SPRINGDALE, OHIO — Milhaus has partnered with Parse Capital to break ground on Slate, a 306-unit multifamily property in Springdale near Cincinnati. Located at 505 W. Crescentville Road, Slate will feature 216 garden-style apartment units and 90 townhomes across 22 buildings. Amenities will include a resident lounge, pool, coffee bar, fitness center and bark park. First Financial Bank is providing financing for the development, which marks Milhaus’ second project in Springdale following Array in 2023. Construction of Slate is slated for completion in spring 2026.
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INDIANAPOLIS — PRP has acquired Cosmopolitan on the Canal, a 218-unit Class A apartment complex located along the Central Canal in downtown Indianapolis. The purchase price was undisclosed. Constructed in 2010, the community’s interiors remain in their original condition and will undergo a comprehensive renovation. The property is situated in the Canal Walk District and features a waterfront setting.
ST. PETERS, MO. — Marcus & Millichap has arranged the sale of Cave Springs Shopping Center in the St. Louis suburb of St. Peters for $22.1 million. The retail power center totals 176,804 square feet. Anchor tenant Hobby Lobby has operated at the property since 2003. The Edge Fitness Club serves as a co-anchor at the property, which was fully leased at the time of sale. Additional tenants include Office Depot, Cycle Gear and LongHorn Steakhouse. Craig Fuller, Erin Patton and Scott Wiles of Marcus & Millichap’s Institutional Properties Advisors division procured a local buyer completing a 1031 exchange. The sale included four outparcel buildings that the buyer can spin off during the hold period if desired, according to Wiles.
AVON, OHIO — Laurel Real Estate Co. has negotiated the sale of the Fairfield Inn & Suites hotel in Avon near Cleveland for an undisclosed price. The 82-room property is located at 39050 Colorado Ave. Amenities include an indoor pool, fitness center and meeting space. Laurel represented the undisclosed seller and was the sole brokerage involved in the transaction, which was considered an off-market deal.
JUSTICE, ILL. — Network Commercial Real Estate has brokered the $4.4 million sale of a 5-acre retail development site located at 8650 W. 79th St. in Justice, a southwest suburb of Chicago. Neil Haleem of Network represented the seller, Emaar Enterprise LLC. Jeremy Forman of Shai Town Realty Group represented the buyer, Quick Trip Corp. The site will be developed into a QT gas station and convenience store.
NEW YORK CITY — QuadReal Property Group has provided a $49.5 million loan for the refinancing of Arris Grand, a 113-unit apartment building in the Clinton Hill area of Brooklyn. The nine-story building was completed in 2024 includes three retail suites totaling 7,127 square feet. Units come in studio, one- and two-bedroom floor plans, and 34 units are reserved as affordable housing. Amenities include a rooftop terrace with grilling and dining stations, fitness center, media and gaming lounges, coworking and study spaces and a pet spa. Alan Blank, Zach Kraft and Gideon Gil from Cushman & Wakefield arranged the fixed-rate loan on behalf of the borrower, Haussmann Development.
SOMERVILLE, MASS. — Gantry, a commercial mortgage banking firm based in San Francisco, has arranged a $30 million loan for the refinancing of a 101,000-square-foot medical office building in Somerville, located just outside of Boston. The building at 40 Holland St. is known as Davis Square Center and was fully leased at the time of the loan closing, with regional provider Atrius Health serving as the anchor. Andy Bratt and Sean Kuang of Gantry arranged the five-year, fixed-rate loan, which carries a 30-year amortization schedule, on behalf of the owner, an undisclosed healthcare REIT. An unnamed insurance company provided the debt.
NEWTOWN AND BENSALEM, PA. — A joint venture between ShopOne Centers REIT, Pantheon and an undisclosed institutional investment firm has acquired two open-air shopping centers totaling 122,365 square feet that are located on the northeastern outskirts of Philadelphia. Goodnoe’s Corner is a 34,660-square-foot shopping center in Newtown that was built in 2008 and fully leased at the time of sale. Village Center is an 87,705-square-foot retail center in nearby Bensalem that was built in 1976 (renovated in 1999) anchored by grocer ACME. Scott Woodard and Derrick Dougherty of Marcus & Millichap represented the undisclosed seller and procured the buyer in the transaction.
NATICK, MASS. — Regional design-build firm Dacon Corp. has completed a 35,000-square-foot life sciences project in Natick, a western suburb of Boston. The facility is the third in the area for ABI-LAB, a user that provides shared laboratory services for researchers in fields such as immunology, oncology, regenerative medicine, diagnostics and precision medicine. The newest facility houses 10 labs that range in size from 900 to 2,500 square feet and brings ABI-LAB’s total Natick footprint to roughly 112,000 square feet.
By Trina Sandschafer, AIA, Project Management Advisors Adaptation and reinvention are core parts of what makes American cities great, and Chicago is a prime example. Whether rebuilding, reimagining space for modern usage or creating new neighborhoods from formerly empty lots, the city has become known for its unique ability to bring new energy and life to formerly underutilized areas. Chicago knows how to reimagine the built environment and is leading the way with several transformative development strategies. Adaptive reuse: A well-tested Chicago tactic Chicago’s long history of adaptive reuse began with the pioneering residential loft developers. In the wake of nationwide manufacturing declines, these enterprising developers saw opportunity in the city’s largely vacant warehouses and manufacturing buildings. The success of these early loft conversions encouraged further reimagining of Chicago’s aging industrial and office stock into condominiums, apartments, offices, entertainment venues and hospitality spaces, which continue to this day. Now, adaptive reuse strategies are helping to increase the supply of housing and restore economic viability to communities dealing with the lingering impact of the pandemic on local businesses. Converting legacy structures to new and better uses is more environmentally sustainable and can be more cost-effective than demolishing older buildings and starting …