Property Type

Master’s Transportation Opens Phase I of $72M Headquarters in Kansas City

by Kristin Harlow May 22, 2025

KANSAS CITY, MO. — Master’s Transportation, a provider of commercial buses and vans, has opened Phase I of its new headquarters in Kansas City. The 32,000-square-foot service building consolidates the company’s parts and local service departments. According to Master’s Transportation, bringing the team together will enhance service delivery through a modernized parts storage and fulfillment center, cutting delivery times by 70 percent. The service building features a body shop, large paint booth and detailing areas. The building marks the first of three phases being built at the company’s new headquarters, which is located at 14655 Prospect Ave. Completion of the campus is slated for this summer. The project will include a 252,000-square-foot production facility, 36,000-square-foot office and nearly 1 million square feet of concrete paving for bus parking.

May 22, 2025

Loans Midwest Missouri Multifamily

Gantry Secures $30.3M Loan for Refinancing of Kansas City Multifamily Property

by Kristin Harlow May 22, 2025

KANSAS CITY, MO. — Gantry has secured a $30.3 million permanent loan to refinance bridge financing for the Black Lark Apartments in Kansas City. The Class B, garden-style property underwent a comprehensive renovation program following its acquisition in December 2023. Now fully stabilized, the community features 265 units in one-, two-, three- and four-bedroom layouts. Mark Reichter and Alec Frook of Gantry represented the borrower, a private real estate investor. A private balance sheet lender provided the five-year, fixed-rate loan, which features a 30-year amortization.

May 22, 2025

Development Illinois Leasing Activity Midwest Office

BGO Completes $8M Amenity Center at Chicago Office Tower

by Kristin Harlow May 22, 2025

CHICAGO — BGO has completed an $8 million amenity center within its office tower at 200 W. Madison in Chicago in collaboration with architecture firm Gensler. The owner credits the amenity center with contributing to a surge in leasing activity at the building. Over the past 16 months, CBRE’s Jason Houze, Michael Kazmierczak and Aaron Schuster have arranged 189,000 square feet of new leases and renewals at the property. New lease signings include Wallace Miller, Sanchez Daniels & Hoffman, NOVO Advisors, Aerotek, Beyond Risk and Houlihan Capital. Renewals and expansions include The Hartford Insurance, UB Greensfelder LLP, PJT Partners, Pinnacle Actuarial Resources Inc., Dehay & Elliston, Crystal Equation Corp. and Savant Capital. The full-floor amenity center includes a fireplace lounge, coworking areas, a fitness center, conferencing center, large boardrooms and a game room with a golf simulator, pool table and shuffleboard. The space is professionally managed and operated by The Experience Group. JLL manages the property. Over the past year, BGO also delivered two move-in ready office suites in the building. Leases were executed within the first month of delivery for both suites. Approximately 133,000 square feet of space is available for lease in the building, with spaces ranging from …

May 22, 2025

Acquisitions Midwest Minnesota Multifamily

Marcus & Millichap Brokers $8M Sale of Apartment Building in St. Paul

by Kristin Harlow May 22, 2025

ST. PAUL, MINN. — Marcus & Millichap has brokered the $8 million sale of The Jax, a 48-unit apartment building in St. Paul. The 49,082-square-foot property features loft-style units and is situated in the city’s Lowertown neighborhood. Built in 1909 and renovated in 2019, the asset features one- and two-bedroom floor plans. Amenities include a fitness center, community room and yoga studio. Chris Collins, Evan Miller, Eric Wagner and Matt Shide of Marcus & Millichap represented the seller, a local limited liability company, and procured the buyer, a Chicago-based investor.

May 22, 2025

Acquisitions Industrial Midwest Missouri

CBRE Arranges $6M Sale of St. Louis Industrial Facility

by Kristin Harlow May 22, 2025

ST. LOUIS — CBRE has arranged the $6 million sale of a 65,900-square-foot industrial facility located at 2340 59th St. in the South County submarket of St. Louis. The building is fully leased to a global telecommunications company, which has occupied the facility since 1990. Built in 1962, the property features 15 dock doors, a clear height of 18 feet and gated entry points. Kevin Foley, Austin Wolitarsky, Anthony DeLorenzo and Brian Bush of CBRE represented the seller, MacHom Com St. Louis LLC. An all-cash buyer purchased the asset in a 1031 exchange.

