Thursday, April 2, 2026
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DevelopmentIllinoisIndustrialMidwest

Peak Breaks Ground on Phase II of DuPage Business Center in West Chicago

by Kristin Harlow

WEST CHICAGO, ILL. — Peak Construction Corp. has broken ground on the second phase of DuPage Business Center in West Chicago. Scannell Properties is the developer for the 250,100-square-foot speculative warehouse, which will feature a clear height of 32 feet, 30 dock positions, four drive-in doors and parking for 208 cars and 95 trailers. The facility is designed to accommodate up to four tenants. Completion is slated for the third quarter of 2022. The project team includes SpaceCo, Ware Malcomb and IMEG. Cory Ramey and Shamus Conneely of John Greene Industrial will market the project for lease.

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IowaLoansMidwestMultifamily

Marcus & Millichap Arranges $9.2M Loan for Refinancing of Iowa Apartment Community

by Kristin Harlow

CEDAR FALLS, IOWA — Marcus & Millichap Capital Corp. (MMCC) has arranged a $9.2 million Fannie Mae loan for the refinancing of Arabella Apartments in Cedar Falls, just north of Waterloo. The property consists of 50 units and 6,800 square feet of ground-floor retail space. Amenities include a rooftop patio, dog park and community garden. Robert Bhat of MMCC arranged the 10-year loan, which features a fixed interest rate of 3.75 percent, a 30-year amortization schedule and a 75 percent loan-to-value ratio.

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AcquisitionsDevelopmentIllinoisLee & AssociatesMidwestMultifamily

Lee & Associates Negotiates Sale of Multifamily Development Site in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Lee & Associates has negotiated the sale of a nearly four-acre site at 231 Wheeling Road in Wheeling, a northwest suburb of Chicago. The sales price was undisclosed. The buyer, General Capital, plans to build Union Apartments, a four-story multifamily property. Rick Scardino of Lee & Associates represented the seller, Palumbo Bros. David Erickson of CBRE represented the buyer.

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IllinoisLeasing ActivityMidwestRestaurantRetail

Edie’s All Day Café & Bar to Open Second Location in Chicago

by Kristin Harlow

CHICAGO — Edie’s All Day Café & Bar has signed a lease for approximately 4,000 square feet of ground-floor space at Kingsbury Center in Chicago. Scheduled to open in spring 2022, the new location is Edie’s second in Chicago’s River North neighborhood. Edie’s will offer a café, restaurant, workspace and wine bar. Kingsbury Center is a six-story, 90,689-square-foot office building owned by an affiliate of Next Realty LLC and The Habitat Co. David Goldberg and Allan Perales of Goldstreet Partners represented Edie’s in the lease transaction.

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Shoreway-Innovation-Center-Belmont-CA
AcquisitionsCaliforniaOfficeWestern

Westlake Group Sells Shoreway Innovation Center in Belmont, California for $90.2M

by Amy Works

BELMONT, CALIF. — Westlake Group has completed the disposition of Shoreway Innovation Center, an office building located at 1301 Shoreway Road in Belmont. Four Corners Properties acquired the asset for $90.2 million. The four-story Shoreway Innovation Center features 150,000 square feet of Class A office space. At the time of sale, the property was 82 percent leased to a mix of tenants with less than three years of average remaining lease term. The property also includes seven acres along US-101 in Belmont. Mike Taquino, Kyle Kovac, Joe Moriarty and Scott Prosser of CBRE Capital Markets in Northern California represented the seller in the transaction.

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2550-Orange-Ave-Signal-Hill-CA
CaliforniaDevelopmentIndustrialWestern

CenterPoint to Develop 100,147 SF Distribution Center Near Ports of Los Angeles, Long Beach

by Amy Works

SIGNAL HILL, CALIF. — CenterPoint Properties has acquired nine acres of land at 2550 Orange Ave. in Signal Hill from Signal Hill Petroleum for an undisclosed price. CenterPoint plans to develop a 100,147-square-foot distribution facility with 17 dock-high doors and 73 trailer parking stalls on the former driving range site. Tom Holland, Justin Domblaser and Alex Matar represented CenterPoint in the deal.

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Vista-Terrace-Marketplace-Vista-CA
AcquisitionsCaliforniaRetailWestern

Black Lion Divests of Final Parcel of Vista Terrace Marketplace in California

by Amy Works

VISTA, CALIF. — Black Lion Investment Group has completed the sale of the fifth and final parcel of Vista Terrace Marketplace, a retail property in Vista. Crow Holdings acquired the two-acre parcel, which features 28,440 square feet of retail space, for $13.3 million. Vista Terrace Marketplace is currently more than 90 percent occupied by a variety of tenants, including Jersey Mike’s Subs, Pacific Dental, Sports Clips and Discovery Preschool. Gleb Lvovich and Daniel Tyner of JLL’s Capital Markets team handled the transaction.

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LoansMultifamilyOregonSeniors HousingWestern

M&T Realty Capital Provides $20M Financing for Memory Care Facility in Portland

by Amy Works

PORTLAND, ORE. — M&T Realty Capital Corp. has arranged a $20 million FHA-insured loan to refinance a 98-unit memory care facility in Portland. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) Federal Housing Authority (FHA) 232/223(f) program. At an 80 percent loan-to-value ratio, the non-recourse, 35-year, fully amortizing loan with a fixed interest rate below 2.4 percent refinanced M&T Realty’s bridge loan. Located within a designated Opportunity Zone, the FHA application was given priority treatment within the FHA queue resulting in the bridge loan being refinanced in under seven months. Steven Muth of M&T Realty Capital’s Richmond office led the transaction, in collaboration with Chris Tesla.

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West-101-Corporate-Center-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

Next Gen 101 Sells 81,040 SF Office Property in Phoenix’s West Valley for $17.5M

by Amy Works

PHOENIX — Next Gen 101, an entity of Helix Properties, has completed the disposition of West 101 Corporate Center, an office asset in Phoenix’s West Valley submarket. Nevada-based Overstreet Project LLC acquired the property for $17.5 million. Located at 1860 N. 95th Lane, the three-story asset features 81,040 square feet of Class A office space. At the time of sale, the building was 93 percent leased to a variety of tenants. The property was built in 2008. Eric Wichterman and Mike Coover of Cushman & Wakefield represented the seller in the deal.

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AcquisitionsArizonaOfficeTop StoriesWestern

JLL Brokers $150M Sale of Block 23 Office Property in Downtown Phoenix

by Kristin Harlow

PHOENIX — JLL Capital Markets has brokered the sale of Block 23 in downtown Phoenix for $150 million. Completed in 2019, the property consists of 307,030 square feet of Class A office, retail and amenity space. Located at 101 E. Washington St., Block 23 is 95 percent occupied by tenants such as Western Alliance Bank, EY and Chase. The asset is immediately adjacent to CityScape Phoenix, a new 1.2 million-square-foot mixed-use property, and is directly across from Footprint Center where the Phoenix Suns of the National Basketball Association (NBA) play. Block 23 is home to Fry’s Fresh Marketplace, as well as restaurant concepts Blanco Tacos & Tequila and Ingo’s Tasty Food. Amenities at the property include a pickleball court, sky lobby, rooftop amenity deck and onsite parking. Ben Geelan and Kevin MacKenzie of JLL represented the seller, an affiliate of RED Development, and procured the buyer, City Office REIT Inc. (NYSE: CIO). The sales price of $488.55 per square foot sets a new per-square-foot record in the city for multi-tenant office trades, according to JLL. “Block 23 has a superior long-term core location in downtown Phoenix, which has seen more than $6 billion of investment into the immediate area since …

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