Friday, June 20, 2025
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AcquisitionsIllinoisMidwestRetail

Nassimi Realty Purchases 100,000 SF Retail Center in Chicago’s South Loop for $9.2M

by Kristin Harlow

CHICAGO — Nassimi Realty, a New York-based real estate development company, has purchased Joffco Square, a 100,000-square-foot retail center in Chicago’s South Loop. The purchase price was $9.2 million. Located at 555 W. Roosevelt Road, Joffco Square is anchored by Best Buy and shadow anchored by Home Depot. The property features a two-story covered parking garage. The seller, Pine Tree, had purchased the asset for $27 million. Nassimi is working with national retailers to address vacancies at the center.

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DevelopmentMidwestMultifamilyOhio

Vista Residential Partners Breaks Ground on 308-Unit Multifamily Property in Newark, Ohio

by Kristin Harlow

NEWARK, OHIO — Vista Residential Partners has broken ground on Trailhead Vista, a 308-unit apartment community in Newark, about 40 miles east of Columbus. The 15.6-acre project is situated at the northeast corner of West Main Street and Thornwood Drive along the Thornwood Corridor Employment Hub (TECH), which is comprised of five industrial parks totaling over 1,600 acres. Designed by Columbus-based ArchAll, the garden-style community will offer a mix of one- and two-bedroom units averaging 862 square feet. Amenities will include a clubhouse, pool, fitness center, central green area and pet park. Trailhead Vista will also offer access to the TJ Evans Trail, a 14.2-acre trail connecting Newark to Johnstown. Parse Capital, Icarus Capital and Old National Bank provided financing for the development. Krevolin & Horst LLC represented Vista Residential Partners.

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Leasing ActivityMichiganMidwestRetail

Salvation Army Signs 13,065 SF Retail Lease in Washington Township, Michigan

by Kristin Harlow

WASHINGTON TOWNSHIP, MICH. — The Salvation Army has signed a 13,065-square-foot retail lease on Van Dyke Avenue in Washington Township, a northern suburb of Detroit. The charitable organization will take occupancy in June and is relocating from across the street. Gary Grochowski and Bryan Barnas of Colliers represented the undisclosed landlord, while John Lominack and Michael Bennett of Colliers represented the tenant. The Salvation Army operates nearly 8,000 locations across the U.S.

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Louisa-Apts-Portland-OR
AcquisitionsMultifamilyOregonWestern

PCCP, Guardian Real Estate Purchase 16-Story High-Rise Apartment Complex in Portland

by Amy Works

PORTLAND, ORE. — A joint venture between PCCP and Guardian Real Estate Services has acquired The Louisa, a 16-story multifamily property at 123 NW 12th Ave. in Portland’s Pearl District. Terms of the transaction were not released. Built in 2005, The Louisa offers 242 apartments, 29,295 square feet of ground-floor retail space and shared ownership of the Brewery Blocks parking garages. The property features townhomes, studio units and one- and two-bedroom apartments with central air conditioning, 10-foot ceilings, in-unit washers/dryers, luxury plank flooring and stainless steel appliances. Additionally, a portion of the apartments feature balconies. Community amenities include resident lounges, a community room, garden terrace with eco roofs, barbecues and a fire pit. The ground-floor retail space is accompanied by West Elm, Williams-Sonoma, Frame Central, lululemon athletica and The Cookie Dough Café.

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Park-Pacific-Shopping-Center-Hermosa-Beach-CA
AcquisitionsCaliforniaRetailWestern

Chartwell Buys Trader Joe’s-Anchored Shopping Center in Hermosa Beach, California for $27.8M

by Amy Works

HERMOSA BEACH, CALIF. — Chartwell Real Estate Development has purchased Park Pacific Shopping Center, a grocery-anchored retail center in Hermosa Beach, from a private investor for $27.8 million. Located at 1100 Pacific Coast Highway, Park Pacific Shopping Center offers 49,911 square feet of retail space. Current tenants include Trader Joe’s, Starbucks Coffee, Five Below and Sally Beauty. Daniel Tyner, Gleb Lvovich and Geoff Tranchina of JLL handled the transaction.

