Chicano Taqueria. The first District Brew Yards location opened in Chicago’s West Town neighborhood in 2019. The Wheeling location features a taproom with communal tables, bottle shop and outdoor beer garden that seats more than 100 people.

December 16, 2022

Development Indiana Industrial Midwest

Broe Real Estate Group to Build 300,000 SF Spec Industrial Building in Jeffersonville, Indiana

by Kristin Harlow December 16, 2022

JEFFERSONVILLE, IND. — Broe Real Estate Group has acquired land in southern Indiana’s Jeffersonville with plans to build a 300,000-square-foot speculative industrial building. The Class A facility will be situated within the 6,000-acre River Ridge Commerce Center. Plans call for a clear height of 36 feet, rear load access and ample trailer parking to support the needs of logistics, manufacturing, research and technology tenants. Broe’s transportation affiliate, OmniTRAX, is expanding the industrial park’s rail infrastructure. Construction is scheduled to begin in summer 2023. Robert Walker and Greg Charmoli of Commercial Kentucky will market the project for lease. The project team includes architect Ware Malcomb and engineer American Structurepoint.

December 16, 2022

Development Healthcare Midwest Missouri

Tarlton Breaks Ground on 66,000 SF Outpatient Health Center for SSM Health in O’Fallon, Missouri

by Kristin Harlow December 16, 2022

O’FALLON, MO. — Tarlton Corp. has broken ground on a two-story, 66,000-square-foot outpatient health center for SSM Health in the St. Louis suburb of O’Fallon. The center will offer extensive imaging, adult and pediatric urgent care services, laboratory services and a retail pharmacy. In addition, SSM Health will partner with SSM Health Medical Group, SLUCare Physician Group and Cardinal Glennon Children’s Hospital to provide onsite primary, specialty and pediatric services. Slated for completion in mid-2024, the facility will be situated near the Streets of Caledonia, a lifestyle center incorporating a mix of retail and residential space. ACI Boland Architects is providing architectural services, while Cochran Engineering, KPFF Consulting Engineers and Ross & Baruzzini are providing engineering services.

December 16, 2022

Indiana Leasing Activity Midwest Office

Old National Bank Expands Office Lease in Suburban Indianapolis to 45,077 SF

by Kristin Harlow December 16, 2022

CARMEL, IND. — Old National Bank has expanded its office lease at Parkwood Crossing in the Indianapolis suburb of Carmel from 25,531 square feet to 45,077 square feet. The financial services firm is also consolidating its regional office space by moving an existing downtown Indianapolis office to the newly expanded space at Parkwood Crossing. Rubenstein Partners LP owns Parkwood Crossing, which spans eight buildings and 1.2 million square feet. Rubenstein acquired the property in 2016 and implemented a comprehensive renovation of the campus, including the addition of a 14,000-square-foot amenity center equipped with dining facilities, a fitness center, cybercafe, conference rooms and collaborative spaces. Traci Kapsalis, John Robinson and Brittany Shuler of JLL represented Rubenstein in the lease. Jeff Harris of Cressy Commercial Real Estate represented the tenant.

December 16, 2022

Loans Midwest Multifamily Seniors Housing Walker & Dunlop Wisconsin

Walker & Dunlop Arranges $14.7M HUD-Insured Loan for Refinancing of Wisconsin Assisted Living Facility

by Kristin Harlow December 16, 2022

FORT ATKINSON, WIS. — Walker & Dunlop has arranged a $14.7 million HUD-insured loan for the refinancing of Reena Senior Living, an 80-unit assisted living and memory care facility in Fort Atkinson, located about midway between Madison and Milwaukee. The property consists of a three-story assisted living building that was constructed in 2016 and a one-story memory care portion that was built in 2019. Kevin Giusti and Matthew Lund of Walker & Dunlop arranged the loan on behalf of the borrower, Tukka Properties.

December 16, 2022

Development Mixed-Use Texas

Developers Underway on Phase I of Mixed-Use Project in Celina, Texas

by Taylor Williams December 16, 2022

CELINA, TEXAS — Developers Guy Hatcher and Todd Stein are underway on construction of Phase I of a mixed-use project in the North Texas city of Celina. The initial phase of Celina Station, which is located at the corner of Preston Road and Ash Street, will feature 60,000 square feet of retail, office and medical office space. Tenants that have committed to this space include AT&T Wireless, OMG Tacos, Methodist Family Medical and Cook’s Children’s Pediatric. The development team has also secured leases with a nail salon, dentistry practice, martial arts school and a Vietnamese restaurant. At full buildout, Celina Station will also include 336 multifamily units that will be developed by Highpark Capital and multiple acres of parks, sports courts and walking trails.

December 16, 2022

Development Multifamily Texas

Presidium Breaks Ground on 358-Unit Multifamily Project in Northeast Austin

by Taylor Williams December 16, 2022

AUSTIN, TEXAS — Texas-based developer Presidium has broken ground on a 358-unit multifamily project in northeast Austin. Designed by Dallas-based Humphreys & Partners, Presidium Tech Ridge will sit on 14 acres and feature studio, one- and two-bedroom floor plans. Residences will be furnished with stainless steel appliances, quartz countertops, built-in desks, wine coolers and full-size washers and dryers. The amenity package will comprise a pool, fitness center, game room, coffee bar, theater lounge, golf simulator, business center, catering kitchen, coworking lounge, courtyard with fire pits and a dog park. Completion is slated for late 2023.

December 16, 2022

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