INDIANAPOLIS — The Community Builders (TCB) and the Mapleton Fall Creek Development Corp. (MFCDC) have broken ground on Central@29, a new $19.5 million affordable housing development to be built on the corner of 29th Street and Central Avenue in Indianapolis. The four-story community will feature 57 units in the city’s Mapleton Fall Creek neighborhood. Eleven homes will be reserved for individuals emerging from homelessness. Units will range from 675 to 1,200 square feet. Income restrictions for individuals and families range from $17,000 to $70,000 per year. Residents will have access to supportive services from partners such as Raphael Health Center. In 2023, MFCDC was awarded Low-Income Housing Tax Credits from the Indiana Housing and Community Development Authority (IHCDA). Over a 10-year period, the MFCDC will receive $10 million in tax credits to support Central@29. Additional costs will be supported by the Department of Metropolitan Development HOME and Community Development Block Grants, the city’s Housing Trust Fund, the IHCDA Housing Trust Fund, the Indiana Development Fund and development loans sourced through The Urban League and the Indianapolis African American Quality of Life Initiative. Construction of Central@29 is slated for completion by winter 2026.
EAGAN, MINN. — Transwestern Real Estate Services has negotiated a 48,563-square-foot office lease in the Minneapolis suburb of Eagan. Leonardo DRS Inc., a defense technology company, will occupy space at Grand Oak VII within the Grand Oak Business Park. The lease term is 10 years. Leonardo DRS is relocating from Burnsville and is expanding its footprint this fall. Grand Oak VII is a 107,076-square-foot, single-story office building completed in 2002. Mike Honsa of Transwestern represented Group RMC, the owner of the 100-acre, 10-building business park. Chuck Bower and Jerry Moroe of RV3 Solutions represented the tenant.
DE PERE, WIS. — Marcus & Millichap has brokered the sale of Crow’s Nest Apartments, a 90-unit apartment property in De Pere near Green Bay. The sales price was undisclosed. Located along the Fox River and built in 1972, the asset features a mix of studio, one-, two- and three-bedroom units. Amenities include an indoor pool and sauna, resident lounge, updated laundry facilities and 96 underground parking spaces. Blake Hanlon and Mark Peltin of Marcus & Millichap represented the undisclosed seller and procured the buyer, the MLG Legacy Fund. The property was originally home to several Green Bay Packers players given its location across the river from Lambeau Field, according to Hanlon.
By Brooke Jacobsen, Colliers The Greater Cincinnati and Northern Kentucky office market is weathering the post-pandemic era with surprising nuance. While national headlines continue to focus on uncertainty and high vacancy, the local market is quietly seeing stable, albeit selective, activity, especially in healthcare and specialized user segments. After a slow winter, leasing activity across the region began to thaw in the second quarter of 2025. Year-to-date net absorption remains slightly negative, but market sentiment is gradually shifting, particularly among small to mid-size tenants. Most of the deal activity is coming from users in the 2,500- to 5,000-square-foot range, with several groups focused on healthcare and logistics services. Cincinnati’s Class B and C office space is seeing an unexpected level of demand, driven by affordability, location flexibility and users with highly specific space needs. Medical office continues to stand out as one of the most active sectors. Demand is strong across both urban and suburban submarkets, with notable traction in Cincinnati submarkets. Much of the recent healthcare-related activity has come from specialty practices, private groups and regional health systems looking to reposition their outpatient services. While Northern Kentucky offers value, many users are choosing to locate on the Cincinnati side …
SCOTTSDALE, ARIZ. — High Street Residential (HSR), the residential subsidiary of Trammell Crow Co., and joint venture partner, MetLife Investment Management, will break ground in September on Shea Residences in Scottsdale. The project is slated for completion by the end of 2027. The architect is ESG Architects, and Brinkmann Constructors will serve as the general contractor. Shea Residences is a three-story, 189-unit development at 7000 E. Shea Blvd. Positioned on about 3 acres, the project will include studio, one- and two-bedroom units that will feature luxury finishes, such as quartz countertops and islands and wine fridges. Amenities include a resort-style pool and hot tub, two open-air courtyards, a fitness center with a sauna and cold plunge, coworking space, a pet spa and dog park and a club room.
