Saturday, February 7, 2026
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IllinoisLoansMidwestOfficeRetail

Next Realty Refinances 135,315 SF Kingsbury Center Office, Retail Building in Chicago’s River North

by Kristin Harlow

CHICAGO — Kingsbury Orleans LP, a partnership led by an affiliate of Next Realty LLC, has refinanced Kingsbury Center located at 350 W. Hubbard St. in Chicago’s River North. The Next Realty affiliate has been an investment partner in the 135,315-square-foot office and retail building since it was developed in 1988. Habitat, a major building tenant, has provided management services since 1992 in addition to maintaining an ownership interest through an affiliate. Proceeds from the long-term refinancing, which extends through 2050, provide working capital and flexibility to market and build out currently available building vacancies. At the time of the refinancing, Kingsbury Center was 95 percent leased. Kingsbury Center rises six stories with 92,433 square feet of office space and 42,882 square feet of ground-floor retail space. Signature tenants include Habitat, Related Cos., CVS and Petco. Office tenants are primarily in the finance, real estate, legal and service sectors. Steve Levitas of Newmark is leasing the office space vacancy. Daniel Rosenberg of BWE arranged the financing.

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AcquisitionsIllinoisMidwestMultifamily

Kiser Group Brokers $10.9M Sale of Multifamily Property in Chicago’s Lakeview Neighborhood

by Kristin Harlow

CHICAGO — Kiser Group has brokered the $10.9 million sale of a multifamily property located at 434 W. Wellington Ave. in Chicago’s Lakeview neighborhood. Lee Kiser, Andy Friedman, Jake Parker and Viktor Radzieta of Kiser represented the seller, TLC Management. The buyer, J&J Equities, plans to make property improvements. The asset was 98 percent occupied at the time of sale.

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DevelopmentIndustrialMidwestMissouri

Contegra Completes 120,000 SF Manufacturing Facility for Elite Tool in Moscow Mills, Missouri

by Kristin Harlow

MOSCOW MILLS, MO. — Contegra Construction has completed a 120,000-square-foot manufacturing facility for Elite Tool in Moscow Mills, a northern suburb of St. Louis. The project replaces the company’s 70,000-square-foot manufacturing operation. The $20 million expansion is expected to create 30 new jobs. Located at 609 Tropicana Village Drive, the property features a 110,000-square-foot manufacturing zone, 8,000-square-foot office and 2,000 square feet of mezzanine storage. The facility includes various power and mechanical infrastructure as well as three dock doors, an oversized drive-in door and parking for 90 vehicles. Elite Tool is a lean contract manufacturer for the aerospace, commercial and defense industries.

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DevelopmentIndustrialMidwestOhio

Prologis Breaks Ground on 112,320 SF Industrial Expansion for MillerKnoll in Batavia, Ohio

by Kristin Harlow

BATAVIA, OHIO — Prologis has broken ground on an expansion project for MillerKnoll at 3001 Afton Drive in Batavia near Cincinnati. The logistics project will add 112,320 square feet to the existing 617,760-square-foot warehouse and distribution facility, giving MillerKnoll the space it needs to support its growing Design Within Reach home furnishings business across North America. An estimated 30 full-time jobs will be created once the development is complete, bringing the total number of jobs at the location to approximately 150 employees. Hemmer Construction Co. is the general contractor.

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AcquisitionsFloridaMultifamilySoutheast

FCP Acquires 427-Unit District West Gables Apartments in West Miami

by John Nelson

WEST MIAMI, FLA. — FCP has acquired District West Gables, a 427-unit midrise apartment community located at 2001 Ludlam Road in West Miami. The seller and sales price were not disclosed. Hampton Beebe of Newmark represented the seller in the transaction. Additionally, Matt Williams, Daniel Matz and Rob Wright of Newmark arranged an undisclosed amount of acquisition financing on behalf of FCP. District West Gables was constructed in two phases in 2015 and 2017. The property offers studio, one-, two- and three-bedroom residences, as well as structured parking. Amenities include two resort-style pools, dual fitness centers, EV charging stations, a movie theater, cabana-lined sundecks and resident lounges. FCP plans to modernize common areas and amenities at District West Gables and renovate unit interiors. The Chevy Chase, Md.-based company has also tapped Greystar as property manager.

