Monday, May 5, 2025
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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Brokers $2.7M Sale of Multifamily Property in Maplewood, Minnesota

by Kristin Harlow

MAPLEWOOD, MINN. — Marcus & Millichap has brokered the $2.7 million sale of Van Dyke Village Townhomes in the northeastern St. Paul suburb of Maplewood. The 20-unit multifamily property is located at 2191 Van Dyke St. and features two- and three-bedroom units with attached garages. Built in 2004, the asset is situated on 3.6 acres near Maplewood Mall and Keller Regional Park. Evan Miller, Chris Collins, Eric Wagner and Matthew Shide of Marcus & Millichap represented the seller, Van Dyke Street Homes LP, the original developer. Miller and Collins procured the buyer, Dadder’s Estates LLC.

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IllinoisIndustrialLeasing ActivityMidwest

Offshore Marine Signs 12,000 SF Industrial Lease in Lake Forest, Illinois

by Kristin Harlow

LAKE FOREST, ILL. — Offshore Marine, a provider of marine equipment and services, has signed a 12,000-square-foot industrial lease at 28041 N. Bradley Road in the Chicago suburb of Lake Forest. The tenant will utilize the building as its main headquarters for distribution and a retail showroom. The building totals 23,482 square feet, which includes full access to the property’s outside storage area, and remains available for lease. The property is also for sale. Elisabeth Lazzara, Denise Chaimovitz and Brian Bocci of Entre Commercial Realty negotiated the lease.

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IndustrialMarket ReportsSoutheastSoutheast Market ReportsTennessee

Nashville’s Industrial Market: A Powerhouse Fueled by Demand, Strategic Growth

by John Nelson

Nashville’s industrial real estate market closed 2024 with a clear message: this metro is a logistics juggernaut, blending robust demand, strategic location and a dynamic investment landscape. With a vacancy rate ticking up to 4.1 percent in the fourth quarter amid new supply, yet absorption exceeding 4.2 million square feet year-to-date, the market’s resilience stands out.  Rents climbed to $9.94 per square foot, and industrial sales topped $1.4 billion — a 37 percent surge year-over-year. The takeaway is unmistakable for stakeholders: Nashville’s industrial sector thrives on its ability to absorb growth while signaling new opportunities for 2025. Economic engines  Macro and local economic trends underpin this strength. Nationally, e-commerce sales hit $308.9 billion in fourth-quarter 2024, a 9.4 percent increase year-over-year, according to Commercial Edge. This uptick amplifies demand for warehouse and distribution space. Locally, Nashville’s job growth moderated to 0.9 percent in 2024, according to Oxford Economics, down from 3.2 percent in 2023. But industrial sectors shone in the report: manufacturing jobs grew 2.2 percent and trade, transportation and utilities grew by nearly 0.5 percent.  The Nashville Area Chamber of Commerce reported that 79 percent of 2024 business relocations and expansions involved industrial users, promising 3,309 new jobs. With …

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DevelopmentMixed-UseTennesseeTop Stories

Ridgeline Development, Deep Cove Break Ground on 550,000 SF Mixed-Use Project in Nashville

by Hayden Spiess

NASHVILLE, TENN. — Ridgeline Development Partners (RDP) and Deep Cove Partners (DCP) have broken ground on The Bend at Capitol District, a 550,000-square-foot mixed-use project in Nashville.  The project marks an expansion of the TownePlace Suites at North Capitol development, which was completed in 2020.  Nashville-based Smith Gee Studio and New York-based S9 Architecture designed the project, which will feature a 188-key Moxy-branded hotel, 10-story residential tower and 17,000 square feet of retail space within an interconnected paseo. The residential building will include 128 fully furnished extended stay units and 133 apartment units.  Completion of the development is scheduled for early 2027. Skanska USA is the general contractor. The project team also includes engineers RaganSmith Associates and Power Management Corp. JLL is serving as project manager, and The Gettys Group will lead branding, interior design and procurement efforts.  The Bend at Capitol District is located near the Tennessee State Capitol and Metro Courthouse and will be within walking distance of the Music City downtown entertainment district.  — Hayden Spiess

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Mustang-Ridge-Distribution-Center-Austin
DevelopmentIndustrialTexas

Clay Development Breaks Ground on 538,720 SF Spec Industrial Project in Southeast Austin

by Taylor Williams

AUSTIN, TEXAS — Houston-based Clay Development & Construction has broken ground on Mustang Ridge Distribution Center I, a 538,720-square-foot speculative industrial project in southeast Austin. The site spans 27.7 acres at the corner of 6925 FM 1327 and U.S. Highway 183, just south of Austin-Bergstrom International Airport. Building features will include a cross-dock configuration, 36-foot clear heights, 65-foot loading bays, 130-foot truck court depths, 105 dock doors, four drive-in overhead doors, 138 trailer parking spaces and an ESFR sprinkler system. Colliers is the third-party leasing agent for Mustang Ridge Distribution Center, which is expected to be complete by the end of the year.

