FONTANA, CALIF. — Raceway Express Car Wash has acquired Foothill Express Car Wash, located at 16345 Foothill Blvd. in Fontana, for an undisclosed price. Originally built in 2018 by the seller, the property features a 3,693-square-foot building with a 120-foot tunnel and 25 vacuum stations. Alex Kogan of Beta Agency represented the seller, while Adam Indihar of Pacific Investments represented the buyer in the deal.
WOODBURY, MINN. — Kraus-Anderson has completed Washington County’s new $29.6 million Central Service Center located at 1261 Woodlane Drive next to the Woodbury Village shopping center. The project replaces the existing service center at 2150 Radio Drive in Woodbury. The new center, which will open to the public in late summer, will provide easier transportation and transit options for underserved communities. Designed by Alliance Architects, the 31,375-square-foot building will offer services that include licenses, passports, park permits, homestead applications and property tax payments. It will also house the CareerForce center, an elections polling center and will offer services provided by Public Health, Community Services and Community Corrections. Construction began in May 2024.
CHICAGO — The Apartment Source (TAS), a real estate firm specializing in multifamily leasing, has unveiled the merger of its property management division with Westward360, a provider of real estate property management services for rental property owners and community associations. The merger brings together two companies in the Chicago real estate market. According to a release, Westward360’s reputation in property management will help TAS expand into new Chicago and suburban markets, while Westward360 will broaden its portfolio.
SHAKOPEE, MINN. — Merchants Capital has arranged $25.5 million in debt and equity financing for the construction of Prairie Pointe, a 42-unit affordable and supportive housing development in Shakopee. Merchants Capital provided $14.1 million in 9 percent Low-Income Housing Tax Credit equity and secured an $11.4 million bridge loan from Merchants Bank. Developed by Twin Cities-based developer Beacon Interfaith Housing Collaborative, Prairie Pointe is the only housing development in the area to offer onsite supportive services and rents restricted at 30 percent of the area median income (AMI). Twenty-eight units will be permanently set aside for people experiencing homelessness and/or those with disabilities, and 14 units will be restricted at 50 percent AMI. The permanent supportive housing units will operate under the Minnesota Department of Human Services Housing Support rental subsidy program through Scott County, as well as private subsidy provided by Beacon. Volunteers of America Minnesota and Wisconsin will provide onsite supportive services. Prairie Pointe will feature one-, two-, three- and four-bedroom units. Community spaces will include a gym, donations room, computer and study rooms, children’s playroom and playground. Beacon’s service partner will provide onsite case management, housing stability skills, employment assistance, mental health support and educational programming as …
ELMHURST, ILL. — Venture One Real Estate, through its acquisition fund VK Industrial VII LP, has acquired a 37,287-square-foot industrial building in Elmhurst. The single-tenant property is currently leased on a short-term basis and will be available for lease in September. Constructed in 1970, the building sits on 1.7 acres and features a clear height of 16 feet, two docks, two oversized drive-in doors, parking for over 21 cars and an additional 0.4 acres of secured yard for outdoor storage or additional parking. Joe Karmin, Justin Lerner and Ross Lehrman of Transwestern represented the seller and will be retained to market the property for Venture One. VK Industrial VII is co-sponsored by Venture One and Kovitz Investment Group.
