Saturday, April 25, 2026
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DevelopmentIllinoisMidwestMultifamily

Vermilion Tops Off Luxury Condo Building in Chicago’s Wicker Park

by Kristin Harlow

CHICAGO — Vermilion Development has topped off Alcove Wicker Park, a 43-unit, luxury condominium building set to deliver this fall in Chicago’s Wicker Park neighborhood. Hirsch MPG Architecture designed the seven-story building and @properties Developer Services is the sales and marketing firm. Floor plans range from 1,365 to 2,430 square feet, and each condo unit features its own balcony or terrace measuring at least 8 feet. The first condo buyers are expected to take occupancy in early October. Prices range from $600,000 to $1.1 million. The project also features 12 adjacent townhomes that range in size from 2,895 to 3,475 square feet. The for-sale, four-level townhomes range from $1.1 million to $1.4 million. The townhomes are slated for completion in late November and each feature their own bonus room and private roof deck.

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DevelopmentIllinoisMidwestRestaurantRetail

Principle Construction Completes Conversion of Auto Dealership into Brewery in Huntley, Illinois

by Kristin Harlow

HUNTLEY, ILL. — Principle Construction Corp. has completed the conversion of a former Chevrolet auto dealership in Huntley into a brewing facility and full-service restaurant for More Brewing. The property is located at 13980 Automall Drive within metro Chicago. The 25,302-square-foot building includes 11,302 square feet of beer production space and a 14,000-square-foot restaurant with two private dining rooms that will double as barrel-aging rooms. Guests dining at the restaurant will be able to view the brewing area through 12-foot glass walls. The property features four drive-in doors for the distribution of More’s products and 114 car parking spaces for customers and employees. Harris Architects provided architectural services. Dominic Carbonari of JLL provided brokerage services on behalf of More. A timeline for opening was not disclosed.

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KansasLoansMidwestMultifamilySeniors Housing

Boston Capital Invests in 24-Unit Affordable Seniors Housing Expansion Near Wichita

by Kristin Harlow

MULVANE, KAN. — Boston Capital has invested in the development of Homestead Senior Residences Mulvane II, a 24-unit affordable seniors housing community in Mulvane, approximately 16 miles southwest of Wichita. The partner is Homestead Affordable Housing Inc. The property will be located adjacent to Homestead Senior Living Mulvane Phase I, a 40-unit development built in 2012. The amount of Boston Capital’s investment was not disclosed. LK Architecture LLC designed the community, which will be restricted to residents age 62 or older and who earn up to 80 percent of the area median income (AMI). More specifically, 12 units are reserved for seniors earning 60 percent or less of the AMI and eight units are for seniors earning 30 percent or less of the AMI. One unit will feature a preference toward homeless and special needs populations. Located in six one-story, four-plex buildings, the apartment community will feature 12 one-bedroom and 12 two-bedroom homes. The apartment community will be built with tax credit equity from the low-income housing tax credit (LIHTC) program. To date, Boston Capital has invested in nearly 2,500 affordable apartments in Kansas.

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Washington Building Apartments in downtown Tacoma, Wash.
DevelopmentMultifamilyWashingtonWestern

Unico, Pinnacle Partners Plan 156-Unit Washington Building Apartments Adaptive Reuse Project in Tacoma

by Amy Works

TACOMA, WASH. — Unico Properties and Pinnacle Partners have unveiled development plans for Washington Building Apartments, an adaptive reuse of the 1925-built historic building in downtown Tacoma. Demolition work is slated to begin in July followed by 21 months of construction, set to start before the end of the year. The 18-story development, scheduled for completion in early summer 2022, will feature 156 vintage apartments and a rooftop amenity deck. The project will be redeveloped as part of a single-asset joint venture between Unico and Pinnacle Partners’ respective Qualified Opportunity Zone Funds (QOZF), which acquired the asset in May. Unico is developing the $60 million project on behalf of its and Pinnacle Partners’ QOZF investors.

