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815-Sievers-Duecy-Blvd-Everett-WA
AcquisitionsIndustrialWashingtonWestern

Colliers Negotiates $8.3M Sale of Industrial Property in Everett, Washington

by Amy Works

EVERETT, WASH. — Colliers has arranged the sale of an industrial facility located at 815 Sievers-Duecy Blvd. in Everett. Underwood Gartland 64 LLC sold the property to a privately held family business, which is one of the largest HVAC operators on the West Coast, for $8.3 million. Totaling 26,666 square feet, the property offers a clear height of 24 feet, 24,070 square feet of warehouse space, 2,596 square feet of office space, ESFR sprinklers, 600 amps of 3-phase power and dock-high and drive-in loading.

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DevelopmentIndustrialMidwestMinnesota

PCCP, Endeavor Begin Third Phase of Development at Arbor Lakes Business Park in Minnesota

by Kristin Harlow

MAPLE GROVE, MINN. — A joint venture between PCCP LLC and Endeavor Development has begun the third phase of development at Arbor Lakes Business Park in the Twin Cities suburb of Maple Grove. The partnership has developed two prior phases totaling four buildings and 849,138 square feet. The third phase encompasses a 197,964-square-foot industrial project on 12.5 acres. Completion is slated for 2026. The building will feature a clear height of 32 feet, 3,000 amps of power, 18 dock doors, two grade-level doors and a 120-foot truck court. Arbor Lakes Business Park is located at the intersection of I-94 and I-694.

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DevelopmentIllinoisIndustrialMidwest

Panattoni Breaks Ground on 430,141 SF Lincolnshire Industrial Center in Suburban Chicago

by Kristin Harlow

LINCOLNSHIRE, ILL. — Panattoni Development Co. has broken ground on Lincolnshire Industrial Center in South Lake County. The project will include two facilities totaling 430,141 square feet. Building 1 will span 228,459 square feet on 14 acres, while Building 2 will total 201,682 square feet on 12 acres. Both will feature a clear height of 32 feet. Brett Kroner, Eric Fischer, Keith Puritz and Marc Samuels of Cushman & Wakefield are marketing the project for lease.

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DevelopmentMidwestNebraskaRetail

$31M Sandhills Global Youth Complex Opens in Lincoln, Nebraska

by Kristin Harlow

LINCOLN, NEB. — The Sandhills Global Youth Complex, a $31 million youth sports complex, has opened in Lincoln. The all-turfed complex will host local, regional and national baseball and softball tournaments and is home to Nebraska Wesleyan University’s baseball and softball games. The facility will also provide local youth baseball and softball instruction and programming and will serve as the home of Homer’s Heroes, a division of Lincoln Youth Baseball for boys and girls with physical and intellectual disabilities. Sandhills Global Youth Complex is estimated to produce upwards of $15 million to $20 million in economic impact for the Lincoln community. The complex is made possible through a public-private effort that includes the City of Lincoln, Lancaster County, West Haymarket JPA and a number of private sector funders. The project is situated near the Haymarket District, Lincoln’s hotel and entertainment epicenter.

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AcquisitionsIndianaMidwestRetail

SRS Brokers $14.1M Sale of Single-Tenant Retail Portfolio in Jeffersonville, Indiana

by Kristin Harlow

JEFFERSONVILLE, IND. — SRS Real Estate Partners has brokered the $14.1 million sale of three single-tenant retail properties in Jeffersonville. All of the buildings serve as outparcels to Jeffersonville Town Center, a major community center anchored by Hobby Lobby, Burlington, Petco and TJ Maxx. The sold properties are home to Academy Sports + Outdoors, Chipotle and 7 Brew Coffee, and were built in 2022 and 2023. Michael Carter and Frank Rogers of SRS represented the seller, an Indiana-based developer, and the buyer, a California-based private investor.

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IllinoisIndustrialLeasing ActivityMidwest

Aerospace Company Signs 36,149 SF Industrial Lease in Libertyville, Illinois

by Kristin Harlow

LIBERTYVILLE, ILL. — A Fortune 100 aerospace company has signed a 36,149-square-foot industrial lease at Libertyville 45 Corporate Center in the Chicago suburb of Libertyville. The development features two buildings totaling 334,299 square feet. The project includes 4,449 square feet of speculative office space, 48 docks, a clear height of 32 feet and above-standard parking counts. Keith Puritz, Marc Samuels, Brett Kroner and Eric Fischer of Cushman & Wakefield represented ownership, Oak Brook, Ill.-based MWI Property Group. The tenant is the first to lease space at the speculative development, which was completed this year.

