Property Type

CBRE Negotiates $105M Sale of Two Multifamily Properties in Metro Kansas City

by Kristin Harlow June 30, 2021

SHAWNEE AND PRAIRIE VILLAGE, KAN. — CBRE has negotiated the sale of two multifamily properties in metro Kansas City for a combined $105 million. Jeff Stingley, Max Helgeson and Michael Spero of CBRE represented the seller in each transaction. Prairie Pines in Shawnee includes 220 rental townhome units. Hickok-Dible Co. completed the property in 2019. Two- and three-bedroom floor plans average 1,900 square feet. Amenities include a fitness center, pool and outdoor grilling areas. Kansas City-based Nolan Real Estate Services was the buyer. Kenilworth Apartments in Prairie Village includes 246 units. JC Nichols Co. originally completed the property in 1964. Amenities include an indoor and outdoor pool as well as an outdoor kitchen and grilling area. Denver-based Avanti Residential was the buyer.

June 30, 2021

Development Indiana Industrial Midwest

Opus Breaks Ground on 256,000 SF Spec Industrial Project in Suburban Indianapolis

by Kristin Harlow June 30, 2021

WHITESTOWN, IND. — The Opus Group has broken ground on a speculative industrial building at AllPoints at Anson, an industrial park in Boone County’s Whitestown, about 25 miles northwest of Indianapolis. The 256,000-square-foot building will feature a clear height of 36 feet, 26 dock doors, four drive-in doors, 219 car parking spots, 33 trailer parking spots and office space. Completion of the 16-acre project is slated for March 2022. Opus is serving as developer, design-builder, interior designer, architect and structural engineer. Luke Wessel of Cushman & Wakefield will market the new building for lease. AllPoints at Anson is a 616-acre industrial park.

June 30, 2021

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Arranges $9.6M Sale of Pick ’n Save-Occupied Property in Monroe, Wisconsin

by Kristin Harlow June 30, 2021

MONROE, WIS. — Marcus & Millichap has arranged the sale of a 61,136-square-foot property occupied by Pick ’n Save in Monroe, about 40 miles south of Madison. The net-leased asset sold for $9.6 million. Pick ’n Save recently signed a 10-year lease extension through the end of 2030. Jeff Rowlett of Marcus & Millichap represented the seller, a private investor, as well as the buyer, a REIT.

June 30, 2021

Acquisitions Illinois Industrial Midwest

Zilber Property Group Acquires 161,542 SF Industrial Building in DeKalb, Illinois

by Kristin Harlow June 30, 2021

DEKALB, ILL. — Zilber Property Group has acquired a 161,542-square-foot industrial building in Dekalb, about 65 miles west of Chicago. The purchase price was undisclosed. The Class A property is located at 711 Fairview Drive near I-88. Audiovisual and entertainment company Solotech and third-party logistics firm B&C Logistics fully occupy the building. Constructed in 2001, the facility features a clear height of 28 feet, 20 dock positions, four drive-in doors, 167 car parking spaces and onsite trailer parking. Dominic Carbonari, Frank Griffin, Kate Coxworth and Ed Halaburt of JLL represented the seller, SparrowHawk Real Estate. Rachel Agba represented Zilber on an internal basis.

June 30, 2021

Acquisitions Midwest Office Ohio

Reichle Klein Group Brokers $1.7M Sale of Office Building in Toledo, Ohio

by Kristin Harlow June 30, 2021

TOLEDO, OHIO — Reichle Klein Group has brokered the sale of a 20,824-square-foot office building in Toledo for $1.7 million. The property is located at 4352 W. Sylvania Ave. near Franklin Park Mall. The renovated, freestanding building sits on 1.5 acres. Ryan Miller of Reichle Klein represented the buyer, Ohio-based SBB Rouge LLC. Jason Westendorf of Reichle Klein represented the seller, Michigan-based 4352 WSA LLC.

