Property Type

CHICAGO — Optima Inc. has topped off Optima Lakeview, a 198-unit luxury apartment project in Chicago’s Lakeview neighborhood. The seven-story, transit-oriented development includes 14,000 square feet of street-level retail space. First move-ins are scheduled for spring 2022. Work on the project, which is situated on the site of a former Treasure Island grocery store, began five months ago. Optima is serving as both architect and general contractor. Optima Lakeview will feature 40,000 square feet of amenities, including a rooftop sky deck, indoor basketball court, golf simulator, fitness center, yoga room, sports lounge, dog park, game room, demonstration kitchen, business center and two conference rooms. Units will feature keyless entry and smart thermostat and lighting. Optima says the units are significantly larger than what’s currently available in the market in order to accommodate dedicated space for a home office with the rise of the work-from-home model.

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ELK GROVE VILLAGE, ILL. — Skybox Datacenters is underway on the development of Skybox Chicago I, a 189,000-square-foot data center in the suburban Chicago community of Elk Grove Village. The project is the first facility being developed as part of a new partnership between Skybox and Prologis Inc. The partnership will focus on data center markets across Chicagoland. Completion of the first facility is slated for November.

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DELAWARE, OHIO — Berkadia has provided a $16.5 million Fannie Mae loan for the refinancing of Flats on Houk in Delaware, about 30 miles north of Columbus. The 168-unit, garden-style community is located at 1000 Solomon Square. Amenities include a picnic area, pool, fitness center, recreation room, clubhouse, dog park and community garden. Scott Wilkie and Evan Ballmann of Berkadia’s Columbus office originated the 10-year loan, which features a 2.9 percent interest rate and a 55 percent loan-to-value ratio.

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10-Westfield-Avenue-Roselle-Park

ROSELLE PARK, N.J. — Greystone has arranged a $65 million construction loan for a 325-unit multifamily project at 10 Westfield Ave. W. in the Northern New Jersey community of Roselle Park. The project will include the development of 16,000 square feet of retail space and a 518-space parking garage and an amenity package that consists of a courtyard, lounge, fitness center and meeting rooms. ACORE Capital provided the loan to Capodagli Property Co. Drew Fletcher, Miryam Kops and Bryan Grover of Greystone placed the debt. Completion is slated for 2023.

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116-Lehigh-Drive-Fairfield

FAIRFIELD, N.J. — Ingram Micro, a California-based provider of IT products and services, has signed a 107,107-square-foot industrial lease at 116 Lehigh Drive in the Northern New Jersey community of Fairfield. Venture One Real Estate owns the single-tenant building, which was constructed on 8.2 acres in 1986. Thomas Mallaney, Nicholas Nitti, Denise Kokulak and David Remington of CBRE represented the tenant, which plans to take occupancy of the space in September, in its site selection and lease negotiations.

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BRENTWOOD, N.H. — Marcus & Millichap has brokered the sale of Creative Self Storage, a 391-unit facility in Brentwood, located in the southern part of the state. The property features 58,064 net rentable square feet across 357 non-climate-controlled units and 34 climate-controlled units. Nathan Coe, Brett Hatcher, Gabriel Coe and James Koury of Marcus & Millichap represented the seller in the transaction. Additional terms of sale were not disclosed.

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BOSTON — Illinois-based general contractor Cicero Construction Group has completed the renovation of the Staypineapple Boston, a 56-room boutique hotel in the city’s South End neighborhood. The project included a rebranding of the hotel, formerly known as the Chandler Inn, as part of Seattle-based Staypineapple chain, which purchased the property in February 2018. Renovations delivered upgraded beds and bathrooms to rooms, as well as new flooring, paint, wall coverings and other interior improvements to the lobby, hallways and common areas.

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SEWELL, N.J. — Avison Young has negotiated the $3.7 million sale of Offices at Harbor Pavilions, a 15,000-square-foot medical office building in Sewell, located outside of Philadelphia in the southern part of the state. The property was built in 2007 and is leased to Rowan University School of Osteopathic Medicine and Reconstructive Orthopedics. Scott Martin of Avison Young represented the seller, a local investor, and the buyer, a local doctor, in the transaction.

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LONG BEACH, CALIF. — A partnership between Turnbridge Equities and Waterford Property Co., along with Monument Square Investment Group, has purchased City Place Long Beach, a 14-acre, large-scale, open-air, mixed-use development in downtown Long Beach. The partnership first acquired the loan on the asset at the end of 2020 and now reached an agreement to take over ownership of the property. Originally the site was Long Beach Plaza Mall, an enclosed shopping mall that was built in 1982 and demolished in 2002 to make way for City Place. The partnership is now reinventing the property as a mixed-use development with retail, office, restaurant and entertainment spaces, as well as working to immediately stabilize the asset.

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FLAGSTAFF, ARIZ. — Cushman & Wakefield has arranged the sale of Village at Aspen Place, an apartment property located at 601 E. Piccadilly Drive in Flagstaff. An entity formed by Orange County, Calif.-based NNC Apartment Ventures acquired the asset from an entity formed by Kansas City, Mo.-based VanTrust Real Estate for $64.5 million. David Fogler and Steven Nicoluzakis of Cushman & Wakefield’s Multifamily Advisory Group in Phoenix represented the seller in the deal. Completed in 2015, Village at Aspen Place feature 222 units in a mix of studio, one- and two-bedroom layouts. Community amenities include ground-floor retail space, an attached parking garage and elevator service to each floor.

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