WASHINGTON, D.C. — Akridge and National Real Estate Development have opened Colette and Everly, two luxury apartment buildings within The Stacks in the Buzzard Point neighborhood of Washington, D.C. With these openings, the mixed-use project’s first phase is now complete. Phase I of The Stacks totals nearly 1 million square feet and includes 1,116 multifamily units, more than 90,000 square feet of amenity spaces across three apartment buildings, roughly 22,000 square feet of public parks, approximately 40,000 square feet of retail space and 11,000 square feet of coworking space. First move-ins at Colette and Everly are slated for this month. The two buildings total 732 units. “Everly and Colette provide residents with some of the best water views in the region, as well as convenient access to the best of D.C., including The Wharf, Navy Yard and downtown,” says Adam Gooch, managing principal and chief development officer at Akridge. “Between these two new residential towers and their sister building, The Byron, which opened earlier this year, The Stacks offers three distinctive luxury living options to match residents’ needs.” Architecture firm Gensler designed Everly and was the broader design coordinator of The Stacks. Everly features 413 apartment units within a 14-story …
By Taylor Williams So much for “survive ’til ’25.” Until a couple months ago, industrial owners in the markets of New Jersey and Eastern Pennsylvania had good reason to believe that 2025 would be a year in which ground-up development got back on track. And in those markets, which are defined by their density and sticky tenant demand, new supply is rarely a bad thing. According to the latest data available from Colliers, industrial vacancy rates in Philadelphia County, Southern New Jersey and the Lehigh Valley all rose in the fourth quarter by anywhere from 80 to 150 basis points. The regionwide vacancy rate stood at roughly 7 percent at the end of 2024, up from 6 percent in the fourth quarter of 2023. The Colliers report also noted that while more than 6 million square feet of predominantly speculative product came on line in the first quarter of 2025, subsequent deliveries were forecast to decline by 40 to 50 percent in each ensuing quarter, “signaling a slowdown in supply for the remainder of the year.” Demand in the region remains healthy but has undoubtedly moderated from record levels that prevailed several years ago, according to Scott Mertz, SIOR, president …
BENTONVILLE, ARK. — Sam’s Club, a division of Bentonville-based Walmart, has announced plans to remodel all 600 of its existing membership-based stores (called “clubs”) nationwide. The stores will be modeled after the Grapevine, Texas, location, which opened in December 2024. The new locations will span 160,000 square feet and include a seafood/sushi island, full-service floral station, walk-in dairy and fresh coolers and a larger healthcare space featuring a patient waiting area, health services suites, private consultation rooms and dedicated hearing and optical centers. As part of its previously announced long-term strategy, Sam’s Club will also open 30 new locations over the next several years while building a pipeline to begin opening 15 new clubs annually. This marks the first expansion since 2017 after Sam’s Club closed 62 locations in 2018. By the end of fiscal 2025, Sam’s Club plans to open two more new locations in Tempe, Ariz., and Lebanon, Tenn., with further plans to begin construction on seven additional locations, according to CNBC.
CLAYTON, N.C. — Cushman & Wakefield has brokered the sale of The Averly at Flowers, a 396-unit apartment community located at 380 Topwater Drive in Clayton, about 24 miles southeast of Raleigh. Alex McDermott, Hunter Bowling, Charlie Gravina, Rhodes Marley and Paul Marley of Cushman & Wakefield represented the seller, Ardmore Residential Inc., in the transaction. ECI Group purchased the community for an undisclosed price in partnership with Almanac Realty Investors, a division of Neuberger-Berman. Built in 2023 and formerly known as Adrmore at Flowers Apartments, The Averly at Flowers features 11 residential buildings, as well as amenities including resort-style swimming pools, grilling pavilions, business centers, fitness centers, a pet play area and walking/biking trails. The property is part of the 3,000-acre Flowers Plantation master-planned community.
CARY, N.C. — BWE has secured a $22.3 million construction loan for Marigold Apartments, a mixed-income housing development located on Maynard Road in Cary, a suburb of Raleigh. The property will include a mix of one-, two- and three-bedroom apartments. Of the total 126 units, seven will be designated as accessible units, and three will be designated as hearing impaired accessible. Sixty-four units will be designated as affordable and workforce housing for residents earning at or below 30, 50 and 80 percent of the area median income, while the remaining 62 units are set to be available at market rates. Amenities will include elevators, EV charging stations, coworking spaces, an outdoor kitchen with gaming area, business center, clubhouse/community room, courtyard, exercise facility, onsite management, controlled access, video surveillance and onsite parking. Victor Agusta Jr. of BWE’s Raleigh office originated the HUD-insured loan on behalf of the borrower, Charlotte-based Laurel Street Residential. The City of Cary provided a ground lease for the Marigold development, and Wake County provided an additional $1.7 million in financing.
