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PhaseIV-Park10-Avondale-AZ
ArizonaLoansRetailWestern

Gantry Secures $9M Construction Loan for Retail Center in Avondale, Arizona

by Amy Works

AVONDALE, ARIZ. — Gantry has secured a $9 million construction loan for the development of Phase IV of Park 10 at Avondale, a mixed-use development located in the West Valley Phoenix suburb of Avondale. Situated on 8 acres, Phase IV will include a build-to-suit restaurant for Cooper’s Hawk, as well as a second building that offers inline restaurant space for 85C Bakery and an unannounced third tenant. Adam Parker and Chad Metzger of Gantry’s Phoenix office represented the borrower, Parkland Development, in the transaction. A regional bank provided the three-year, interest-only loan. Owned and developed by Park Development, Park 10 at Avondale is a 43-acre master-planned project that will offer 424,000 square feet of entertainment, hotel, restaurant, retail and medical office space upon completion, according to AZ Big Media.

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307-E-Carmel-St-San-Marcos-CA
AcquisitionsCaliforniaIndustrialLee & AssociatesMixed-UseOfficeRetailWestern

Lee & Associates Brokers Sale of 18,452 SF Mixed-Use Building in San Marcos, California

by Amy Works

SAN MARCOS, CALIF. — Lee & Associates has arranged the sale of a showroom and flex building located at 307 Carmel St. in San Marcos. Creative Carmel LLC, an owner-user, acquired the asset from 307 E Carmel LLC for $6 million. Situated on 1.8 acres, the 18,452-square-foot single-tenant building offers 40 percent showroom, 25 percent office and 35 percent warehouse space. Marko Dragovic, Isaac Little and Olivia Baffert of the Little Dragovic Team at Lee & Associates – North San Diego County represented the seller, while Russ Jabara and Shawn Espino of San Diego Commercial Realty represented the buyer in the deal.

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3445-3455-S-Marion-St-Englewood-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Negotiates Sale of 34-Unit Value-Add Apartment Complex in Englewood, Colorado

by Amy Works

ENGLEWOOD, COLO. — Pinnacle Real Estate Advisors has negotiated the sale of Kings Brook Arms Apartments, a value-add multifamily property located at 3445-3455 S. Marion St. in Englewood. The property traded for $5.1 million, or $150,000 per unit. The names of the buyer and seller were not released. Mark Knowlton, Jim Knowlton and Chris Knowlton of Pinnacle handled the transaction. Bank of Colorado provided financing for the acquisition.

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District of ColumbiaFloridaMultifamilySoutheast

Census: Miami’s Population Surges More Than 10 Percent Since 2020

by John Nelson

WASHINGTON, D.C. — Between 2020 and July 1, 2024, Miami experienced a significant population surge, according to the latest estimates from the U.S. Census Bureau. The South Florida city’s population was 487,014 residents in 2024, which is a 10.1 percent increase from 2020 Census figures. In the same time frame, Atlanta saw a 4.3 percent rise in population, while Raleigh experienced an uptick of 6.8 percent. Washington, D.C. saw a 1.8 percent increase since 2020, and Nashville saw a 2.3 percent gain in residents. All of the above except Raleigh ranked in the top 10 nationally for new downtown apartments developed between 2020 and 2024, according to a report from RentCafe. Leading the pack was Washington, D.C., which has added nearly 23,000 apartments to the downtown supply since the pandemic. To calculate population growth within a city or town, the Census Bureau uses updated county-level data on housing units, as well as average household sizes in the surrounding county, to estimate the population of each city and town within that county. The estimate for people living in group quarters (such as dorms or nursing homes) is then included to the household population estimate to obtain the total resident population.

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Armstrong-Industrial-Irvine-CA
CaliforniaIndustrialLoansWestern

PSRS Arranges $4.5M Refinancing for Industrial Property in Irvine, California

by Amy Works

IRVINE, CALIF. — PSRS has arranged $4.5 million in refinancing for Armstrong Industrial in Irvine. The fully occupied, 32,055-square-foot industrial property is located within the Irvine Business District. Michael Tanner and George Gianoukakis of PSRS secured the financing through one of PSRS’ correspondent life insurance companies. The nonrecourse loan features a five-year term and 30-year amortization.

