BEVERLY, MASS. — A partnership between two nonprofit owner-operators, Beacon Communities ad Harborlight Homes, has completed a multifamily adaptive reuse project in Beverly, a northeastern suburb of Boston. Beverly Village for Living & The Arts is a redevelopment of the former Briscoe School, which was originally built in 1923 and closed in 2018, into an affordable seniors housing complex. Of the complex’s 91 units, 85 are subject to income restrictions, while the other six units will be rented as live-work studios at market rates. The conversion involved preserving historic elements of the building, such as the windows and façade, while also installing sustainable utility systems.
INDIANAPOLIS — CBRE has arranged the sale of Riverbend Apartments, a 996-unit multifamily property in Indianapolis. Pensam Capital purchased the community from Pepper Pike Capital Partners for an undisclosed price. Located at 8850 River Bend Parkway, the property has undergone more than $20 million in renovations since 2020. Amenities include a pool, fitness center, tennis and basketball courts, a movie theater and golf simulator. Units average 895 square feet. Hannah Ott, George Tikijian, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE represented the seller.
CHICAGO AND CINCINNATI — JLL Capital Markets has secured $64 million in refinancing for TradeLane Properties’ Midwest Light Industrial Portfolio, a collection of 13 industrial assets totaling 1.1 million square feet across metro Chicago and Cincinnati. The properties are fully leased to 17 tenants, with industries ranging from automotive and food users to manufacturing, distribution, e-commerce and pharmaceuticals. Lucas Borges and Ethan Habecker of JLL secured a floating-rate, five-year loan through a regional bank. JLL’s wholly owned internal derivatives team, Kensington Capital Advisors, assisted TradeLane with the execution of an interest rate hedge to assist with managing the borrower’s exposure to floating interest rate risk.
CHICAGO — Skender has broken ground on Jigzibik, a seven-story development that marks Chicago’s first affordable housing project centered on serving Native American communities. Located at 2907 W. Irving Park Road in the Irving Park neighborhood, the 45-unit building will provide Native-inclusive affordable housing, dedicated nonprofit space and a rooftop community gathering area. Jigzibik will offer units for those earning between 15 and 60 percent of the area median income. The development was conceived by Visionary Ventures, a Native-led nonprofit, and co-led by Full Circle Communities, with Canopy Architecture + Design as architect. The project’s name is a Potawatomi word meaning “at the river’s edge.” The building was titled by the project’s Native American Advisory Council and pays homage to the Great Lakes Indigenous nations. A custom masonry façade is accented by a flowing river motif rendered in white and blue brick. Completion is slated for the second half of 2026.
MENDOTA HEIGHTS, MINN. — Standard Real Estate Investments LP and Endeavor Development have formed a joint venture to develop Cobalt Business Center in the Minneapolis suburb of Mendota Heights. The 174,288-square-foot industrial building is slated for completion in the second quarter of 2026. Endeavor received approval from the city last month and plans to begin demolition of the existing building, which was formerly occupied by Le Cordon Bleu College of Culinary Arts. The project, situated in the Minneapolis Airport submarket, will feature a clear height of 32 feet, 15 dock positions, LED light fixtures and 4,000 amps of power.
MADISON, WIS. — Cresa has negotiated a 21,996-square-foot office lease for Recovery.com, which is more than doubling its headquarters space, in Madison. The new office is located at 316 W. Washington Ave. and the lease commences in September. The online provider of educational information about treatment for addiction and mental health will consolidate two existing local offices at 100 State St. and 301 S. Blount St. Matt Apter and Ross Rikkers of Cresa represented the tenant, while Jim Cavanaugh and Katie Brueske of Boerke represented the owner, Hovde Properties. Located two blocks from Capitol Square, the building totals 152,968 square feet and features a fitness center and Red Sushi, a restaurant on the ground floor.
NEW YORK CITY — Pinterest has signed an 83,000-square-foot office lease at 11 Madison Avenue in Manhattan. The visual discovery platform will occupy the entire 13th floor of the 30-story, 2.3 million-square-foot building. Evan Margolin, Justin Haber and Michael Berg of JLL represented Pinterest in the lease negotiations. Brian Waterman, Scott Klau, Erik Harris and Brent Ozarowski of Newmark represented the landlord, SL Green.
MAYNARD, MASS. — Tractor Supply Co. will open a 21,840-square-foot store in Maynard, about 25 miles west of Boston. Tractor Supply will be the first retailer to open at 17 Digital Way, the final building within Maynard Crossing, a mixed-use development that comprises 11 buildings across 56 acres. A tentative opening date was not disclosed. Locally based development and investment firm Capital Group Properties owns Maynard Crossing.
ATLANTA — Electric vehicle (EV) manufacturer Rivian has selected Atlanta for its new East Coast headquarters. Rivian will occupy the top floor and lobby of Portman Holdings’ Junction Krog Street office building, which is located at 667 Auburn Ave. NE along the Atlanta BeltLine’s Eastside Trail. The office, which will span approximately 45,000 square feet, is expected to open in late 2025 and will house roughly 500 employees upon full build-out. Portman delivered Junction Krog Street in fall 2023. Situated near the popular Krog Street Market food hall in the city’s Inman Park neighborhood, the mixed-use building features 135,000 square feet of creative office space, a rooftop deck, outdoor balconies on every level and ground-level retail space housing eateries Yuji, Brash Coffee and YEPPA&co. The headquarters will operate within a short drive to Rivian’s new $5 billion EV production facility situated within the 1,600-acre master-planned community of Stanton Springs North near Social Circle, Ga. Construction of the 7,500-person manufacturing plant is expected to begin in 2026. Rivian received financing from the U.S. Department of Energy’s Advanced Technology Vehicle Manufacturing Loan Program for the manufacturing facility, which will build the R2, a midsize SUV, and the R3, a midsize crossover. The …
IRVING, TEXAS — Boston Capital Real Estate Partners (BCRE) has acquired Camden Cimarron, a 286-unit apartment complex in Irving. Built in 1992, the garden-style property features two- and three-story buildings on an 11-acre site. Units have an average size of 772 square feet and are equipped with individual washers and dryers and private balconies/patios. Amenities include a pool and a fitness center. Joey Tumminello, Michael Ware, Drew Kile, Taylor Hill and Shelby Clark of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller, Houston-based REIT Camden Property Trust, in the transaction. The team also procured BCRE as the buyer.