June 30, 2021

Development Healthcare Life Sciences Massachusetts Northeast Office

DivcoWest Breaks Ground on 375,000 SF Life Sciences Building at Cambridge Crossing

by Taylor Williams June 30, 2021

CAMBRIDGE, MASS. — Developer DivcoWest has broken ground on a 375,000-square-foot life sciences building at 441 Morgan St. within Cambridge Crossing, a 43-acre mixed-use development located at the junction of Cambridge, Boston and Somerville. Designed by Ennead Architects and Jacobs Consultants, the building will consist of 10 floors of lab space plus two penthouse floors and five outdoor terraces. DivcoWest expects to complete construction of the shell of the building in early 2023 and to subsequently begin interior build-outs of tenant spaces.

June 30, 2021

NorthLight-at-Edge-on-Hudson-Sleepy-Hollow

Development Multifamily New York Northeast

Hines Tops Off 246-Unit Multifamily Project in Sleepy Hollow, New York

by Taylor Williams June 30, 2021

SLEEPY HOLLOW, N.Y. — Houston-based Hines has topped off NorthLight at Edge-on-Hudson, a 246-unit multifamily project in Sleepy Hollow, located north of New York City. The property is located within the $1 billion, 70-acre Edge-on-Hudson mixed-use development that includes 16 acres of community parks and a waterfront promenade. Upon completion in the third quarter of next year, NorthLight at Edge-on-Hudson will offer studio, one-, and two-bedroom apartments ranging in size from 565 to 1,406 square feet. Amenities will include a pool, fitness deck, outdoor kitchens, fire pits, open green spaces, outdoor lounge areas, a clubhouse with coworking space, fitness center, kids’ playroom, communal kitchen and a wine lounge. Hines will begin leasing the property in the first quarter of 2022.

June 30, 2021

The-Amelia-Apartments-Quincy-Massachusetts

Acquisitions Massachusetts Multifamily Northeast

Waterton Acquires 200-Unit Amelia Apartments in Metro Boston

by Taylor Williams June 30, 2021

QUINCY, MASS. — Chicago-based investment firm Waterton has acquired The Amelia, a 200-unit apartment community located in the southern Boston suburb of Quincy. The 10-story property was built on 1.2 acres in 2006 and offers studio, one- and two-bedroom units. Amenities include a fitness center, resident clubhouse and an outdoor deck. Waterton will implement a value-add program focused on unit interiors and amenity spaces. The seller was not disclosed.

June 30, 2021

Affordable Housing Loans Multifamily New York Northeast Seniors Housing

MRC Provides $29.4M Loan for Multifamily Redevelopment Project in Queens

by Taylor Williams June 30, 2021

NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.

June 30, 2021

Colorado Market Reports Retail Western Western Market Reports

Colorado’s Retail Sector Reemerges Amid Strong Market Signs

by Jeff Shaw June 30, 2021

By Stuart Zall, President, The Zall Company No matter how you look at it, Colorado is in a great position for strong post-pandemic recovery and growth. People are moving here from around the country at historic numbers. With low interest rates and an influx of buyers prepared to pay well over asking prices, the residential real estate market is experiencing unprecedented activity, and we expect the commercial market to follow suit. Now that the vaccine has created less concern about COVID-19, people are getting out again and we’re seeing a lot of pent-up demand as businesses reopen, eateries expand capacity and restrictions on crowd size are lifted. Downtown Denver Takes Action To Lure People Back Within the Front Range retail market, downtown Denver took the biggest pandemic hit by far. Prior to 2020, downtown served a population of more than 150,000 daytime workers, the convention center was booked for years out, bringing thousands of conventioneers from all over the country, and sports and tourist venues like Elitch Gardens attracted huge crowds. Now the city is working hard to bring back workers. The Downtown Denver Partnership recently launched the Denver’s Ready campaign to encourage employers and employees to return to in-person work. Enticements include extension …

June 30, 2021

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