Property Type

JLL Arranges $41.6M in Financing for 314,819 SF Shopping Center in Wheaton, Illinois

by Kristin Harlow January 29, 2025

WHEATON, ILL. — JLL Capital Markets has arranged $41.6 million in financing for Danada Square West, a 314,819-square-foot shopping center in the Chicago suburb of Wheaton. Constructed in 1988, the grocery-anchored property was 92.7 percent leased at the time of the loan closing. The anchor tenant, Jewel-Osco, has occupied space at the property for over 37 years. Additional retailers include TJ Maxx, HomeGoods, Burlington, The Paper Store, Ulta and Five Below. Scott Aiese, Christopher Knight and Alex Staikos of JLL arranged the five-year, fixed-rate loan on behalf of the borrower, DLC.

January 29, 2025

Loans Midwest Minnesota Multifamily

PACE Loan Group Provides $15.8M C-PACE Loan for Office-to-Multifamily Conversion Project in St. Paul

by Kristin Harlow January 29, 2025

ST. PAUL, MINN. — PACE Loan Group has provided a $15.8 million C-PACE loan for the conversion of the former Ecolab office building in downtown St. Paul into multifamily units. Developers Kaeding Development, Ron Clark and Inland Real Estate began construction in July. The 197,692-square-foot property will be transformed into 174 apartment units and will be named Stella. The C-PACE assessment is part of a total $68 million capital stack, which also includes federal and state historic tax credits of $18 million. Inland Real Estate Group of Cos. purchased the project site for $17.9 million in 2022. The PACE proceeds will be used to finance qualifying energy conservation measures, including building envelope, windows, HVAC, plumbing, lighting systems, mechanical and domestic hot water pumps. The renewable and energy conservation measures are expected to save $1.2 million annually in the payback period of 13.6 years. Matthew McCormack of PLG originated the loan. When complete, the project will include 2,339 square feet of retail space, a coffee lounge, mailroom and leasing office on the main floor. The lower levels will include tenant storage, bike storage and a pet run. The second floor will feature a fitness area, three “Zoom room” coworking rooms, a …

January 29, 2025

Acquisitions Illinois Midwest Retail

Marcus & Millichap Brokers $7M Sale of Retail Center in Naperville, Illinois

by Kristin Harlow January 29, 2025

NAPERVILLE, ILL. — Marcus & Millichap has brokered the nearly $7 million sale of a 59,935-square-foot retail center in the Chicago suburb of Naperville. Built in 1988, the property is anchored by Dollar Tree and Anytime Fitness. Some of the tenants have operated at the center since its construction. Sean Sharko, Austin Weisenbeck and Adrian Mendoza of Marcus & Millichap represented the seller, 1550 State RTE 59 LLC, and procured the buyer, an out-of-state professional ownership group that was expanding its Illinois portfolio. Dean Giannakopoulos of Marcus & Millichap Capital Corp. arranged $5.1 million in acquisition financing through a regional bank.

January 29, 2025

Industrial Leasing Activity Midwest Minnesota

HM Cragg Signs 92,224 SF Industrial Lease at Nexus at Opus Park in Suburban Minneapolis

by Kristin Harlow January 29, 2025

EDEN PRAIRIE, MINN. — HM Cragg, a provider of backup power solutions, has signed a 92,224-square-foot industrial lease at Nexus at Opus Park in the Minneapolis suburb of Eden Prairie. Endeavor Development is the owner and developer for the two-building, 174,230-square-foot project. HM Cragg is relocating from 7490 Bush Lake Road in Edina and will open its new facility in early 2026. James DePietro and Matt Oelschlager of CBRE represented Endeavor, while Jay O’Brien of Great Places Co. represented the tenant. Nexus at Opus Park is a redevelopment of the former American Family Insurance office campus. Demolition of the 14.4-acre site is scheduled to begin in March, with both buildings slated for delivery in the fourth quarter. Opus Park is a larger mixed-use development.

January 29, 2025

Hospitality Loans New York Northeast

CooperWynn Capital Arranges $19.5M Loan for Refinancing of Upstate New York Hotel

by Taylor Williams January 29, 2025

WINDHAM, N.Y. — CooperWynn Capital, a Utah-based firm that provides capital advisory services for the hospitality industry, has arranged a $19.5 million loan for the refinancing of Wylder Windham Resort, a 110-room hotel located about 50 miles southwest of Albany. Built in the 1880s and most recently renovated in 2022, the hotel offers various lodge-style accommodations and amenities such as a heated outdoor pool, fitness center, pickleball courts, onsite food-and-beverage options and both indoor and outdoor meeting/event spaces. CooperWynn Capital arranged the nonrecourse, floating-rate loan through Formida Capital on behalf of the owner, Wilder Hotels.