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Wigwam-Creek-Shopping-Center-Litchfield-Park-AZ
AcquisitionsArizonaRetailWestern

SRS Negotiates $9.2M Sale of Wigwam Creek Shopping Center Near Phoenix

by Amy Works

LITCHFIELD PARK, ARIZ. — SRS Real Estate Partners has arranged the sale of a large portion of Wigwam Creek Shopping Center, located at 13000 and 12958 W. Indian School Road in Litchfield Park. A Colorado-based family office sold the asset to a California-based private investor for $9.2 million. Built in 2002, Wigwam Creek Shopping Center totals 33,792 square feet. Anytime Fitness, Baskin Robbins, Subway, Fantastic Sams and Leslie’s Poolmart are among the 17 tenants that fully occupy the property. The center also includes Albertsons, McDonalds, BBVA Bank, Circle K and KFC, which were not part of the transaction. John Redfield, Ed Beeh and Alan Houston of SRS’ National Net Lease Group, along with Eric Diesch and Peter Sengelmann of Pinnacle Real Estate Advisors, represented the seller. Ninos Lazar of Investar Real Estate Specialists represented the buyer in the deal.

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8745-8775-Production-Ave-San-Diego-CA
AcquisitionsCaliforniaIndustrialWestern

Rexford Industrial Buys Two-Building Property in San Diego’s Miramar for $7.8M

by Amy Works

SAN DIEGO — Rexford Industrial has acquired a two-building industrial property in San Diego’s Miramar submarket for $7.8 million. Totaling 46,620 square feet, the buildings are located at 8745-8775 Production Ave. Rexford plans to implement significant exterior and interior improvements to the buildings. Evan McDonald of Colliers International represented the buyer. The seller was an undisclosed private individual.

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AcquisitionsCaliforniaMultifamilyWestern

Marcus & Millichap Brokers $4.3M Purchase of Apartment Building in Los Angeles

by Amy Works

LOS ANGELES — Marcus & Millichap has arranged the acquisition of a multifamily property located at 430 S. Union Ave. in the Westlake neighborhood of Los Angeles. A private limited liability company acquired the building for $4.3 million, or $142,500 per unit. Constructed in 1926, the building features 30 one-bedroom apartments. Rick Raymundo of Marcus & Millichap Los Angeles represented the buyer, while the Kinyan Realty represented the undisclosed seller in the deal.

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ocV!BE-Anaheim
CaliforniaDevelopmentMixed-UseTop StoriesWestern

Anaheim Ducks Owner to Develop $3B ocV!BE Entertainment, Mixed-Use District

by Taylor Williams

ANAHEIM, CALIF. — The Samueli family, which owns the NHL’s Anaheim Ducks, has announced plans for ocV!BE, a $3 billion entertainment and mixed-use district in Southern California. The initial phases of the 115-acre project are expected to open in 2024, and the entire destination is scheduled for completion by the 2028 Olympics in Los Angeles. The development will surround Honda Center, where the Ducks play, and will feature a 6,000-seat concert venue, a 68,000-square-foot food hall and a variety of restaurants and retail establishments. Additional uses will include two hotels totaling 650 rooms, a 325,000-square-foot office tower, 2,800 apartments with a 15 percent affordable housing component and 30 acres of parks and open green space. A network of pedestrian bridges and walkways will connect the various elements of the project, including a landmark bridge over Katella Avenue. In 2018, the City of Anaheim and the Ducks committed to keep the team in Anaheim for another 50 years, paving the way for ownership to begin acquiring various tracts surrounding Honda Center. The project is entirely privately funded, and the development team will not seek a tax rebate or subsidy from the City of Anaheim. Development of ocV!BE is expected to create …

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IndustrialMarket ReportsNorth CarolinaSoutheastSoutheast Market Reports

Charlotte Industrial Sector Shows ‘Signs of Life’ as Market Adapts to COVID-19

by John Nelson

Like many Southeastern markets, the Charlotte industrial market largely hit the pause button from mid-March until June due to COVID-19. While the impacts of the health crisis remain fluid, the market is showing some signs of life, and trends that have long been at play are not likely to be reversed. For the past 90 days, the market has seen a significant drop in leasing and sales activity. The market was a bit sluggish in 2019, but experienced good activity in the first quarter prior to area shutdowns. Asking rents rose 5 percent year-over-year to $4.81 per square foot as new space is being added to the market at a higher price point. That rental rate is a record high for the Charlotte warehouse and distribution market. Most of the recent growth has occurred in the Cabarrus County, Stateline and Airport/West submarkets. Developers continue to fill demand for modern e-commerce, third-party logistics and general distribution space. Additional deliveries will keep upward pressure on vacancy in the near-term, but overall conditions should remain healthy thanks to strong economic tailwinds and Charlotte’s proximity to key East Coast transportation corridors and population centers. Absorption declined significantly over the past 12 months, from 5.3 …

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