Property Type

American Landmark Completes 80-Unit Multifamily Project in Union, New Jersey

by Taylor Williams September 21, 2020

UNION, N.J. — Locally based developer American Landmark Development has completed Phase I of Centurion Union, a project that delivered 80 multifamily residences to the supply of Union, a suburb of Newark. The property features a mix of one- and two-bedroom units with wood-style plank flooring, quartz countertops and glass-enclosed showers. Amenities include a fitness center, resident lounge, coworking space, children’s play area and a dog run. Phase I of the project is now fully leased, and American Landmark may begin construction of Phase II by the first quarter of next year.

September 21, 2020

Connell-Park-Berkeley-Heights-New-Jersey

Leasing Activity New Jersey Northeast Office

Hana, Connell to Open 40,000 SF Coworking Space in Berkeley Heights, New Jersey

by Taylor Williams September 21, 2020

BERKELEY HEIGHTS, N.J. — A partnership between Hana, the coworking brand of CBRE, and locally based investment firm The Connell Co. will open Round Table Studios, a 40,000-square-foot coworking space in Berkeley Heights, located about 20 miles west of New York City. The space will be located within Connell’s building at 200 Connell Drive and is scheduled to open by the end of the year. Members may enjoy access to the building’s onsite health clinic, fitness center, dining services and surrounding network of parks and trails.

September 21, 2020

Acquisitions Net Lease New Jersey Northeast Retail

SRS Real Estate Arranges $6.7M Sale of Wawa Store in Roselle, New Jersey

by Taylor Williams September 21, 2020

ROSELLE, N.J. — SRS Real Estate Partners has arranged the $6.7 million sale of a retail asset that is occupied by convenience store chain Wawa in Roselle, located south of Newark. Patrick Nutt and Andrew Fallon represented the seller in the transaction. The buyer was an undisclosed private investor. The store opened in May 2019.

September 21, 2020

Development Nevada Restaurant Retail Western

Experiential Art, Entertainment Complex AREA15 Opens in Las Vegas

by Amy Works September 21, 2020

LAS VEGAS — AREA15, an experiential art and entertainment complex in Las Vegas, is now open to the public. While the complex is free to enter, pre-registration and masks are currently required to manage capacities and ensure a safe environment. AREA15 offers art installations, socially distanced activities, unique retail, bars and eateries. The property houses 40,000 square feet of indoor and outdoor event space with more than 800 free parking spaces. Currently open retailers and experiences include Art Island, Birdly Virtual Reality Experience, Emack & Bolios, Gallerie 360 inside The Portal, Haley’s Comet, Oddwood, Sanctuary, Shogyo Mujo, The Beast Pop-up Food Experience, The SPINE, Valyrian Steel and Wild Muse Boutique. Additional experiences that are slated to open soon include Meow Wolf’s Omega Market, Lost Spirits Distillery, Dueling Axes, Emporium Bar and Arcade, Wink World, The Beast Food Hall by Todd English, Rocket Fizz candy shop, Intel Innovation Hub, Five Iron Golf and Virtualis. AREA15 is a collaborative venture between real estate development firm Fisher Brothers and creative agency Beneville Studios.

September 21, 2020

Affordable Housing Illinois Indiana Loans Midwest Multifamily Wisconsin

KeyBank Secures $51.5M in Acquisition Financing for Six-Property Affordable Housing Portfolio in Four States

by Kristin Harlow September 21, 2020

ILLINOIS, INDIANA, WISCONSIN AND TEXAS — KeyBank Real Estate Capital has secured $51.5 million in Fannie Mae financing for the acquisition of six affordable housing properties in four states. The properties include: Parkway Highlands in Green Bay, Wis.; Marian Heights in Alton, Ill.; Shelby’s Crest and Landing in Shelbyville, Ind.; Capitol Place in Springfield, Ill.; Broadway Place in South Roxana, Ill.; and Gardens of Mabank in Mabank, Texas. The portfolio totals 701 units. Tabare Borbon and Kyle Kolesar of KeyBank structured the financing on behalf of the borrower, Harmony Housing.

September 21, 2020

Acquisitions Arizona Industrial Western

SRS Negotiates $50M Acquisition of Carvana-Occupied Industrial Property in Tolleson, Arizona

by Amy Works September 21, 2020

TOLLESON, ARIZ. — SRS Real Estate Partners has arranged the off-market purchase of a single-tenant industrial building located at 600 S 94th Ave. in Tolleson. Carvana sold the asset to Phoenix-based Fundamental Income for $50 million. Carvana, the current tenant, will lease back the 190,000-square-foot building on a long-term basis. The tenant uses the facility as a reconditioning and photography center for vehicles sold online by Carvana. Travis Fidel of SRS’ National Net Lease Group represented the buyer and seller in the deal.

September 21, 2020

Illinois Loans Midwest Multifamily

Parkview Financial Provides $22.7M Construction Loan for Townhome Project in Chicago

by Kristin Harlow September 21, 2020

CHICAGO — Parkview Financial has provided a $22.7 million loan for the construction of a 67-unit townhome project in Chicago’s Avondale neighborhood. The for-sale units will be housed in eight three-story buildings. The project will offer a mix of three-, four- and five-bedroom townhomes. Amenities will include a clubhouse, gym, playground and dog run. Construction recently commenced with completion slated for spring 2021. A joint venture between Noah Properties and MPM Holdings was the borrower.

September 21, 2020

Loans Midwest Minnesota Multifamily Seniors Housing

Colliers Mortgage Originates $5.6M Refinancing for Seniors Housing Community in Bloomington, Minnesota

by Kristin Harlow September 21, 2020

BLOOMINGTON, MINN. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.

September 21, 2020

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $5.1M Sale of 7-Eleven Property in Alsip, Illinois

by Kristin Harlow September 21, 2020

ALSIP, ILL. — Marcus & Millichap has brokered the $5.1 million sale of a 4,000-square-foot property occupied by 7-Eleven in Alsip, a southern suburb of Chicago. The build-to-suit property is located on 127th Street. The tenant has a 15-year lease. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. The duo also secured and represented the buyer, an out-of-state investor completing a 1031 exchange.

September 21, 2020

Arizona Development Leasing Activity Retail Western

Sprouts Farmers Market to Anchor 75,000 SF Sonoran Creek Marketplace Near Phoenix

by Amy Works September 21, 2020

MARICOPA, ARIZ. — Thompson Thrift Retail Group, a wholly owned company of Indianapolis-based Thompson Thrift, has inked a deal for Sprouts Farmers Market to anchor Sonoran Creek Marketplace, the company’s $30 million retail center under development in Maricopa. The Phoenix-based specialty grocery chain is expected to open its 23,293-square-foot location in September 2021. Situated on 14 acres at the intersection of John Wayne Parkway and Edison Road, Sonoran Creek Marketplace will feature 75,000 square feet of retail and restaurant space. Additional recently signed tenants include The Joint Chiropractic, State Farm Insurance, Jimmy John’s Gourmet Sandwiches and Filiberto’s Mexican Food. Also included in the development are Dutch Bros, Culver’s and Fast & Friendly Express Carwash, all of which are currently open for business. This is Thompson Thrift Retail Group’s first project in Maricopa, and the company’s 2021 Southwest pipeline is projected to include more than $120 million in volume across metro Phoenix.

September 21, 2020

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