Property Type

McShane to Build 309-Unit Multifamily Development Near Downtown Madison, Wisconsin

by Kristin Harlow October 17, 2024

MADISON, WIS. — McShane Construction Co. will build Lock Lane Apartments, a 309-unit multifamily project in Madison. Vermilion Development is the developer. Located on an 8.5-acre site adjacent to Tenney Park, the project will consist of two five-story buildings with 289 apartment units and three two-story townhome buildings with 20 units. There will also be a two-level parking garage. Amenities will include green roof areas, fitness centers, clubrooms, coworking spaces, conference rooms, community gardens and a fenced dog run. JLL arranged equity capital through Quartz Lake Capital and Clarion Partners. CIBC is providing construction financing. Potter Lawson is the project architect.

October 17, 2024

Development Florida Mixed-Use Retail Southeast

Live Nation to Open 3,500-Seat Venue at Westcourt Mixed-Use Project in Downtown Orlando

by John Nelson October 17, 2024

ORLANDO, FLA. — Live Nation plans to open a 3,500-seat entertainment venue at Westcourt Sports and Entertainment District, a 900,000-square-foot mixed-use project currently underway in downtown Orlando. Construction on the facility is scheduled to begin early next year, with an anticipated opening in 2027. SED Development, JMA Ventures and Machete Group are developing Westcourt, which will feature a 261-room Kimpton hotel, 265 residential units, 300,000 square feet of office space and 125,000 square feet of entertainment and dining-focused retail space. Westcourt will also feature 1.5 acres of flexible green space that will host programming including yoga classes, farmer’s markets, live music, food festivals and movie nights.

October 17, 2024

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9M Sale of Apartment Building in Chicago’s Hyde Park Neighborhood

by Kristin Harlow October 17, 2024

CHICAGO — Interra Realty has brokered the $9 million sale of a 24-unit apartment building with two ground-floor commercial spaces in Chicago’s Hyde Park neighborhood. Originally constructed in 1907, the property at 5300 S. Blackstone Ave. features one one-bedroom unit, 11 two-bedroom units and 12 three-bedroom residences. All apartments feature renovated kitchens and bathrooms, in-unit laundry and individual HVAC. There is also a 16-car parking lot. The building’s corner retail space is leased to Philz Coffee, while the other commercial space is occupied by a local property management company. Joe Smazal and Mark Dykstra of Interra represented the buyer, Estia Properties, a Chicago-based real estate investment and management company. The duo also represented the seller, an East Coast-based investment group.

October 17, 2024

Hospitality Loans Midwest Ohio

Marcus & Millichap Capital Corp. Arranges $8.5M Loan for Refinancing of Hampton Inn Hotel Near Cleveland

by Kristin Harlow October 17, 2024

NORTH OLMSTED, OHIO — Marcus & Millichap Capital Corp. (MMCC) has secured an $8.5 million CMBS loan for the refinancing of the Hampton Inn by Hilton North Olmsted Cleveland Airport hotel in North Olmsted, a southwest suburb of Cleveland. Built in 2016, the 118-room property features a dining area, business center, meeting space, fitness center and indoor pool. Pete Fehlman and Jake Marshall of MMCC arranged the loan on behalf of the borrower, Riley Hotel Group. The five-year loan features interest-only payments for the full term, a fixed interest rate of 6.91 percent and a 70 percent loan-to-cost ratio.

October 17, 2024

Development Industrial Midwest Ohio

Peak Construction Completes 56,000 SF Tenant Improvement Project for Blackhawk Industrial in Strongsville, Ohio

by Kristin Harlow October 17, 2024

STRONGSVILLE, OHIO — Peak Construction Corp. has completed a 56,000-square-foot tenant improvement project for Blackhawk Industrial Distribution in Strongsville, a southern suburb of Cleveland. Peak previously constructed the 310,000-square-foot building on behalf of developer Scannell Properties. The property features a clear height of 32 feet, nine docks and 3,500 square feet of office space. HSB Architects & Engineers was the project architect.