May 22, 2025

Features Industrial Self-Storage

Falling Rents, Shifting Demand Among Self-Storage Trends to Watch in 2025

by Taylor Williams May 22, 2025

By Maggie Stankiewicz, senior content manager, Storable The self-storage industry is expanding steadily in 2025, fueled by rising housing costs, smaller homes and changing relocation patterns. As Americans seek more flexible storage options, the market is quickly adapting — rents are dropping, technology is streamlining operations and demand is rising in new regions. According to a recent study by SelfStorage.com, the U.S. market is projected to reach $85.3 billion by 2030, pointing to continued long-term growth. Because of this sustained, projected growth, new self-storage trends are shaping how renters and operators navigate the evolving landscape. Key Trends Driving the Market As of early 2025, a few notable trends are shaping the self-storage industry: Short Vs. Long-Term While short-term storage demand is growing — especially among frequent movers — longer rentals are still the norm. The aforementioned study found that renters use their units for an average of 20 months, up from 16.5 months in 2020. Over one-third of renters planning a move in the next year say they’ll use storage for three to six months. States like Oregon, North Dakota and Mississippi have seen a notable uptick in demand, driven in part by migration from expensive metro areas. After hitting highs …

May 22, 2025

Development Industrial New York Northeast Property Type Top Stories

Innovo Property Group Tops Out 736,000 SF Queens Industrial Facility in New York City

by Hayden Spiess May 22, 2025

NEW YORK CITY — Innovo Property Group (IPG) has topped out Review Avenue Complex, a 736,000-square-foot industrial project in Queens. IPG is developing the facility in partnership with the Urban Investment Group (UIG) at Goldman Sachs Alternatives. Located in New York City’s Borden Innovation District, Review Avenue Complex is situated off of the Long Island Expressway. Completion is scheduled for the fall. Totaling six stories, the development will feature flexible floor plates, with suites starting at 31,000 square feet. Each floor is designed to accommodate up to two tenants, with truck access at each level via a 35-foot-wide ramp. The facility will offer clear heights up to 32 feet, four freight elevators, heavy power and is photovoltaic and electric vehicle ready. Each level will also feature loading docks and parking. In total, the development will accommodate 116 cars and 118 oversized vehicles. In June 2023, IPG received $354 million in financing for the project, including construction financing from Axos Bank and Cerberus Capital Management and equity from Goldman Sachs Asset Management. New York City-based IPG acquires and manages assets in metro New York City. The company recently completed the Borden Complex, a 1 million-square-foot industrial development also located in New …

May 22, 2025

Loans Multifamily Texas

Dwight Mortgage Trust Provides $36M Loan for Refinancing of Corpus Christi Apartment Community

by Taylor Williams May 21, 2025

CORPUS CHRISTI, TEXAS — Dwight Mortgage Trust, the affiliate REIT of New York City-based Dwight Capital, has provided a $36 million bridge loan for the refinancing of La Joya by Azali, a 336-unit waterfront apartment community in Corpus Christi. The property comprises 14 three-story residential buildings that house 120 one-bedroom units, 192 two-bedroom residences and 24 three-bedroom apartments. Units feature granite countertops, stainless steel appliances and private patios/balconies. Amenities include a pool, fitness center, business center, clubhouse, dog park, playground, media/game room, demonstration kitchen, conference room, billiards lounge and outdoor grilling and dining stations. The borrower was Azali Homes.

May 21, 2025

Acquisitions Multifamily Washington Western

Equity Residential Divests of 289-Unit Urbana Multifamily Community in Seattle

by Amy Works May 21, 2025

SEATTLE — Equity Residential has completed the disposition of Urbana, a seven-story multifamily property in Seattle. Carmel Partners acquired the property. The sales price was nearly $121 million, according to local media reports. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggiero and Anthony Palladino of Institutional Property Advisors (IPA), a division of Marcus & Millichap, represented the seller and procured the buyer. Brian Eisendrath and Cameron Chalfant of IPA Capital Markets arranged acquisition financing for the buyer. Built in 2014, Urbana offers 289 apartments, two rooftop decks, a resident lounge with theater, a dog run and pet spa, bike storage and a gated parking garage, as well as 29,884 square feet of street-level retail space occupied by Verizon Wireless, Papa John’s, Five Guys and Planet Fitness.

May 21, 2025

Acquisitions Multifamily Texas

IPA Brokers Sale of 284-Unit Harbor Shores Apartments in Montgomery, Texas

by Taylor Williams May 21, 2025

MONTGOMERY, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has brokered the sale of Harbor Shores, a 284-unit apartment community located north of Houston in Montgomery. The property, which was built in phases between 2016 and 2023, is located on the shores of Lake Conroe and offers one-, two- and three-bedroom units. Amenities include two pools, pickleball courts, a fitness center, clubhouse, and business center. Greg Austin, Travis Austin, Jackson Hart and Will Balthrope of IPA, along with Kyle Devillier of Marcus & Millichap, represented the seller, an entity doing business as NRG Conroe Villas LP, in the transaction. The quintet also procured the buyer, CEG Multifamily.

May 21, 2025

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