Friday, June 26, 2026
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Affordable HousingDevelopmentIowaMidwestMultifamily

TWG Underway on $10M Affordable Housing Project in Urbandale, Iowa

by Kristin Harlow

URBANDALE, IOWA — Developer TWG is underway on construction of Lillis Lofts, a $10 million affordable housing project in Urbandale. TWG is developing the project with Dreamcatcher Inc., a Des Moines-based nonprofit that helps build housing for low-income individuals and those with disabilities. Located at 6313 Douglas Ave. near the Merle Hay Mall, the three-story Lillis Lofts is slated for completion this fall. It is the first affordable housing project in the area in more than two decades, according to TWG. The 43 units at Lillis Lofts will be designated for renters who earn between 30 and 60 percent of the area median income. Amenities will include a community room, fitness center and free internet connectivity. ID8 Architects designed the community. Polk County Housing Trust Fund contributed funds for the project.

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IllinoisLeasing ActivityMidwestRetail

Slumberland Furniture to Join Levee District in East Peoria as Anchor Tenant

by Kristin Harlow

EAST PEORIA, ILL. — Slumberland Furniture will open a new store at the former Gordmans space at The Levee District in East Peoria. The regional furniture retailer will occupy 50,221 square feet and will become an anchor tenant at the development. Slumberland offers a large selection of mattresses, bedding, living room furniture, recliners, tables, bedroom furniture, home entertainment and desks. Owned and managed by Cullinan Properties Ltd., The Levee District spans more than 86 acres with 650,000 square feet of retail and restaurant space, as well as office, hotel and civic components.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $2M Sale of Retail Center in Wheeling, Illinois

by Kristin Harlow

WHEELING, ILL. — Marcus & Millichap has negotiated the sale of Creekside Plaza in Wheeling for $2 million. The 31,460-square-foot retail center is located at 200-300 McHenry Road. Some of the tenants include a beauty salon, dry cleaners and dentist office. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap marketed the property on behalf of the seller, a limited liability company. The team also secured and represented the buyer, a Chicago-based 1031 exchange investor.

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AcquisitionsConnecticutHealthcareNortheast

O,R&L Arranges Sale of 24,272 SF Medical Office Building in East Haven, Connecticut

by Taylor Williams

EAST HAVEN, CONN. — Connecticut-based brokerage firm O,R&L Commercial has arranged the sale of a 24,272-square-foot medical office building in East Haven, located in the southern coastal part of the state. The property was fully leased at the time of sale. Frank Hird of O,R&L Commercial represented the seller and the buyer in the $2.5 million transaction. Both parties were limited liability companies.

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AcquisitionsArizonaRetailWestern

Starwood Property Trust Divests of 106,571 SF Moon Valley Towne Center in Phoenix

by Amy Works

PHOENIX — Miami-based Starwood Property Trust has completed the sale of Moon Valley Towne Center in Phoenix. An entity formed by Moore, Oklahoma-based BP National City LLC acquired the neighborhood shopping center for an undisclosed price. Situated on 11.4 acres at the southeast corner of 7th Street and Bell Road, Moon Valley Towne Center features 106,571 square feet of retail space. Hobby Lobby is an anchor tenant at the center, which is home to more than 92 percent national tenants. Michael Hackett and Ryan Schubert of Cushman & Wakefield Phoenix represented the seller in the deal.

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AcquisitionsColoradoIndustrialWestern

Cress Capital Sells Two Industrial Properties in Fort Collins for $30.6M

by Amy Works

FORT COLLINS, COLO. — An affiliate of Cress Capital has completed the disposition of two single-story R&D buildings in Fort Collins. An undisclosed buyer acquired the properties for $30.6 million. Located at 1625 Sharp Point Drive and 24224 Midpoint Drive, the assets offer a total of 115,627 square feet of industrial space. At the time of sale, Advanced Energy Industries fully occupied both facilities on a long-term basis. Cress originally acquired the properties in May 2017 as part of a 23-buliding portfolio in the Prospect East Business Park. Jeremy Ballenger, Jim Bolt, Tyler Carner, Will Pike and Pete Kelly of CBRE represented Cress Capital in the transaction.

