NEW YORK CITY — German discount grocer Lidl will open a 35,000-square-foot grocery store at Queens Place Mall, located in the borough’s Elmhurst neighborhood. The grocer will backfill a space previously occupied by Designer Shoe Warehouse, whose lease expires in August. Diana Boutross, Ian Lerner and Alan Schmerzler of Cushman & Wakefield represented the landlord, Madison International Realty, in the lease negotiations. Kenneth Schuckman of Schuckman Realty represented Lidl, which plans to open its store within the 440,000-square-foot mall in the first quarter of 2024.
FORT MYERS, FLA. — Marcus & Millichap has brokered the $49 million sale of The Brittany, a 320-unit affordable housing community located at 4050 Winkler Ave. in Fort Myers. Evan Kristol of Marcus & Millichap represented the seller, a private investment firm based in New York City, and procured the buyer, an entity doing business as Dominium Acquisition LLC. Built in two phases in 1999 and 2000, The Brittany features large floor plans ranging in size from 771 to 1,444 square feet, three-fourths of which are two-, three- and four-bedroom units. Amenities at the LIHTC property include a gated swimming pool with a large sundeck and cabanas, business center, fitness center, two playgrounds, basketball courts, a car wash and a community van. The new ownership will continue to operate The Brittany as affordable housing.
ALEXANDRIA, VA. — Bonaventure, a locally based multifamily developer and manager, has broken ground on a 133-unit seniors housing project in Alexandria’s Old Town West neighborhood. The six-story property will feature studio, one- and two-bedroom units, as well as underground parking, an onsite restaurant, 24-hour fitness center, club lounge, business center, media room, community garden and an outdoor gazebo. The unnamed property will be situated within walking distance of the Braddock Road Metro Station, as well as I-495, King Street and Ronald Reagan Washington National Airport. Bonaventure expects to complete construction and begin welcoming renters in late 2023.
AVENTURA, FLA. — Aztec Group has arranged the $23 million refinancing of a five-story, climate-controlled self-storage facility in the Miami suburb of Aventura. Glendale, Calif.-based self-storage operator Public Storage operates the property. Built in 2018, the facility offers 84,000 square feet of rentable space across 946 units. Jason Shapiro and Charles Penan of Aztec Group arranged the loan through the direct lender, an affiliate of Miami-based 3650 REIT, on behalf of the borrower, South Florida-based America’s Capital Partners. The nonrecourse, fixed-rate loan will be interest-only for the full 10-year term.
Richards Family Begins Construction on Retail Center at Clearview City Center in Metairie, Louisiana
METAIRIE, LA. — The Richards family has begun construction of The Commons of Clearview City Center, a new 10,476-square-foot retail project in the New Orleans suburb of Metairie. The property will be situated within the 100-acre Clearview City Center, which is a redevelopment of the former Clearview Mall. Set to come on line in March 2023, The Commons will house a 4,000-square-foot restaurant occupied by brunch eatery Ruby Slipper, as well as other concepts that have not yet been announced. The project includes the demolition of the existing structure at 4236 Veterans Blvd. In addition to The Commons, projects underway at Clearview City Center include Target’s renovation of its 160,000-square-foot store; Ochsner Health’s new Super Clinic set to open in October; and The Metro at Clearview, a five-story apartment community set for completion in October 2023. Other uses at Clearview City Center include a new branch of Regions Bank, Bed Bath & Beyond and Walk On’s Sports Bistreaux, among other stores and restaurants. Kirsten Early of SRSA Commercial Real Estate is handling the leasing assignment on behalf of the Richards family, which has owned the site since 1968.
ODENTON, MD. — San Francisco-based Hamilton Zanze has purchased Echelon at Odenton Apartments, a 244-unit garden-style multifamily community located at 315 Nevada Ave. in Odenton, a suburb of Baltimore. Built in 2016, the apartment community was 97 percent occupied at the time of sale. The seller and sales price were not disclosed. Situated on 6.6 acres, Echelon at Odenton comprises two five-story residential buildings housing units ranging from 759 to 1,456 square feet, as well as a single-story clubhouse. Amenities include a theater, barbecue and grilling areas, clubhouse, TV lounge and bar, playground, game room, pool and covered bike storage.
DAYTON, MINN. — CRG has begun development of The Cubes at French Lake, a 1 million-square-foot speculative warehouse in the Minneapolis suburb of Dayton. Located at 11500 Lawndale Lane near the intersection of County Road 81 and Dayton Parkway, the project will be the largest speculative industrial development in Minnesota, according to CRG. Completion is slated for 2023. The facility will feature a clear height of 40 feet, 652 parking spaces, a 185-foot truck court, 231 trailer parking spaces, 169 dock doors, four drive-in doors and 60-foot speed bays. CRG affiliate Lamar Johnson Collaborative designed the project, while CRG’s parent company Clayco will serve as general contractor. Chris Garcia and Grace McGuire of Lee & Associates are marketing the project for lease.
ALTOONA, IOWA — New England Development has secured nine new retail tenants at the Outlets of Des Moines, which is located in Altoona. Now open are J. Crew Factory Outlet and Bizzy’s Boutique, a local retailer specializing in women’s, children’s and baby apparel. Opening this summer are Puma, Nautica, Aeropostale, Windsor, Forever 21 and rue21. Victoria’s Secret is scheduled to open this fall. New England Development completed Outlets of Des Moines in fall 2017.
WATERLOO, IOWA — Physician Real Estate Capital Advisors (PRECAP) has brokered the sale of a two-property healthcare portfolio in Waterloo for $16.4 million. The buildings total 30,235 square feet and are located at 2413 W. Ridgeway Ave. and 419 Donald St. Allen Memorial Hospital, a subsidiary of UnityPoint Health, occupies both properties. Scott Niedergang of PRECAP, along with JDS Real Estate Services Inc., represented the seller, a physician partnership. The all-cash buyer was a net lease fund structured as a Delaware Statutory Trust.
CHESTERTON, IND. — Marcus & Millichap has arranged the $4.3 million sale of a 12,400-square-foot retail property in Chesterton, a city in Northwest Indiana. The newly constructed asset is located at 600 Gateway Blvd. and is leased to several local restaurants. Mitchell Kiven of Marcus & Millichap marketed the property for sale on behalf of the seller, a developer. Damien Yoder and Madison Harman of Marcus & Millichap represented the buyer, a Georgia-based limited liability company. The sales price was above the asking price.