Thursday, November 5, 2026
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Astor-Osborn-Apts-Phoenix-AZ
AcquisitionsArizonaMultifamilyWestern

IPA Brokers $47.8M Sale of Astor at Osborn Apartments in Phoenix

by Amy Works

PHOENIX — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of The Astor at Osborn, a mid-rise multifamily property in Phoenix. The asset traded for $47.8 million, or $250,262 per unit. Steve Gebing and Cliff David of IPA represented the undisclosed seller and undisclosed buyer in the deal. Completed in 2019, The Astor at Osborn features 191 apartments, garage parking, a resort-style swimming pool, fitness center, clubroom and outdoor grilling stations. The property offers a mix of studio, one-, two- and three-bedroom apartments.

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DevelopmentKansasMidwestMixed-UseOffice

City Council Approves Black & Veatch Headquarters Development in Overland Park, Kansas

by Kristin Harlow

OVERLAND PARK, KAN. — The City of Overland Park has unanimously approved plans for Black & Veatch’s new world headquarters and surrounding development. Black & Veatch, a global engineering, procurement, consulting and construction company, will break ground on the project this fall and is expected to move into its new home in 2029. Black & Veatch is the sixth-largest employee-owned company in the United States and has called Overland Park home for more than 50 years. Black & Veatch will serve as the master developer, working with JE Dunn as general contractor, BNIM as designer and Clayco as development manager. The nine-story building will feature collaborative workspaces and amenities such as wellness and mothers rooms, a fitness facility, outdoor terraces, food-and-beverage offerings and an onsite daycare. There will also be a parking garage with a weather-protected skywalk connection to the building. The new headquarters will anchor a walkable mixed-use development aligned with the city’s long-term vision for the College and Metcalf area. Planned in phases, the broader district is envisioned to include multifamily units, a hotel, retail space and a daycare.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

Ann Arbor Housing Commission, Related Midwest Break Ground on 330-Unit Affordable Housing Community

by Kristin Harlow

ANN ARBOR, MICH. — Related Midwest and the Ann Arbor Housing Commission have broken ground on The Adeline, a 20-story affordable housing community with 330 units in downtown Ann Arbor. The Adeline will offer a mix of one- and two-bedroom layouts, all of which will be reserved for households earning up to 80 percent of the area median income (AMI). Approximately one-third of units will be set aside for households earning less than 30 percent of AMI. Completion is slated for 2028. The all-electric building will incorporate a geothermal system as its primary heating and cooling source. The Adeline is Related’s first building nationally, and one of the largest affordable housing communities in Michigan, to utilize geothermal energy. The building’s ground floor will include two storefronts collectively offering more than 6,000 square feet of retail space, along with a resident lobby, mail room and package room. Designed by SmithGroup, the tower will sit atop a two-story podium. The second floor will house amenities such as a lounge, multipurpose classroom, indoor children’s playroom, fitness center and resident storage space. The Adeline takes its name from Robert and Adeline Thompson, who in 1964 opened DeLong’s Bar-B-Q Pit in a converted gas station …

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IndustrialLeasing ActivityMidwestMissouri

Opus Completes Lease-Up of 1.6 MSF Liberty Heartland Logistics Center in Missouri

by Kristin Harlow

LIBERTY, MO. — Opus has completed the lease-up of Liberty Heartland Logistics Center in the Kansas City suburb of Liberty. Opus developed and built the three-building, 1.6 million-square-foot industrial park. Recent leasing activity includes Wagner Logistics, a third-party logistics provider that leased 317,000 square feet in Building B, and Dakota Bodies, a custom utility and service truck manufacturer that leased 173,000 square feet in Building C. Opus developed Liberty Heartland Logistics Center in two phases. The first phase included an 847,475-square-foot build-to-suit distribution center for Hallmark, which began operations in the facility in March 2023. The second phase added two speculative buildings totaling 812,000 square feet. TAB USA, an international manufacturer of industrial batteries, began leasing 66,700 square feet in Building C in April 2024. Animal Health International, a global distributor of animal health products, began leasing 255,000 square feet in Building B in April 2025. Liberty Heartland Logistics Center is a joint venture between Opus and Washington Capital Management. Opus was the developer, design-builder, architect and structural engineer of record on the shell buildings and handled the tenant improvement construction for TAB USA, Animal Health and Dakota Bodies. Michael VanBuskirk, Mark Long, John Hassler and Scott Bluhm of Newmark …

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AcquisitionsIllinoisMidwestMultifamilyRetail

Greenstone Partners Arranges $3.2M Sale of Apartment, Retail Building in Chicago

by Kristin Harlow

CHICAGO — Greenstone Partners has arranged the $3.2 million sale of a three-story, 4,650-square-foot property located at 1560 N. Damen Ave. in Chicago’s Wicker Park. The ground-floor retail space is occupied by Stan’s Donuts & Coffee, a regional bakery that has operated at the location since its founding in 2013. The upper floors include two large apartment units. Danny Spitz and Brewster Hague represented the seller and procured the private buyer.

