Property Type

Mack Real Estate Group Breaks Ground on Phase I of 1.2 MSF Industrial Park in Scottsdale, Arizona

by Amy Works February 4, 2025

SCOTTSDALE, ARIZ. — Mack Real Estate Group, with Willmeng Construction as general contractor, is developing Mack Innovation Park Scottsdale (MIP Scottsdale), a 1.2 million-square-foot industrial project in Scottsdale. The team has started vertical construction of the 305,400-square-foot Phase I of the project. Phase I of MIP Scottsdale will consist of two buildings with 32-foot clear heights, 53 dock-high doors, 20 grade-level doors and 516 parking stalls. Financing for the project includes $43 million in first mortgage construction debt provided by Bank OZK, and $19.8 million in construction mezzanine financing provided by PGIM Real Estate. Lenga Partners, a Chile-based real estate investment firm, is Mack’s equity joint venture partner in the project. The development team includes Butler Design Group and Withey Morris Baugh PLC. Mitch Stravitz and Rusty Kennedy of CBRE, James Cohn of Stream Realty and Randy Shell of Shell Commercial are handling leasing for the project.

February 4, 2025

Affordable Housing Development Multifamily New York Northeast

Douglaston Development Breaks Ground on 277-Unit Bronx Affordable Housing Project

by Taylor Williams February 4, 2025

NEW YORK CITY — Douglaston Development has broken ground on a 277-unit affordable housing project that will be located in the Bedford Park neighborhood of the Bronx. The building at 2868 Webster Ave. will rise 12 stories and is backed by $190 million in financing from a variety of sources. Units will come in studio, one-, two- and three-bedroom floor plans and will be reserved for households earning up to 70 percent of the area median income. Sixty units will be set aside as supportive housing. The project represents the second phase of a two-phase development that also includes a 188-unit seniors housing complex that opened in fall 2023. Levine Builders, the general contracting affiliate of Douglaston Development, will construct the community. Construction is expected to be complete in 2027.

February 4, 2025

Acquisitions Retail Washington Western

Burlington Stores Sells 9.4-Acre Retail Property in Spokane, Washington for $10.2M

by Amy Works February 4, 2025

SPOKANE, WASH. — Burlington Stores Inc. has completed the disposition of a 9.4-acre retail property located at 5830 N. Division St. in Spokane. Burlington North LLC, a local development group led by Ben Hawkins and Kevin Edwards, acquired the two-building asset for $10.2 million. Totaling 175,612 square feet, the property consists of a Burlington-occupied, two-story 157,307-square-foot building with three loading docks and high clear heights, and a 17,305-square-foot building that is leased to Rite Aid. The Burlington store will relocate to a smaller space at Franklin Park Shopping Center in Spokane allowing for redevelopment options at the current site. Yohar Renaud, Kyle Herting and Sydney Dixon of CBRE represented the seller in the deal.

February 4, 2025

Acquisitions Colorado Retail Western

Cushman & Wakefield Negotiates Sale of 49,331 SF Virginia Village Shopping Center in Denver

by Amy Works February 4, 2025

DENVER — Cushman & Wakefield has arranged the sale of Virginia Village Shopping Center, a neighborhood shopping center located at South Holly Street and East Florida Avenue in southeast Denver. A Denver-based private partnership acquired the property from Denver-based Virginia Village Associates LTD for an undisclosed price. Originally built in 1957 and most recently renovated in 2020, Virginia Village Shopping Center offers 49,331 square feet of retail space. At the time of sale, the property was 80 percent leased to 11 tenants. Offering 265 parking spaces, the asset is situated on nearly 5 acres at 1417-1495 S. Holly St. and 5595 E. Florida Ave. Jon Hendrickson, Aaron Johnson and Mitch Veremeychik of Cushman & Wakefield represented the seller in the transaction.

February 4, 2025

Acquisitions Colorado Retail Western

Marcus & Millichap Arranges $4M Sale of Net-Leased Retail Building in Castle Pines, Colorado

by Amy Works February 4, 2025

CASTLE PINES, COLO. — Marcus & Millichap has arranged the sale of a net-leased retail property located at 7282 Lagae Road in Castle Pines. An Arizona-based developer/limited liability company sold the asset to a Colorado-based private investor for $4 million. Service Street Auto Repair occupies the 4,488-square-foot building under a 20-year absolute triple-net lease. The property is situated near the Castle Rock Promenade & Outlets and a King Soopers Center. Drew Isaac and James Rassenfoss of Marcus & Millichap represented the seller in the deal.