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840-Pilot-Rd-Las-Vegas-NV
IndustrialLoansNevadaWestern

Northmarq Secures $18M Refinancing for Industrial Portfolio in Las Vegas

by Amy Works

LAS VEGAS — Northmarq has arranged $18 million in refinancing for two-building industrial portfolio, totaling more than 246,000 square feet, in Las Vegas. The portfolio includes an industrial warehouse that was built in 1992 and situated on 7.5 acres along Pilot Road, as well as a property that was built in 2017 on 5.5 acres along East Craig Road. The buildings are occupied by a vitamin and supplements retail and e-commerce store and a fabric/linens supplier.   David Blum of Northmarq’s Newport Beach, Calif., Debt + Equity team secured the permanent fixed-rate loan for the undisclosed borrower through a correspondent life company lender. The transaction was structured on a seven-year, interest-only term.

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Southglenn-Place-Centennial-CO
AcquisitionsColoradoMultifamilyWestern

Laramar Group Acquires 135-Unit Southglenn Place Apartments in Centennial, Colorado

by Amy Works

CENTENNIAL, COLO. — Laramar Group has purchased Southglenn Place, a multifamily community in Centennial, from a private investor for an undisclosed price. Located at 6541 S. Vine St., the 1970-vintage property offers 135, mostly one-bedroom, apartments. Laramar Group plans to renovate the property.

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3730-Miller-Ct-Wheat-Ridge-CO
AcquisitionsColoradoMultifamilyWestern

Pinnacle Real Estate Advisors Brokers $2.4M Sale of Apartment Building in Wheat Ridge, Colorado

by Amy Works

WHEAT RIDGE, COLO. — Pinnacle Real Estate Advisors has arranged the sale of a multifamily property, located at 3730 Miller Court in Wheat Ridge. The building sold for $2.4 million, or $265,556 per unit. Built in 1960, the property offers nine apartments. Josh Newell and Connor Knutson of Pinnacle Real Estate Advisors represented the undisclosed seller and undisclosed buyer in the deal.

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DevelopmentHealthcareIndianaIndustrialLife SciencesMidwestTop Stories

Eli Lilly to Build $4.5B Center for Advanced Manufacturing, Drug Development in Lebanon, Indiana

by Kristin Harlow

LEBANON, IND. — Eli Lilly and Co. (NYSE: LLY) has unveiled plans to invest $4.5 billion to create the Lilly Medicine Foundry, a new center for advanced manufacturing and drug development in Lebanon, about 27 miles northwest of Indianapolis. The Medicine Foundry, slated to open in late 2027, will be located in Indiana’s LEAP Research and Innovation District. The project brings Lilly’s total investment in the area to more than $13 billion. Earlier this year, Lilly released plans for a $5.3 billion expansion of its pharmaceutical manufacturing facility in Lebanon. “As we accelerate our work to discover new medicines for the toughest diseases, we’re continuing to invest in state-of-the-art infrastructure to support our growing pipeline,” says David Ricks, Lilly’s chair and CEO. “In addition to supplying high-quality medicine for our clinical studies, this new complex will further strengthen our process development and scale up our manufacturing capabilities to speed delivery of next-generation medicines to patients around the world.” Lilly says the flexible design of the new facility will enable production of various molecular therapies, including drug substances for small molecules, biologics and nucleic acid therapies. New technologies developed at the Medicine Foundry will be transferred to Lilly’s other manufacturing sites …

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AcquisitionsFloridaGeorgiaRetailSoutheastVirginia

Sterling Organization Acquires Three-Property Shopping Center Portfolio for $180.5M

by John Nelson

WEST PALM BEACH, FLA. — West Palm Beach-based Sterling Organization has acquired a portfolio of three shopping centers for $180.5 million. The portfolio was purchased on behalf of the value-add investment vehicle Sterling Value Add Partners IV LP. Ohio-based retail REIT SITE Centers was the seller. The properties include Fairfax Towne Center in Fairfax, Va.; Presidential Commons in Snellville, Ga.; and Village at Stone Oak in San Antonio. Safeway anchors Fairfax Towne Center, which totals 253,392 square feet. Other tenants at the property include T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts. Kroger anchors Presidential Commons, and other tenants at the center — which totals 264,271 square feet — include Burlington, Ulta Beauty, Petco and Five Below. Village at Stone Oak spans 476,371 square feet and is anchored by HomeGoods, Petco, Ross Dress for Less, DSW, Hobby Lobby, Ulta Beauty and Dollar Tree.

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