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Conference CoverageIndustrialKansasMarket ReportsMidwestMidwest Market ReportsMissouriMultifamilyRetail

InterFace Panelists Tout Kansas City Market’s Strengths, Highlight Ways to Contain Costs

by Kristin Harlow

For industrial developers and owners, Kansas City is an easy sales pitch right now.  “Two years ago, we had to scrounge around [for capital partners] trying to get phone calls returned. Now, they’re calling us saying they’re ready to see what we’ve got,” said Nick Cook, a development manager with Panattoni Development Co. “You’re always trying to sell a story to these folks. And Kansas City is a pretty easy one to sell right now. When it comes to speculative development, we’re feeling bullish.”  Cook’s remarks came during the developers, owners and investors panel at the InterFace Kansas City Industrial conference, which took place Tuesday, Aug. 18 at the Intercontinental Kansas City at the Plaza. Robert Ciston, a senior principal with BRR Architecture, moderated the discussion.  Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Fellow panelist Grant Harrison, executive vice president of development with VanTrust Real Estate, also expressed a bullish mindset on Kansas City and said he wants to get in front of the next wave of development. In contrast, there are some markets where Harrison does not …

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InterFace-Houston-Industrial-Design-Construction-Panel
Conference CoverageIndustrialMarket ReportsTexasTexas Market Reports

InterFace Panel: Houston Industrial Market Battles Labor, Timing Issues as Data Center, Advanced Manufacturing Projects Grow

by Taylor Williams

By Taylor Williams New development within the Houston industrial market is increasingly skewing toward data centers and advanced manufacturing projects, creating new hurdles for architectural, engineering and contracting (AEC) teams to overcome in terms of labor and timing. At the annual InterFace Houston Industrial conference that took place in late August at The Briar Club and was attended by more than 200 industry professionals, Jason Cooper, president at Houston-based general contractor Arch-Con Corp., immediately cited both of these issues when asked about the biggest challenges the industry faces today. Braylie Manson, business development associate in the Houston office of Texas-based engineering firm Dunaway, moderated the conference’s design and construction panel. “The most difficult thing of the past year, excluding the past month or so, has been getting highly qualified subcontractors on board that can keep the schedules that are expected,” said Cooper. “Schedules keep accelerating; we have to turn these projects over faster and faster, so [as general contractors], we have to be very selective about which subcontractors we use to avoid delays.” Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about …

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CaliforniaFeaturesRestaurantRetailWesternWestern Feature Archive

The Great Cap Rate Puzzle: Rethinking How Net Lease Real Estate Responds to Interest Rates

by John Nelson

By Jeff Lefko of Hanley Investment Group Real Estate Advisors For much of the last few decades, commercial real estate investors have operated under a simple assumption: interest rates rise, and cap rates rise with them. It is a straightforward relationship: intuitive, widely accepted and deeply embedded in underwriting models and investment committee discussions across the industry. Yet in the net lease sector, the connection between interest rates and cap rates has been far less direct than many believe. Since early 2022, the Federal Reserve has increased short‑term rates by more than 500 basis points, the fastest tightening cycle in four decades. Longer‑term borrowing costs remain elevated compared to the ultra-low-rate era of 2020 and 2021, even after the Fed’s rate cuts through 2025. Conventional thinking suggests net lease cap rates should have expanded sharply. Instead, cap rates across much of the single-tenant and multi-tenant net lease market have risen only modestly relative to the scale of the rate increases. There has been movement in certain segments, particularly in secondary markets, shorter lease terms and lower credit tenants, but the broader market has moved far less than the headline rate increases alone would suggest. This raises an important question for …

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FloridaLoansMultifamilySoutheast

Walker & Dunlop Arranges $238M Refinancing for Landmark South Apartments in Doral, Florida

by John Nelson

DORAL, FLA. — Walker & Dunlop has arranged a $238 million loan for the refinancing of The Landmark South, a 631-unit apartment community located at 6055 N.W. 105th Court in Doral, a western suburb of Miami. Aaron Appel, Michael Stepniewski, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly, Sean Reimer, Sean Bastian and Stanley Cayre of Walker & Dunlop arranged the floating-rate, interest-only bridge loan from Torchlight Investors on behalf of the borrower, JSB Capital. Completed in two phases in 2017 and 2021, The Landmark South comprises one-, two- and three-bedroom residences averaging 1,017 square feet in size. Amenities include two resort-style pools, two 24-hour fitness centers, outdoor courtyards, a business center, pet spa, resident lounges and structured parking.

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Affordable HousingDevelopmentFloridaLoansMultifamilySoutheast

Greystone Provides $167M Financing for Affordable Housing Tower Development in Miami

by John Nelson

MIAMI — Greystone has provided a loan package totaling $167 million for the construction of Gallery at Lummus Parc, an affordable housing high-rise development located at 395 N.W. 1st St. in Miami. The borrower is locally based Related Urban Development Group, an affordable housing subsidiary of Related Group. Greg Voyentzie and Jay Reed of Greystone Real Estate Capital (GREC) and Jason Kaye of Greystone Housing Impact Investors LP (GHI), along with Jeff Englund and Pharrah Jackson of Greystone, facilitated the financing. GHI is providing $80 million in construction financing through a joint venture with BlackRock Impact Opportunities Fund; GREC is providing $27.1 million in 4 percent low-income housing tax credit (LIHTC) equity; and Greystone provided a $60.1 million fixed-rate Freddie Mac loan that is expected to repay the construction financing upon conversion in conjunction with the LIHTC equity. Approximately 83 percent of the residences at Gallery at Lummus Park will be subject to income and/or rent restrictions, with affordability levels ranging from 20 to 100 percent of the area median income (AMI). The financing structure also incorporates project-based rental assistance, including 51 project-based voucher units and six RAD-assisted units. Gallery at Lummus Parc will comprise 257 studio, one- and two-bedroom …

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