MAPLE GROVE, MINN. — JLL Income Property Trust has acquired a Class A industrial business park in the Minneapolis suburb of Maple Grove for $66.5 million. The two-building property totals 443,000 square feet and is fully leased. Constructed in 2023, the asset features 49 dock doors, five drive-in doors, a clear height of 32 feet and ample parking. The seller was undisclosed. As of Sept. 30, industrial investments comprised 32 percent of JLL Income Property Trust’s $6.6 billion portfolio, with $2.1 billion in industrial assets across 59 properties.
COUNCIL BLUFFS, IOWA — The Annex Group has broken ground on Union at Bluffs Run, a $58.2 million affordable housing community in Council Bluffs. The 192-unit property will feature one-, two- and three-bedroom units for households whose income level is at or below 60 percent of the area median income (AMI). Plans call for four three-story buildings and an additional single building that will house a community room, fitness center and leasing office. Additional amenities will include a playground, dog walking area and picnic area. Partners on the project include: RQAW; Snyder and Associates; the City of Council Bluffs; Merchants Capital, which provided more than $22 million in total equity and over $24 million in permanent debt financing; Merchants Bank, which provided more than $40 million in construction financing; and Fannie Mae. The Iowa Finance Authority issued 4 percent tax credits and tax-exempt bonds. Union at Bluffs Run is expected to open in fall 2026. The project marks the fourth affordable housing community in Iowa for The Annex Group.
GREENFIELD, WIS. — Northmarq has arranged the $57.7 million sale of Forte at 84South, a 268-unit luxury apartment complex in the Milwaukee suburb of Greenfield. Built in 2018, the property features one-, two- and three-bedroom floor plans. Parker Stewart, Dominic Martinez, Alex Malzone and Jake Lamb of Northmarq represented the developer and seller, Fiduciary Real Estate Development Inc. The Brookview Companies was the buyer. Brett Hood, David Link, Kevin McCarthy and Cole Boland of Northmarq originated acquisition financing through Fannie Mae.
LAFAYETTE, IND. — The Cooper Commercial Investment Group has brokered the sale of the Market Square Shopping Center in Lafayette for $10.9 million. Anchor tenants at the 132,429-square-foot property include Dollar General, the State of Indiana, Indiana BMV and Arni’s Pizza. Dan Cooper of Cooper Group represented the seller, a private investment group out of Kansas. The Michigan-based buyer purchased the asset at 99 percent of the list price. The property was 84 percent leased at the time of sale.
WAUWATOSA, WIS. — JVM Realty Corp. has purchased Mayfair Reserve, a 236-unit luxury apartment property in the Milwaukee suburb of Wauwatosa. Atlantic Residential sold the asset for an undisclosed price. Completed in 2017, Mayfair Reserve offers one- and two-bedroom layouts. Amenities include a fitness center, clubhouse, pool, outdoor kitchen, climate-controlled garage parking, electric vehicle charging station and dog park. Atlantic Residential developed Mayfair Reserve in partnership with Edge Principal. JVM now owns and manages 22 communities throughout the Midwest.
RICHMOND, VA. — Newmark has arranged $600 million in construction financing for a data center project in Richmond. The borrower and developer is a partnership between local developer PowerHouse Data Centers, New York City-based Blue Owl Real Estate and Chirisa, a firm that invests in digital and telecommunications infrastructure and real estate. The square footage of the development was not announced, but the facility will have a critical capacity of 50 megawatts (MWs).According to recent data, PowerHouse is developing its hyperscale data centers at a ratio of 0.2 MW per square foot, giving the Richmond project an estimated square footage of 250,000 square feet of critical data center space. The project will be a build-to-suit for CoreWeave, a New Jersey-based company that provides cloud-based graphics processing infrastructure. Construction began earlier this year, and operations are expected to begin sometime in 2025. A syndicate of lenders led by European giant Societè Generale provided the debt, which was arranged by Newmark’s Jordan Roeschlaub, Jonathan Firestone, Clint Frease, Nick Scribani, Ben Kroll, John Caraviello and Brent Mayo. “This transaction reflects the continued appetite for innovative, large-scale digital infrastructure solutions in key markets,” says Roeschlaub. With more than 30 million square feet of physical …
— By Patrick Dempsey, senior managing director of JLL Capital Markets — The Phoenix retail capital markets environment is showing signs of resilience in the face of current economic conditions. While the market has experienced a period of lower transaction volume, recent drops in interest rates have begun to bridge the gap between buyer and seller expectations, potentially paving the way for increased activity. Notably, Phoenix stands out with impressive positive rent growth, recording the highest rate at 7.4 percent among major metros and Sun Belt markets. Phoenix’s robust employment market, especially in the semiconductor sector, continues to be a major advantage. The city boasts a strong base of major employers, contributing to its ongoing economic vitality. Investor demand remains concentrated on grocery-anchored properties and premium retail locations, highlighting the enduring value of strategically positioned assets. This trend is especially pronounced in high-growth submarkets. For example, the Southeast Valley is experiencing significant suburban and residential growth, driving the development of new grocery centers to serve the expanding population. Similarly, Northwest Phoenix with areas like Peoria and Glendale are seeing strategic investments from grocers anticipating future population growth. Looking ahead, there’s increasing optimism for a stabilization of retail capital markets transactions …
FALLS CHURCH, VA. — NexCore Group and Experience Senior Living (ESL) have broken ground on The Reserve at Falls Church, a 215-unit seniors housing community in Falls Church, roughly 10 miles outside Washington, D.C. Upon completion, the property will feature independent living, assisted living and memory care units across 15 stories. Amenities at the community will include multiple restaurants, an indoor saltwater pool, spa, fitness center and a “maker space” for creative endeavors. Nuveen Real Estate is providing an undisclosed amount of capital for the project. This marks the 18th seniors housing development between NexCore and ESL. Scheduled to open in spring 2027, The Reserve at Falls Church will be situated within the 1.2 million-square-foot West Falls mixed-use community. In addition to residential units, West Falls comprises retail and restaurant space, a hotel, medical office building and central outdoor gathering space. Hoffman & Associates is the master developer of the community.
MIAMI — The City of Miami’s Urban Design Review Board (UDRB) has approved the design of a new 12-story mixed-use tower in the city’s Little River neighborhood. The project team includes locally based developer B Developments and Stantec, which is serving as architect, MEP engineer and structural engineer for the development. The tower will be located on a 3.5-acre site at 79th Street and Biscayne Boulevard and feature 355 apartments, 589 parking spots and 35,500 square feet of retail space on the ground level. Set to break ground next year, the property will feature a mix of studio, one-, two- and three-bedroom apartments, as well as a beach entry pool, fitness center, outdoor dining terrace and a shaded pet area.
GREER, S.C. — Northmarq has arranged the $49.3 million sale of Ryder Junction, a 264-unit apartment community located at 900 Conductor Circle in Greer, a city in South Carolina’s Upstate region. Andrea Howard, John Currin, Allan Lynch, Caylor Mark, Jeff Glenn and Austin Jackson of Northmarq represented the seller, Proffitt Dixon Partners, in the transaction. Additionally, Faron Thompson, Grant Harris and Cabell Thomas of Northmarq originated a $31.7 million Fannie Mae acquisition loan on behalf of the borrower, The Beach Co. Built in 2023, Ryder Junction features one-, two- and three-bedroom apartments, as well as a clubhouse, pool, dog park, coworking suites, fitness center and detached garages.