Monday, May 12, 2025
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IllinoisLeasing ActivityMidwestRetail

Monos to Open 2,800 SF Store in Chicago’s Fulton Market

by Kristin Harlow

CHICAGO — Travel lifestyle brand Monos has signed a 10-year lease to open a retail location on the ground floor of The Dylan at 160 N. Morgan St. in Chicago. The Dylan is a 30-story multifamily and retail development in the city’s Fulton Market neighborhood. Monos is scheduled to open its 2,800-square-foot store in spring 2025. The Canadian-founded brand launched in 2018 as an online direct-to-consumer retailer and began venturing into physical retail with pop-ups in 2022, followed by its first permanent retail location and Canadian flagship store in Vancouver in 2023. Sterling Bay developed The Dylan in partnership with Ascentris and CIBC Bank. Completed in October 2023, the property is currently 97 percent leased. Phil Golding, Todd Siegel, Kim Wiskup and Gianna Bianconi of CBRE represented Monos.

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DevelopmentIllinoisIndustrialMidwest

Principle Construction Renovates Warehouse for SMW Autoblok in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Principle Construction has completed Phase I of a renovation project for SMW Autoblok in Wheeling. This initial phase prepares the facility for a future expansion encompassing office and warehouse space. Principle previously completed a significant expansion for the tenant at the same address in 2008. SMW Autoblok, a manufacturer of turning and grinding machine tools, is implementing an automated parts picking system with the Kardex system. Phase I of the project involved constructing a walled enclosure for the Kardex system, a new shipping office and a pump room. The next phase will add a new showroom, main conference room and general office upgrades. Partners in Design was the project architect.

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The-Halden-White-Plains
AcquisitionsMultifamilyNew YorkNortheast

JLL Brokers Sale of 303-Unit Apartment Community in White Plains, New York

by Taylor Williams

WHITE PLAINS, N.Y. — JLL has brokered the sale of The Halden, a 303-unit apartment community located north of New York City in White Plains. Built in 2023, the property offers one-, two- and three-bedroom units with an average size of 999 square feet. Amenities include a pool, clubroom, pet spa, conference room, café and lounge, fitness center and outdoor lounge seating. JLL represented the seller and procured the buyer, both of which requested anonymity, in the transaction. The Halden was 96 percent occupied at the time of sale.

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AcquisitionsMultifamilyNew JerseyNortheast

Kislak Negotiates Sale of 176-Unit Apartment Complex in Williamstown, New Jersey

by Taylor Williams

WILLIAMSTOWN, N.J. — New Jersey-based brokerage firm The Kislak Co. Inc. has negotiated the sale of Laurelton Village Apartments, a 176-unit multifamily complex in Williamstown, about 25 miles south of Philadelphia. Built in 1970, the property exclusively offers two-bedroom units that are housed in 14 buildings on a nine-acre site. Amenities include a pool, playground and onsite laundry facilities. Jason Pucci of Kislak represented the seller, an affiliate of New Jersey-based investment firm Kamson Corp., in the deal. Barry Waisbrod, also with Kislak, procured the buyer. The deal traded in conjunction with a 14-unit apartment complex in Bergen County for a combined price of $31 million.

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DelawareIndustrialLeasing ActivityNortheast

Law Firm Signs 13,918 SF Office Lease in Wilmington, Delaware

by Taylor Williams

WILMINGTON, DEL. — Law firm Heyman Enerio Gattuso & Hirzel LLP has signed a 13,918-square-foot office lease in Wilmington, Del. The space is located within PNC Bank Center in the downtown area. John Kaczowka of CBRE represented the landlord, Douglas Development, in the lease negotiations. Cindy Fleming of JLL represented the tenant, which is taking space on the ninth floor of the newly renovated building.

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DevelopmentFloridaLoansMultifamilySoutheast

Clearline Obtains $95M in Construction Financing for Excel Miami Multifamily Development

by John Nelson

MIAMI — Clearline Real Estate, a multifamily development firm with offices in New York City and Miami, has obtained $95 million in financing for the construction of Excel Miami, a 24-story apartment tower. Clearline is developing the 427-unit apartment community at 1550 N.E. Miami Place in the city’s Arts & Entertainment District. The financing includes a $68.5 million senior loan from Centennial Bank and a $26 million mezzanine loan from Southern Realty Trust Inc., which syndicated $13 million to affiliate firm Sunrise Realty Trust. Designed by Arquitectonica, Excel Miami will offer studio, one- and two-bedroom apartments, as well as 13 townhouse loft units. Amenities will include a pool, yoga deck, fitness room, coworking space, screening room and podcast suites. The construction timeline was not released.

