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AcquisitionsFloridaRetailSoutheast

Cushman & Wakefield Brokers Sale of Publix-Anchored Shopping Center in Port Richey, Florida

by John Nelson

PORT RICHEY, FLA. — Cushman & Wakefield has brokered the sale of Regency Crossings, an 85,865-square-foot shopping center located in Port Richey, roughly 40 miles northwest of Tampa. Publix anchors the property, which was 90 percent leased at the time of sale. The center was originally built in 1985 and renovated in 2021. PMAT Cos. sold the property to Essential Growth Properties for an undisclosed price. Mark Gilbert, Adam Feinstein and Mitchell Halpern of Cushman & Wakefield represented the seller in the transaction.

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LoansMarylandMultifamilySoutheast

Colliers Secures $24.5M Refinancing for Milford Station Multifamily Community in Metro Baltimore

by John Nelson

PIKESVILLE, MD. — Colliers has secured a $24.5 million loan for the refinancing of Milford Station, a multifamily community located at 19 Warren Park Drive in Pikesville, approximately 15 miles northwest of Baltimore. Bob Beckman of Colliers arranged the non-recourse financing, which features a 30-year term and fixed interest rate of 5.1 percent, on behalf of the borrowers, Gelfund RE Opportunities and GY Properties. Milford Station totals 199 apartments within controlled-access buildings and features complimentary parking.

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IllinoisIndustrialLoansMidwest

JLL Arranges $63M Loan for Refinancing of Industrial Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO, BUFFALO GROVE AND MOKENA, ILL. — JLL Capital Markets has arranged a $63 million loan for the refinancing of a five-building industrial portfolio in metro Chicago. The portfolio comprises the following properties: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena; and Halsted Pershing Business Center, a 104,008-square-foot asset in the Stockyards submarket of Chicago. The properties total 703,996 square feet with suites ranging from 25,100 to 174,262 square feet. The portfolio is home to 10 tenants spanning industries such as IT, electronics manufacturing, healthcare, construction, food distribution and government agencies. Colby Mueck, Brian Walsh and Tara Hagerty of JLL arranged the five-year, fixed-rate loan on behalf of the owner, Stream Realty Partners.

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DevelopmentIllinoisIndustrialMidwest

DSI, Karis Cold Break Ground on 100,000 SF Cold Storage Facility in Chicago

by Kristin Harlow

CHICAGO — Development Solutions Inc. (DSI) and Karis Cold have broken ground on Stockyards Cold, a 100,000-square-foot cold storage facility in Chicago’s McKinley Park neighborhood. The project is situated on five acres at 3815 S. Ashland Ave. Completion is slated for the third quarter of 2025. Stockyards Cold will feature technology capable of maintaining temperatures as low as minus 10 degrees Fahrenheit. The project marks the first cold storage facility in Chicago to offer a clear height of 50 feet, according to the development team. Customizable features will include blast freezing, automated racking and advanced temperature monitoring systems. John Basile of NAI Hiffman is the leasing agent.  

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Affordable HousingDevelopmentIllinoisMidwestMultifamily

Related Midwest Completes $46.5M Redevelopment of Poplar Place Affordable Housing Community in Springfield

by Kristin Harlow

SPRINGFIELD, ILL. — Related Midwest has completed a $46.5 million redevelopment of Poplar Place, a 100-unit affordable housing community in Springfield. The property opened in 1950. Related Midwest completed the redevelopment through a collaboration with the City of Springfield, the Springfield Housing Authority and Illinois Housing Development Authority. LR Contracting Co., Related’s in-house construction arm, spearheaded the 15-month project, reducing density and fully renovating 75 buildings. The community now comprises 50 single-family and 25 duplex homes, which are fully occupied. Related also created 2.5 acres of green space for social and recreational use. Additionally, a new community center features a kitchen, management office, outdoor playground and walking paths. Financing for the project came from the Illinois Housing Development Authority, Springfield Housing Authority, Heartland Bank and Trust Co., Red Stone Equity Partners and CVS Health. Evan Lloyd Architects designed the redevelopment. Monthly rents range from $800 to $925. Qualified incomes for the income-restricted apartments range from $44,400 to $83,640.

