Monday, June 29, 2026
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Ninety-Nine-Ave-Phoenix-AZ
AcquisitionsArizonaRetailWestern

Phoenix Commercial Advisors Brokers Sale of Sprouts Farmers Market-Anchored Retail Center in Phoenix

by Amy Works

PHOENIX — Phoenix Commercial Advisors has arranged the sale of Ninety Nine Ave, a grocery-anchored retail property in Phoenix. A private buyer acquired the asset from the developer for $30.7 million, or $650 per square foot, in an all-cash transaction. Situated on 5.2 acres on the northeast corner of 99th Avenue and McDowell Road, the property offers 47,201 square feet of retail space. At the time of sale, the property was 100 percent leased to a variety of tenants, including Sprouts Farmers Market, CAVA, Hand & Stone and Mountain Mike’s Pizza. Danny Gardiner and Chad Tiedeman of Phoenix Commercial Advisors represented the seller in the deal.

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Leasing ActivityNortheastOfficePennsylvania

Cushman & Wakefield Negotiates 20,025 SF Office Lease Renewal in Allentown, Pennsylvania

by Taylor Williams

ALLENTOWN, PA. — Cushman & Wakefield has negotiated a 20,025-square-foot office lease renewal in the Lehigh Valley city of Allentown. The tenant is Selective Insurance, and the building is located at 1275 Glenlivet Drive. David DeMatteis, Robert Rudin, Jan Randall and Jason Sourbeer of Cushman & Wakefield represented Selective Insurance in the lease negotiations. Bill Wolf of CBRE represented the undisclosed landlord.

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3141-Alameda-St-Medford-OR.jpg
AcquisitionsMultifamilyOregonWestern

Fourth Avenue Capital Buys Ridgewood Apartments in Medford, Oregon for $22.1M

by Amy Works

MEDFORD, ORE. — Fourth Avenue Capital has acquired Ridgewood Apartments, a multifamily property located at 3141 Alameda St. in Medford, from Investors Capital Group for $22.1 million. Situated on 3.9 acres, the community features 96 two- and three-bedroom apartments spread across 13 residential buildings with a clubhouse, fitness center, an outdoor pool and private garages, as well as a standalone leasing office. The property was built in two phases between 2002 and 2004. Josh McDonald and Joe Nydahl of CBRE represented the seller and buyer in the transaction.

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AcquisitionsArizonaIndustrialWestern

SBA Management Purchases 47,531 SF Industrial Building in Tucson for $3.8M

by Amy Works

TUCSON, ARIZ. — SBA Management LLC has acquired an industrial property located at 1401 and 1501 S. Pantano Road in Tucson from East Coast Tucson Development LLC for $3.8 million. Airtronics will occupy the 47,531-square-foot facility. Robert Glaser and Stephen Cohen of Cushman & Wakefield | PICOR represented the seller in the deal.

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DevelopmentIowaLoansMidwestMultifamily

HSF Originates $108M Construction Loan for Des Moines Apartment Tower

by Kristin Harlow

DES MOINES, IOWA — Dallas-based HALL Structured Finance (HSF) has provided a $108 million first lien construction loan for 515 Walnut Tower in downtown Des Moines. St. Joseph Group is the borrower and developer. Richard Price and Jackie Meagher of Berkadia arranged the loan.  The project will rise 33 stories with 390 apartment units. A central amenity “lodge” will offer fitness, coworking, lounge and entertainment areas, including a rooftop terrace with hot tubs and cooking space. The second floor will feature a 4,000-square-foot fitness center as well as sky walk connections to an adjacent parking garage.

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DevelopmentIllinoisMidwestMultifamily

Hines Breaks Ground on 306-Unit Apartment Complex in Naperville, Illinois

by Kristin Harlow

NAPERVILLE, ILL. — Hines has broken ground on 1200 Diehl Road in the Chicago suburb of Naperville. The five-story apartment complex will include 306 units and 15,000 square feet of retail space. The development was partially funded through Hines U.S. Direct Investments. Units will range from studios to three-bedroom layouts. Amenities will include a pool deck, coworking lounge, clubroom, golf simulator, fitness center and walking path. Freedom Commons, a 160,000-square-foot shopping center, sits adjacent to the property. The submarket has received no new institutional multifamily supply since 2022, according to David Bach, senior managing director at Hines. PNC provided a $66 million construction loan for the development, according to Crain’s Chicago Business.

