Property Type

Element-by-Westin-Mission-Valley-San-Diego-CA

Driftwood Capital Secures $37.9M in Construction Financing for Element by Westin Mission Valley in San Diego

by Amy Works February 25, 2025

SAN DIEGO — Driftwood Capital has obtained $37.9 million in construction financing for the development of Element by Westin Mission Valley, an extended stay hotel in San Diego’s Mission Valley neighborhood. Upon completion, the hotel will feature 148 suite-style rooms, more than 5,000 square feet of meeting and event space, a fitness center, courtyard, lobby bar and lounge and a restaurant. Situated on 1.5 acres, The Element by Westin Mission Valley is slated for completion by the end of 2026. Driftwood Capital currently owns the adjacent hotel, Marriott Mission Valley, which was purchased in 2019 with the adjacent development parcel with the plans to renovate the existing property and later develop an extended-stay hotel that would benefit from Marriott’s amenities, resort-style pool and parking. Jordan Ray, Jamie Matheny, Steven Buchwald and Rachael Krawiecki of IPA Capital Markets secured the financing from Fifth Third Bank for the sponsor, a vertically integrated commercial real estate investment, development and lending platform specializing in hospitality properties.

February 25, 2025

Acquisitions Industrial Nevada Western

MDH Partners Enters Las Vegas Market, Acquires Two-Building Industrial Property

by Amy Works February 25, 2025

LAS VEGAS — MDH Partners has purchased Sunrise Industrial Park One and Two, a Class A multi-tenant project in Las Vegas. The acquisition marks the company’s entry into the state of Nevada and the Las Vegas market. Terms of the transaction were not released. Totaling 509,216 square feet, the two-building asset is currently 78 percent leased to 10 tenants. Sunrise Industrial Park One and Two is located at 4601 E. Cheyenne and 3101 Marion Drive. Built in 1997, the buildings offer 24- to 30-foot clear heights, ESFR sprinklers, ample dock-high loading and evaporative cooling. The properties offer flexible unit configurations ranging from 20,000 square feet to 89,000 square feet.

February 25, 2025

Acquisitions California Industrial Western

NAI Capital Brokers $9.8M Sale of Industrial Building in Los Angeles

by Amy Works February 25, 2025

LOS ANGELES — NAI Capital Commercial has arranged the sale of an industrial property located at 13030 Raymer St. in the North Hollywood neighborhood of Los Angeles. Tiptop Restoration acquired the asset from 13030 Raymer LLC for $9.8 million. Tiptop will use the 30,000-square-foot property as its corporate headquarters, as well as warehouse, storage and distribution space. Built in 1996, the property underwent significant renovations in 2022. Renovations included remodeled office space, kitchen and restrooms, new paint and upgraded LED warehouse lighting. The asset offers dock-high and ground-level loading, 1,200 amps of power, a 17-foot warehouse clearance height, fire sprinklers and a fenced rear yard. Chad Gahr and David Young of NAI Capital Commercial represented the seller, while Daniel O’Neil and Parker Jones of Rancho Realty Group Corp. represented the buyer in the off-market transaction.

February 25, 2025

California Loans Multifamily Western

Marcus & Millichap Arranges $3.8M in Financing for Multifamily Complex in Santa Clara, California

by Amy Works February 25, 2025

SANTA CLARA, CALIF. — Marcus & Millichap has secured $3.8 million in financing for the purchase of a 20-unit apartment property located at 1577 Pomeroy Ave. in Santa Clara. David Campbell of Marcus & Millichap’s Palo Alto, Calif., office arranged the financing with a Western-based bank on behalf of a private client. Terms of the 30-year loan include a 6 percent interest rate with 30-year amortization and a 60 percent loan-to-value ratio.

February 25, 2025

Affordable Housing Development Illinois Midwest Multifamily

Evergreen Real Estate Group, LUCHA Complete $67.5M Affordable Housing Development in Chicago

by Kristin Harlow February 25, 2025

CHICAGO — Evergreen Real Estate Group and nonprofit Latin United Community Housing Association (LUCHA) have completed Encuentro Square Apartments in Chicago’s Logan Square neighborhood. The duo developed the project in partnership with the Chicago Department of Housing, the Department of Planning and Development and the Chicago Housing Authority (CHA). The $67.5 million development comprises two buildings at the western terminus of The 606 trail, an area that has experienced housing costs soar in recent years. The units are designated for families and individuals with incomes at or below 60 percent of the area median income. Managed by Evergreen, Encuentro Square is nearly fully leased. In Spanish, “encuentro” means the act of coming together. Leopardo Cos. and All Construction were the general contractors. Designed by Canopy, the buildings feature rounded corners with orange paneling. The orange panels are meant to mimic the migration pattern of the monarch butterfly. Floor plans range from one- to three-bedroom units. Fifty-five of the homes benefit from long-term project-based rental assistance administered by the CHA, of which 44 are family-sized units with at least two bedrooms. Amenities include a community room, teaching kitchen, children’s playroom, private courtyard, resident lounges, laundry rooms and bike storage. A new …

February 25, 2025

Development Multifamily New York Northeast

Slate Property Group Begins Leasing 162-Unit Apartment Complex in Brooklyn

by Taylor Williams February 25, 2025

NEW YORK CITY — Locally based development and investment firm Slate Property Group has begun leasing The Welz, a 162-unit apartment complex in Brooklyn. Designed by Aufgang Architects with interior design by Alchemy, the 19-story building is located in the Williamsburg area and offers studio, one- and two-bedroom units. Roughly 30 percent (49) of the residences are reserved for renters earning between 60 and 130 percent of the area median income, and residents also have access to a rooftop deck with grilling stations, a fitness center and package lockers. Slate developed the property in partnership with local real estate private equity firm Avenue Realty Capital. Rents start at $3,175 per month for a studio apartment.

