CAMBRIDGE, MASS. — Colliers has arranged the sale of the former Cambridge Matignon School campus in metro Boston. The 7.8-acre campus totals 83,136 square feet across two buildings that were originally constructed in 1945. The campus also houses playing fields, science labs, an auditorium and a gymnasium. James Elcock and John Real of Colliers represented the seller, the Archdiocese of Boston, in the transaction. The buyer was Benjamin Banneker Charter Public School. Cambridge Matignon School closed in 2023.
BOSTON — The Jamaica Plain Neighborhood Development Corp. (JPDNC) will undertake a 48-unit affordable housing redevelopment project in Boston. The nonprofit owner-operator will convert a dilapidated, obsolete building in the Dorchester area into housing for seniors aged 55 and above. The property will be known as The Cheney Homes and will primarily house one-bedroom units that will be reserved for renters earning between 30 and 60 percent of the area median income. ICON Architecture is designing the redevelopment, and NEI General Contracting is handling construction. MassHousing is financing the project in conjunction with other public-sector entities.
MILWAUKEE — Neutral has received a $133.3 million construction loan for The Edison, a 378-unit luxury apartment project in Milwaukee. JLL Capital Markets arranged the financing through Bank OZK and Pearlmark. The Edison, located at 1005 N. Edison St., will feature 7,200 square feet of retail space. At 31 stories, the project is slated to be the tallest mass timber building in North America, according to Neutral. Amenities will include a fitness center, spa, pool, sauna, café, demo kitchen, dog park, movie room, community garden, entertainment deck and sky lounge. The developer has secured more than 62 percent of the required equity funding and will commence construction this spring while the remaining 38 percent of equity is being finalized. Completion is slated for the third quarter of 2027.
GRAND RAPIDS, MICH. — Mid-America Real Estate Corp. has brokered the sale of Shops at Centerpoint in Grand Rapids for an undisclosed price. The 444,709-square-foot shopping center is home to TJ Maxx, HomeGoods, Sierra Trading Post, Nordstrom Rack, Golf Galaxy, Ulta, DSW, Old Navy, Dunham’s Sports and Planet Fitness. Ben Wineman, Joe Girardi and Daniel Stern of Mid-America represented the seller, a joint venture between New York City-based DRA Advisors and Chicago-based Pine Tree. The asset sold to Seattle-based Bridge33 Capital.
HOPKINS, MINN. — Kraus-Anderson has completed construction on Hallon II, a luxury apartment building in Hopkins, a southwest suburb of Minneapolis. Designed by ESG Architecture and Design, the seven-story, 398,822-square-foot community features 250 units and 10,000 square feet of retail space. Outdoor amenities include a third-floor courtyard with pool, hot tub, fitness area, game lawn, lounge and grill stations. Interior amenities include a sauna, fitness and yoga studio, speakeasy with connected sky deck, listening lounge and pet wash station. Construction began in September 2022.
CHICAGO — Baum Realty Group LLC has arranged the sale of an 18,000-square-foot retail portfolio in Chicago’s Andersonville neighborhood for an undisclosed price. Wayland Real Estate Capital purchased the buildings, which are located at the northwest corner of Clark Street and Berwyn Avenue. The portfolio features four contiguous properties that are fully leased. Tenants include Starbucks, Potbelly Sandwich Works, Jeni’s Splendid Ice Creams, Ranalli’s of Andersonville, AlleyCat Comics and Lonesome Rose. The weighted average lease term is nearly eight years. Ari Topper, Tyler Dechter and Owen Wiesner of Baum represented the seller, a local investor.
CHICAGO — Interra Realty has negotiated the sales of two multifamily properties in Chicago for a total of $4.7 million. A 16-unit building at 6405 N. Wayne Ave. in the Rogers Park neighborhood sold for $3.4 million and a five-unit rental property at 1933 S. May St. in the Pilsen neighborhood traded for $1.3 million. Brad Feldman of Interra represented both the buyer of 6405 N. Wayne, a Chicago-based private investor, and the seller, a local real estate partnership that Feldman also represented in the original acquisition in 2022. Feldman and colleague Jeremy Morton represented both the confidential seller of 1933 S. May and the seller, a local developer. Located within walking distance of Loyola University and originally constructed in 1929, 6405 N. Wayne was significantly refurbished in 2022. The property at 1933 S. May received a gut renovation in 2021. Both buildings were fully leased at the time of sale.
By Jason Baker, principal at Baker Katz If you look back about 150 years or so, drugstores have played a big role in communities nationally and across Texas. From the beginning with small corner pharmacies to today’s large retail chains with 24-hour service, drive-thrus and a wide range of products, drugstores have filled retail and service needs in the communities they serve. However, in the past few decades, there has been a noticeable shift. In the 1980s and 1990s, national chains such as Walgreens and CVS expanded rapidly, often setting up stores at the exact same intersection. These stores became go-to spots for everything from prescriptions to film processing to everyday essentials and necessities. However, their fast-paced growth also came with its own set of challenges, such as high costs of real estate and operational expenses that left the underlying real estate of many of the drugstores vulnerable when market conditions changed. Shifting Consumer Behaviors Force Adaptation Over the past two decades, consumer behavior has changed significantly. With the rise of telehealth, people can now see a doctor on Zoom and get a prescription without ever leaving their home. At the same time, online giants and big-box retailers have also …
By Nellie Day The multifamily investment market has provided some mixed signals over the past year. There have been the ebbs and flows in the 10-year U.S. Treasury bond yield and interest rates, a moderating level of inflation (the Consumer Price Index rose 2.7 percent in November on an annual basis), and a hard-fought presidential election with Donald Trump emerging as the victor. Despite the volatility in the debt markets, the overall sentiment among investors remains positive. CoStar Group notes that multifamily transaction volume nationally rose 18 percent year over year in the third quarter of 2024, reaching $74 billion. CoStar adds, however, that momentum noticeably slowed toward the end of the quarter, when fixed-rate borrowing costs climbed in step with the rising yield on the 10-year U.S. Treasury note. “This trend is underscored by a 4 percent decline in quarter-over-quarter transaction volume — a contrast to the typical seasonal uptick in the third quarter — following stronger activity in the first two months of [the fall season],” says Chad Littell, national director of U.S. capital markets analytics at CoStar. Pickup in Transactions Littell observed that the U.S. multifamily investment market “somewhat mirrored” the movement of the 10-year U.S. Treasury yield, …
— By Patti Dillon, Executive Vice President, Colliers — Las Vegas’ office market is at a critical juncture as shifting dynamics could shape its future for years to come. New developments like the anticipated 30-acre studios development project in discussion with Howard Hughes Corporation present opportunities, though second-generation office space is expected to dominate over the next three to five years. This shift is driven by cost efficiency, evolving tenant demands and the higher expenses tied to new construction. Though new builds offer state-of-the-art facilities, the adaptability and affordability of second-generation spaces make them a practical solution for many businesses. Las Vegas continues to attract high-profile corporate tenants from out of state. These companies are drawn to flexible office spaces that feature modern technology and proximity to mixed-use developments that support the evolving hybrid work model. The increasing demand for live-work-play environments has placed a premium on mixed-use developments that combine residential, office and retail spaces. Despite ongoing demand, the market faces significant challenges. Investor confidence has been impacted by broader economic factors, including the U.S. elections, geopolitical tensions and inflationary pressures. Supply chain disruptions, rising construction costs and higher interest rates also create barriers for developers and limit financing options …