Property Type

JLL Arranges $59.8M Construction Loan for Chicago Multifamily Project

by Kristin Harlow July 22, 2022

CHICAGO — JLL has arranged $59.8 million in construction financing for 741 North Wells, a 168-unit, Class A multifamily project with 3,580 square feet of retail space in Chicago. Expected to be completed in the first quarter of 2024, 741 North Wells will rise 21 stories and include168 units at an average size of 740 square feet. Community amenities will include bike storage, a coworking lounge, rooftop pool with a sundeck and a fitness center. Christopher Knight, Mary Dooley and Medina Spiodic of JLL represented the borrower, Vista Property, in securing the four-year, floating-rate construction loan through Huntington National Bank. Skender will serve as general contractor and Antunovich Associates is the architect.

July 22, 2022

Acquisitions Midwest Retail Wisconsin

Boulder Group Brokers $20M Sale of Grocery Property in Milwaukee

by Kristin Harlow July 22, 2022

MILWAUKEE — The Boulder Group has brokered the sale of a 120,000-square-foot property occupied by grocer Pick ’n Save in Milwaukee. Retailers in the surrounding area include Starbucks, Domino’s Pizza, U.S. Bank, Dunkin’, McDonald’s, Napa Auto Parts and Culver’s. Jimmy Goodman and John Feeney of Boulder represented the seller, a Milwaukee-based real estate investor, and the buyer, a national private real estate company. There are more than eight years remaining on the Pick ’n Save lease.

July 22, 2022

Development Multifamily New York Northeast

LMC Begins Leasing 434-Unit High-Rise Apartment Community in White Plains, New York

by Taylor Williams July 22, 2022

WHITE PLAINS, N.Y. — LMC has begun preleasing The Mitchell, a high-rise apartment community in White Plains, located north of New York City. The property comprises 434 studio, one-, two- and three-bedroom units that feature walk-in closets and stainless steel appliances. The Mitchell also includes amenities such as a fitness center, club lounge, outdoor lounge, children’s playroom, conference room and bike storage, as well as 8,145 square feet of retail space, including mezzanine-level coworking space and a rooftop deck. The first move-ins are scheduled for August. Rents start at $2,590 per month for a one-bedroom unit.

July 22, 2022

Acquisitions Healthcare Indiana Midwest

Savlan Capital Acquires Two Midwest Medical Office Buildings for $14.7M

by Kristin Harlow July 22, 2022

BLUE ISLAND, ILL. AND MISHAWAKA, IND. — Savlan Capital has acquired two medical office buildings, one in suburban Chicago and the other in suburban South Bend, for a combined $14.7 million. The Hollywood, Fla.-based investment group purchased Edison Lakes Medical Center in Mishawaka for $8.6 million. The property, built in 1991, comprises 10 medical office condominiums totaling 49,536 square feet that are situated within a larger office park. Joseph DiSalvo, Forest Bender and Alexander Hull of Marcus & Millichap represented the seller, an entity doing business as EL Medical Center LLC. In the second transaction, Savlan purchased an 18,034-square-foot medical office building located at 12200 S. Western Ave. in Blue Island for $6.1 million. Developed in 2007 as a retail strip center, the property is fully leased to Fresenius, Dental Dreams and Midwest Express Clinic. Eric Cline of Cushman & Wakefield represented the seller, an entity doing business as Shops at Blue Island LLC.

July 22, 2022

Acquisitions Illinois Midwest Retail

Marcus & Millichap Negotiates $4.8M Sale of Firestone-Occupied Property in Suburban Chicago

by Kristin Harlow July 22, 2022

NAPERVILLE, ILL. — Don McMinn of Marcus & Millichap has brokered the $4.8 million sale of a retail property constructed in 2021 and occupied by Firestone in the Chicago suburb of Naperville. The 6,116-square-foot property sold at list price to an out-of-state buyer completing a 1031 exchange. There were more than 14 years remaining on Firestone’s lease at the time of sale. “Quality net lease retail in good markets with rent increases remains a safe and attractive investment option in uncertain times,” says McMinn.