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DevelopmentIllinoisLoansMidwestRetail

Associated Bank Provides $11.7M Construction Loan for Retail Center in Metro Chicago

by Kristin Harlow

BANNOCKBURN, ILL. — Associated Bank has provided an $11.7 million loan to GTZ Properties for the development of a four-building, multi-tenant retail center on a vacant parcel at 1300 Half Day Road in Bannockburn. The 23,864-square-foot project is situated on a 5.3-acre corner lot adjacent to a Mariano’s grocery store and across the street from a Heinen’s grocery store. The development is 93 percent preleased with one space remaining. Signed leases include Wells Fargo Bank, Chipotle, Heart Certified Auto Care, Just Salad and a nail salon. The Gardner School is purchasing a parcel to develop the fifth building on the property as an early childhood education center. Completion of the retail center is slated for summer 2026. Daniel Barrins of Associated Bank handled the loan arrangements and closing.

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CivicDevelopmentKansasMidwest

Kansas Children’s Discovery Center Opens $11.6M Addition in Topeka

by Kristin Harlow

TOPEKA, KAN. — The Kansas Children’s Discovery Center, Topeka’s nonprofit children’s museum, has opened an $11.6 million expansion project that more than doubled the size of the facility from 15,000 to over 30,000 square feet. The expansion includes three large gallery spaces, three learning lab classrooms, a makerspace, café, exhibit construction workshop and other spaces. The Sunflower Gallery is anchored by an indoor climbing structure, the tallest climbable sunflower in the world at two stories tall, according to a release. Surrounding the climber, visitors will find educational exhibits celebrating Kansas symbols. The gallery also features murals by local artist Sarah O’Keefe, Queren King Orozco and children from Shawnee Heights Elementary School.  The Hall of Bright Ideas celebrates creative Kansans, including historical inventors and Kansas children. The gallery includes an art installation, hand-cranked generator, illumination station and children’s stage. A 3,000-square-foot traveling exhibit gallery enables the museum to host any traveling exhibit from around the country. The first traveling exhibit is inspired by the art of children’s book author and illustrator Eric Carle. Three new learning lab classrooms create space for STEAM-based childcare for school-age children. STEAM refers to science, technology, engineering, arts and math. These indoor-outdoor learning spaces connect a …

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IllinoisIndustrialLeasing ActivityLee & AssociatesMidwest

Lee & Associates Negotiates 27,149 SF Industrial Lease Renewal in Morton Grove, Illinois

by Kristin Harlow

MORTON GROVE, ILL. — Lee & Associates of Illinois has negotiated an industrial lease renewal for a 27,149-square-foot building located at 8250 N. Austin Ave. in Morton Grove. Brad Simousek of Lee & Associates represented the tenant, Jerry’s Fruit & Garden Center Inc. The landlord, Clear Height Properties, was self-represented.

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Cortland-at-the-Hammocks-Miami
LoansMultifamilyTop Stories

Walker & Dunlop Provides $192M Agency Refinancing to Cortland for National Multifamily Portfolio

by Taylor Williams

ATLANTA — Walker & Dunlop (NYSE: WD) has provided a $192 million Freddie Mac loan for the refinancing of a national portfolio of four multifamily properties totaling 1,137 units. The borrower was Atlanta-based owner-operator Cortland. The portfolio consists of Cortland at the Hammocks I & II in Miami, which total 720 units, as well as the 224-unit Huntington Glen Apartments in Dallas and the 193-unit Cortland Congress Park in Denver. According to Apartments.com, Cortland at the Hammocks offers one-, two- and three-bedroom units that range in size from 552 to 1,488 square feet. Cortland Congress Park features similar floor plans as well as studio options. Huntington Glen has one- and two-bedroom units that range in size from 516 to 937 square feet. Stephen Farnsworth led the Walker & Dunlop team that originated the financing on behalf of Cortland, which previously executed capital improvement programs to unit interiors, building exteriors and amenity spaces at all three properties. “Since acquisition, Cortland has invested meaningfully in these communities, successfully executing its value-add strategy and repositioning the assets within their respective markets,” says Farnsworth. “Our continued partnership reflects a shared commitment to supporting mission-driven communities and delivering lasting value for residents and investors alike.” …

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