Sunday, June 8, 2025
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DevelopmentIllinoisIndustrialMidwest

TCC Breaks Ground on 788,000 SF Spec Warehouse in Metro Chicago

by Kristin Harlow

PLAINFIELD, ILL. — Trammell Crow Co. (TCC) has broken ground on a 788,000-square-foot speculative warehouse in Plainfield, about 40 miles southwest of downtown Chicago. The building marks the first speculative warehouse in Plainfield Business Center and is slated for completion in fall 2025. The facility will feature a clear height of 40 feet, 80 dock doors and 211 trailer stalls. The 52-acre site offers proximity to I-55 and I-80. Upon full build-out, Plainfield Business Center will total more than 8 million square feet. The project team includes Harris Architects, Krusinski Construction Co. and civil engineer Kimley-Horn and Associates. Matt Mulvihill and Phil DeBoer of CBRE represented TCC in acquiring the land and are marketing the property for lease.

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DevelopmentMidwestMultifamilyWisconsin

McShane Completes Construction of 70-Unit Apartment Complex in Madison, Wisconsin

by Kristin Harlow

MADISON, WIS. — McShane Construction Co. has completed The Derby, a 70-unit apartment complex with affordable housing units in Madison. Lincoln Avenue Communities was the developer. Income restrictions were not provided, but 14 of the units meet Wisconsin Housing and Economic Development Authority accessibility requirements. The project features 1,100 square feet of ground-floor office space for a local community group and 2,600 square feet of amenity spaces with a kitchen, fitness room, laundry room, outdoor space, playground and dog park. Knothe & Bruce Architects designed the four-story property. The project is Enterprise Green Communities Certified and features a full solar array system on the roof to power the common areas.

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DevelopmentIllinoisIndustrialMidwest

Saxum Real Estate Begins Development of 294,840 SF Cold Storage Project in Joliet, Illinois

by Kristin Harlow

JOLIET, ILL. — Saxum Real Estate, along with its partner Black Salmon, has begun development of a 294,840-square-foot cold storage project for Arcadia Cold in Joliet. Marc Duval, Ed Halaburt and Wells Waller of JLL represented the owner in securing joint venture equity. Bank OZK is providing debt financing. Clayco is the general contractor. The project will feature a clear height of 50 feet and convertible rooms. Completion is slated for the first quarter of 2026. Arcadia is the seventh-largest cold storage operator in the U.S., according to a release.

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AcquisitionsHealthcareMidwestMissouri

Marcus & Millichap Arranges $8.8M Sale of Medical Office Building in Bridgeton, Missouri

by Kristin Harlow

BRIDGETON, MO. — Marcus & Millichap has arranged the $8.8 million sale of a 22,097-square-foot medical office building in Bridgeton, a northwest suburb of St. Louis. Located at 3550 McKelvey Road, the property is occupied by St. Louis Heart and Vascular. There are more than 17 years remaining on the triple-net lease. Built in 1974, the facility is situated near DePaul Hospital. Alec Coronado of Marcus & Millichap represented the seller, an out-of-state developer, and procured the buyer, Montecito Medical.

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210-220-E.-22nd-St
AcquisitionsMultifamilyNew YorkNortheast

JLL Negotiates $104.5M Sale of Manhattan Apartment Building

by Taylor Williams

NEW YORK CITY — JLL has negotiated the $104.5 million sale of a 204-unit apartment building located in Manhattan’s Gramercy Park neighborhood. The seven-story building at 210-220 E. 22nd St. comprises 82 studios, 75 one-bedroom units, 39 two-bedroom residences and eight three-bedroom apartments. Amenities include a fitness center, resident lounge and onsite laundry facilities. Andrew Scandalios, Jeffrey Julien, Rob Hinckley and Steven Rutman of JLL represented the undisclosed seller in the transaction. The team also procured the buyer, a joint venture between New York-based Canvas Property Group, Declaration Partners and Tokyu Land US Corp. The property was 95 percent occupied at the time of sale.

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DevelopmentIndustrialNew YorkNortheastSelf-Storage

Diamond Point Development Breaks Ground on 800-Unit Self-Storage Facility in Carmel, New York

by Taylor Williams

CARMEL, N.Y. — Diamond Point Development has broken ground on an 800-unit self-storage facility in Carmel, about 60 miles north of New York City in the Hudson Valley region. The multi-story facility will comprise 81,000 net rentable square feet of climate-controlled space. Diamond Point is developing the facility in partnership with Dallas-based Rosewood Property Co. Extra Space Storage will manage the property, which is expected to be complete in late 2025.

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Company NewsIndustrialNortheastPennsylvania

Infinera Plans Expansion of Lehigh Valley Semiconductor Manufacturing Facility

by Taylor Williams

ALLENTOWN, PA. — Infinera (NASDAQ: INFN) has signed a nonbinding preliminary memorandum of terms to receive up to $93 million in funding under the CHIPS and Science Act, proceeds of which would be used to expand the California-based semiconductor manufacturer’s Lehigh Valley facility. Funding would also be allocated toward the expansion and modernization of the company’s Silicon Valley facility, and the projects could support the creation of as many as 1,700 manufacturing and construction jobs.

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Leasing ActivityLife SciencesNortheastPennsylvania

Stream Realty Partners Negotiates 47,194 SF Life Sciences Lease in Ambler, Pennsylvania

by Taylor Williams

AMBLER, PA. — Stream Realty Partners has negotiated a 47,194-square-foot life sciences lease in Ambler, a northern suburb of Philadelphia. The space is located within Building 14B of Spring House Innovation Park, an office and life sciences campus that consists of 11 buildings totaling 600,000 square feet on 133 acres. Zach Leger of Stream represented the tenant, Nucleus Radiopharma Inc., in the lease negotiations. Matthew Knowles, Paul Touhey and Cody Lehrer of CBRE represented the undisclosed landlord.

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AcquisitionsIllinoisMidwestSeniors HousingTop Stories

JLL Brokers Sale of 20-Property National Seniors Housing Portfolio for $725M

by John Nelson

CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …

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IndustrialLouisianaMarket ReportsSoutheastSoutheast Market Reports

Economic Headwinds, Rising Costs Affect Industrial Market in Greater New Orleans

by John Nelson

Despite healthy local market dynamics, the greater New Orleans industrial market did not perform as strongly as insiders expected it to perform over the past 12 months, which is indicative of wider economic factors suppressing a market with pent-up demand.  The Port of New Orleans and its access to major shipping routes along the Mississippi River has long been the principal component for industrial real estate in the area. The recent 2024 regular session of the Louisiana Legislature committed $230.5 million to Port of New Orleans infrastructure projects, including allocations to the Louisiana International Terminal, a $1.8 billion project in Violet, La., scheduled to be operational in 2028, which will be the Gulf South’s premier container shipping gateway able to accommodate New Panamax- and Post New Panamax-sized vessels.  A bit further up the Mississippi River but still in the greater New Orleans region, Canadian company Woodland Biofuels announced a $1.35 billion investment at the Port of South Louisiana in Reserve, La., to establish the largest renewable natural gas plant in the world. The facility will take waste wood and sugar cane and turn it into natural gas. The process will be carbon-negative, leaving less carbon in the atmosphere than before …

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