Thursday, July 31, 2025
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MidwestMinnesotaRetail

Valley Natural Foods to Expand in Burnsville, Minnesota

by Kristin Harlow

BURNSVILLE, MINN. — Valley Natural Foods has unveiled plans to expand its grocery operation in Burnsville, approximately 15 miles south of Minneapolis. The company acquired a building adjacent to its existing 15,000-square-foot property and plans to add an additional 11,000 square feet of space. Built by Loeffler Construction and designed by Wilkus Architects, the building will be remodeled to expand food service, catering service, fresh departments and shopping convenience.  The store will feature a new community room for meetings and a classroom for cooking classes. Existing Valley Natural Foods employees will staff the expanded facility. Construction will begin this month and is slated for completion in spring 2018.

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MichiganMidwestNet LeaseRetail

Boulder Group Negotiates $2.4M Sale of Net Leased Retail Property in Ann Arbor, Michigan

by Kristin Harlow

ANN ARBOR, MICH. — The Boulder Group has negotiated the sale of a retail property net leased to ATI Physical Therapy in Ann Arbor for $2.4 million. The 8,200-square-foot, single-tenant property is located at 4765 Jackson Road near the University of Michigan. ATI has over 11 years remaining on its lease, which expires in January 2029. The building recently underwent a complete renovation. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the seller, a Midwest-based private partnership. The buyer was also a Midwest-based private partnership.

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40-Cross-St-Norwalk-CT
ConnecticutHealthcareNortheastOffice

Marcus Partners Sells 71,401 SF Medical Office Building in Norwalk, Connecticut, for $23M

by Amy Works

NORWALK, CONN. — Marcus Partners has completed the disposition of Cross Street Medical Center, located at 40 Cross St. in Norwalk. Anchor Health Properties acquired the property for $23 million. Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group) and the Center for Advanced Pediatrics anchor the 71,401-square-foot building. Frank Nelson, Michael Greeley and Danielle DeMarco of Newmark Knight Frank represented the seller in the deal.

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LoansMultifamilyNew YorkNortheast

Capital One Closes $145M in Refinancing for Apartment Building in Manhattan

by Amy Works

NEW YORK CITY — Capital One has provided a $145 million, seven-year, floating-rate loan to Jamestown Properties to refinance 88 Leonard Street, an apartment building located in Manhattan. Capital One Municipal Funding purchased $112.5 million in tax-exempt bonds, and Capital One purchased $32.5 million in taxable bonds that were issued by the New York State Housing Finance Agency to finance the property. Paul Kesicki of Capital One closed the transaction. Constructed in 2007, the 21-story building features 352 apartment units, 11,000 square feet of ground-floor retail space and an attached 249-car parking garage. Community amenities include a roof deck on the 14th floor, a second-floor terrace with outdoor fireplace and whirlpool, and a full suite of concierge services. Units feature upscale appliances, granite countertops and wood cabinetry.

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Mixed-UseMultifamilyNew YorkNortheastRetail

Trinity Place Holdings to Acquire Mixed-Use Property in Brooklyn for $81M

by Amy Works

NEW YORK CITY — Trinity Place Holdings has entered into an option agreement to acquire a newly built apartment building, located at 237 11th St. in Brooklyn’s Park Slope neighborhood, for $81 million. The 12-story building features 105 apartment units and 6,264 square feet of retail space, which is leased to Starbucks Coffee. On-site amenities include a courtyard garden, party room, fitness center, tenant lounge, bicycle storage room, parking and a landscaped rooftop terrace. The transaction, which is subject to customary closing conditions, is expected to close in the first quarter of 2018. The name of the seller was not released.

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77-Industrial-Park-Rd-Vernon-CT
ConnecticutIndustrialNortheast

Sentry Commercial Arranges $1.3M Sale of Industrial Facility in Vernon, Connecticut

by Amy Works

VERNON, CONN. — Sentry Commercial has brokered the sale of an industrial facility located at 77 Industrial Park Road in Vernon. Tradewinds Investments acquired the property from Mel-Pet Realty for $1.3 million. The 52,000-square-foot facility is occupied by multiple tenants. Sentry Commercial was the sole broker in the transaction.

