Property Type

DarwinPW Realty/CORFAC International Brokers Sale of 40,048 SF Industrial Building in Metro Chicago

by Kristin Harlow May 1, 2025

ELMHURST, ILL. — DarwinPW Realty/CORFAC International has brokered the sale of a 40,048-square-foot industrial building located at 185 Industrial Drive in the Chicago suburb of Elmhurst. Built in 1975, the property features a clear height of 18 feet, 6,418 square feet of second-story office space, five exterior docks, two drive-in doors and an existing distribution infrastructure. The parking lot has space for 42 cars as well as an electric truck and van charging station. George Cibula and Luke Ferzacca of DarwinPW represented the buyer, 3 Flat LLC. DarwinPW is also marketing the building for lease. The seller was represented by its in-house attorney.

May 1, 2025

Boulevard-East-Apartments-Avenel-New-Jersey

Acquisitions Multifamily New Jersey Northeast

Cushman & Wakefield Brokers $14.3M Sale of Apartment Building in Avenel, New Jersey

by Taylor Williams May 1, 2025

AVENEL, N.J. — Cushman & Wakefield has brokered the $14.3 million sale of Boulevard East, a 39-unit apartment complex in Avenel, about 30 miles south of New York City. The newly constructed, three-story building was fully occupied at the time of sale. Each unit has two bedrooms and features premium finishes, including stainless steel appliances, designer bathrooms and assigned parking spaces. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, Adoni Property Group, in the transaction and procured the buyer, FM Ferrari Investments. Both parties are locally based investment firms.

May 1, 2025

Affordable Housing Development Multifamily New Jersey Northeast

Walters Underway on 66-Unit Affordable Housing Project in Galloway, New Jersey

by Taylor Williams May 1, 2025

GALLOWAY, N.J. — Locally based developer Walters is underway on construction of Phase I of Cornerstone at Galloway, a project in southern coastal New Jersey that will deliver 66 affordable housing units to the local supply. Residences will be furnished with full-size washers and dryers and fully equipped kitchens, and amenities will include a multipurpose clubhouse with a fitness center, as well as a children’s tot lot, basketball court and computer workstations. Cornerstone at Galloway will ultimately offer 198 units in one-, two- and three-bedroom floor plans that will be developed across two phases and will be reserved for households earning 60 percent or less of the area median income.

May 1, 2025

Market Reports Midwest Midwest Market Reports Retail

What’s Driving Today’s Retail Leasing Decisions?

by Kristin Harlow May 1, 2025

The future of retail is bright for those willing to innovate, says Kathleen Brill, executive vice president and director of leasing and strategic partnerships for East Peoria, Illinois-based Cullinan Properties. “It’s no longer about square footage — it’s about activation,” emphasizes Brill. “Mixed-use, walkability and experience will continue to shape leasing trends.” Grant Mechlin, executive director of retail and multifamily brokerage services for St. Louis-based Sansone Group, says the narrative of retail leasing has shifted from survival to strategy. “Retailers are being more selective about where and how they grow, but there is no slowdown in activity,” he says. “Physical stores remain critical to brand identity, customer acquisition and fulfillment. Looking ahead, we expect to see more hybrid uses, especially where retail blends with wellness, services and entertainment.” Today’s retailers are activating their storefronts and rightsizing their footprints at a time when the cost of construction is at a record high, and many national chains have announced store closures or bankruptcies. The supply pipeline, already extremely thin by historical standards, will be further constrained by rising construction costs, helping limit fluctuations in vacancy rates, states Cushman & Wakefield in its first-quarter retail report. The brokerage firm reports a national vacancy …

May 1, 2025

Development Hospitality Nevada Retail Top Stories Western

Caesar’s Entertainment Begins $160M Transformation of Harveys Lake Tahoe Casino, Hotel in Nevada

by John Nelson May 1, 2025

STATELINE, NEV. — Caesar’s Entertainment (NASDAQ: CZR), a gaming and casino giant based in Reno, has begun the $160 million transformation of Harveys Lake Tahoe, a 1.6 million-square-foot hotel and casino located in Stateline. The redevelopment project will feature upgrades, accommodations, elevated dining and gaming options and a new contemporary design. Beginning July 1, the resort will operate as Caesars Republic Lake Tahoe Hotel & Casino. “This transformation honors the storied history of Harveys while introducing modern amenities and elevated experiences that will redefine luxury in Lake Tahoe,” says Karie Hall, senior vice president and general manager of Harrah’s and Caesar’s Republic Lake Tahoe. The 88,000-square-foot casino floor at Caesars Republic Lake Tahoe will be reimagined with fresh carpeting, lighting, tables, chairs and digital displays, while also including new slot machines, a high limit room and a World Series of Poker room. The lobby will also be redesigned. The resort’s towers, Remus Tower and Romulus Tower (formerly Mountain Tower and Tahoe Tower), will also be improved. All rooms in the Remus Tower will be remodeled, while Romulus Tower will receive a refresh after previously being fully redesigned in 2020. Additionally, butler service for select suites will be available for both hotels. …