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The-Encore-Pasadena-CA
AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Negotiates $17.2M Sale of The Encore Apartment Building in Pasadena

by Amy Works

PASADENA, CALIF. — Marcus & Millichap has arranged the sale of The Encore, a multifamily building located at 712 E. Walnut St. in Pasadena’s Playhouse District. A foreign investor acquired the property for $17.2 million. Built in 2004, The Encore features 28 apartments and two ground-floor commercial units. All apartments offer in-unit washers/dryers and most feature a balcony. Additionally, the building offers gated parking, an elevator and an interior courtyard. Gayle Factor of Marcus & Millichap’s Encino, Calif., office represented the seller in the transaction.

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AcquisitionsCaliforniaIndustrialWestern

RPG, CenterSquare Acquire 203,000 SF Value-Add Industrial Property Near San Diego

by Amy Works

VISTA, CALIF. — A joint venture between RPG and CenterSquare has purchased an industrial property located at 1 Viper Way in Vista. San Francisco-based Stockbridge sold the asset for an undisclosed price. The buyers plan to implement a comprehensive repositioning plan to modernize the 203,000-square-foot property to appeal to industrial tenants throughout the region. Planned improvements include the addition of nine dock-high doors and five grade-level doors, as well as a reduction of office and mezzanine space, to appeal to last-mile industrial users. The property features 28-foot clear heights, heavy power and dock loading options. At the time of purchase, the property was vacant, having previously served as headquarters for an automotive technology company for 20 years. Aric Starck and Bill Cavanagh of Cushman & Wakefield represented the seller in the transaction.

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CapRock-Riley-St-Hacienda-Ave-Las-Vegas-NV
IndustrialMarket ReportsNevadaWesternWestern Market Reports

Online Shopping Keeps Vegas’ Industrial Market Humming

by Jeff Shaw

By Amy Ogden, Logic Commercial Real Estate This was an unprecedented year in a multitude of ways. Though the pandemic brought economic hardships — along with the world’s worst health crisis — it also opened our eyes to how quickly life can change overnight. Businesses reacted to the crisis as best and swiftly as they could to comply with state stay at home orders, capacity reductions, and the fear and panic that ensued. Little did we know that we would be desperately seeking toilet paper, cleaning supplies, and embracing online grocery shopping and food delivery with such intensity by early March.  The aforementioned, in turn, created a domino effect as the pandemic became the catalyst for a boom in the industrial real estate sector. Ecommerce has grown more over the past year than it ever has. These occupiers have seen their five-year trajectory of forecasted retail sales occur in just six months. The rise of ecommerce has forever altered consumer buying behavior and expectations. With consumers now anticipating fast shipping and deliveries, there is now a strain on the traditional logistics and supply chain models. This has subsequently resulted in a heightened need for warehouse, fulfillment and distribution properties as …

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AcquisitionsFloridaGeorgiaIllinoisIndianaLouisianaMichiganMidwestMultifamilyNorth CarolinaOhioSouth CarolinaSoutheastTexasTop Stories

Morgan Properties, Olayan America Acquire 14,414-Unit Apartment Portfolio Across Midwest, Southeast for $1.7B

by Kristin Harlow

KING OF PRUSSIA, PA. — Morgan Properties and Olayan America have acquired a portfolio of 48 apartment communities totaling 14,414 units in 11 states for $1.7 billion. STAR Real Estate Ventures, a joint venture between El-Ad National Properties LLC and Yellowstone Portfolio Trust, was the seller. The portfolio, named the North Star Portfolio, consists of Class B assets in Florida, Texas, Georgia, North Carolina, South Carolina, Louisiana, Michigan, Illinois, Indiana, Ohio and Maryland. On average, the communities total 300 units each and date to 1985. “While most of our competitors remain defensive and on the sidelines, Morgan Properties continues to play offense. North Star was right in our wheelhouse given the barriers to entry and we pounced on the opportunity to secure it,” says Jonathan Morgan, president of Morgan Properties. “The North Star investment speaks to the strength of our partnership with Morgan Properties and our continued confidence in the multifamily sector,” says Erik Horvat, managing director and head of real estate at Olayan America. The buyers plan to invest an additional $100 million for enhancements and amenity upgrades at the properties. With the North Star acquisition, Morgan and Olayan entered five new states, including Florida, Texas, Georgia, Louisiana and …

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