Thursday, July 17, 2025
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IllinoisMidwestMultifamily

Essex Brokers $6.4M Sale of Multifamily Property in Evanston, Illinois

by Kristin Harlow

EVANSTON, ILL. — Essex Realty Group Inc. has brokered the sale of Churchview Apartments in Evanston for $6.4 million. The property is located at 1450-56 Oak Ave. near Northwestern University. The 28-unit building features a mix of one-, two- and three-bedroom units. The Baird family of Chicago has owned the property for more than 50 years. Matt Welke, Doug Imber and Kate Varde of Essex represented the seller, while Doug Fisher represented the undisclosed buyer in the transaction. Additionally, the legal team of Austin Hirsch and Steve Miller of Reed Smith LLP represented the seller.

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MichiganMidwestMultifamily

State of Michigan Provides $1M Grant for Redevelopment of Former Statler Hotel Site in Detroit

by Kristin Harlow

DETROIT — The Michigan Department of Environmental Quality (MDEQ) has provided a $250,000 loan and a $750,000 grant for the redevelopment of the former Statler Hotel site in Detroit. The Detroit/Wayne County Port Authority received the funding. Located at the corner of Washington Boulevard and Park Avenue, the property has been vacant since the hotel was abandoned in 1975 and demolished in 2005. The MDEQ brownfield grant and loan will cover the costs of mitigating the environmental contamination at the site. VG Statler City LLC will then construct a mixed-use building with 288 apartment units, ground-floor retail and underground parking. The redevelopment will meet national green building standards, including a green roof, and will bring an estimated 58 jobs and 400 residents to the area. The MDEQ’s brownfield redevelopment program provides grants and loans to local governments for environmental activities on brownfield properties where redevelopment is proposed.

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IllinoisMidwestMultifamily

29th Street Capital Acquires 42-Unit Apartment Property in Mount Prospect, Illinois

by Kristin Harlow

CHICAGO — 29th Street Capital (29SC) has acquired Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The purchase price was not disclosed. The 42-unit apartment community consists of one- and two-bedroom units. 29SC plans to invest $500,000 in capital improvements to the property, which was under family ownership. Interior upgrades will focus on kitchens and bathrooms. Exterior improvements will include structural repairs to the roof, installing energy-efficient lighting and refinishing the common areas. This is the fifth Chicagoland multifamily property acquisition for 29SC.

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Valley-Creek-Exton-PA
NortheastOfficePennsylvania

JV Acquires Three-Building Office Complex in Suburban Philadelphia for $45.3M

by Amy Works

EXTON, PA. — A joint venture between Pembroke IV and Ten Capital Management has acquired Valley Creek Corporate Center, an office complex located in Exton. A California-based real estate investment management and advisory company sold the three-building asset for $45.3 million. Located at 220, 222 and 224 Valley Creek Blvd., the 259,163-square-foot property was 95.2 percent leased at the time of sale. Doug Rodio, Brett Segal, Ben Appel and Jose Cruz of HFF represented the seller in the deal. Additionally, Ryan Ade and Neil Campbell of HFF secured a 10-year, fixed-rate acquisition loan through Barclays Capital for the buyer.

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New JerseyNortheastOffice

Savills Studley Facilitates Acquisition of 102,000 SF Headquarters Property in Parsippany, New Jersey

by Amy Works

PARSIPPANY, N.J. — Savills Studley has arranged the acquisition of a 102,000-square-foot headquarters property, located at 339 Jefferson Road in Parsippany. MANE USA, a global fragrance and flavor design company, purchased the property from Prism Capital Partners for an undisclosed price. The company will relocate its headquarters from Wayne, N.J., to 70,000 square feet of the facility. Prism will fit out MANE’s new space, which will include office and research and lab space, as well as construct a new cafeteria and fitness center. Situated on five acres, the property features underground parking and surface lots. The two existing tenants, Hollister Construction Services and Ascend Laboratories, will remain in the building. Thomas Carragher, Adam Petrillo, Filomena Pinto and Christopher Koeck of Savills Studley represented the buyer in the deal.

