CHICAGO — Essex Realty Group has arranged the $4.3 million sale of a 23-unit, value-add apartment building in Chicago’s Buena Park neighborhood. The property at 821 W. Montrose Ave. is one of the last untouched vintage buildings in the neighborhood, according to Essex. The asset features one-, two- and three-bedroom layouts along with a shared green space and six surface parking spaces. Brian Karmowski of Essex represented the seller, while Matt Feo and Abe Eilian of Essex represented the buyer. The property sold above the listing price.
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ROLLA, MO. — Marcus & Millichap has brokered the sale of Gateway Storage of Rolla, a 242-unit self-storage property in Rolla, a city in central Missouri. The sales price was undisclosed. Located at 11295 Old Highway 66, the facility offers 132 non-climate-controlled units and 110 climate-controlled units totaling 33,978 square feet across three acres. Built in 2015, the property is situated off I-44. Marla Colic of Marcus & Millichap represented the seller, Gateway Storage Mall, and procured the buyer, an out-of-state investment group.
KANSAS CITY, MO. — California-based developer BR Cos. will build 800 Grand, a $250 million multifamily project at the southwest corner of Eighth Street and Grand Boulevard in downtown Kansas City. The 25-story high-rise building will consist of 300 apartments and 24,000 square feet of retail and restaurant space. Information on floor plans and the amenity package was not announced. Hoefer Welker designed 800 Grand, and Clark Construction and JE Dunn are serving as the general contractors for the tower. Tentative groundbreaking and completion dates were not announced, but the development has been in the works for more than a year. “Kansas City has the right environment and connectivity through smart public investment in public parks and transportation expansions to attract private investment,” said Ryan Sullivan, chief development officer of BR Cos. BR Cos., which maintains an office in Kansas City, has also partnered with local real estate agency Aristocrat Realty on the development. Founded in 2011, BR Cos. currently has 200 employees on staff and focuses on several business lines throughout the United States and Mexico, including real estate, construction, finance and energy. — Taylor Williams
— By Roxanne Stevenson, senior vice president of Colliers — Reno’s retail market saw a dip in net absorption and a slight uptick in regional vacancy toward the middle of 2024. Tenant demand began to moderate this year after the robust leasing activity of 2022 and 2023. Vacancy reached a record low at the beginning of the year, dipping to 3.8 percent in the first quarter, though it now sits just above 4 percent. When analyzing the state of Reno’s retail market, there are several categories to consider: Tenant Activity Strong tenant demand, particularly in food and beverage, automotive,fitness and experiential concepts, should continue to stabilize the market. Reno has seen a handful of existing tenants expanding, as well as new entrants in recent years. Trader Joe’s opened its second location in South Reno and intends to plant a third flag in northern Sparks. Bob’s Discount Furniture and Twin Peaks are also opening their first locations in Northern Nevada at Redfield Promenade. Other notable and active tenants include Miniso, In-N-Out Burger, Starbucks, Dave’s Hot Chicken, Panera, Ace Hardware and Einstein Bros. Bagels. A few tenants, however, have shuttered their doors. There were three 99 Cents Only locations that filed bankruptcy …
NORTHLAKE, TEXAS — A partnership between Houston-based developer Alliance Industrial Co. and Charlotte-based Barings has broken ground on Ironhead Commerce Center, a 906,271-square-foot project in Northlake, a northern suburb of Fort Worth. The development will consist of four buildings on a 57.3-acre site at the intersection of Harmonson Road and McPherson Drive. Buildings will feature 32- to 36-foot clear heights and will be able to accommodate tenants with requirements from 40,000 to 320,000 square feet. Stream Realty Partners is the leasing agent for the project, which is slated for a late 2025 completion.
SAN MARCOS, TEXAS — Partners Capital, the investment arm of Partners Real Estate, has sold San Marcos Place, a 73,882-square-foot shopping center located roughly midway between Austin and San Antonio. Built in 1985 and renovated in 2017, the center was 82 percent leased at the time of sale to tenants such as grocer Poco Loco. Cathy Nabours and Kyle Shaffer of SRS Real Estate Partners represented Partners Capital, which purchased the property in 2018, in the transaction. The buyer and sales price were not disclosed.
RICHARDSON, TEXAS — Pepperidge Farm has signed a 45,406-square-foot industrial lease in the northeastern Dallas suburb of Richardson. The Connecticut-based commercial baker is taking space at the building located at 1405 E. Lookout Drive. Josh Barnes, Blake Troiani and Weston Porter of Holt Lunsford Commercial represented the landlord, Crow Holdings, in the lease negotiations. Micheal Paine of Cushman & Wakefield represented Pepperidge Farm.
HOUSTON — Stream Realty Partners has negotiated a 40,033-square-foot industrial lease in the Brookhollow neighborhood of northwest Houston. The tenant, Lindsey’s Office Furniture, is taking space at 7049 Brookhollow West Drive, which according to LoopNet Inc. totals 108,000 square feet and features 26-foot clear heights. Boone Smith and Garret Geaccone of Stream represented the landlord, STAG Industrial Holdings, in the lease negotiations. Patrick Wolford of Lee & Associates represented the tenant.
RICHARDSON, TEXAS — Locally based brokerage firm Holt Lunsford Commercial has arranged a 22,332-square-foot industrial lease renewal in the northeastern Dallas suburb of Richardson. The tenant is TJ Inspection Inc., which provides services for the energy industry. Josh Barnes and Weston Porter with Holt Lunsford represented the landlord, Dallas-based ATCAP Partners, in the lease negotiations.
NEW YORK CITY — Locally based developer The Moinian Group has topped out 7 Platt Street, a 37-story apartment tower in Manhattan’s Financial District. The 170,000-square-foot building will house 250 units in studio, one- and two-bedroom configurations, as well as some penthouses. Indoor amenities will include a fitness center, library, coworking pods, lounge spaces, private dining spaces with outdoor terrace access, a gaming area, rooftop deck, golf putting area and a communal entertainment kitchen. Residents will have access to outdoor amenities such as a rooftop sundeck and garden lounge, movie lounge area with accompanying seating, barbecues, dining areas, outdoor fitness equipment, an outdoor coworking space and a golf putting area. The design team includes Rockwell Group and Hill West Architects, and AECOM Tishman is serving as the project’s general contractor. Completion is scheduled for the first quarter of 2026. Vertical construction began in January.