July 22, 2022

Development Massachusetts Multifamily Northeast

Wood Partners Completes 218-Unit Multifamily Project in Wayland, Massachusetts

by Taylor Williams July 22, 2022

WAYLAND, MASS. — Atlanta-based multifamily developer Wood Partners has completed Alta Oxbow, a 218-unit multifamily project in Wayland, a western suburb of Boston. Alta Oxbow offers one-, two- and three-bedroom units, with 66 apartments specifically tailored for residents age 55 and above. Select units also feature private balconies. Amenities include a pool, courtyards, fire pits and grilling stations, a hobby and craft lounge, library, fitness center, coworking spaces and a golf simulator. Rents start at $2,750 per month for a one-bedroom unit.

July 22, 2022

Industrial Loans New Jersey Northeast

JLL Arranges $25M Construction Loan for Northern New Jersey Industrial Project

by Taylor Williams July 22, 2022

SOUTH PLAINFIELD, N.J. — JLL has arranged a $25 million construction loan for Bridge Point South Plainfield, a 189,059-square-foot industrial project in Northern New Jersey. Situated on 20.7 acres, the property will feature a clear height of 36 feet, 50 dock-high doors, 176 car parking spaces and 70 trailer stalls. Completion is slated for the fourth quarter. Jon Mikula, Michael Klein and Michael Lachs of JLL arranged the three-year, floating-rate loan through Simmons Bank on behalf of the borrower, Bridge Industrial.

July 22, 2022

Company News New Jersey New York Northeast Retail

Toys ‘R’ Us, Macy’s Launch In-Store Partnership

by Taylor Williams July 22, 2022

NEW YORK CITY AND WAYNE, N.J. — Macy’s and New Jersey-based WHP Global, the parent company of Toys ‘R’ Us, have launched a partnership open in-store toy shops within the department store’s locations across the country, an agreement that was announced last year. Toys ‘R’ Us stores will range in size from 1,000 to 10,000 square feet and are set to open from late July through October 15. Each location will feature colorful fixtures, demonstration tables for customers to interact with toys and a “Geoffrey on a Bench” photo opportunity for families. The in-store shops may also grow by an additional 500 to 3,000 square feet during the holiday season.

July 22, 2022

Leasing Activity Northeast Pennsylvania Retail

PREIT Adds New Tenants to Three Philadelphia-Area Malls

by Taylor Williams July 22, 2022

PHILADELPHIA — Pennsylvania Real Estate Investment Trust (PREIT) has added new tenants to three of its malls in the Philadelphia area. Rose & Remington, a lifestyle brand centered on mother-daughter shopping experiences, will open stores at Willow Grove Park, Capital City and Cherry Hill malls later this year. These stores will mark the retailer’s foray into greater Philadelphia. Fashion-forward jewelry concept Lovisa will also launch at Capital City Mall this fall. Lovisa opened its first store at PREIT’s Woodland Mall last year and has a third location at Springfield Town Center.

July 22, 2022

Development Multifamily Southeast Tennessee

Alliance Residential to Build 302-Unit Apartment Community in Nashville

by John Nelson July 22, 2022

NASHVILLE, TENN. — Alliance Residential has purchased 3.3 acres at 2500 Bransford Ave. in Nashville to develop Broadstone Berry Hill, a 302-unit apartment community. The Scottsdale, Ariz.-based developer has also recently opened Broadstone SoBro and will soon open Broadstone Centennial in Nashville. The Berry Hill community will be located approximately a half-mile from the newly opened Geodis Park, the 30,000-seat home arena of the Nashville FC MLS team. Unit interiors at Broadstone Berry Hill will include quartz countertops, stainless steel appliances and built-in mud benches and desks in select units. Community amenities will include a rooftop lounge, pool with a pool deck and putting green, coworking space and a clubroom with a tiki bar and demonstrator kitchen. Alliance Residential plans to welcome first residents in summer 2024.

July 22, 2022

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