BURBANK, CALIF. — Creative Arsenal LLC has completed the sale of an office building, located at 400 S. Victory Blvd. In Burbank, to a private buyer for $5.8 million. The three-story property offers 20,347 square feet of creative office, production and post-production space and immediate access to I-5 and I-134. Gerard Poutier, Mark Shaffer, Anthony DeLorenzo and Dylan Rutigliano of CBRE represented the seller in the transaction.
CHICAGO — Chicago-based JLL Capital Markets has arranged $252.5 million in financing for the Lower Terra Industrial Portfolio, a collection of 21 light industrial properties totaling 3.6 million square feet across 17 markets in the U.S. Lucas Borges, Matthew Schoenfeldt and Tara Hagerty of JLL represented the borrowers, Brennan Investment Group and Farallon Capital, to secure the five-year, floating-rate loan through affiliates of Apollo. Located across 13 states in the East, West, Central and Southeast regions, the portfolio is 98 percent leased to 16 tenants. The average tenant tenure is more than 30 years.
VALLEY PARK, MO. — Mia Rose Holdings LLC will build 44 East, a $60 million luxury apartment development in the western St. Louis suburb of Valley Park. The project is situated on the site of the former Wet Willy’s, a hotspot from the 1980s and 1990s. Mia Rose closed on the land acquisition from Mercy Hospital in June. The community will feature 216 apartment units. As the sister project to 44 West Luxury Living, the development reflects community feedback by offering a greater mix of two- and three-bedroom units alongside one-bedroom options. Residents will enjoy coworking lounges and resort-style amenities. The project team includes equity partner Argos Capital Partner; debt partners Commerce Bank and First Bank; design partners Rosemann & Associates, Engenuity, The Sterling Co. and SCI Engineering; and building partners Karrenbrock Construction for sitework and Midas Building Group for vertical construction.
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided a $12 million construction loan and invested $16.1 million in Low-Income Housing Tax Credit equity for the construction of Churchill Gateway II, a 70-unit affordable housing project in Cleveland. KeyBank Commercial Mortgage Group (CMG) also arranged a $5.6 million Freddie Mac permanent loan for the project, which will be built at 10526 Churchill Ave. and received an additional $1.7 million in funding from the Ohio Housing Finance Agency. Churchill Gateway II is the second phase of the anchor development along the East 105th corridor, creating a connection between the Glenville neighborhood to the north and the job center at University Circle to the south. The project will consist of a four-story building with one-, two- and three-bedroom units for residents earning 30 to 60 percent of the area median income and will contain 19 units supported by project-based subsidies. The NRP Group is the developer. The May Dugan Center will provide supportive services. Seaver Rickert and Ryan Olman of KeyBank CDLI structure the financing, while Robbie Lynn of KeyBank CMG arranged the permanent loan.
BENSENVILLE, ILL. — Axis Warehouse & Logistics has signed a 300,960-square-foot industrial lease renewal at 500 Country Club Drive in the Chicago suburb of Bensenville. The transaction represents the largest lease renewal in the O’Hare industrial market in the first half of 2025, according to Lee & Associates of Illinois. Jeff Galante of Lee & Associates represented the tenant, which is a third-party logistics provider that offers large-scale warehousing, transportation and global logistics services. The company occupies the entire property. Dominic Carbonari of JLL represented the owner, Link Logistics.
ROCHESTER HILLS AND LAKE ORION, MICH. — NAI Farbman has completed the lease-up of a 24,379-square-foot office building at 251 Diversion St. in Rochester Hills. Additionally, the brokerage firm has secured eight new retail leases or renewals at the 50,755-square-foot Orion Marketplace shopping center in Lake Orion. Brandon Ben-Ezra and Gavin Mills of NAI Farbman secured three leases to reach full occupancy at the four-story office building. Signed tenants include Rochester Robotic Therapy, Carnaghi Structural Consulting and Amy Elizabeth Designs. Signed tenants at the shopping center include Soul of India, SSWEET Bakery, D1 Training, Black Cat Beanery, Tropical Smoothie Café, Games 4 Life, Parlor Donuts and New Wave Church. The leases bring the property from 50 percent occupancy to 94 percent leased.
CLEMSON, S.C. — Core Spaces and Kayne Anderson Real Estate have broken ground on Hub Clemson, a 1,303-bed student housing community located steps from Clemson University in South Carolina. The seven-story development will feature 394 units across 821,000 square feet, offering a mix of studio to five-bedroom layouts and a series of three-story townhomes. Hub Clemson will include 20,000 square feet of amenities, such as a rooftop pool and lounge with views of Lake Hartwell, a fitness center, coffee shop and communal green spaces. Located at the corner of Tiger Boulevard and College Avenue, the project site connects directly to the Keowee Trail, a 1.3-mile hiking trail. The new development will offer outdoor dining areas, entertainment spaces and pedestrian-friendly pathways for residents, students and the broader community. Plans call for 8,700 square feet of retail space and approximately 830 parking spaces. The project more than doubles the amount of active parkland area for the community at Abernathy Park along the shoreline of Lake Hartwell, according to Joe Gatto, senior managing director of acquisitions and investments at Core Spaces. Hub Clemson is slated for completion in early summer 2027, ahead of the 2027-2028 academic year. Juneau Construction Co. is the general …
— By Anthony Johnson and A.J. Johnson of Pegasus Retail — Looking back on the market sentiment at the start of 2024, the mantra was “Survive ‘til 25.” Now, halfway through 2025, it’s clear that the record-breaking cap rate sales of 2021 and 2022 are firmly in the rearview. Speculative development is reserved for those with a generational outlook, and high interest rates are the new normal. While that may seem bleak, for those who’ve weathered the storm, it feels like a breath of fresh air. The market has reset. Seller and buyer expectations are realigning. Landlords and tenants are exploring new deals in a more stable environment. And smart developers are dusting off models and cautiously getting back to work. The construction hiatus of recent years has benefited owners of existing product. Tenants, fueled by Wall Street growth expectations, had to get creative. We now see many national retailers occupying second and third generation retail space that they’d historically passed in favor of shinier and newer projects. Many neighborhood centers that were 50 percent vacant at the onset of the pandemic are now close to fully leased. A surprising but welcome shift. This outcome, partly driven by the lack …
FORT BEND COUNTY, TEXAS — Crow Holdings Development is underway on construction of Phase I of Hightower Business Park, a six-building, 180-acre industrial development that will be located in Fort Bend County on the southwestern outskirts of Houston. Phase I will feature three buildings that will span 343,332, 228,954 and 163,930 square feet. Two of the buildings in Phase II will total 179,311 square feet, and the final structure will encompass 737,437 square feet. Construction of Phase I buildings, which will feature 36-foot clear heights and ample trailer parking, is slated for a mid-2026 completion. CBRE has been tapped as the leasing agent.
SAN ANTONIO — TruAmerica Multifamily, a Southern California-based investment firm, has acquired the 280-unit Dominion Park Apartments in San Antonio. Built in 2002 on the city’s northwest side, the garden-style community offers a mix of one-, two- and three-bedroom units with an average size of 866 square feet. Amenities include a pool, fitness center, business center, dog park, clubhouse and grilling stations. Approximately 96 units have undergone prior renovations, and TruAmerica plans to renovate the remaining residences. Northmarq arranged both the sale of the property and acquisition financing for the deal. The seller and sales price were not disclosed.
