RANDOLPH, N.J. — Cushman & Wakefield has brokered the $4.5 million sale of a mixed-use development site in the Northern New Jersey community of Randolph. The site at 1192 Sussex Turnpike is approved for 25 townhomes, as well as a mixed-use building that will feature 4,055 square feet of retail space on the ground floor and 10 apartments on the second and third floors. Andrew Schwartz, Jordan Sobel, Andre Balthazard and Dan Bottiglieri of Cushman & Wakefield represented the seller, an entity doing business as Ludiro Inc., in the transaction and procured the buyer, OES Properties.
NEW YORK CITY — Perplexity has signed an office lease expansion in Manhattan’s Union Square area. The AI platform now occupies 22,000 square feet across two full floors within the adjoining buildings at 841-853 Broadway. Andrew Wiener, Robert Fisher and Henry Korzec represented the landlord, The Feil Organization, in the lease negotiations on an internal basis. Marcella LaHara, Derek Feinman and Adam Spector of Newmark represented Perplexity.
JOLIET, ILL. — Hyundai Translead, a subsidiary of Hyundai Motor Co., has signed a 1.4 million-square-foot lease in Joliet. Industrial Realty Group LLC (IRG) owns the property, which was formerly Caterpillar’s main plant. In addition to the Joliet facility, Hyundai Translead will also move into a second Will County location at the former Lion Electric site. The two expansions will collectively create approximately 2,500 new full-time jobs and represent $450 million of investment. Onno Steger represented IRG on an internal basis. Jerry Sullivan and Ed Wabick of DarwinPW Realty/CORFAC International represented the landlord, while Shamus Conneely of John Greene Commercial represented the tenant.
SANTA ANA, CALIF. — Affinius Capital has received $144 million in construction financing for The Carina, an apartment development in Santa Ana. Jamie Kline, Charlie Vorsheck, Nick Englhard and Charlie Paul of JLL Capital Markets secured the three-year, floating-rate loan through QuadReal for the borrower. Located at 2828 N. Main St., The Carina will feature 408 apartments upon completion in October 2028. Construction began in April, with first units scheduled for delivery in May 2028. The nine-story property will offer a mix of studio, one- and two-bedroom apartments with stainless steel appliances, in-unit washers/dryers, quartz countertops, wood plank-style flooring and private balconies. Community amenities will include a resort-style swimming pool on an open-air, fourth-floor deck, an outdoor lounge and kitchen, fitness center, yoga and spin studio, resident game room, individual study rooms and offices, a dog run and wash, and onsite security. Lowe is managing development of the project. Greystar will provide property management for the community.
BERKELEY, CALIF. — Gantry has secured a $14 million permanent loan to refinance a near-term maturity for a student housing property located at 2715 Dwight Way in Berkeley. Situated within walking distance of the University of California Berkeley campus, the asset offers 109 beds in 29 units featuring two-, three- and four-bedroom furnished floor plans with modern kitchens, in-unit washers/dryers and hardwood flooring. Tom Dao, Alex Poulos and Toby Judge of Gantry represented the borrower, a private real estate investor. The five-year, fixed-rate, nonrecourse loan was secured from Amalgamated Bank with terms, including introductory interest-only payments transitioning to 30-year amortization, prepayment flexibility and extension options.
AVONDALE, ARIZ. — Beacon Group has purchased 4,665 square feet of office space at Building E, Units 117 and 119 within Coronado Professional Plaza, located at 3400 N. Dysart Road in Avondale. Arizona Agribusiness & Equine Center sold the space for $2 million. Kameron Norwood of Cushman & Wakefield | PICOR represented the buyer, while Joel Moyes of Red Brick Realty represented the seller in the deal.
CHICAGO — Newmark has arranged the $41 million sale of the retail portion of 500 North Michigan Avenue along Chicago’s Magnificent Mile. The 21,565-square-foot space is fully leased to tenants such as Bank of America, Chick-fil-A and Vans. The asset traded at a cap rate of 5.93 percent. Keely Polczynski of Newmark represented the undisclosed seller. The buyer was a private investor.
CHICAGO — FTK Capital has selected Stream Realty Partners to oversee the leasing and property management of 111 W Jackson, a 25-story, 567,531-square-foot office tower located at 111 W. Jackson Blvd. in Chicago’s Central Loop. Ownership is undertaking a strategic reinvestment program to enhance the asset. OTJ Architects is collaborating on the planned improvements, which include updates to the lobby and common areas, expanded amenities and the addition of new spec suites. Plans call for 50,000 square feet of pre-built suites, with an initial 25,000 square feet expected to be completed by late 2026. Matt Lerner and Erica Marshall of Stream will lead leasing, while Charlie Andersen and Jen Bilinski of Stream will oversee property management.
MILWAUKEE — CBRE has arranged the sale of a five-building, 126,335-square-foot flex industrial property in Milwaukee. Minnesota-based Brait Capital purchased the property from Oyster Two Wisconsin Owner LLC for $6 million. CBRE’s Matson Holbrook, Sean Beuche and Patrick Gallagher represented the seller. Built in 1987, the asset features clear heights ranging from 14.5 to 17 feet, several dock-high and drive-in loading doors and ample parking on a 10-acre site. The property was 67 percent occupied at the time of sale.
NORTH CHARLESTON, S.C. — Walker & Dunlop has arranged a $58 million loan to refinance two multifamily communities in North Charleston: Ellevate St. Ives and Ellevate North Charleston. Walker Layne, Matt Wallach, Stephen West, Austin Sneed and Tyler Roberts of Walker & Dunlop secured the floating-rate, interest-only bridge loan through Bridge Investment Group on behalf of the borrower, Chapel Hill, N.C.-based Eller Capital Partners. Located at 7930 St. Ives Road, Ellevate St. Ives comprises 248 apartments ranging in size from 680 to 1,048 square feet, according to Apartments.com. Amenities at the garden-style complex include a clubhouse, car wash area, fitness center, swimming pool, playground, courtyard and grilling and picnic areas. Ellevate North Charleston, which is situated at 2225 Greenridge Road, offers 192 garden-style apartments and features a mix of amenities such as a resort-style swimming pool, fitness center, picnic area, pet play area, dog park, outdoor grills and tennis courts. Both properties participate in South Carolina’s affordable housing tax abatement program, with 75 percent of units reserved for residents making 80 percent or less of the area median income (AMI), and 20 percent of the apartments reserved for residents making 50 percent or less of the AMI, in exchange for …