Property Type

CHICAGO — Developer Podmajersky Inc., led by John Podmajersky III, is developing a small-bay industrial facility totaling 12,000 square feet in Chicago’s East Pilsen area. Avison Young has been retained to market the speculative development at 2100 S. Canalport Ave. for lease. The asset will feature a clear height of 24 feet, dock and drive-in loading, flexible power capacity and Enterprise Zone incentives. Completion is slated for 2027. The developer says the project is expected to appeal to light manufacturing users, food producers, contractors, logistics operators, technology startups and last-mile distribution users that increasingly favor infill locations over suburban alternatives.

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CHICAGO — Interra Realty has brokered the $2.1 million sale of a 13-unit apartment building located at 1433 W. Ardmore Ave. in Chicago’s Edgewater neighborhood. Joe Braun of Interra represented the private seller, while Tommy Richard of Interra represented the local buyer. The transaction marks the first time the asset has traded hands in nearly 50 years. Originally constructed in 1927, the building includes 10 one-bedroom units and three two-bedroom layouts. The buyer plans to undertake a full gut rehab of the property, which is currently less than half occupied, including reconfiguring the existing units and adding new ones.

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JERSEY CITY, N.J. — Newmark has arranged a $277 million construction loan for 201 Hudson — by Urby, a 69-story apartment building that is being developed in Jersey City’s Paulus Hook neighborhood. The building will have 748 units in a mix of studio, one-, two- and three-bedroom floor plans, as well as 10,000 square feet of retail space. Amenities will include a pool, fitness center, social and coworking spaces and outdoor recreation areas. Jordan Roeschlaub, Chris Kramer, Holden Witkoff and Jack Fenton of Newmark arranged the loan through Truist Financial. The developer is a joint venture between Rockpoint, a Boston-based real estate private equity firm, and Urby, a hospitality-driven multifamily developer. The development was first announced this summer.

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MONTAUK, N.Y. — Knighthead Funding has provided a $65 million loan for the refinancing of Marram Montauk, a 96-room hotel and resort located on the tip of Long Island. Marram Montauk was built in 1967 and renovated in 2020. Guestrooms feature private terraces and balconies, and amenities include an oceanfront pool, private cabanas, curated wellness programming and onsite food-and-beverage options. The undisclosed sponsor acquired the property in 2022 and has since expanded on the capital improvements.

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ENFIELD, CONN. — The Community Builders (TCB) has broken ground on Angela Gardens, a 45-unit affordable seniors housing project in Enfield, located north of Hartford. Angela Gardens is a redevelopment of a historic building. The project will add four studio apartments and 41 one-bedroom units, all of which will be reserved for renters age 62 and above, to the local supply via adaptive reuse of the existing building and ground-up construction of a three-story addition. A tentative completion date was not announced.

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TINTON FALLS, N.J. — Jersey Mike’s has signed a 72,326-square-foot office headquarters lease near the Jersey Shore in Tinton Falls. The space is located within Bell Works Fort Monmouth, a redevelopment of the former headquarters of cybersecurity firm Commvault. Nick Pistolakis of Lakis Commercial represented Jersey Mike’s, which will also open a restaurant on the property, in the negotiations. Jeff Garibaldi, Tara Keating and Phil Mylod of NAI James E. Hanson represented the landlord, Inspired by Somerset Development.

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BRISCOE COUNTY, TEXAS — Soluna Holdings Inc. (NASDAQ: SLNH), a developer of renewable data centers for heavy computing industries such as artificial intelligence (AI) and Bitcoin mining, has closed on the purchase of 397 acres in West Texas’ Briscoe County. The site is located adjacent to Briscoe Wind Farm, a 150-megawatt (MW) wind farm that Soluna purchased in April for $53 million. The land is also situated adjacent to Dorothy 1 and Dorothy 2, Soluna’s modular, co-located data center campus that has capacity totaling 50 MW and 48 MW, respectively. The new land will host Dorothy 3, an AI data center computing campus with a potential capacity of 300 MW. All phases of the Project Dorothy campus, which is named after NASA mathematician Dorothy Vaughan, will be powered by the Briscoe Wind Farm substation. “Customers evaluating AI sites want to know how quickly we can get them to power,” says John Belizaire, CEO of Soluna. “Owning this land takes one more variable out of that answer. Dorothy 3 is a site we control end to end, and that is what turns a development project into something a customer can plan around.” The land acquisition exceeds the 300 acres Soluna originally …

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Senior living has changed a lot in the past five or six years. The shift  was underway before the pandemic, but it has accelerated recently. Now, there is a clear move away from institutional designs toward communities that feel more like hotels, with a focus on wellness, flexibility and the resident experience. The way spaces are designed has changed as well. In the past, facilities had large, central common areas. Now, layouts focus on flexible use and smaller, spread-out gathering spaces. There is also more focus on connecting with the outdoors, so courtyards, walking paths and shaded seating are now standard. Industry research shows that spaces that support social engagement and health are important, which is guiding how buildings are now designed and built. We have seen these changes firsthand through our work across the senior living sector. ANF recently completed Wellspring Apartments in Miami, a complex that reflects the growing need for well-located, intentionally designed housing for older adults. We are also building All Seasons Delray Beach for Beztak, a luxury senior living community centered on hospitality, lifestyle and elevated amenities. In Pembroke Pines, we are completing the final phase of Douglas Gardens for McDowell Housing Partners and Miami …

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Blue-Ridge-Commerce-Center-Houston

HOUSTON — A joint venture between Trammell Crow Co. (TCC) and Japanese developer Daiwa House has broken ground on a 687,338-square-foot industrial project in southwest Houston. The project represents Phase II of Blue Ridge Commerce Center and will consist of three buildings on a 40.9-acre site. Buildings will span 182,908, 200,622 and 303,808 square feet and feature a mix of configurations in addition to 32- to 36-foot clear heights. Seeberger Architecture designed the project, and E.E. Reed Construction is serving as the general contractor. BGE is the project’s civil engineer, and CBRE is the leasing agent. Sumitomo Mitsui Banking Corp. is financing construction, which is expected to be complete next spring.

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HOUSTON — Marcus & Millichap has brokered the sale of The Preserve at North Loop, a 218,689-square-foot office campus in northwest Houston. Built in 1970, the 12.7-acre campus consists of seven buildings that were approximately 65 percent leased at the time of sale. Keith Lloyd and Brad Mills of Marcus & Millichap represented the seller, an entity doing business as Silver Star CRE LLC, in the transaction and procured an undisclosed, Atlanta-based investor as the buyer.

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