Property Type

500-Unit Luxury Apartment Tower Opens in Chicago

by Kristin Harlow September 3, 2019

CHICAGO — Owners Murphy Development Group and CIM Group have opened The Paragon, a 500-unit luxury apartment tower in Chicago. The property lies in the South Loop, between 13th and 14th streets. The 47-story tower features 7,500 square feet of retail space. Solomon Cordwell Buenz served as the architect while Mary Cook Associates designed the interiors. Amenities include a fitness center, yoga room, rooftop sky lounge, clubroom and a 2,100-square-foot coworking space. Each residence features smart home automation for programming lights, outlets, thermostats and speakers. Bozzuto is the property manager. Monthly rental rates start at $1,805 for studios.

September 3, 2019

Acquisitions Midwest Retail Wisconsin

Mid-America Brokers Sale of 259,962 SF Shopping Center in West Allis, Wisconsin

by Kristin Harlow September 3, 2019

WEST ALLIS, WIS. — Mid-America Real Estate Corp. has brokered the sale of West Allis Center in Wisconsin for $18.1 million. The 259,962-square-foot shopping center, built in 1964, is located along the 108th Street retail corridor, four miles southwest of downtown Milwaukee. Tenants include Pick ‘n Save, Kohl’s, Marshalls, HomeGoods, BMO Harris Bank and Walgreens. Ben Wineman and Dan Rosenfeld of Mid-America represented the seller, Ohio-based Retail Value Inc. Tennessee-based GBT Realty Corp. purchased the asset.

September 3, 2019

Development Midwest Multifamily Ohio Seniors Housing

M+A Architects Completes Design of $12M Affordable Senior Living Community in Ohio

by Kristin Harlow September 3, 2019

HILLIARD, Ohio — Columbus, Ohio-based architecture and planning firm M+A Architects has completed its design work on The Ashford at Sturbridge, a $12 million affordable senior living project. Located in the Columbus suburb of Hilliard, The Ashford at Sturbridge is one of 400 affordable housing communities that Wallick Communities has developed. With 124 studio and one-bedroom units that will be able to house approximately 155 residents upon lease-up, the new facility offers both assisted living and independent living options.

September 3, 2019

Acquisitions Industrial Midwest Wisconsin

Zilber Acquires 121,000 SF Industrial Building in Pleasant Prairie, Wisconsin

by Kristin Harlow September 3, 2019

PLEASANT PRAIRIE, WIS. — Zilber Property Group has acquired a 121,000-square-foot industrial building located at 8778 100th St. in Pleasant Prairie. The purchase price was undisclosed. The vacant property is situated within LakeView Corporate Park. It features a clear height of 26 feet, six docks, two drive-in doors, 12,000 square feet of office space and 115 car parking stalls. MG Design formerly occupied the property. Eric Fischer of Cushman & Wakefield represented the undisclosed seller. Michael Kleber of Zilber represented Zilber.

September 3, 2019

Illinois Leasing Activity Midwest Restaurant Retail

Tropical Smoothie Cafe to Open 800th Location

by Kristin Harlow September 3, 2019

ARLINGTON HEIGHTS, ILL. — Tropical Smoothie Cafe, a fast-casual concept known for its smoothies and tropical food, is opening its 800th location. The restaurant, located at 115 W. Rand Road in Arlington Heights, is set to open this Friday, Sept. 6. Tropical Smoothie Cafe has grown at a rapid pace this year, opening its 750th location in May. Existing franchisee Hani Halloun, along with first-time franchisees Edward Joubran and Martin Khoshaba, will own and operate the new Arlington Heights location. There are currently seven Tropical Smoothie Cafe locations in the Chicago market, with 18 more in the pipeline.

September 3, 2019

Development Massachusetts Multifamily Northeast Student Housing

CA Student Living to Open 252-Bed Student Housing Community in Philadelphia

by Alex Patton September 3, 2019

PHILADELPHIA — CA Student Living, the Chicago-based student housing investment and development arm of CA Ventures, will open The Link University City, a 252-bed community serving Drexel University in Philadelphia. The property offers one-, two- and three-bedroom units alongside six two-level townhomes. Shared amenities include a fitness and wellness center, private study rooms, co-working and research lounges, a cyber lounge, breakfast and coffee bar and a sky lounge with a pool table, darts and televisions. Student leases are available starting mid-September 2019.

September 3, 2019

Acquisitions Massachusetts Multifamily Northeast

Boston Realty Advisors Arranges $11.5M Sale of Multifamily Property in Cambridge

by Alex Patton September 3, 2019

CAMBRIDGE, MASS. — Boston Realty Advisors (BRA) has arranged the $11.5 million sale of The Emerson, a 31-unit apartment building in Cambridge, a northeastern suburb of Boston. The property offers studio and one-bedroom apartments and is situated close to Harvard University and the Massachusetts Institute of Technology (MIT). Jason Weissman, Nicholas Herz and Kevin Benzinger of BRA represented the buyer, New York-based Columbia Partners, in the transaction. The buyer was 922 Massachusetts Ave. LLC.

September 3, 2019

Loans Multifamily New York Northeast

KeyBank Provides $15M Freddie Mac Acquisition Loan for Multifamily Asset in Potsdam, New York

by Alex Patton September 3, 2019

POTSDAM, N.Y. — KeyBank Real Estate Capital has provided a $15 million Freddie Mac acquisition loan for Lawrence Avenue Apartments, a 137-unit multifamily property in Potsdam, a city in Upstate New York. The property was built in 1980 and comprises five two-story buildings. The borrower, a partnership between N.Y. Community Preservation Partners and Rochester’s Cornerstone Group, plan to refurbish and renovate the property. Robbie Lynn of KeyBank arranged the financing.

September 3, 2019

Acquisitions New Jersey Northeast Office

WCRE Brokers Sale of 30,000 SF Office Building in Cherry Hill, New Jersey

by Alex Patton September 3, 2019

CHERRY HILL, N.J. — Wolf Commercial Real Estate (WCRE) has brokered the sale of a 30,000-square-foot office property in Cherry Hill, an eastern suburb of Philadelphia. The property, 950 North Kings Highway, is part of Cherry Hill Office Center and was fully leased to multiple tenants at the time of sale. John Mozzillo of WCRE represented the buyer, Texas-based NKH LLC, in the transaction. The seller and sales price were undisclosed.

September 3, 2019

Loans Massachusetts Multifamily Northeast

Cornerstone Arranges $3.8M Acquisition Loan for Multifamily Property Near Boston

by Alex Patton September 3, 2019

WALTHAM, MASS. — Cornerstone Realty Capital has arranged a $3.8 million loan for the acquisition and renovation of Lawton Place, a townhouse-style multifamily community in Waltham, a western suburb of Boston. The buyer, True North Capital Partners, plans to renovate the property and add granite countertops, stainless steel appliances, mounted lighting, in-unit washers and dryers and private patios off the main living space. The loan was structured with interest-only payments for three years and a 30-year amortization schedule. The lender was undisclosed.

September 3, 2019

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