Tuesday, July 29, 2025
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IllinoisLoansMidwestMultifamily

Allstate Provides $27.5M Acquisition Loan for Multifamily Property in Glenview, Illinois

by Kristin Harlow

GLENVIEW, ILL. — Allstate Investments has provided a $27.5 million acquisition loan for Valley Lo Tower II, a 112-unit, mid-rise multifamily property in the northern Chicago suburb of Glenview. Valley Lo offers a mix of one-, two- and three-bedroom floor plans. Community amenities currently include a 2,300-square-foot clubhouse, an outdoor swimming pool and tennis court. Matthew Schoenfeldt of HFF arranged the loan on behalf of the borrowers, The Marquette Companies and LEM Capital. The buyer plans to make upgrades to the amenities.

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AcquisitionsIllinoisMidwestRetail

Thor Equities Sells Retail Property in Chicago for $26M

by Kristin Harlow

CHICAGO — Thor Equities Group has sold its two-level retail property at 36 S. State St. in Chicago for $26 million. Jenel Management Corp. purchased the asset. Verizon, T-Mobile and Blick Art Materials fully occupy the 18,800-square-foot property. Thor Equities purchased the entire 19-story building for $10.3 million in 2004, before selling the upper floors to a developer for conversion to residential condominiums.

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AcquisitionsIllinoisMidwestNet LeaseRetail

Adelphia Properties Brokers $4.4M Sale of Property Net Leased to CVS in Taylorville, Illinois

by Kristin Harlow

TAYLORVILLE, ILL. — Adelphia Properties has brokered the $4.4 million sale of a single-tenant property net leased to CVS Pharmacy in Taylorville, about 25 miles southeast of Springfield. The 13,255-square-foot building is located at 401 N. Webster St. George Spirrison and Simeon Spirrison of Adelphia represented the buyer, a private investor. CVS has more than 22 years remaining on its lease.

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AcquisitionsIndianaIndustrialMidwest

Shelbyville Redevelopment Commission Purchases 184-Acre Industrial Site in Indiana

by Kristin Harlow

SHELBYVILLE, IND. —Shelbyville Redevelopment Commission has purchased a 184-acre industrial site along I-74 in Shelbyville, about 30 miles southeast of Indianapolis, for $3.9 million. The organization plans to develop an industrial park. The site was assembled from two tracts owned by First Presbyterian Church of Shelbyville and Krone, a German farm equipment manufacturer. Shelbyville and Shelby County equally funded the acquisition through a 10-year bond sale.

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Broomell-Santa-Ana-CA
Affordable HousingCaliforniaDevelopmentMultifamilyWestern

NAI Capital Arranges 99-Year, $287M Ground Lease for Affordable Housing Project in Santa Ana

by Amy Works

SANTA ANA, CALIF. — NAI Capital’s Irvine, Calif., office has arranged a 99-year ground lease for a 6.8-acre affordable housing development project in Santa Ana. David Knowlton and Kirby Greenlee of NAI Capital represented the lessor, Broomell Commercial Properties, and lessee, Alexis Gevorgian of AMG & Associates, The Pacific Cos. and Jamboree Housing. Valued at $287 million, the ground lease includes three parcels located at 2110, 2114 and 2020 E. First St. in Santa Ana. The buyer plans to develop two six-story buildings featuring 552 workforce housing units and approximately 10,000 square feet of ground-floor retail space. Once complete, the development will be one of the largest affordable housing projects in the state of California. Construction is slated to begin in early 2019.

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AcquisitionsCaliforniaOfficeWestern

Barker Pacific Group, Rockwood Capital Acquire 227,019 SF Office Building in Pasadena

by Amy Works

PASADENA, CALIF. — A joint venture between Barker Pacific Group and Rockwood Capital has purchased a Class A office building, located at 301 N. Lake Ave. in Pasadena. The price was not disclosed. Washington Capital Management previously operated the asset on behalf of an unidentified seller. Built in 1989, the 11-story building features 227,019 square feet of office space. The buyers plan to improve the asset by modernizing the property. CBRE’s Mike Longo and Sean Sullivan brokered the sale. JP Morgan provided debt financing for the buyers.

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AcquisitionsColoradoIndustrialWestern

Newmark Knight Frank Brokers $16.1M Sale of 71,172 SF Industrial Property Near Denver

by Amy Works

CENTENNIAL, COLO. — Newmark Knight Frank has arranged the sale of an industrial asset in Centennial. GT INOVA LLC acquired the property from INOVA Flex I LLC for $16.1 million. Located at 7304 S. Joliet St., the property features 71,172 square feet of industrial space. Jason Addlesperger, David Lee, Mike Wafer and Keith Bell of Newmark Knight Frank represented the seller, while Cushman & Wakefield represented the buyer in the deal. First American Title Insurance Co. also participated in the transaction.

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575-Columbia-Richland-WA
AcquisitionsMultifamilyWashingtonWestern

CBRE Directs Sale of 94-Unit Multifamily Property in Richland, Washington

by Amy Works

RICHLAND, WASH. — CBRE has arranged the sale of 575 Columbia, a 77,700-square-foot multifamily property located along the Columbia River in Richland. Evergreen Housing Development Group sold the property for an undisclosed price. Phil Oester, Joe Nydahl and Josh McDonald of CBRE’s Portland office represented the seller in the deal. The name of the buyer was not released. Built in 2017, 575 Columbia features 58 one-bedroom units and 36 two-bedroom units with nine-foot ceilings, quartz countertops and ample storage. Community amenities include a resident pool and lounge, as well as a fitness center.

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Everett-Mall-Way-Plaza-Everett-WA
AcquisitionsRetailWashingtonWestern

JKL Real Estate Investment Buys 30,000 SF Retail Complex in Washington for $6.2M

by Amy Works

EVERETT, WASH. — JKL Real Estate Investment LP has acquired Everett Mall Way Plaza, a retail complex located at 500 S.E. Everett Mall Way in Everett. Robinson Properties & Investments sold the two-building asset for $6.2 million. Everett Mall Way Plaza features 30,000 square feet of retail space. XinXin Li of Colliers International and Godwin Moy of DBW Private Brokerage represented the buyer in the transaction.

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DevelopmentNew YorkNortheastOfficeTop Stories

Google to Invest $1B for Manhattan Campus, Double New York Workforce Over Next Decade

by John Nelson

NEW YORK CITY — Search engine giant Google (NASDAQ: GOOGL) plans to invest $1 billion to create a new office campus in Manhattan’s Hudson Square district. Situated just south of West Village, the 1.7 million-square-foot campus is a crucial next step for the company’s goal to double its New York workforce to 14,000 over the next 10 years. Google has signed two leases and a letter of intent to establish the campus, to be named Google Hudson Square. The tech firm will occupy 315 and 345 Hudson St. beginning in 2020 and move into 550 Washington St. when it wraps up construction in 2022. The campus will be the primary location for the company’s New York-based Global Business Organization. The site is located near Pier 40 at Hudson River Park and the Holland Tunnel. According to the owner of 315 Hudson, Jack Resnick & Sons, Google will occupy five full floors and portions of another at the 500,000-square-foot building. Google’s new 280,000-square-foot office space will feature open workspaces, a café, rooftop garden and event space. CBRE represented Google and Newmark Knight Frank represented the owner in the lease transaction, which brings the redeveloped office building to full occupancy. Google will …

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