Property Type

Wespac Construction Completes 99,498 SF Cove Logistics Center in Phoenix

by Amy Works February 17, 2025

PHOENIX — Wespac Construction has completed Cove Logistics Center, an industrial development at the southwest corner of Van Buren Street and 37th Avenue in Phoenix. The company worked with Deutsch Architecture Group and ViaWest Group on the project. The 99,498-square-foot Cove Logistics Center offers two high-end speculative suites. The project scope also included full-scale underground infrastructure, advanced stormwater retention systems, the construction of truck courts and a new parking lot.

February 17, 2025

Florida Industrial Leasing Activity Southeast

Ian Black Real Estate Signs Video Game Developer to 23,349 SF Industrial Lease in Nokomis, Florida

by John Nelson February 17, 2025

NOKOMIS, FLA. — Ian Black Real Estate has signed video game developer Combat Waffle Studios to a 23,349-square-foot industrial space in Nokomis, about 17 miles south of Sarasota. Located at 195 Triple Diamond Blvd., the original office building was converted into a warehouse to provide room for development meetings, VR testing areas and motion capture and security-focused development zones. The property was also pre-wired for fiber-optic internet services. Additionally, Combat Waffle Studios will make minor repairs to the space, including new flooring, lighting and paint, according to the Tampa Bay Business Journal. The space was formerly occupied by drinkware brand Tervis, which vacated the property in January as part of the company’s consolidation. Combat Waffle Studios, which is backed by Facebook and Instagram parent company Meta and produces the popular video game “Ghosts of Tabor,” is expected to have 100 employees working from the space. Nick DeVito II and Brie Tulp of Ian Black Real Estate represented the landlord, an entity doing business as 201 Triple Diamond Holdings LLC, in the lease transaction.

February 17, 2025

Acquisitions Colorado Retail Western

Pinnacle Brokers Sale of 1,378 SF Retail Building in Denver

by Amy Works February 17, 2025

DENVER — Pinnacle Real Estate Advisors, on behalf of Sharing Connexion Inc., a Colorado-based nonprofit, has arranged the sale of a 1,378-square-foot retail property located at 472 N. Broadway in Denver. SCI – 472 Broadway LLC sold the asset to an undisclosed buyer for $1.2 million. Corey Sandberg of Pinnacle represented the seller in the deal.

February 17, 2025

Acquisitions Illinois Midwest Multifamily

Laramar Group Acquires Apartment Complex in Suburban Chicago for $72.1M

by Kristin Harlow February 17, 2025

DOWNERS GROVE, ILL. — Laramar Group has acquired ReNew Downers Grove, a 294-unit apartment complex in the Chicago suburb of Downers Grove, for $72.1 million. An affiliate of FPA Multifamily was the seller. The 17-year-old property features a pool, sun deck, fitness center and lounge. Laramar is expected to make unit upgrades. The 16-acre complex was just over 6 percent vacant at the time of sale. Kevin Girard, Mark Stern, Zachary Kaufman and Betsy Romenesko of JLL represented the seller. JLL also provided a $46.9 million Freddie Mac loan for the acquisition.

February 17, 2025

Acquisitions Illinois Industrial Midwest

Coldwell Banker Commercial Arranges $11.5M Sale of Warehouse in Champaign, Illinois

by Kristin Harlow February 17, 2025

CHAMPAIGN, ILL. — Coldwell Banker Commercial Devonshire Realty (CBCDR) has arranged the $11.5 million sale of a 182,084-square-foot warehouse in Champaign. The 30-acre property is located at 2802 Bloomington Road. AJ Thoma III of CBCDR represented the seller, Ravel Properties LLC. The intended use of the space is for an agricultural chemical company.

February 17, 2025

Affordable Housing Indiana Loans Midwest Multifamily

BWE Secures $6.3M for Renovation of 54-Unit Affordable Housing Property in Arcadia, Indiana

by Kristin Harlow February 17, 2025

ARCADIA, IND. — BWE has secured a $6.3 million USDA RHS 538 GRRHP loan to provide construction and permanent financing for the renovation of Hamilton Place, a 54-unit affordable housing property in Arcadia, about 45 miles north of Indianapolis. Lundat Kassa and Bob Morton of BWE arranged the loan with a 38-year term and 40-year amortization. The property’s units are spread across three single-story garden homes, two two-story townhomes and one apartment building, all of which are set to be renovated. The units are reserved for tenants earning up to 60 percent of the area median income. Renovated amenities will include a community room, computer center, playground, basketball court, exercise room and walking path. The project received additional financing through the use of 9 percent Low-Income Housing Tax Credits provided by the Indiana Housing and Community Development Authority.