TUCSON, ARIZ. — GDL Asset Management has received $22.6 million in refinancing for Villas de la Montaña, a 332-unit apartment community located at 4880 E. 29th St. in Tucson. Brad Miner and Drew Lydon of JLL Capital Markets’ Debt Advisory arranged the fixed-rate, non-recourse loan through Santander Bank for the borrower. Built in 1988, Villas de la Montaña features a mix of studios, one-, two- and three-bedroom units with an average size of 676 square feet. Community amenities include a swimming pool, stadium-inspired soccer field, playground, resident laundry room, barbecue pits, courtyards, picnic areas, a fitness center, basketball court and a clubhouse. Since the acquisition of the asset in 2021, GDL Asset Management has completed renovations across the property. Unit upgrades include new cabinetry, plumbing fixtures, hardware, resurfaced countertops, vinyl plank flooring, new paint and stainless steel appliances. Exterior renovations included enhanced common areas, pool areas, landscaping, signage and parking lots.
ENCINITAS, CALIF. — A local, privately based partnership doing business as 605 3rd Street LLC has purchased an office building located at 605 3rd St. in Encinitas from GJS Properties LLC for $11 million. Originally constructed as a bank in the 1960s, the building offers 14,398 square feet of office space. Peter Curry and Owen Curry of Cushman & Wakefield represented the seller, while Conor Brennan of CBRE represented the buyer in the deal.
ANAHEIM, CALIF. — Marcus & Millichap has arranged the sale of Glencrest Apartments, a multifamily property in Anaheim. A local family sold the asset to a limited liability company for $7.6 million. Glencrest Apartments offers 31 one- and two-bedroom units with vinyl and tile flooring, ceiling fans and private patios or balconies. The gated property features courtyards, a swimming pool, two onsite laundry facilities and garage parking. Drew Holden, Nick Kazemi and Tyler Leeson of Marcus & Millichap represented the seller, while Christian Tait of Marcus & Millichap procured the buyer in the deal.
SEATTLE — Newmark has arranged a $435 million loan for the refinancing of Starbucks Center, the coffee giant’s nearly 1.5 million-square-foot headquarters campus located at 2401 Utah Ave. S in Seattle. Deutsche Bank provided the loan to the owner, a partnership between two local real estate companies, Nitze-Stagen & Co. Inc. and Daniels Real Estate. According to the property’s Wikipedia page, the main building was originally constructed in 1915 as a retail store for Sears, Roebuck & Co. Starbucks (NASDAQ: SBUX) first took occupancy of the property in 1993. At that time, the property was known as SoDo Center after its namesake neighborhood, which is one of Seattle’s main industrial districts, per Wikipedia. Since then, the campus has undergone more than 60 expansions over the past three decades to accommodate the company’s growth, according to Newmark, which also notes that Starbucks has invested more than $300 million of its own capital in the Seattle campus to date. In addition, Starbucks recently signed a lease extension through 2038. Jonathan Firestone, Jordan Roeschlaub, Blake Thompson and Kevin Shannon led the transaction for Newmark. “The closing of this refinancing positions Starbucks Center for continued excellence as one of the city’s premier office assets,” …
MONTCLAIR, CALIF. — SRS Real Estate Partners has directed the $5.7 million (or $1,451 per square foot) ground lease sale of a restaurant property located at 5212 Moreno St. in Montclair. Panera Bread occupies the 3,950-square-foot property on a single-tenant net-lease basis. The building, which was built in 2014, is secured by a corporate-guaranteed ground lease with 15 years remaining. Patrick Luther and Matthew Mousavi of SRS Capital Markets represented the seller, a Southern California- and Arizona-based developer. The buyer was a California-based private investor.