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Innovation-8-Hutto
AcquisitionsIndustrialTexas

Buchanan Capital Partners Acquires 196,523 SF Industrial Building in Hutto, Texas

by Taylor Williams

HUTTO, TEXAS — Locally based investment firm Buchanan Capital Partners has acquired a 196,523-square-foot industrial building in Hutto, a northern suburb of Austin. The building at 2100 Limmer Loop was completed earlier this year within the 1.5 million-square-foot Innovation Business Park and can support either a single or multiple tenants. Building features include 32-foot clear heights, 185-foot truck court depths, 52 dock doors, 2,350 square feet of office space and parking for 200 cars and 50 trailers. The seller was Titan Development, which owns Innovation Business Park.

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Soma-Towers-Bellevue-WA
AcquisitionsMultifamilyWashingtonWestern

Su Development Disposes of Soma Towers Multifamily Community Near Seattle for $192.8M

by Amy Works

BELLEVUE, WASH. — Su Development has completed the sale of Soma Towers, an apartment property located at 288 106th Ave. NE in Bellevue, to The Sobrato Organization for $192.8 million. Consisting of two towers, Soma Tower features 273 apartments in a mix of studio, one- and two-bedroom floor plans and two- and four-bedroom penthouse suites. The towers also offer 29,964 square feet of commercial space across two floors that is 90 percent leased to restaurants, retail and cultural amenities. Community amenities include a heated lap pool, fitness center, golf simulator, rooftop terrace, 18-seat theater and media room. Eli Hanacek, Kyle Yamamoto and Mark Washington of CBRE represented the seller in the deal.

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Jack in the Box
CaliforniaCompany NewsRestaurantRetailWestern

Jack in the Box to Close Up to 200 Stores, Company to Explore Sale of Del Taco

by Amy Works

SAN DIEGO — Jack in the Box Inc. has announced plans to improve its long-term financial performance across its restaurant system, which includes the closure of 150 to 200 underperforming Jack in the Box restaurants, as well as possible alternatives for its Del Taco brand, which it acquired in March 2022. Jack in the Box will implement a block closure program, which will comprise of approximately 80 to 120 restaurant closures between now and December 31, with the remaining underperforming restaurants closing thereafter, based upon franchise agreement termination dates. San Diego-based Jack in the Box Inc. operates and franchises Jack in the Box, one of the nation’s largest hamburger chains, with approximately 2,200 restaurants across 22 states, and Del Taco, the second largest Mexican-American quick-service restaurant chain by units in the U.S. with approximately 600 restaurants across 17 states.

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Azul-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

Living Well Homes Sells Azul Apartment Property in Phoenix for $37.1M

by Amy Works

PHOENIX — Living Well Homes has completed the disposition of Azul, a multifamily community in Phoenix, to a private buyer for $37.1 million, or $163,436 per unit. Completed in 1986, Azul offers 227 studio, one- and two-bedroom apartments with an average unit size of 766 square feet and in-unit washers/dryers in most floor plans. The two-story, garden-style community features two swimming pools and a spa. Cliff David and Steve Gebing of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the deal.

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HealthcareLoansMultifamilyOregonSeniors HousingWashingtonWestern

BWE, Blueprint Healthcare Secure $17.8M in Acquisition Financing for Memory Care Communities in Washington, Oregon

by Amy Works

KENNEWICK, WASH., AND SALEM, ORE. — BWE and Blueprint Healthcare Real Estate Advisors have closed two loans totaling $17.8 million to provide financing for the purchase of two memory care communities in Washington and Oregon. The financing includes a $10.4 million loan for Windsong at Southridge, a 56-unit community in Kennewick, and a $7.4 million loan for Windsong at Eola Hills, a 56-unit property in Salem. Lundat Kassa of BWE and Kristen Ahrens of Blueprint secured the HUD financing. Both acquisition bridge loans, which have five-year terms, 72 percent loan-to-cost and no prepayment penalties, are nonrecourse with fixed and competitive rates. After the acquisition, BWE will provide permanent financing for the properties through HUD’s 232/223(f) loan product designed for senior living and healthcare communities, a process that has already begun for Windsong at Southridge. The loans have been structured to maximize exit proceeds up to 100 percent loan-to-cost for the borrowers. Located at 4000 W. 24th Ave. in Kennewick, Windsong at Southridge was constructed in 2018 and offers a variety of amenities, including arts and crafts activities, a salon, game room, gym, library and a health and therapy center. Constructed in 2015 at 20230 Wallace Road NW in Salem, Windsong at …

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