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LoansMidwestMissouriOffice

3650 Capital Originates $55M Loan for Refinancing of Office Tower in Metro St. Louis

by Kristin Harlow

CLAYTON, MO. — 3650 Capital has originated a $55 million loan to refinance Shaw Park Plaza, a 15-story, 278,000-square-foot office building in Clayton near St. Louis. The loan carries a five-year term. The borrower, Tryperion Holdings, has owned the property since July 2021. Since that time, the firm has executed a value-add business plan, investing $12.6 million in leasing expenditures and resulting in a 125 percent increase in net operating income. The building’s occupancy sits at nearly 97 percent. Proceeds from the loan were used to refinance the existing $52.7 million floating-rate debt and fund closing costs.

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DevelopmentHospitalityLoansMidwestWisconsin

HALL Structured Finance Provides $41.1M Construction Loan for Dellshire Resort in Wisconsin

by Kristin Harlow

WISCONSIN DELLS, WIS. — HALL Structured Finance (HSF) has provided a first lien construction loan totaling $41.1 million for the Dellshire Resort in Wisconsin Dells, a city in southern Wisconsin. HSF partnered with Nuveen Green Capital, which provided an additional $27.8 million in C-PACE financing. Adrienne Andrews and Jeffrey Bucaro of JLL arranged the financing on behalf of the borrower, Uphoff Ventures LLC. Dellshire Resort will be a 208-room Medieval-themed hotel and represents the initial phase of a 40-acre master-planned resort and attraction development. The four-story hotel will feature a 222-seat restaurant, six pools, a swim-up pool bar, 9,500-square-foot arcade and family entertainment center, ATV rentals and approximately 6,500 square feet of meeting and event space. A 60-foot-tall fire-breathing dragon sculpture will mark the hotel’s entrance, complemented by costumed knights and dragon-themed interactions throughout the property. Located approximately 55 miles northwest of Madison, Wisconsin Dells is known as the “Waterpark Capital of the World,” boasting the highest concentration of indoor and outdoor waterparks globally, according to HSF. The local economy is heavily tourism-driven, drawing more than 4 million visitors annually. Completion of the Dellshire Resort is slated for the second quarter of 2026. Pyramid Global Hospitality will manage the asset. …

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IndustrialLeasing ActivityMidwestOhio

Newmark Negotiates 207,740 SF Headquarters Lease for Homage in Columbus, Ohio

by Kristin Harlow

COLUMBUS, OHIO — Newmark has negotiated a 207,740-square-foot office and industrial headquarters lease for Homage, a vintage sports apparel brand, at 885 Stelzer Road in Columbus. The speculative property is situated across the street from John Glenn International Airport and was built in 2024 to revitalize a former vacant wooded lot. Terry Coyne and Derek Lichtfuss of Newmark represented the landlord, Weston Inc. Homage plans to take occupancy before the end of the year. Weston Devore of CBRE represented the tenant. Founded by Ryan Vesler, Columbus-based Homage has investors such as NFL star Jason Kelce, NBA star Kevin Durant, actors Ryan Reynolds and Rob McElhenney and Haslam Sports Group, which owns the Cleveland Browns, Columbus Crew and is shared controlling owner of the Milwaukee Bucks.

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AcquisitionsMichiganMidwestRetail

SPERRY Brokers Sale of Two Shopping Centers in Southeast Michigan Totaling 140,501 SF

by Kristin Harlow

ORTONVILLE AND FLUSHING, MICH. — SPERRY Property Investment Counselors, an affiliate of SPERRY, has brokered the sale of two grocery-anchored shopping centers in southeast Michigan. One center totals 73,253 square feet in Ortonville, while the other spans 67,248 square feet in Flushing. The seller, being involved in the grocery business for over 110 years, will continue to operate the grocery stores while selling the real estate. Robert Pliska of SPERRY represented the seller.

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AcquisitionsMichiganMidwestOffice

Mercantile Bank Acquires 31,500 SF Office Building in Kentwood, Michigan

by Kristin Harlow

KENTWOOD, MICH. — Mercantile Bank has acquired a 31,500-square-foot office building in Kentwood near Grand Rapids. The two-story, fully remodeled building offers a mix of private offices, conference rooms, open workspaces, a large break room, training room and onsite parking. Significant capital improvements include renovations in 2017 and 2020 as well as upgraded HVAC systems and a refreshed parking lot. Kurt Kunst of NAI Wisinski of West Michigan represented Mercantile Bank, while Doug Taatjes and Hillary Taatjes Woznick of NAI Wisinski of West Michigan represented the undisclosed seller. Mercantile is one of the largest Michigan-based banks with assets of approximately $6.1 billion.

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