January 29, 2025

Acquisitions Connecticut Multifamily Northeast

IPA Negotiates Sale of 175-Unit Apartment Complex in New Haven, Connecticut

by Taylor Williams January 29, 2025

NEW HAVEN, CONN. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Orange Gardens, a 175-unit apartment complex in New Haven. The property comprises 13 buildings that were constructed on a 6.2-acre site between 1963 and 1969. According to Apartments.com, units come in studio, one- and two-bedroom formats. Wes Klockner, Eric Pentore, Victor Nolletti and Ross Friedel of IPA represented the undisclosed seller in the transaction and procured the buyer. Both parties were limited liability companies that requested anonymity.

January 29, 2025

Acquisitions New Jersey Northeast Retail

Marcus & Millichap Brokers $17M Sale of Northern New Jersey Shopping Center

by Taylor Williams January 29, 2025

PARK RIDGE, N.J. — Marcus & Millichap has brokered the $17 million sale of Ridgemont Shopping Center, a 71,650-square-foot shopping center in Park Ridge, located near the New Jersey-New York border. German discount grocer Lidl anchors the center, which is also home to tenants such as Staples, Chase Bank and Starbucks. Alan Cafiero, David Cafiero and John Moroz of Marcus & Millichap, along with Bill Farkas of Jeffery Realty, represented the seller and procured the buyer in the transaction. Both parties requested anonymity.

January 29, 2025

Industrial Leasing Activity New York Northeast

Premier Care Industries Signs 56,500 SF Industrial Lease in Hauppauge, New York

by Taylor Williams January 29, 2025

HAUPPAUGE, N.Y. — Premier Care Industries has signed a 56,500-square-foot industrial lease in the Long Island community of Hauppauge. The provider of wet wipes will use the space at 100 Marcus Blvd., which according to LoopNet Inc. was constructed in 1971 and totals 151,847 square feet, as its new logistics warehouse. JLL represented Premier Care Industries and the landlord, BEB Capital, in the lease negotiations.

January 29, 2025

Development Retail Southeast Tennessee Top Stories

Simon Plans to Develop 325,000 SF Premium Outlets in Metro Nashville

by Kristin Harlow January 29, 2025

THOMPSON’S STATION, TENN. — Mall owner Simon Property Group (NYSE: SPG) has entered into an agreement to purchase a development site in metro Nashville with plans to build a luxury shopping and lifestyle destination known as Nashville Premium Outlets. The 325,000-square-foot project will be situated at the intersection of I-65 and I-840 in the southern suburb of Thompson’s Station. “This project represents a significant investment in our town and has the potential to enhance local amenities, create jobs and strengthen our economy,” says Thompson’s Station Mayor Brian Stover. Simon is collaborating with Nashville-based Adventurous Journeys Capital Partners (AJ Capital), a company known for its work in hospitality and real estate development. Construction is expected to begin in 2026, but a timeline for completion was not provided. Preliminary plans call for 75 retailers, restaurants and a hotel, with the potential to add residential options and big box retailers. “We are excited to bring another premier shopping and lifestyle destination to Nashville, one of our country’s most dynamic and fastest growing markets,” says Gary Duncan, Simon’s president of Premium Outlets and The Mills brands. Nashville Premium Outlets will join Simon’s existing properties in the metro area, including Opry Mills and The Mall …

January 29, 2025

Acquisitions District of Columbia Mixed-Use Multifamily Restaurant Retail Southeast Virginia

Jamestown Unloads Stake in Georgetown Renaissance Portfolio in DC to Acadia Realty Trust

by John Nelson January 28, 2025

WASHINGTON, D.C. AND ALEXANDRIA, VA. — Atlanta-based Jamestown has sold its stake in The Georgetown Renaissance Portfolio, a collection of 22 boutique retail and residential buildings in Washington, D.C.’s Georgetown neighborhood and a lone property in nearby Alexandria, Va. New York-based Acadia Realty Trust, already a minor owner of the portfolio, purchased Jamestown’s stake for an undisclosed price. Eastdil Secured represented Jamestown in the transaction. Jamestown originally acquired its interest in The Georgetown Renaissance Portfolio in 2011. The firm had previously sold off a portion of its interest to EastBanc, which used acquisition funds from Acadia Realty Trust, back in 2016. The portfolio is now home to several retail and design brands such as B&B Italia, Poliform, Molteni, Lululemon, Patagonia and Design Within Reach.

January 28, 2025

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