Property Type

Overton Moore Properties, Invesco Break Ground on Three-Building Industrial Park in Tempe, Arizona

by Amy Works January 13, 2025

TEMPE, ARIZ. — Overton Moore Properties, in partnership with Invesco Real Estate, has broken ground on Nextwave Tempe, a Class A industrial project situated on 35.5 acres at the former site of the Big Surf Waterpark in northeast Tempe. Located at 1500 N. McClintock Drive, Nextwave Tempe will feature 689,000 square feet in three divisible buildings that can accommodate tenants from 32,000 square feet to 258,727 square feet. Each building will feature heavy power with expansion, abundant parking, full HVAC in the warehouses, speculative offices and private, secured truck yard areas. Layton Construction is serving as general contractor and HPA Architecture is the architect on record. Nextwave Tempe is slated for delivery in fourth-quarter 2025. John Werstler, Cooper Fratt and Tanner Ferrandi of CBRE are the listing brokers for the project.

January 13, 2025

Loans Multifamily Washington Western

Northmarq Arranges $67M in Refinancing for Camber Apartments in Bremerton, Washington

by Amy Works January 13, 2025

BREMERTON, WASH. — Northmarq’s Seattle Debt + Equity team led by Robert Spiro has arranged a $67 million loan for the refinancing of Camber Apartments, Phases 1 and 2, a garden-style multifamily community in Bremerton. Northmarq arranged financing on behalf of the borrower through its in-house Fannie Mae delegated underwriting program. The permanent-fixed deal was structured on a seven-year term. Located at 1231 NE McWilliams Road, Camber Apartments features two adjacent multifamily properties, with Phase 1 being built in 2021 and Phase 2 built in 2024. Camber Phase 1 offers 204 units, and Camber Phase 2 features 120 units. The community features one-, two- and three-bedroom units with quartz countertops, stainless steel appliances, primary suites, lush park-like views, luxury vinyl flooring, walk-in closets and either a balcony or patio. The pet-friendly community amenities include a fitness center, clubhouse with a caterer’s kitchen, fire pits, controlled access and gated entry, a heated resort-style pool, a covered outdoor spa, pool, theater-inspired media room, integrated trails, barbecue picnic shelters and play areas.

January 13, 2025

Acquisitions California Office Western

Soma Encino Sells 55,207 SF Office Building in Encino, California

by Amy Works January 13, 2025

ENCINO, CALIF. — Soma Encino LLC has completed the disposition of an office building located at 16200 Ventura Blvd. in Encino to PS Country Club LLC for an undisclosed price. Built in 1974, the four-story building offers 55,207 square feet of office space that recently underwent extensive capital improvements, including upgrades to common areas and restrooms, a tenant lounge with a kitchen area, a new roof and an HVAC system. At the time of sale, the building was 86 percent occupied by 70 tenants, each occupying an average of 600 square feet. Mark Shaffer, Michael Longo, Grant Goldman, Anthony DeLorenzo, Gerard Poutier and Dylan Rutigliano of CBRE Investment Properties represented the seller in the transaction.

January 13, 2025

Acquisitions Arizona Industrial Western

Cushman & Wakefield | PICOR Negotiates $3.6M Sale of Industrial Property in Tucson, Arizona

by Amy Works January 13, 2025

TUCSON, ARIZ. — Cushman & Wakefield | PICOR has brokered the sale of 44,000 square feet of industrial space at 1825 W. Price St. in Tucson. FRC Holdings of Tucson LLC purchased the property from WAA 1825 W. Price LLC for $3.6 million. Robert Glaser of Cushman & Wakefield | PICOR represented the buyer in the deal.

January 13, 2025

Acquisitions Illinois Midwest Multifamily Student Housing

JLL Arranges Sale of 524-Bed Student Housing Community Near University of Illinois Urbana-Champaign

by Kristin Harlow January 13, 2025

URBANA, ILL. — JLL Capital Markets has arranged the sale and financing of Campus Circle, a 524-bed student housing community in Urbana near the University of Illinois Urbana-Champaign. Scott Clifton, Kevin Kazlow and Jack Goldberger of JLL represented the seller, an affiliate of Blue Vista Capital Management LLC. Jake Wisness, Dan Kearns, Mike Brady, Sam Tarter and Bill Maloney of JLL originated a five-year, fixed-rate acquisition loan through Freddie Mac on behalf of the buyer, Horizon Realty Advisors. Campus Circle, located at 1010 W. University Ave., is within walking distance of the College of Engineering and the university’s Main Quad.

January 13, 2025

Affordable Housing Development Multifamily New York Northeast

WinnCos. Completes $20.5M Renovation of Buffalo Affordable Housing Complex

by Taylor Williams January 13, 2025

BUFFALO, N.Y. — Regional owner-operator WinnCos. has completed the $20.5 million renovation of West Village Apartments, a historic affordable housing complex in downtown Buffalo. The property comprises 10 buildings totaling 135 units that were constructed between 1891 and 1920. The renovation encompassed upgrades to unit kitchens, bathrooms, doors, windows and building roofs, as well as common area lighting and flooring. In addition, the project team created a community room, management office, bike parking spaces and an additional unit via the conversion of a maintenance shed. Locally based general contractor DiMarco Construction performed the renovation, which also served to preserve and extend the property’s affordability status.

January 13, 2025

Acquisitions Illinois Midwest Multifamily

Kiser Group Negotiates $17.4M Sale of Chicago Multifamily Property

by Kristin Harlow January 13, 2025

CHICAGO — Kiser Group has negotiated the $17.4 million sale of 5411 N. Winthrop, a multifamily property in Chicago’s Edgewater neighborhood. The asset, which was 99 percent occupied at the time of sale, underwent a full renovation in 2013. Jacob Price and Katie LeGrand of Kiser brokered the sale. Chicago-based Becovic Residential was the buyer. The property went under contract within a month of listing.

January 13, 2025

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of Fresh Market-Occupied Retail Property in Chicago’s Lincoln Park

by Kristin Harlow January 13, 2025

CHICAGO — Mid-America Real Estate Corp. has brokered the sale of a 17,706-square-foot retail property occupied by The Fresh Market in Chicago’s Lincoln Park neighborhood. The sales price was undisclosed. The grocery store is located at the corner of Halsted Street and Diversey Parkway. Joe Girardi and Nick Kohlmann of Mid-America represented the seller, and the asset sold to a private buyer.

January 13, 2025

Acquisitions Midwest Minnesota Multifamily

CBRE Arranges $6.9M Sale of Apartment Building in Rochester, Minnesota

by Kristin Harlow January 13, 2025

ROCHESTER, MINN. — CBRE has arranged the $6.9 million sale of Lofts at Mayo Park, a 29-unit apartment building in Rochester. Built in 2017, the property features one- and two-bedroom floor plans averaging 942 square feet. Amenities include a fitness center, bike storage, pet washing station, heated underground parking and rooftop terraces. CBRE’s Ted Abramson, Abe Appert and Keith Collins represented the seller, Eastbank Lofts LLC. The buyer was Eaststar Trust LLC.

January 13, 2025

Development Illinois Leasing Activity Midwest Retail

Three New Retailers Join Tenant Lineup at East Court Village in Pekin, Illinois

by Kristin Harlow January 13, 2025

PEKIN, ILL. — Ross Dress for Less, Marshalls and Five Below have joined the tenant lineup at East Court Village in Pekin, about 10 miles south of Peoria. The retailers are slated to open in fall 2025. East Court Village, owned by Cullinan Properties, is currently undergoing significant upgrades and improvements.

January 13, 2025

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