October 17, 2024

Development Mixed-Use North Carolina Retail Southeast

Crosland Southeast Breaks Ground on Publix-Anchored Shopping Center in Durham

by John Nelson October 17, 2024

DURHAM, N.C. — Crosland Southeast has broken ground on Latta Park, a planned mixed-use community located on the north end of Durham. The first phase spans 10 acres and will include a 42,240-square-foot Publix grocery store and 12,580 square feet of shop space. Phase I will also comprise a food truck terrace, walking trails, green space and public art installations. Crosland Southeast has tapped Chip Lanier and Jenn Olevitch-Roberson of Lee & Associates to oversee retail leasing at Latta Park, which is slated for a spring 2026 completion. The developer is investing $2 million in infrastructural improvements at the intersection of Guess and Latta roads to make way for the development. Future phases of the 30-acre mixed-use community will include 176 townhomes built by Tri Pointe Homes.

October 17, 2024

Acquisitions Florida Industrial Southeast

CBRE Arranges Sale of New 505,518 SF Industrial Property in Metro Miami

by John Nelson October 17, 2024

HIALEAH, FLA. — CBRE has arranged the sale of Miami Midway Park, a four-building industrial park in Hialeah spanning 505,518 square feet. A real estate fund managed by Ares Management purchased the property from a joint venture partnership between Greystar and Butters Construction & Development for an undisclosed price. Jose Lobón, Frank Fallon, Trey Barry, Royce Rose, Devin White, Gabriel Braun and Daniel Sarmiento of CBRE represented the seller in the transaction. Affiliate firm Ares Industrial Management will manage Miami Midway Park on behalf of the new ownership. Delivered in second-quarter 2024, Miami Midway Park features 32-foot clear heights, 120 dock high doors, LED lighting and electric vehicle charging stations. The property was 76 percent leased at the time of sale, with 123,799 square feet of space available at the time of sale.

October 17, 2024

Development Industrial Maryland Southeast

St. John Properties Begins Construction on 107,000 SF Industrial Park in Salisbury, Maryland

by John Nelson October 17, 2024

SALISBURY, MD. — St. John Properties Inc. has begun construction on Westwood Commerce Park, a three-building industrial project in Salisbury, approximately 30 miles west of Ocean City in Wicomico County. The first phase of construction, which will be built on a speculative basis, comprises two flex/research-and-development facilities spanning more than 70,000 square feet that will be located at the intersection of Ocean Gateway and Naylor Mill Road. St. John Properties plans to deliver Phase I by fourth-quarter 2025. The 16-acre development will also include a three-acre pad site that would be suitable for a gas station or convenience store, according to St. John Properties. The Baltimore-based developer anticipates Westwood Commerce Park to employ more than 400 people at full capacity.

October 17, 2024

Acquisitions Florida Retail Southeast

Plaza Advisors Brokers $4.7M Sale of Retail Strip Center in St. Petersburg, Florida

by John Nelson October 17, 2024

ST. PETERSBURG, FLA. — Plaza Advisors has brokered the $4.7 million sale of Bay Pines, a 9,110-square-foot retail strip center located along Bay Pines Boulevard in St. Petersburg. The property serves as an outparcel to a Walmart Supercenter and was 85 percent leased at the time of sale to tenants including Starbucks Coffee, Supercuts and Jimmy Johns. Jeff Berkezchuk and Jim Michalak of Plaza Advisors represented the seller, Palm Beach Gardens, Fla.-based Kitson & Partners, in the transaction. The buyer was an undisclosed REIT. The transaction completes a three-property disposition that Plaza Advisors brokered on behalf of Kitson & Partners that includes adjacent Texas Roadhouse and Village Inn properties, which were sold to separate 1031 investors.

October 17, 2024

Acquisitions Industrial New Jersey Northeast

NAI Hanson Brokers $156.3M Sale of Industrial Outdoor Storage Portfolio in Northern New Jersey

by Taylor Williams October 17, 2024

HARRISON AND KEARNY, N.J. — NAI James E. Hanson has brokered the $156.3 million sale of a portfolio of six industrial outdoor storage (IOS) properties totaling 48.7 acres in Northern New Jersey. Four of the properties are located in Harrison, and the other two are located in Kearny. Scott Perkins, Christopher Todd, and William Ericksen of NAI Hanson represented the buyer, Chicago-based Ambient Capital Partners, in the transaction. The seller was not disclosed.

October 17, 2024

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