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LoansNew YorkNortheastOfficeRetail

Mission Capital Arranges $41.6M in Construction Financing for Brooklyn Mixed-Use Project

by Amy Works

NEW YORK CITY — Mission Capital Advisors has arranged $41.6 million in financing for the construction of Kingswood Plaza II, an office and retail development located at 1715 E. 13th St. in the Midwood section of Brooklyn. Jason Cohen, Ari Hirt, Steven Buchwald, Justin Hunt and David Behmoaras of Mission Capital arranged the loan with a foreign bank for the borrower, a joint venture between Infinity Real Estate and The Nightingale Group. The 106,000-square-foot development, which is 56 percent pre-leased to Target and Marshalls, will offer three floors of professional/medical office space in addition to its retail component.

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2061-2065-Ryer-Ave-NYC
MultifamilyNew YorkNortheast

Propco Holdings Selects UA Builders Group for 120,000 SF Residential Development in West Bronx

by Amy Works

NEW YORK CITY — Propco Holdings has selected UA Builders Group for the ground-up development of a residential property located at 2061-2065 Ryer Ave. in the West Bronx. The 12-storybuiding will feature 120,000 square feet of residential space. Badaly & Badaly Architects is serving as architect for the project.

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District of ColumbiaLoansMultifamilySoutheastTop Stories

CapitalSource Provides $100M Construction Loan for Multifamily Property in Washington, D.C.

by Kristin Harlow

WASHINGTON, D.C. — CapitalSource has provided a $100 million loan for the construction of Portals Residential Phase V Building, located in downtown Washington. The 373-unit multifamily property will be 13 stories tall. Units will range in size from 506 square feet to 3,400 square feet. Portals Residential Phase V Building is part of the final phase of a 3 million-square-foot development project that includes the Mandarin Oriental Hotel and three Class A office buildings. The building design includes a sky terrace level with multiple living and meeting rooms, and an infinity pool overlooking the Jefferson Memorial and Tidal Basin National Parks. The rooftop area includes a 1,100-foot walkway around the entire building. Other property amenities include a fitness facility, enclosed garden, dog grooming rooms, interior lounges and meeting rooms. The borrower is an affiliate of Republic Properties Corp., part of the Republic Family of Companies and a full-service real estate development and management firm. Parse Capital provided mezzanine financing, while CBRE brokered the loan transaction. CapitalSource, a division of Pacific Western Bank, provides commercial loans to small and middle-market businesses. Los Angeles-based Pacific Western Bank maintains over $21 billion in assets. — Kristin Hiller

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IndustrialMarket ReportsTexasTexas Market Reports

Strong Leasing Activity Drives Dallas Industrial Market

by Taylor Williams

A common baseball analogy that explains where we are in the real estate cycle is “What inning are we in?” Regardless of the inning, in North Texas we’re just hoping it’s the first game of a doubleheader! The first quarter of 2017 was another respectable one for leasing activity in the Dallas-Fort Worth (DFW) industrial market. Total absorption for all properties was 5.5 million square feet, with 6 percent vacancy across 786.5 million square feet of industrial space. New supply totaled 6.6 million square feet for the first quarter. Just over 8 million square feet of new construction is underway in DFW, with 15 million square feet designated “big box,” or more than 200,000 square feet. Big box experienced absorption of 4.6 million square feet in the first quarter, despite having only 3.8 million square feet of new supply. The metroplex has been the beneficiary of some very large lease signings. Amazon alone is responsible for multiple leases totaling several million square feet. UPS recently leased a 1 million-square-foot property in Arlington, and Ashley Furniture announced the purchase of 358 acres in Mesquite for an 850,000-square-foot design/build distribution facility. In addition, a 1.4 million–square-foot, build-to-suit lease by a well-known real …

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