February 17, 2025

Acquisitions Illinois Midwest Retail

Quantum Negotiates $4.2M Sale of Retail Center in Bloomingdale, Illinois

by Kristin Harlow February 17, 2025

BLOOMINGDALE, ILL. — Quantum Real Estate Advisors Inc. has negotiated the sale of a 25,000-square-foot retail center in Bloomingdale for $4.2 million. The property at 125 E. Lake St. was 95 percent leased at the time of sale to a mix of local tenants. Brett Berlin of Quantum represented the undisclosed seller. The private buyer was based in Illinois.

February 17, 2025

Acquisitions Illinois Industrial Lee & Associates Midwest

Lee & Associates Brokers Sale of 34,078 SF Industrial Building in Itasca, Illinois

by Kristin Harlow February 17, 2025

ITASCA, ILL. — Lee & Associates has brokered the sale of a 34,078-square-foot industrial building in Itasca for an undisclosed price. Located at 1170 Ardmore Ave., the property features multiple bridge cranes, a temperature-controlled warehouse and heavy power. Chris Nelson and Jeff Janda of Lee & Associates represented the seller, Tech-Max Machine Inc., a large parts manufacturing company that will expand into a larger facility in Itasca. Melody Mueller of Compass represented the buyer, Pulsarlube USA Inc., an Elk Grove Village-based company that specializes in single-point automatic lubrication.

February 17, 2025

Market Reports North Carolina Retail Southeast Southeast Market Reports

Sweetwater Town Center Is a ‘Place to Exhale’ in Bustling Raleigh-Durham Area

by John Nelson February 17, 2025

The secret is getting out about Apex, a western suburb of Raleigh that also lies 20 miles south of Chapel Hill. In 2018, Realtor.com ranked the city as the No. 1 fastest growing suburb in the United States. This was aided by the master planning of local homebuilder/developer ExperienceOne Homes, which debuted its large-scale Sweetwater residential development in 2016. The allure of Apex didn’t stop there as the local schools within the Wake County Public School System have long been considered top-notch. As more and more families moved to the once-sleepy town, the need for community-serving retail became apparent. And not just any sprawling shopping center would suffice. Retail Strategies of N.C. Inc., on behalf of development partner The Kalikow Group, a multifamily and mixed-use development firm based in Westbury, New York, and the aforementioned ExperienceOne, set out to create a sense of place that would resemble village towns in Northeast states such as Maine and Massachusetts. What all of these hamlets have in common is they are built up over decades around a town center, thus the idea of Sweetwater Town Center was established. East Side The “hard part” was essentially in the rearview mirror as ExperienceOne had already …

February 17, 2025

Development Life Sciences New York Northeast Top Stories

New York City Council Approves Two Life Sciences Projects in Manhattan Totaling 2.5 MSF

by Taylor Williams February 17, 2025

NEW YORK CITY — The New York City Council has approved two life sciences projects representing hundreds of millions of dollars in capital investment and thousands of new jobs, according to a press release issued by New York City Mayor Eric Adams and the New York City Economic Development Corp. The first project is known as Science Park and Research Campus (SPARC) Kips Bay and will be located on the current site of Hunter College’s Brookdale Campus on the east side of Manhattan. SPARC Kips Bay will encompass an entire city block and will feature more than 2 million square feet of academic, public health and life sciences space. SPARC Kips Bay is expected to generate more than $42 billion in economic impact over the next 30 years and to account for the creation of more than 15,000 total jobs (12,000 unionized construction jobs and 3,100 permanent jobs). Construction is expected to begin before the end of year in the form of decommissioning and demolishing of existing structures on the future site of the campus. International developer Skanska has been named construction manager of SPARC Kips Bay. The development team will also make public infrastructure improvements, including the creation of …

February 17, 2025

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