February 25, 2025

Development Hospitality Indiana Midwest

AC Hotels by Marriott to Open First Indiana Property in Fishers

by Kristin Harlow February 25, 2025

FISHERS, IND. — AC Hotels by Marriott has committed to opening its first Indiana location at The Union at Fishers District in the Indianapolis suburb of Fishers. Thompson Thrift is the master developer of Fishers District. Local hotelier Dora Hospitality will own and operate the 135-room hotel. Seated on top of approximately 15,000 square feet of retail space, the property will feature meeting space, fitness equipment and European-inspired beverage and food offerings in the AC Lounge and AC Kitchen. The Union is one of five developments within the Fishers District. In addition to the AC Hotel, the mixed-use development will incorporate approximately 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment units and 70,000 square feet of Class A office space. Construction of The Union is expected to begin this quarter. Thompson Thrift is actively negotiating leases on the remaining 30 percent of retail space and has signed leases with restaurants such as Piedra, Niku Sushi, Kitchen Social, Everbowl and Racha Thai. Thompson Thrift began work on the Fishers District in 2015. Once completed the $750 million development will span 123 acres with an array of multifamily, townhome, hotel, office, dining, shopping and entertainment options.

February 25, 2025

Illinois Industrial Leasing Activity Midwest

Nonprofit David C. Cook Leases 152,014 SF of Industrial Space in Elgin, Illinois

by Kristin Harlow February 25, 2025

ELGIN, ILL. — David C. Cook, a 150-year-old nonprofit Christian ministry dedicated to equipping the global church with printed and digital resources, music and media, has leased 152,014 square feet of industrial space at 1700 Madeline Lane in Elgin. The space will serve as the main distribution center for the organization’s books and curricula divisions. David C. Cook, which got its start in the Chicagoland area and has had a presence in Elgin since the 1880s, is relocating within the submarket. The nonprofit is the anchor tenant in Seefried Industrial Properties’ recently completed speculative building, with 168,932 square feet available for lease. The property is strategically located along Chicago’s I-90 industrial corridor and features a clear height of 32 feet. John Hamilton of CBRE represented the tenant. Doug Pilcher and Jason West of Cushman & Wakefield represented the landlord, a joint venture between Seefried and a U.S.-based family office.

February 25, 2025

Acquisitions Development Midwest Missouri Retail

Block & Co. Buys 18-Acre Retail Development Site in Suburban St. Louis

by Kristin Harlow February 25, 2025

WENTZVILLE, MO. — A Block & Co. Inc. Realtors-headed investment group comprised of investors from Kansas City and St. Louis has purchased 18 acres of land at Wentzville Parkway and Will Ron Drive in Wentzville, a suburb of St. Louis. Wentzville Parkway serves as a major commercial corridor and is located near General Motors’ $2 billion manufacturing campus and Mercy’s new $650 million hospital. The development plan calls for a retail project, with over 10 acres available for ground lease or build-to-suit opportunities. Zach Albrecht and David Block of Block & Co., along with Eddie Cherry of Manor Real Estate will co-list the development. The trio also negotiated the sale on behalf of the buyer, while Danny Wappelhorst of Cissell Mueller represented the undisclosed seller.

February 25, 2025

Acquisitions Illinois Midwest Office

Special Olympics Illinois Purchases Flex Office Building in Chicago for $4.7M

by Kristin Harlow February 25, 2025

CHICAGO — Special Olympics Illinois has purchased a 20,000-square-foot flex office building and event space at 2324 W. Fulton St. in Chicago for $4.7 million. Aubrey Englund of NAI Hiffman and Mike Lombard of Blue Star Properties represented the buyer in the transaction. Matt Cowie and Larry Goldwasser of CBRE represented the seller, a local private investment group. Special Olympics Illinois is expanding its Chicago regional office from 6,000 square feet of leased space at 820 W. Jackson Blvd. and will relocate this summer. Approximately 15 employees will work at the new office. Originally constructed as a foundry, the property was transformed by Helios Construction Services in 2014 into a modern building for its own offices. The building’s design was a collaborative effort with the late architect Brad Lynch of Brininstool + Lynch. In 2017, Helios executed another renovation at the building to expand the office space with the addition of four glass-enclosed offices, meeting rooms and amenities, including a gym, lounge and kitchen. Private event venue Ovation Chicago will remain a tenant at the property. The space opened in late 2014.

February 25, 2025

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