ROCKFORD, ILL. — Berkadia has negotiated the sale of The Arbors, a 254-unit multifamily property in Rockford. The garden-style community was 98 percent leased at the time of sale. The Arbors was built between 1966 and 1981. Amenities include a fitness room, business center, small community room and package room. Ralph DePasquale of Berkadia represented the seller, Illinois-based Axiom Properties. Illinois-based Becovic Holdings Corp. was the buyer.
OHIO, MICHIGAN AND WISCONSIN — MAG Capital Partners has purchased a 352,625-square-foot industrial portfolio in a sale-leaseback with Robbins Sports Surfaces, a Cincinnati-based manufacturer of high-performance flooring systems. The properties are located in Ohio, Michigan and Wisconsin and comprise manufacturing, warehouse, lumber processing, milling, finishing, assembly and office space across more than 111 acres. Phil DiGennaro and Joe DiGennaro of STREAM Capital Partners represented the seller.
ROSELLE, ILL. — Industrial Outdoor Ventures (IOV) has acquired an industrial outdoor storage (IOS) property located at 160 N. Garden Ave. in Roselle. The 5.7-acre property features a 28,964-square-foot maintenance building and a 1,350-square-foot standalone office. The maintenance building features 13 drive-thru service bays and four additional drive-in doors. IOV plans to make improvements to the facility as part of a leasing initiative. With this acquisition, IOV owns seven Chicago-area assets totaling 90 acres with approximately 158,500 square feet of buildings for storage, maintenance and complementary uses. Matt Garland of Cawley represented the seller, a regional cell tower construction and maintenance company. Garland and Andrew Maletich of Cawley have been named the leasing agents for the property.
NEW YORK CITY — Geller & Co. has signed a 45,290-square-foot office lease at 99 Park Avenue in Midtown Manhattan. The financial services and advisory firm will relocate from 909 Third Avenue to the entire 10th floor and a portion of the ninth floor at the 26-story building. Bryan Boisi of Cushman & Wakefield and Stuart Romanoff of Romanoff Realty Services represented the tenant in the lease negotiations. Paul Glickman, Diana Biasotti, Kristen Morgan and Harrison Potter from JLL, along with internal agents Craig Panzirer and Alex Radmin, represented the landlord, Global Holdings.
ORLANDO, FLA. — Universal Orlando Resort’s newest theme park, Epic Universe, is officially opening on May 22, marking the first major theme park to open in Central Florida in 26 years, according to CNN. The new park will include five distinct components: Celestial Park, The Wizarding World of Harry Potter’s Ministry of Magic, Super Nintendo World, How to Train Your Dragon – Isle of Berk and Dark Universe. According to multiple media outlets, Epic Universe is estimated to have cost roughly $7.7 billion to build, although Universal Orlando Resort hasn’t commented on the new park’s price tag. At 750 acres, including both guest areas and backstage space for employees, Epic Universe is also reported to be the largest singular theme park in the world. The main hub of Epic Universe will be Celestial Park, which offers guests two rides — a dual-track roller coaster and a carousel — as well as shops, restaurants and bars. From this hub, guests can choose to enter four other portals, with each leading to a different themed land. Dark Universe brings the famous “Universal Pictures Monsters,” including Dracula, the Wolf Man and the Invisible Man, to life, along with its anchor attraction, “Monsters Unchained: …
PENSACOLA, FLA. — JLL has arranged the sale of The Edge, a 344-bed student housing property located near the University of West Florida campus in Pensacola. Built in 2017, the community offers 84 fully furnished units in three-, four- and five-bedroom configurations. Shared amenities include a 24-hour fitness center, cyber café, coffee bistro, resort-style pool, grilling area and hammocks. The property was 97 percent leased for the 2024-2025 academic year at the time of sale. Joe Ayers and Cliff Taylor of JLL arranged the disposition on behalf of the seller, Campus Realty Advisors. The buyer and terms of the transaction were not released. The University of West Florida has experienced six consecutive years of enrollment growth, according to JLL, with a record-breaking class of 14,712 students for the 2024-2025 academic year.
SCOTTSDALE, ARIZ. — Vestar has signed leases with 10 new tenants at The Promenade Scottsdale, a 1 million-square-foot retail center located in the Phoenix suburb of Scottsdale. Retail and restaurant concepts including Fan Outfitters, J. Crew, Pvolve and Kura Sushi are now open at the center. IKEA, Sugar Sugar, The Wallpaper Co., DXL and Pella Windows are also scheduled to open at the property before the end of the year. Additionally, existing tenant Cox has expanded its space to occupy an additional 3,852 square feet. Vestar manages the center, which is now more than 98 percent leased. FalconEye Ventures owns The Promenade Scottsdale.
CHANDLER, ARIZ. — Unbound Development of Phoenix has acquired a freestanding industrial building in Chandler from Rogers Corp. for $14 million. Located at 165 S. Price Road, the 100,000-square-foot property was vacant at the time of sale. Built in 1982 and renovated in 2005, the building features 8,400 amps of power, expandable to 150 megawatts, an oversized lot and Loop 101 freeway frontage. The single-tenant property is situated on 16.7 acres. Unbound Development plans to upgrade the property to meet the needs of today’s users. Joshua Wyss and Steven Mardian of Cushman & Wakefield represented the seller, while Michael Kitlica of Cushman & Wakefield represented the buyer in the transaction.
VALDOSTA, GA. — Marcus & Millichap has brokered the $18.3 million sale of 805 Harmon Heights Apartments & Condos, a 100-unit multifamily community located at 805 Harmon Drive in Valdosta. The buyer, an unnamed Tennessee-based firm, acquired the property from Bobby Diaz of Diaz Construction LLC, the local developer and operator of the property. John Brigel of Marcus & Millichap’s Tampa office represented the seller in the transaction with assistance from John Leonard, Marcus & Millichap’s broker of record for Georgia. 805 Harmon Heights was delivered between 2009 and 2021 and was recently renovated. The property features one-, two- and three-bedroom apartments across nine buildings. Brigel says that the sales price of $182,500 per unit is “a record-setting figure for South Georgia.”
HUNTINGTON BEACH, CALIF. — CBRE has arranged the sale of a 14-unit property at 2512-2518 England St. in Huntington Beach, about 40 miles southeast of Los Angeles. The 14,518-square-foot property was built in 1977 and renovated in 2022. The community offers a mix of one-, two- and three-bedroom units. The majority of units are townhome-style residences. The property sits on a 0.43-acre parcel. Dan Blackwell and Mike O’Neill of CBRE represented both the buyer and the seller in the deal. The buyer was a 1031 exchange investor based in Orange County. The seller was a Fountain Valley-based repeat client of CBRE.