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AcquisitionsFloridaRetailSoutheast

Wilder Acquires 65,417 SF Publix-Anchored Shopping Center in Sarasota

by John Nelson

SARASOTA, FLA. — Boston-based Wilder has purchased Shoppes at Palmers Ranch, a newly built shopping center in Sarasota totaling 65,417 square feet. WMG Development sold the Publix-anchored center to Wilder and two undisclosed, long-term investment partners for an undisclosed price. Brad Peterson of Colliers represented the seller in the transaction, while Donald Jennewein of Colliers arranged acquisition financing on behalf of Wilder. In addition to the Publix anchor and a Publix Liquors store, Shoppes at Palmers Ranch was fully leased at the time of sale to tenants including Dental Care at Palmer Ranch, Sherwin-Williams, Wellness Animal Hospital, Ann Volcano Nail Lounge and Fuji Sushi Steakhouse.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $14.3M Sale of Metro Tampa Store Leased to Lowe’s Home Improvement

by John Nelson

ODESSA, FLA. — SRS Real Estate Partners has brokered the $14.3 million ground lease sale of a newly built retail property in Odessa, a suburb of Tampa. Lowe’s Home Improvement occupies the 137,554-square-foot property on a 20-year absolute net ground lease. The freestanding store is situated on a nearly 12-acre site at 2317 Gunn Highway. Matthew Mousavi and Patrick Luther of SRS represented the California-based buyer, a private trust that paid for the store in all cash, in the transaction. Patrick Wagor of Atlantic Capital Partners represented the seller, a privately held development firm. Both parties requested anonymity.

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AcquisitionsMultifamilySoutheastTennessee

Oakley Group Purchases 96-Unit Pro Park Apartments in Clarksville, Tennessee

by John Nelson

CLARKSVILLE, TENN. — Oakley Group, a multifamily investment firm based in Birmingham, Ala., has purchased Pro Park, a 96-unit apartment community located at 850 Professional Park Drive in Clarksville. The three-building, newly built property is situated on a 4.4-acre site roughly 46 miles northwest of Nashville. Developer Bert Singletary sold the community to Oakley Group for an undisclosed price, and Synovus Bank provided an undisclosed amount of acquisition financing for the purchase. The new owner has selected locally based NextGen Properties to operate Pro Park, which is being rebranded to The Oakley at Pro Park. Completed in 2024, the property offers one- and two-bedroom units ranging from 879 to 1,200 square feet in size, as well as a clubhouse, fitness center swimming pool, 20 garages and 64 storage units. The community was 63 percent occupied at the time of sale.

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Affordable HousingDistrict of ColumbiaLoansMultifamilySoutheast

FHFA Expands Multifamily Loan Purchase Caps for Fannie Mae, Freddie Mac in 2025

by John Nelson

WASHINGTON, D.C. — The Federal Housing Finance Agency (FHFA) has increased the multifamily loan purchase caps for Fannie Mae and Freddie Mac for their 2025 production. The two government-sponsored enterprises (GSEs) will each have caps of $73 billion, or $146 billion combined, which is a 4 percent increase from the 2024 caps of $70 billion apiece. Bob Broeksmit, president and CEO of the Mortgage Bankers Association (MBA), says that the move to increase the cap is fitting due to recent moves by the Federal Reserve, which has twice reduced the federal funds rate in recent months. “The 4 percent increase in the multifamily loan purchase caps to $73 billion for each GSE is appropriate, given the slightly improved market conditions and lending activity that’s expected next year due to the slow decline in interest rates,” says Broeksmit. The FHFA will continue to exclude multifamily loans that finance workforce housing communities from the 2025 cap and require the GSEs to have at least 50 percent of their multifamily originations finance “mission-driven” affordable housing. The FHFA will continue to monitor the multifamily mortgage market and “maintains the ability to raise the caps further if necessary to support liquidity in the market.” If …

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