REDMOND, ORE. — Compass Commercial Real Estate Services has arranged the sale of a multifamily property located at 2002 SW Canyon Drive in Redmond. HLM Inc. sold the asset to Toney Properties LLC for $4.3 million. Situated on 1.4 acres, the 29,600-square-foot property offers 20 townhome-style apartments. Dan Kemp of Compass Commercial Real Estate Services and Adam Bledsoe of TOK Commercial represented the seller. Kemp also represented the buyer in the deal.
MINOT, N.D. — Kraus-Anderson has completed construction of a $116 million high school located at 2000 21st Ave. NW in Minot, a city in central North Dakota. The school opened its doors to approximately 1,000 students and teachers in August. Construction lasted two years. The project involved the redevelopment of a former call center that was owned by Cognizant before it sold to the school district. Kraus-Anderson renovated the building into classrooms and offices and constructed a connecting addition. Designed by Ackerman-Estvold, the 275,259-square-foot school features music and tech classrooms, gymnasiums and a kitchen and cafeteria. Outside, the school includes a turf field stadium with a track and grass practice fields. Construction on a pool and auditorium is slated for completion in December.
KANSAS CITY, MO. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $56 million bridge loan for Willow Creek Apartments in Kansas City. The 998-unit, garden-style multifamily property spans nearly 70 acres and includes 43 buildings housing one-, two- and three-bedroom units. Amenities include two pools, a fitness center, racquetball and tennis courts, garage parking and a clubhouse with business center. Loan proceeds will be utilized to refinance existing debt, complete remaining construction costs, cover closing costs and fund required escrows. David Scheer of Dwight originated the loan on behalf of the borrower, KC Willow Creek LLC.
NEW YORK CITY — Urban Atelier Group has signed a 25,270-square-foot office lease at 41 Madison Ave. in Midtown Manhattan. The New York-based construction management firm will relocate from an 18,000-square-foot space at 85 Fifth Avenue in the second quarter of 2025 to the entire 12th and 13th floors of the 42-story, 560,000-square-foot building. The lease term is 15 years. Ross Eisenberg of RDE Advisors represented the tenant in the lease negotiations. Robert Steinman represented the landlord, Rudin, on an internal basis.
CAROL STREAM, ILL. — Development Solutions Inc. (DSI) has broken ground on a 200,000-square-foot warehouse expansion for Frain Industries at 245 E. North Ave. in the Chicago suburb of Carol Stream. The addition will connect to Frain’s existing 330,000-square-foot facility, resulting in a combined footprint of 530,000 square feet. Upon completion, Frain Industries will operate the largest privately owned facility in Carol Stream, second in size only to the local post office, according to DSI. Completion is slated for June 2025. Headquartered in Carol Stream, Frain works in the packaging and processing industries.
BLUFFTON, IND. — Marcus & Millichap has arranged the $2.4 million sale of a retail property occupied by Walgreens in Bluffton, about 25 miles south of Fort Wayne. Constructed in 20023, the building is located at 1975 N. Main St. There are approximately 4.5 years remaining on the triple-net lease. Jordan Klink and David Klink of Marcus & Millichap represented the seller, Eureka Limited Co., and procured the buyer, Valuecom22 LLC, an out-of-state 1031 exchange investor.
CHICAGO — DarwinPW Realty/CORFAC International has brokered the sale of a 9,600-square-foot flex building located at 2224 W. Grand Ave. in Chicago for an undisclosed price. The property is home to Rainbow Art Inc. and is currently zoned C2-2, which allows for a mixed-use development. The building is situated in the West Town neighborhood and features clear heights ranging from 12 to 16 feet, one drive-in door and two-story office space. Marc Hale and Ali Nix of DarwinPW Realty/CORFAC International brokered the sale. A residential developer purchased the asset.
NEW YORK CITY — Interior design firm Staged To Sell Home will open a 23,856-square-foot office and showroom in the Sunset Park area of Brooklyn. The lease term is seven years, and the space is located within Building 22 of Industry City, a 35-acre mixed-use development. Noah Jay of Compass represented the tenant in the lease negotiations. Brad Blum internally represented the landlord, a partnership between Belvedere Capital, Jamestown and Angelo Gordon & Co. A tentative opening date was not announced.
NEW YORK CITY — CBRE has arranged a 14,071-square-foot office lease expansion at 575 Madison Ave. in Midtown Manhattan. The tenant, international law firm Kozusko Harris Duncan LLP (KHD), will relocate from the 24th floor, where it occupies 8,629 square feet, to part of the 12th floor of the 25-story building. Chris Mansfield, Zac Price and Tara Rhodes of CBRE represented KHD in the lease negotiations. William Hooks, David Hollander, Gregg Rothkin, Bradley Auerbach and Maxwell Tarter, also with CBRE, represented the landlord.
— Jason Hallahan, associate of Colliers Reno — Northern Nevada’s office market has shown continued resilience in 2024 as the region has seen robust tenant demand, fewer sublease availabilities and evolving market trends. Though Northern Nevada experienced an influx of vacant space that hit the market in the middle of the year, year-to-date tenant demand has been largely positive. Robust absorption in the first and third quarters of 2024 has driven annual net absorption to more than 77,500 square feet. While many larger office markets felt an immediate impact at the onset of the pandemic, Reno’s office market began to see the wave of sublease space hit the market at the start of 2022 — nearly two years later. At its peak in the first quarter of 2023, available sublease space accounted for 28.2 percent of all available space on the market. Northern Nevada’s sublease market has continued to shrink over the past two years as the total square footage recently dropped below 90,000 square feet. This is less than one-third of the 2023 peak, which was 303,000 square feet of available sublease space. This loss of sublease space is due to large sublease suites being occupied by new subtenants, …