May 1, 2025

Conference Coverage Features Multifamily Student Housing

InterFace Power Panel Discusses Student Housing Sector Resilience Amid Tariff Fears, Potential Economic Slowdown

by Taylor Williams May 1, 2025

By Katie Sloan AUSTIN, TEXAS — The 17th annual InterFace Student Housing conference, held April 9-11 at the JW Marriott in Austin, Texas, saw more than 1,500 student housing industry executives gather for educational sessions and networking. The conference’s first full day kicked off on April 10 with the ‘Power Panel,’ which brought together a group of high-level executives from several of the top companies in the sector to discuss their outlook for the year ahead. Moderator Peter Katz, executive managing director with Institutional Property Advisors, began the discussion by highlighting a few growing concerns in the current economic environment. Chief among them were the potential impact of global tariffs on equity and development in student housing and the possibility of an economic slowdown or even an impending recession. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Still, the student housing sector has proven time and time again that it is a resilient asset class. “If we look back at the global financial crisis and COVID-19 pandemic, we’ve witnessed that the student housing sector is pandemic- and recession-resistant,” said Katz. “Institutional …

May 1, 2025

Acquisitions Multifamily Texas

Altus Equity Group Buys 1,225-Unit Multifamily Portfolio in Odessa, Texas

by Taylor Williams April 30, 2025

ODESSA, TEXAS — Altus Equity Group, an investment firm with offices in Texas, South Carolina and California, has purchased a portfolio of six multifamily properties totaling 1,225 units in the West Texas city of Odessa. Altus acquired the garden-style properties, which had a collective occupancy rate of 92 percent at the time of sale, in partnership with Wellings Capital. Drew Garza led the team at Institutional Property Advisors (IPA), a division of Marcus & Millichap, that brokered the sale of the portfolio. Rocco Mandala led the CBRE debt placement team that originated acquisition financing for the deal. The seller was not disclosed.

April 30, 2025

Acquisitions Multifamily Texas

IPA Negotiates Sale of 256-Unit Woodlands Apartments in Tyler, Texas

by Taylor Williams April 30, 2025

TYLER, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of The Woodlands, a 256-unit apartment complex located in the East Texas city of Tyler. Built in 1984, the property offers one- and two-bedroom units and amenities such as fitness and business centers, a pool and package lockers. Taylor Hill, William Hubbard, Drew Kile, Joey Tumminello and Michael Ware of IPA represented the seller, BH Equities, in the transaction and procured the buyer, Clover Capital Partners. Brian Eisendrath, Cameron Chalfant and Harry Krieger of IPA Capital Markets originated an undisclosed amount of agency acquisition financing for the deal that was structured with a seven-year term and fixed interest rate.

April 30, 2025

Acquisitions Office Texas

BH Properties Acquires 205,293 SF Office Complex in Southwest Austin

by Taylor Williams April 30, 2025

AUSTIN, TEXAS — California-based investment firm BH Properties has purchased The Park on Barton Creek, a 205,293-square-foot office complex in southwest Austin. Built in 2007, The Park on Barton Creek consists of two buildings on a 16.5-acre site with separate 426-space parking structures. The property recently underwent a $1.3 million capital improvement program that enhanced the lobby and added both a tenant lounge and conference center. Ryan Stevens and Drew Fuller of JLL brokered the sale of the property. The seller was not disclosed.

April 30, 2025

Development Healthcare Office Texas

Tannos Development Completes 106,000 SF Office, Healthcare Building in Friendswood, Texas

by Taylor Williams April 30, 2025

FRIENDSWOOD, TEXAS — Locally based firm Tannos Development Group has completed construction of a 106,000-square-foot office and healthcare building in Friendswood, a southeastern suburb of Houston. The four-story building is located at 1715 S. Friendswood Drive and had a total price tag of $23 million. University of Texas Medical Branch (UTMB) has leased the entire fourth floor of the building to house its primary and specialty care practices. The building also houses an onsite pharmacy and an expanded imaging suite that includes two radiology rooms and ultrasound capabilities.

April 30, 2025

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