February 4, 2025

Acquisitions Industrial Oregon Western

Norris & Stevens Brokers $2.3M Sale of Manufacturing Building in Portland, Oregon

by Amy Works February 4, 2025

PORTLAND, ORE. — Norris & Stevens has arranged the sale an industrial manufacturing/storage facility at 9348 N. Peninsular Ave. in Portland. Anlekus LLC acquired the asset from Miscoe Properties LLC for $2.3 million. Originally constructed in 1932 with additions in the 1950s and 1970s, the property consists of a main industrial building, a maintenance building and two separate outbuildings totaling 75,000 square feet. Formerly used for food production and storage, the asset features six loading docks, one drive-in door, 18- to 20-foot clear heights and a large office area. Greg Nesting of Portland-based Norris & Stevens represented the buyer and seller in the transaction.

February 4, 2025

Development Midwest Missouri Multifamily

ARCO Construction, HDA Complete 268-Unit Apartment Complex in St. Louis

by Kristin Harlow February 4, 2025

ST. LOUIS — ARCO Construction and architect HDA have completed The Rail, a 268-unit apartment complex in St. Louis. The four-story, 278,659-square-foot project features a three-level parking garage totaling 94,598 square feet. Outdoor amenities include a courtyard with a pool and grilling area. Inside, residents can enjoy a gathering kitchen, fitness center, game lounge, theater, coworking spaces and conference rooms. Monthly rents start at $1,410, according to the property’s website.

February 4, 2025

Loans Michigan Midwest Multifamily Seniors Housing Walker & Dunlop

Walker & Dunlop Arranges $25.9M in Financing for Seniors Housing Community in Metro Grand Rapids

by Kristin Harlow February 4, 2025

WYOMING, MICH. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a 152-unit seniors housing community in Wyoming near Grand Rapids. Built in 2019, the Class A property is part of a larger 120-acre master-planned community. Rivertown Ridge features units for independent living, assisted living and memory care. Amenities include a library, bar and entertainment space, theater, fitness center, coffee bar, lounge, activity areas and underground parking. Mary Stuart Hurst and Russell Dey of Walker & Dunlop partnered with Inner Circle Holdings to arrange the 10-year, fixed-rate Fannie Mae loan, which features three years of interest-only payments. The borrower was Redstone Group Management Inc.

February 4, 2025

Acquisitions Indiana Industrial Midwest

Colliers Brokers Sale of 263,230 SF Industrial Facility in Indianapolis

by Kristin Harlow February 4, 2025

INDIANAPOLIS — Colliers has brokered the sale of a 263,230-square-foot industrial facility in Indianapolis for an undisclosed price. The fully leased property sits on 13.5 acres within the Stout Field Industrial Park and provides immediate access to I-70. The building features 24 truck docks, clear heights ranging from 21 to 35 feet, heavy industrial zoning, four acres of excess ground for expansion or outside storage, 30,000 square feet of freezer space, rooftop solar panels and rail service with nine loading docks. Alex Cantu, Alex Davenport, Tyler Wilson and Mike Lubbers of Colliers represented the seller, The O’Donnell Group Inc. Cleveland-based The Realife Management Group was the buyer.

February 4, 2025

Development Illinois Midwest Office

Executive Construction, LJC Deliver 80,000 SF Office Headquarters Build-out in Chicago

by Kristin Harlow February 4, 2025

CHICAGO — Executive Construction Inc. and architect Lamar Johnson Collaborative (LJC) have completed an office headquarters build-out for ofi (Olam Food Ingredients) in Chicago. The 80,000-square-foot project spans the entire 10th floor of 24 E. Washington St., a recent adaptive reuse redevelopment of the upper levels of the former Marshall Field and Co. Building into creative office space. The office features 13 dedicated labs and specialized kitchens. Flexible multipurpose meeting and dining spaces are flanked by a pair of demonstration kitchens. A sensory work room and separate sensory experience room allow tastings. The new headquarters brings ofi teams from previously fragmented locations into a unified space. The team is targeting LEED Silver and WELL Gold certifications.

February 4, 2025

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