Friday, June 27, 2025
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AcquisitionsIndustrialNevadaWestern

Panattoni Development Sells 169,027 SF Industrial Building in Reno

by Amy Works

RENO, NEV. — Panattoni Development has completed the disposition of a freestanding industrial property located at 400 E. Parr Blvd. in Reno. An undisclosed owner/occupier in the kitchen and bath appliance industry acquired the asset for $20.5 million. Situated on 6.7 acres, the 169,027-square-foot facility was originally built in 1972 and renovated in 2016. The property features 25-foot clear heights, 18 dock doors, one grade door, ESFR sprinklers and skylights. Sears Outlet Stores previously tenanted the property. Mike Nevis and Shawn Jaenson of Cushman & Wakefield represented the seller in the transaction. Nevis and Jaenson were joined by Will Strong, Molly Hunt, Michael Matchett, Jack Stamets and Madeline Warren of the firm’s National Industrial Advisory Group – Mountain West, along with Jeff Chiate, Rick Ellison, Matthew Leupold and Aubrie Monahan of the IAG – West team.

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AcquisitionsMichiganMidwestOffice

KJ Commercial Assembles Land Site for New Citizens State Bank Headquarters in Metro Detroit

by Kristin Harlow

ROYAL OAK, MICH. — KJ Commercial has assisted Citizens State Bank (CSB) in the multi-parcel land assemblage for its new headquarters in the Detroit suburb of Royal Oak. After evaluating a range of opportunities, including existing buildings and redevelopment sites, the team decided that a ground-up development was the optimal long-term plan. Kevin Jappaya, David Jappaya and Preston Rabban of KJ Commercial identified a site in the Woodward Avenue corridor and negotiated the off-market purchase of the adjacent property, enabling the assemblage of the necessary acreage for CSB. The transaction closed simultaneously with two separate sellers. A timeline for construction was not provided.  

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Leasing ActivityMichiganMidwestRetail

NRG Trampoline Park Signs 50,000 SF Retail Lease in Troy, Michigan

by Kristin Harlow

TROY, MICH. — NRG Trampoline Park has signed a retail lease to open a 50,000-square-foot location at the northeast corner of 14 Mile and John R roads in Troy. NRG will take the space formerly occupied by Dick’s Sporting Goods adjacent to Oakland Plaza. Michael Murphy, Zach Burk and Tjader Gerdom of Gerdom Realty & Investment, along with Sean Kipp of Ranger Retail Partners, represented NRG in the lease. NRG operates locations across the country, but this lease marks the entertainment concept’s first location in Michigan.  

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IllinoisLeasing ActivityMidwestRetail

Whole Foods Market to Open 36,234 SF Store in St. Charles, Illinois on June 25

by Kristin Harlow

ST. CHARLES, ILL. — Whole Foods Market is set to open a new 36,234-square-foot store at 300 S. 2nd St. in St. Charles, a western suburb of Chicago, on Wednesday, June 25. The location’s product assortment will feature more than 650 products from the Midwest, sourced with the help of Margie Omastiak, forager for local and emerging brands at Whole Foods. There will be a specialty department dedicated to cheesemakers and artisan producers; a full-service seafood counter; full-service meat counter; an extensive selection of craft beers, spirits and wines; a prepared foods department; bakery department; and wellness and beauty department. Whole Foods will present Chicago-based supplier Evergreen with a low-interest loan through the Whole Foods Market Lending Program to help grow its operations and support expansion to more Whole Foods locations.

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AcquisitionsIndianaMidwestRetail

Marcus & Millichap Brokers Sale of 17,704 SF Retail Property in Avon, Indiana

by Kristin Harlow

AVON, IND. — Marcus & Millichap has brokered the sale of a 17,704-square-foot retail property occupied by The Learning Grove Academy in Avon, a western suburb of Indianapolis. The net-leased childcare facility was built in 2009 and is located at 7651 Beechwood Centre Road. Sam Malato and Dominic Sulo of Marcus & Millichap represented the buyer, a private coastal investor. The Learning Grove is an early education operator with 120 locations and additional acquisitions in progress.

