Property Type

Summit Design + Build Completes Adaptive Reuse of Former Sears Store in Chicago into Apartments

by Kristin Harlow March 8, 2021

CHICAGO — Summit Design + Build has completed the adaptive reuse of a former Sears department store in Chicago’s Ravenswood neighborhood. The Sears store opened in 1925 and permanently closed in 2016. Summit transformed the property into 59 apartment units with first-floor commercial space. DeVry University occupies 90 percent of the available commercial space. Floor plans range from one- to three-bedroom units. CA Ventures and Springbank Capital Advisors served as developers. Gillespie Design Group was the project architect.

March 8, 2021

Acquisitions Midwest Missouri Multifamily

Hudson Equities Acquires 301-Unit Apartment Community in Kansas City

by Kristin Harlow March 8, 2021

KANSAS CITY, MO. — Hudson Equities Management Corp. has acquired The Reserve at South Pointe in Kansas City for an undisclosed price. The 301-unit apartment community is located at 8900 Old Santa Fe Road. The property is spread across 17 buildings and floor plans vary from one- to three-bedroom units. Amenities include a pool, fitness center, business center and dog park. Built in 1972, the community has undergone substantial capital improvements over the past four years. All units have received new appliances, countertops, flooring, lighting, hardware and paint. Max Helgeson, Michael Spero and Jeff Stingley of CBRE’s Kansas City multifamily team represented the private seller. The sale represents New Jersey-based Hudson’s first acquisition in the Kansas City area.

March 8, 2021

Indiana Leasing Activity Midwest Restaurant Retail

Chicken Salad Chick Makes Debut in Central Indiana

by Kristin Harlow March 8, 2021

INDIANAPOLIS — Chicken Salad Chick is slated to open at Pyramid Place Shopping Center in Indianapolis on Tuesday, March 16. This is the first of four company-owned restaurants to open in central Indiana. Additional locations are scheduled to open in Fishers, Glendale and Greenwood. The Indianapolis restaurant will feature a drive-thru in addition to dine-in, carryout, delivery and curbside pickup options. In addition to its various chicken salad flavors, Chicken Salad Chick serves salads, sides and soups. The company was founded in Auburn, Ala. in 2008.

March 8, 2021

Iowa Leasing Activity Midwest Retail

Coach to Open at Outlets of Des Moines This Fall

by Kristin Harlow March 8, 2021

ALTOONA, IOWA — Coach will open an outlet store at the Outlets of Des Moines this fall. The retailer will offer both women’s and men’s apparel in addition to accessories, handbags and fragrances. Outlets of Des Moines is an open-air shopping destination located in Altoona. It is home to Polo Ralph Lauren, Nike Factory Store, Tommy Hilfiger, Under Armour Factory House, Eddie Bauer Outlet, American Eagle Outfitters and more. New England Development is the developer and owner for the 300,000-square-foot outlet mall, which opened in 2017.

March 8, 2021

Acquisitions Illinois Industrial Midwest

Pinnacle Systems Relocates from Saint Charles to Batavia, Illinois

by Kristin Harlow March 8, 2021

BATAVIA, ILL. — Pinnacle Systems Inc. has sold its 33,113-square-foot industrial facility located at 3715 Swenson Ave. in Saint Charles for $2.3 million. The safety equipment supplier then purchased a 16,095-square-foot industrial building located at 1510 Hubbard Ave. in Batavia for $915,000. David Friedland, Michael Magliano and Michael Manna of Cushman & Wakefield represented Pinnacle in both transactions. The new building is better suited to the current needs of Pinnacle, according to Manna.

March 8, 2021

Development Multifamily New Jersey Northeast

Heritage Capital Completes 89-Unit Multifamily Redevelopment Project in Hackensack

by Taylor Williams March 8, 2021

HACKENSACK, N.J. — Heritage Capital Management has completed 210 Main, an 89-unit multifamily project located just outside New York City in Hackensack. The 11-story former bank building, which was originally constructed in the 1910s, houses studio, one- and two-bedroom units and 5,500 square feet of ground-floor retail space. Units feature stainless steel appliances, walk-in closets, workspaces and terraces. Amenities include a media room and game lounge and onsite storage units. Rents start at approximately $1,850 per month for a studio unit.

March 8, 2021

Acquisitions Multifamily New Jersey Northeast

CBRE Negotiates $25.5M Sale of Multifamily Development Site in Jersey City

by Taylor Williams March 8, 2021

JERSEY CITY, N.J. — CBRE has negotiated the $25.5 million sale of a multifamily development site consisting of three parcels totaling 7.2 acres in Jersey City. Charles Berger, Elli Klapper, Mark Silverman, Thomas Mallaney, Bill Waxman and Kevin Dudley of CBRE represented the seller, Alpha Assembly Solutions Inc., in the transaction. The buyer was Route 440 Owner LLC. Specific plans for the new development were not disclosed.

March 8, 2021

Acquisitions Georgia Multifamily Southeast

Alliance Residential Acquires 74.9 Acres in Jefferson, Georgia for New Multifamily Development

by Julia Sanders March 8, 2021

JEFFERSON, GA. — Alliance Residential Co. has acquired 74.9 acres at 575 Concord Road in Jefferson for the development of Prose Concord, a new multifamily property totaling 300 units. This property will be Alliance Residential’s first launch of Prose in the Southeast. Construction will begin on Prose Concord this year with an expected completion date of March 2022. Architect Hensley Lamkin Rachel Inc. is designing the development. Prose Concord will include one- and two-bedroom apartment units averaging 1,008 square feet. Apartments will feature stainless steel appliances, wood plank-style flooring, walk-in closets, storage and dining-sized kitchen islands. Community amenities will include a fitness center, coworking spaces, pet park and a 24/7 package concierge,. The multifamily community will be located on the northeast side of Atlanta, close to many industrial spaces. Over the past few years, 18 million square feet of industrial warehouse and distribution space has been delivered within a five-mile radius of Prose Concord. Another four million square feet of industrial space is currently under development. Recently, Amazon and Walmart leased 800,000 and 1 million square feet of space, respectively, within a few miles of Prose Concord.

March 8, 2021

Loans Multifamily New York Northeast

Alliant Provides $5.5M Loan for Refinancing of Mobile Home Park Near Buffalo

by Taylor Williams March 8, 2021

LOCKPORT, N.Y. — Alliant Credit Union has provided a $5.5 million loan for the refinancing of a 457-pad mobile home park in Lockport, located in the Buffalo area. The property offers amenities such as a clubhouse, pool, playground and basketball court. Ned Perlman of Largo Capital arranged the loan, which was structured with a 10-year term and a 30-year amortization schedule.

March 8, 2021

Leasing Activity New York Northeast Office

Aegis Capital Corp. Signs 9,134 SF Office Lease in Melville, New York

by Taylor Williams March 8, 2021

MELVILLE, N.Y. — Investment banking firm Aegis Capital Corp. has signed a 9,134-square-foot office lease at 1305 Walt Whitman Road in Melville, located on Long Island. The three-story property was built in 1955. Joseph Lopresti of JLL represented Aegis Capital in the lease negotiations. Tim Parlante internally represented the landlord, The Feil Organization, which acquired the asset in 2015 and implemented a value-add program.

March 8, 2021

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