Property Type

CHICAGO — Friedman Properties has completed renovations at the Reid Murdoch Building in Chicago’s River North neighborhood. The improvements included the construction of a 5,600-square-foot amenity suite with a new lounge and fitness center. Housed on the fourth floor, the lounge features a café with complimentary coffee drinks, an audiovisual system, refrigeration and warming drawers for larger events and multiple seating configurations to accommodate individuals or small groups. Two conference rooms are available with video conferencing technology. Other features include high-speed internet and a mural by artist Kate Lewis. The fitness center includes cardio equipment with integrated video content and streaming, Peloton bikes and free weights. Tenants have access to locker rooms with showers and towel service as well as a personal trainer. A first phase of renovations completed earlier this year included a 5,388-square-foot speculative office suite on the third floor that includes a lounge and collaboration space, two conference rooms, three private offices, 29 flexible workstations and an open kitchen. The lobby was also renovated. Originally constructed in 1914, the Reid Murdoch Building long served as the office, warehouse and manufacturing facilities for Reid, Murdoch & Co., one of the country’s largest wholesale grocers. The building hosted traffic …

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IOWA CITY, IOWA — Gantry has secured a $20 million permanent loan to refinance a renovated warehouse located at 2500 Heinz Road in Iowa City. The 346,062-square-foot distribution center is fully leased to Amazon for use as a regional delivery station serving the Cedar Rapids and Iowa City metropolitan areas. The facility occupies a nearly 40-acre site zoned for industrial use with parking, trailer storage and room for expansion. Tony Kaufmann and Joe Foley of Gantry represented the borrower, a private real estate investor. A credit union provided the 10-year, fixed-rate loan, which features partial interest-only payments and no prepayment penalties.

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OTSEGO, MINN. — Kraus-Anderson has broken ground on a new $18.4 million fire and emergency service station for the City of Otsego, a northeast suburb of the Twin Cities. Operations at the two-story, 35,000-square-foot facility are set to begin on Jan. 1, 2027. Wold Architects and Engineers designed the project. The south side of the facility is designed for emergency response operations and will house six large apparatus bays for fire engines, a dedicated gear contamination area, storm shelter, hose/training tower and training mezzanine to support ongoing firefighter development. The north side of the building is dedicated to firefighter and staff well-being with bunk rooms, quiet rooms, laundry and gear storage, a full kitchen and dayroom, separate kitchenette, fitness center, conference rooms, offices and remote workspaces. Site development will include new utility infrastructure, drive lanes, public and staff parking areas, snow melt aprons, sidewalks, stormwater management ponds, a screened trash enclosure and landscaping.

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LISLE, ILL. — Greenstone Partners has brokered the $5.4 million sale of 2375 Cabot Drive, a 37,000-square-foot life sciences building in the Chicago suburb of Lisle. The headquarters property is fully leased to the Water Quality Association (WQA), a nonprofit trade organization that serves the residential, commercial and industrial water treatment industry. WQA signed a 12.5-year lease in 2020 that features annual rent escalations between 3 and 4.5 percent. Both the tenant and the landlord collectively invested more than $5 million into the property. Jason St. John of Greenstone represented the seller, a Chicago-based developer and owner, and procured the buyer, an out-of-state private investor.

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ST. LOUIS — Northmarq has arranged the sale and financing of the ChenMed primary care medical office building in St. Louis. Northmarq’s Isaiah Harf and David Annett represented both the seller, Atwater Group, and the buyer, Maple Street Management, in the $4.4 million deal. Jada Purchase of Northmarq arranged $2.8 million in permanent fixed-rate financing on behalf of the buyer through a credit union. The 10-year loan features a 30-year amortization schedule. The ChenMed facility was built in 1992 and features a 15,735-square-foot, single-tenant building on 1.3 acres. ChenMed is a primary care medical provider for seniors.   

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COLLEGE PARK, MD. — Harrison Street and LV Collective have formed a joint venture to develop Rambler College Park, a 1,003-bed student housing project located less than a quarter-mile from the University of Maryland campus in College Park. Completion of the 288-unit, 340,000-square-foot development is slated for fall 2027. Rambler College Park is designed to provide 13,715 square feet of retail space, including businesses that were previously tenants of Campus Village Shoppes, a shuttered shopping center on the project site. In addition, LV Collective worked with the Lakeland Civic Association and the Lakeland Community Heritage Project to plan a community center within the development. Plans call for a library and archive to preserve and share the history of the Lakeland community, as well as a flex space to be used for presentations, art galleries and gatherings. Amenities at the project will include Daydreamer, a coffee shop owned by LV Collective, as well as a second-floor coworking mezzanine, outdoor terrace, hot tub, fitness center, yoga studio and cold plunge. “This development reflects our commitment to creating environments that go beyond housing — places where students, residents and the community alike can thrive, connect and grow,” says Jonathan Reyes, president of student …

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— By Charles Van Geel of Cushman & Wakefield — Despite broader economic headwinds, Southern Nevada’s commercial real estate market continues to showcase remarkable resilience – especially in the office sector. The demand for high-quality office space remains strong in the Southwest and Summerlin submarkets, underpinned by a flight to quality and shifting corporate priorities toward top-tier environments. The bulk of today’s office activity is concentrated along the critical Interstate 215 corridor, stretching from Green Valley to Summerlin parkways. This corridor has become the heartbeat of the region’s office market. However, within this high-demand stretch, the availability of true Class A product (particularly in the Southwest submarket) is diminishing. Small blocks of space are becoming increasingly rare, while sublease opportunities along this corridor are practically nonexistent. Adding pressure to this is the fact that new construction is largely stalled. Speculative development is not economically feasible with the current market dynamics. Lenders are unwilling to fund projects unless developers can demonstrate significant preleasing commitments, often north of 50 percent. This has been a challenge, as preleasing activity in the broader market remains minimal.  Still, the area has received a few recent high-profile deliveries. These include Downtown Summerlin’s 1700 Pavilion, Phase II of …

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NEW BRAUNFELS, TEXAS — Oldham Goodwin Group, a Texas-based development, management and brokerage firm, has broken ground on a 150-room hotel in the northeastern San Antonio suburb of New Braunfels. Designed by Niles Bolton Associates, the eight-story, 150,000-square-foot building will be operated under the Springhill Suites by Marriott brand. The site is located along the Guadalupe River, and the hotel will connect to the adjacent 125-room Courtyard by Marriott hotel. Amenities will include a pool, fitness center, business center, meeting rooms, boat docks and an onsite restaurant and bar. Completion is slated for late 2026.

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ADDISON, TEXAS — Locally based investment firm Encore Enterprises has purchased a 61,356-square-foot medical office building located in the northern Dallas metro of Addison. The sales price was $7 million. The two-story building at 16980 N. Dallas Parkway was constructed on 3.1 acres in 1985 and was 58 percent leased at the time of sale to five tenants. Cadence Bank financed the acquisition of the property. The seller was not disclosed.

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WEST MELBOURNE AND JACKSONVILLE, FLA. — JLL has arranged $114 million in bridge loans on behalf of BTR developer EDEN Living to refinance existing construction debt on two Florida properties. The package includes a $70 million loan for the 373-unit EDEN at Heritage Lakes in West Melbourne and a $44 million loan for the 265-unit EDEN at Kendall West in Jacksonville. The direct lender of the construction takeout loans was not disclosed. Both properties were developed in 2024. Max La Cava, Melissa Quinn, Rob Rothaug and Jade Starkey of JLL arranged the financing on behalf of the borrower.

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