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DelawareDevelopmentIndustrialLife SciencesNortheastTop Stories

Merck Breaks Ground on $1B Pharmaceutical Manufacturing Facility in Wilmington, Delaware

by Kristin Harlow

WILMINGTON, DEL. — Biopharmaceutical giant Merck (NYSE: MRK) has broken ground on a $1 billion pharmaceutical manufacturing facility in Wilmington, about 30 miles southwest of Philadelphia. Known as Merck Wilmington Biotech, the 470,000-square-foot project will comprise laboratory, manufacturing and warehouse capabilities. Merck says the center will enable the launch and commercial production of next-generation biologics and therapies. Notably, the facility will be the Rahway, N.J.-based company’s first domestic site for producing cancer treatment drug Keytruda. Reuters reports that the Delaware plant is in effort to expand domestic production as Merck prepares to deal with President Trump’s tariffs. In its first-quarter financial results, Merck estimated that the impact of tariffs imposed so far would lead to additional costs of approximately $200 million for the company in general. Located within the 164-acre, 14-building Chestnut Run Innovation & Science Park (CRISP), the new facility will help foster growth in Wilmington’s biotechnology sector, creating more than 500 full-time roles and roughly 4,000 construction jobs. The laboratory component is expected to be fully operational by 2028, with production of experimental drugs anticipated to start by 2030. Pennsylvania-based developer MRA Groups owns CRISP, which is in the midst of a large-scale repositioning, and MRA Group is …

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Market ReportsRestaurantRetailUtahWesternWestern Market Reports

Trends Shaping Salt Lake City’s Retail Revival

by John Nelson

— By Brian Anderson of CBRE —  Utah’s retail market is shaped by its young population and large households, driving demand for big box stores and quality consumer brands. Utah has the youngest median age of any state in the U.S. by nearly four years, and the largest median household size.  Our retail real estate market mirrors these realities. Large-box grocers and membership warehouses dot the landscape, creating gravity points that draw junior boxes, shops and restaurant users to these neighborhoods. Utah’s household incomes continue to rise, while the per capita income remains average. This has led to a concentration of quality — though not luxury — consumer brands in most retail centers. Despite challenges in construction and finance markets, Utah’s ongoing housing expansion is pushing box users and grocers to open new locations. The Salt Lake and Provo MSAs are expected to see several new big box and large grocery stores, mostly in outlying communities, after a quiet 2023 and 2024. Smaller-format grocers focused on organic food are also in permitting stages in established communities. These new locations will spark competition for restaurant and shop users. Health-conscious brands are expected to take space in desirable centers as 2025 progresses. …

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The-Everstead-at-Conroe
Build-to-RentDevelopmentSingle-Family RentalTexas

Landmark Properties Completes 190-Unit Build-to-Rent Project in Conroe, Texas

by Taylor Williams

CONROE, TEXAS — Georgia-based developer Landmark Properties has completed a 190-unit build-to-rent residential project in Conroe, about 40 miles north of Houston. The 23.5-acre development represents Phase I of The Everstead at Conroe. The community offers 56 two-bedroom and 134 three-bedroom ranch homes and townhomes that are furnished with granite countertops, stainless steel appliances and individual washers and dryers. Amenities include a pool, dog park, playground, pickleball and bocce ball courts, as well as 567 parking spaces and a 2,817-square-foot clubhouse with a fitness center. Landmark co-developed the project with Open House Group Co. Rents start at roughly $1,580 per month for a two-bedroom home.

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DevelopmentFloridaLoansMultifamilySoutheast

PMG Secures $413M Construction Loan for One Twenty Brickell Residences in Miami

by John Nelson

MIAMI — PMG has secured a $413 million construction loan for One Twenty Brickell Residences, a two-tower condominium and apartment development located at 120 S.W. 8th St. in Miami’s Brickell Financial District. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin, Jimmy Calvo and Paul Adams of JLL arranged the financing through an Ares Real Estate fund and Monarch Alternative Capital. Andrew Warman, Jon Blank and Paton Marion of PMG’s capital markets team worked on the deal internally. PMG plans to break ground on One Twenty Brickell Residences the first week of May and complete the development in 2028. The condominium tower will rise 37 stories and house 266 fully furnished, for-sale condominiums, as well as 60,000 square feet of amenities that include an owner’s lounge, infinity-edge pool and an upscale fitness and wellness center that includes treatment rooms, a yoga lawn, outdoor terraces and a high-end fitness studio. The condos were 91 percent sold at the time of financing, and each condo owner will have a deed to an office suite. The multifamily high-rise, which will be operated by Sentral, will rise 41 stories and feature a mix of studio, one-, two- and three-bedroom apartments, as well as a 48,000-square-foot amenity …

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