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HospitalityMassachusettsNortheast

Boston Marriott Newton Completes Multi-Million Dollar Renovation

by Amy Works

NEWTON, MASS. — Chesapeake Lodging Trust has completed a multi-million renovation at Boston Marriott Newton, located at 2345 Commonwealth Ave. in Newton. The large-scale renovation program included upgrades to all 430 guest rooms, including the bi-level presidential suite, the lobby, guest corridors, all meetings rooms and the 9,000-square-foot Grand Ballroom. All guest rooms feature a 50-inch flat screen television, a workstation, Wi-Fi access, mini refrigerators, in-room safes and coffee makers. The hotel also features a newly redesigned Concierge Lounge on the seventh floor that caters to business travelers. Atlanta-based Design Directions International led the hotel’s renovations. TPG Hotels & Resorts, an affiliate of Procaccianti Cos., operates the hotel, which is owned by Chesapeake Lodging.

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Mixed-UseMultifamilyNortheastOfficePennsylvaniaRetailTop Stories

Cronheim Mortgage Secures $117.5M Financing for Madison Farms Mixed-Use Development in Pennsylvania

by Katie Sloan

BETHLEHEM, PA. — Cronheim Mortgage has secured $117.5 million in permanent and construction financing for Madison Farms, a mixed-use development in Bethlehem, located north of Philadelphia and west of New York City. The development, upon completion, will feature 152,000 square feet of retail anchored by a 67,400-square-foot ShopRite; a two-story, Class A medical office building occupied by the Lehigh Valley Health Network; and 570 luxury one- and two-bedroom residential units across 15 buildings. Tenants at the property’s retail center include Starbucks Coffee, Chipotle Mexican Grill, Provident Bank, Pure Barre, Pet Valu and Supercuts. The residential property features a 6,500-square-foot clubhouse with a billiards room, multimedia center, fitness center, golf simulator and business center, as well as an outdoor deck with a pool, barbecues and fire pits. The financing — provided by American General Life Insurance Co. — consists of two separate loans placed on behalf of Madison Farms Retail and Madison Farms Residential with 20-year terms and 30-year amortization schedules. For Madison Farms Retail, Cronheim arranged $32 million in permanent financing. For Madison Farms Residential, the company secured an $85.5 million credit facility with two years of interest-only payments. This loan provides permanent financing for the 294-unit first phase of residential development, …

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FeaturesIndustrialMultifamilyOfficeRetailTexasTexas & Oklahoma Feature ArchiveTop Stories

CBRE Research: Houston’s Commercial Real Estate Shows Resilience in Wake of Hurricane Harvey

by John Nelson

HOUSTON — It’s much too soon to know the extent of the damage Hurricane Irma has inflicted on Florida and the Southeast, but a clearer view is starting to emerge with regard to the total impact that Hurricane Harvey has had on the Houston commercial real estate market. Hurricane Harvey, a Category 4 storm that made landfall on Aug. 25 near Rockport, Texas, was the strongest storm to hit the Texas Gulf region since 1961, according to CBRE Research. The hurricane dumped more than 50 inches of rain across the region in a matter of days and caused extensive property damage due to flooding. Moody’s Analytics estimates that the hurricane caused anywhere from $81 billion to $108 billion in property damage and economic loss, including the closing of Port Houston and many oil and gas refineries. If these estimates are correct, this would make it the second costliest natural disaster in the history of the United States, only trailing Hurricane Katrina in 2005. Just a few weeks later, Hurricane Irma became the first Category 4 storm to make landfall in Florida since 2004. In its wake, the hurricane has caused severe damage in Miami, the Florida Keys and Naples, as …

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IndustrialTexas

Dermody Completes 626,439 SF Distribution Center in South Dallas

by Taylor Williams

DALLAS — Nevada-based development firm Dermody Properties has completed Phase I of Logisticenter at Dallas, a two-building industrial park situated on 61.7 acres at the intersection of Bonnie View Road and Logistics Drive in South Dallas. Phase I delivered a 626,439-square-foot distribution center featuring 36-foot clear heights, 111 loading docks, 262 car parking stalls and 136 trailer stalls. The center is also expandable to 1.1 million square feet. MYCON General Contractors handled construction of the project.  

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