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DevelopmentMixed-UseSouth CarolinaSoutheast

Asana Partners Underway on Pacific Box Mixed-Use Redevelopment Project in Charleston

by John Nelson

CHARLESTON, S.C. — Asana Partners is redeveloping Pacific Box, a 221,600-square-foot mixed-use development on Charleston’s Upper Peninsula. The redevelopment — which will include the conversion of 26,000 square feet of office space into lifestyle retail and restaurants — is already underway. Completion of the project is scheduled for the second quarter of 2026. Existing tenants, including Edmund’s Oast Brewing Co. & Taproom and Rancho Lewis, will remain open throughout the redevelopment process. Spanning 10 acres along King Street, the newly converted space will include a 6,000-square-foot marquee restaurant space, exterior upgrades, new retail façades, improved central courtyard and turf areas, a children’s play area, a venue for year-round programming, the addition of covered patio for dining and retail and increased parking options. Lucy Butler of Thrift CRES handles retail leasing at Pacific Box, and Brian Connolly of JLL handles office leasing.

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AcquisitionsMixed-UseNorth CarolinaRetailSoutheast

CBRE Arranges $110M Sale of 14-Level Parking Facility in Uptown Charlotte

by John Nelson

CHARLOTTE, N.C. — CBRE has arranged the $110 million sale of SEVEN20 at Legacy Union, a 14-level parking facility located at 720 S. Church St. in Uptown Charlotte. Lincoln Harris sold the 1.1 million-square-foot property to Highwoods Properties. Patrick Gildea and Matt Smith of CBRE represented the seller in the transaction. Built in 2019 as part of the 10.2-acre Legacy Union mixed-use development, SEVEN20 at Legacy Union is the largest parking facility in the Carolinas, according to CBRE. The facility features a double-helix structure, two elevator towers, 3,057 parking stalls, 14,360 square feet of ground-level retail space and a pedestrian bridge on the fifth level that connects to Bank of America tower. The property is also equipped to accommodate guest parking for Carolinas Panthers games and other events taking place at the nearby Bank of America Stadium.

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AcquisitionsAffordable HousingFloridaMultifamilySoutheast

Franklin Street Negotiates Sale of 200-Unit Wild Pines of Naples Apartments

by John Nelson

NAPLES, FLA. — Franklin Street has negotiated the sale of Wild Pines of Naples, a 200-unit apartment community located at 2580 Wild Pines Lane in Naples. The property was originally built in 1968 and expanded in 1986 and 2001. Wild Pines features market-rate apartments and income-restricted units that were developed with Low-Income Housing Tax Credits. Darron Kattan, Avery Jordan, Mark Savarese, Cary Brown and Eve Lowry of Franklin Street represented the buyer, Interface Properties, and the seller, JSB Capital, in the transaction. The sales price was not disclosed.

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AcquisitionsIndustrialSoutheastVirginia

Cushman & Wakefield | Thalhimer Brokers $7.9M Sale of Industrial Facility in Fredericksburg, Virginia

by John Nelson

FREDERICKSBURG, VA. — Cushman & Wakefield | Thalhimer has brokered the $7.9 million sale of a 79,240-square-foot industrial facility located at 4701 Market St. in Fredericksburg, a city in Spotsylvania County that sits about 57 miles south of Washington, D.C. The buyer, Rappahannock Area Community Services Board, purchased the building from the previous owner and tenant, Rappahannock Goodwill Industries. Wilson Greenlaw and Berkley Mitchell of Cushman & Wakefield | Thalhimer represented the seller in the transaction. Rappahannock Area Community Services Board plans to relocate its headquarters to the facility.

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastTop Stories

Alloy, Vistria Obtain $535M Construction Financing for 62-Story Mixed-Use Tower in Downtown Brooklyn

by Kristin Harlow

NEW YORK CITY — Alloy Development and The Vistria Group have obtained $535 million in construction financing for One Third Avenue, a 62-story mixed-use tower that marks the second and final phase of the Alloy Block development in downtown Brooklyn. Rising 730 feet, the project will include 583 market-rate and affordable housing units along with retail and office space. Vistria will invest more than $120 million of equity to capitalize the development, and Kayne Anderson Real Estate is providing $375 million of debt. Chris Peck, Nicco Lupo and Peter Rotchford of JLL managed the capital raise. One Third Avenue marks the tallest Passive House building in the world, according to the developers. Passive House is a building standard for dramatically reducing energy use while improving indoor air quality. Elements of the Passive House design include an airtight, well-insulated building envelope, filtered fresh air and a low carbon footprint. The development’s residential and office spaces will share energy resources to minimize waste heat.  One Third Avenue joins the two projects in the first phase of Alloy Block — 505 State Street, a 44-story, 441-unit apartment tower and New York City’s first all-electric skyscraper, and 489 State Street, the first two public schools designed to …

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