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AcquisitionsHealthcareMidwestNebraska

Cushman & Wakefield Brokers Sale-Leaseback of 70,000 SF Omaha Specialty Hospital

by Kristin Harlow

OMAHA, NEB. — Cushman & Wakefield has brokered the sale-leaseback of a 70,000-square-foot specialty orthopedic hospital in Omaha for an undisclosed price. Built in 2004 and expanded in 2020, the property is fully occupied by OrthoNebraska. The two-story facility is dedicated to musculoskeletal care with 24 inpatient beds, 12 operating rooms and several treatment rooms. Gino Lollio, Travis Ives, Sushil Puria and Tyler Morss of Cushman & Wakefield, along with TJ Twit of The Lund Co., an alliance of Cushman & Wakefield, represented OrthoNebraska in the transaction. Montecito Medical Real Estate was the buyer.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $12M Sale of Apartment Building in Chicago’s Lakeview Neighborhood

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $12 million sale of The Bel in Chicago’s Lakeview neighborhood. The property at 937-41 W. Belmont Ave. comprises 37 apartment units and two ground-floor commercial spaces. Built in 2019, the transit-oriented development consists of eight studios, 27 one bedrooms and two two-bedroom layouts along with two retail spaces totaling approximately 4,000 square feet. The commercial units are leased to Pedestrian Coffee and Devil Dawgs. Joe Smazal and Mark Dykstra of Interra represented the local private buyer. The duo represented the seller, a local private developer, along with colleague Lucas Fryman.

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AcquisitionsMassachusettsMultifamilyNortheast

CBRE Brokers Sale of 284-Unit Apartment Portfolio in Boston

by Taylor Williams

BOSTON — CBRE has brokered the sale of the Joy Realty Portfolio, a collection of eight apartment buildings totaling 284 units in Boston. The four- and five-story buildings were constructed in the early 20th century and are located in the Fenway and Longwood Medical areas. The unit mix comprises studio through four-bedroom floor plans, and the portfolio has an average unit size of 550 square feet. Simon Butler, Biria St. John, John McLaughlin and Brian Bowler of CBRE represented the seller, a private family that had owned some of the assets for more than 100 years, in the transaction. The team also procured two separate buyers; an affiliate of Cambridge-based Forest Properties purchased six buildings totaling 222 units, and an undisclosed investor acquired the other two buildings totaling 62 units.

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375-Park-Ave.-Manhattan
Leasing ActivityNew YorkNortheastOffice

Blue Owl Capital Signs 238,673 SF Office Lease Extension, Expansion in Midtown Manhattan

by Taylor Williams

NEW YORK CITY — Blue Owl Capital has signed a 238,673-square-foot office lease extension and expansion at 375 Park Avenue in Midtown Manhattan. The global alternative asset manager first committed to 375 Park Avenue, which is known locally as The Seagram Building, in 2022 with a 137,600-square-foot lease across floors two through five. In 2023, Blue Owl added 31,597 square feet to its footprint via occupancy of the entire sixth floor. The latest lease expansion totals 70,076 square feet across floors 16 through 19. Mark Weiss of Cushman & Wakefield represented the tenant in the lease negotiations. A.J. Camhi and Paul Milunec represented the landlord, RFR Realty, on an internal basis.

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Cornerstone-at-Grassy-Hollow-Manahawkin-New-Jersey
Affordable HousingDevelopmentMultifamilyNew JerseyNortheast

Walters Begins Leasing 34-Unit Affordable Housing Complex in Manahawkin, New Jersey

by Taylor Williams

MANAHAWKIN, N.J. — New Jersey-based developer Walters has begun leasing Cornerstone at Grassy Hollow II, a 34-unit affordable housing complex located in the coastal city of Manahawkin. The four-building property features one-, two- and three-bedroom units that are reserved for renters earning 60 percent or less of the area median income. Physical amenities include a fitness center, a children’s play area, basketball court and clubhouse with computer workstation. Residents also have access to services such as afterschool programs, special interest clubs and a food pantry program, as well as career readiness, eviction prevention and social services assistance.

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