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IllinoisIndustrialMidwest

CORFAC International Member Survey: Deal Activity Is on Upward Trajectory

by Kristin Harlow

DES PLAINES, ILL. — Des Plaines-based CORFAC International’s first-half 2025 survey of members from 75 independent commercial real estate firms across the globe shows that deal activity is on an upward trajectory. When assessing the past six months, 67 percent of respondents said that deal activity had increased, compared with 35 percent of respondents in the last survey. Industrial real estate continues to be the leading driver of CORFAC members’ business. Nearly 70 percent of respondents said it was a leading driver of business so far in 2025, and 56 percent said they expected it to be the leading sector in the second half of the year. In addition, 72 percent identified warehouse and distribution centers, continuing the trend from 2024, of those categories leading the way.  Members from 40 markets around the world identified positive employment trends (55 percent), population migration into their market (48 percent), and stabilizing interest rates (38 percent) as the three key factors that are having a positive influence on transaction activity. Some economic realities that are worrying members include high costs of construction (66 percent), inflation and interest rates (60 percent), and local and national policies (40 percent). “We’re pleased to see the strong …

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20955-Pathfinder-Rd-Diamond-Bar-CA
CaliforniaLoansOfficeWestern

Gantry Secures $9M Refinancing for Office Building in Metro Los Angeles

by Amy Works

DIAMOND BAR, CALIF. — Gantry has secured a $9 million loan to refinance a maturing loan on an office building in Diamond Bar, a suburb 28 miles east of Los Angeles. Located at 20955 Pathfinder Road, the three-story building offers 65,000 square feet of rentable space. The property was 98 percent occupied at the time of financing. Topher Van Mourick of Gantry represented the borrower, a private real estate investor. The three-year, fixed-rate loan was secured from one of Gantry’s correspondent life company lenders. Gantry will service the loan.

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ECO-Phoenix-Apts-Phoenix-AZ
ArizonaDevelopmentMultifamilyWestern

Habitat Metro Delivers 70-Unit Apartment Project in Downtown Phoenix

by Amy Works

PHOENIX — Habitat Metro, as owner/developer, has completed ECO Phoenix, a multifamily property located at 301 E. Roosevelt in downtown Phoenix. CCBG Architects designed the 125,000-square-foot five-story property that offers 70 apartments and 3,300 square feet of retail space. Units feature quartz countertops, wood-style flooring, stainless steel appliances and efficient lighting. The $20 million project features solar energy utilization, a car-share program, greywater recycling and other urban sustainability amenities. Proof Bread occupies 600 square feet of the retail space. The bakery and café offers baked goods, beverages, indoor seating and a kids’ play area. Sletten Cos. served as general contractor. PK Associates, WERK Studio, Hartford Engineering and Ritcoh/Powell Associates served as subcontractors for the project.

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2714-Fairview-Ave-E-Seattle-WA
AcquisitionsMultifamilyWashingtonWestern

Kidder Mathews Directs $6.7M Sale of Anchor House Apartments in Seattle

by Amy Works

SEATTLE — The Simon | Anderson Multifamily Team at Kidder Mathews has arranged the the off-market sale of Anchor House Apartments, a waterfront property located at 2714 Fairview Ave. E in Seattle’s Eastlake neighborhood. Casal Real Property LLC sold the asset to Anchor House Apartments LLC for $6.7 million. Situated along Lake Union, Anchor House Apartments offers 18 units. Dylan Simon, Jerrid Anderson, Matt Laird and Jack Shephard of Kidder Mathews represented the seller in the deal.

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Independence-Plaza-Manhattan
LoansMultifamilyNew YorkNortheastTop Stories

Newmark Arranges $675M Loan for Refinancing of Manhattan Apartment Complex

by Taylor Williams

NEW YORK CITY — Newmark has arranged a $675 million loan for the refinancing of Independence Plaza, a 1,328-unit apartment complex located at 40 Harrison St. in the Tribeca area of Manhattan. A consortium of lenders consisting of Deutsche Bank, Wells Fargo, Bank of America and Morgan Stanley provided the debt to the borrower, a partnership between Vornado Realty Trust (NYSE: VNO) and Stellar Management. Jordan Roeschlaub, Nick Scribani, Jonathan Firestone and John Caraviello led the transaction for Newmark. Independence Plaza consists of three 39-story residential towers, a series of townhomes, an onsite parking garage and four contiguous blocks of retail frontage for a total footprint of 1.4 million square feet. Units come in studio, one-, two- and three-bedroom floor plans, as well as and duplexes, and many apartments are newly renovated and feature walk-in closets, large balconies and washers and dryers. Amenities include a pool, fitness center and a children’s play area. According to the property website, there are currently five units available for rent. — Taylor Williams

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