GRAYSLAKE, ILL. — Essex Realty Group LLC has brokered the $5.8 million sale of Glen Street Apartments in Grayslake, about 50 miles north of downtown Chicago. Built in 1984 and located on Glen Street, the asset consists of 40 units. Current ownership has recently made significant capital improvements, including a new parking lot and a full concrete catwalk replacement. Brian Karmowski of Essex represented the undisclosed buyer.
RALEIGH, N.C. — The Macerich Co. (NYSE: MAC) has acquired Crabtree Valley Mall, a Class A retail property totaling approximately 1.3 million square feet in Raleigh, for $290 million. The seller was an entity doing business as CVM Holdings LLC, according to local news outlet WRAL. The largest mall in North Carolina’s Research Triangle area, Crabtree opened in 1972 and is home to more than 200 stores and restaurants. Anchor tenants at the property include Belk and Macy’s. Additional retailers include Apple, Banana Republic, Brahmin, Brooks Brothers, Build-A-Bear Workshop, Chubbies, Coach, H&M, The LEGO Store, Michael Kors, TAG Heuer and Tommy Bahama. Kanki Japanese House of Steaks & Sushi, P.F. Chang’s China Bistro, The Cheesecake Factory, Seasons 52, Brio Italian Grill and Fleming’s Prime Steakhouse & Wine Bar are some of the mall’s restaurant tenants. According to Macerich, Crabtree generates $429 million in annual sales, $951 in sales per square foot and over 8.7 million annual visitors. “Crabtree checks all the boxes for pursuing opportunistic external growth,” says Jack Hsieh, president and CEO of Macerich. Over the course of 2025 through 2028, Macerich plans to invest roughly $60 million of redevelopment and leasing capital to maximize the center’s performance. Enhancements …
ATASCOCITA, TEXAS — HALL Structured Finance (HSF) has provided a $36.2 million construction loan for Humble Ranch, a 160-unit build-to-rent residential project that will be located about 25 miles north of Houston in Atascocita. Humble Ranch will offer a mix of one-bedroom duplexes and two- and three-bedroom detached homes, all of which will feature quartz countertops, stainless steel appliances and private fenced yards with patios. Communal amenities will include a clubhouse, business center, pool and a fitness center, as well as access to the 21-acre Atascocita Park. Paul Smyth of Broadsword Investors arranged the loan on behalf of the borrower, Houston-based Lēva Living. Construction is underway and expected to be complete in the third quarter of 2026.
CORPUS CHRISTI, TEXAS — Self-storage brokerage firm Versal has negotiated the sale of Fox Mini Storage, a 396-unit facility located at 5734 Wooldridge Road in Corpus Christi. The facility spans 46,375 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, Corpus Christi-based Fox Tree & Landscape Nursery Inc., in the transaction. The team also procured the undisclosed, Fort-Worth based buyer.
IRVING, TEXAS — Atlanta-based brokerage firm Hunter Hotel Advisors has arranged the sale of the 135-room Hilton Dallas-Irving-Las Colinas hotel. The hotel offers amenities such as a pool, fitness center, meeting rooms and complimentary breakfast. A Louisiana-based developer purchased the property from a New York-based investment firm for an undisclosed price. Kami Burnette and Mason McDavid of Hunter Hotel Advisors brokered the deal.
HOUSTON — General contractor Harvey Cleary has completed the new, 104,000-square-foot facility in the Montrose area of Houston for Covenant House Texas, a provider of homeless sheltering services. Gensler designed the four-story building, which replaces three outdated facilities and features a central lobby, youth engagement center, onsite medical clinic, art and music studios, a chapel and an indoor basketball court.Temporary housing space is on the second floor and is separated by gender.
ALLEN, TEXAS — California-based construction consulting firm MKA International has signed a 10,536-square-foot office lease at The Farm, a 135-acre mixed-use development located in the northeastern Dallas suburb of Allen. The space is located within the newly constructed FarmWorks One building. Nathan Durham and Duane Henley of Newmark represented the landlord, JaRyCo, in the lease negotiations. Preston Taylor of Appian Commercial Realty represented MKA International.
MIAMI — Oak Row Equities has secured $210.5 million in construction financing for 2900 Terrace, a 324-unit high-rise apartment tower in the Edgewater neighborhood of Miami. The financing package includes a $142.5 million senior loan from Bank OZK and a $68 million mezzanine loan from Canyon Partners Real Estate LLC. Christopher Peck, Brian Gaswirth, Nicco Lupo, Nick Lavin and John Lowe of JLL arranged both loans for Oak Row Equities. Units at 2900 Terrace, designed by Arquitectonica, will be offered in one-, two- and three-bedroom floor plans. The tower’s amenity program will span two levels and include a fitness center, yoga studio, pet spa, coworking spaces with podcast studios, card room, resident lounge, sauna, golf simulator, theater and a children’s playroom. A landscaped deck will offer outdoor amenities including a pool, cold plunge, poolside cabanas and lounge seating, grills and picnic seating, hot tub, summer kitchen, children’s playground and a coworking terrace. Oak Row has begun construction and plans to deliver 2900 Terrace in fourth-quarter 2027.
WEST PALM BEACH, FLA. — Centennial Bank has provided a $117 million senior construction loan for The District at Northwood, a 382-unit multifamily community underway at 2484 Pinewood Ave. in West Palm Beach. The borrower is Immocorp Ventures LLC, a joint venture between Gilbert Benhamou of Immocorp Capital and Gideon Friedman of Beachwold Residential. The financing will cover the remaining vertical construction of The District at Northwood, as well as reserves and closing costs for the project, which broke ground in February 2024 and is now approximately 30 percent complete. Construction is scheduled for full completion in the fourth quarter of 2026. The development is situated near Currie Park, where the City of West Palm Beach is investing $35 million for a major renovation. The District at Northwood will offer coworking spaces, an indoor/outdoor fitness studio, padel courts, rooftop entertainment complex with poolside cabanas, outdoor kitchen and dining areas, a pet park, approximately 61,000 square feet of ground-level retail space and 22,131 square feet for either a grocery store or another anchor tenant.
WASHINGTON, D.C. — Shorenstein Investment Advisers has purchased 901 K Street, a 219,956-square-foot trophy office building in Washington, D.C.’s East End submarket. The seller and sales price were not disclosed, but multiple media outlets report that Carr Properties sold the office building for $84 million. Tenants at 901 K Street include Microsoft, Baker Donelson and ViaSat. Shorenstein has selected Eli Barnes, Jonathan Wellborn and Will Stern of Avison Young to lease 901 K Street. Shorenstein plans to enhance the office building’s amenity offerings with a new conference facility and tenant lounge. Other amenities include a rooftop terrace with a catering kitchen for events, fitness center and a 222-space parking garage.
