Property Type

Marcus & Millichap Brokers $10.1M Sale of Retail Center in West Palm Beach

by John Nelson December 12, 2024

WEST PALM BEACH, FLA. — Marcus & Millichap has brokered the $10.1 million sale of the nearly 50,000-square-foot Cross County Plaza retail center in West Palm Beach. Located at 1922-1948 N. Military Trail, Cross County Plaza is fully occupied and anchored by national retailers including dd’s Discounts and K&G Fashion Superstore. The property is an outparcel to the larger Cross County Plaza shopping mall, which is situated near I-95 and Florida’s Turnpike. Tenants at the larger center include Presidente Supermarket, Ross Dress for Less, YouFit Gyms and Ollie’s Bargain Outlet. Douglas Mandel, Zach Levine and Josh Gilbert of Marcus & Millichap’s Fort Lauderdale office represented the seller in the transaction. Pliskin Realty was the buyer.

December 12, 2024

25-W.-Wheelock-St.-Hanover-New-Hampshire

Development Multifamily New Hampshire Northeast Student Housing

Dartmouth College Underway on 285-Bed Student Housing Project in Hanover, New Hampshire

by Taylor Williams December 12, 2024

HANOVER, N.H. — Dartmouth College is underway on construction of a 285-bed student housing project at its campus in Hanover, located in the central part of the Granite State. The project is being developed solely by the school and will be located at 25 W. Wheelock St. The five-story structure will feature two-, three- and four-bedroom apartments with full kitchens, living rooms and storage spaces. Other project partners include architecture firm Cube 3 and design-build firm PROCON. Construction began in October and is expected to be complete in advance of the fall 2026 semester.

December 12, 2024

Industrial Leasing Activity Midwest Missouri

OpenStore Selects Kansas City Market for First Fulfillment Center

by Kristin Harlow December 12, 2024

KANSAS CITY, MO. — OpenStore has selected the Kansas City market for its first-ever fulfillment center. The 113,000-square-foot facility is expected to create 46 new jobs and bring $2 million in new annual payroll to the region in the next five years. OpenStore is the largest operator of businesses on Shopify, distributing goods across a range of beauty, home goods, apparel and electronics. The Kansas City distribution center, located at Executive Park Logistics Center, represents a $5 million capital investment and positions OpenStore to provide faster and more efficient service to its growing portfolio of 40 e-commerce brands. The Miami-based e-commerce company says it selected Kansas City due to its central U.S. access point and its robust labor pool with distribution industry experience. The Kansas City region offers access to 90 percent of the contiguous U.S. in two days or less by truck. The Kansas City Area Development Council promotes the region’s business and lifestyle assets to companies and talent around the world.

December 12, 2024

Development Illinois Midwest Office

Skender Completes Interior Construction of New Headquarters for SCB in Chicago

by Kristin Harlow December 12, 2024

CHICAGO — Skender has completed interior construction of the new 35,000-square-foot headquarters for architectural firm SCB in Chicago. The company relocated from 625 North Michigan to the historic AMA Plaza building, which was designed by famed architect Ludwig Mies van der Rohe. SCB designed its new space on the 25th floor that features a mix of open office, conference rooms, collaboration spaces, a café, library and private executive offices. The build-out also features a shop that enables the firm to create design models for client presentations. A custom 3D model wall in the lobby highlights SCB’s impact on the city’s skyline. The project team also included Syska Hennessy Group as the engineer and JLL as owner’s representative.

December 12, 2024

Development Healthcare Midwest Office Wisconsin

Irgens Underway on Conversion of Office Property into Healthcare Space in Waukesha, Wisconsin

by Kristin Harlow December 12, 2024

WAUKESHA, WIS. — Irgens is underway on the conversion of an office property to healthcare space in the Milwaukee suburb of Waukesha. The 58,223-square-foot building is part of Stone Ridge Business Park. Irgens recapitalized the project, and construction is set to begin later this month. Renovations will include HVAC upgrades, lobby and common area updates, a new fitness and conference center, and new external signage. EUA is the architect, Catalyst Construction is the general contractor and Summit Credit Union is providing financing. The project, named Stone Ridge Medical Commons, is slated to open in spring 2025. Visage Facial Plastic Surgery and Retina & Vitreous Consultants of Wisconsin have both signed leases at the property and will open offices next year. Ben Anderson of Colliers represented Visage. Markel, the building’s original anchor tenant, is relocating to Research One in the Milwaukee County Research Park.

December 12, 2024

Loans Michigan Midwest Multifamily

Bernard Financial Group Arranges $22M Loan for Refinancing of Michigan Apartment Property

by Kristin Harlow December 12, 2024

NEW BALTIMORE, MICH. — Bernard Financial Group (BFG) has arranged a $22 million loan for the refinancing of Aspen Creek Apartments in New Baltimore, a city in eastern Michigan. The apartment property features 776 units. Joshua Bernard of BFG arranged the loan through Securian Life Insurance Co. on behalf of the borrower, Aspen Creek Apartments LP.

December 12, 2024

Affordable Housing Development Indiana Midwest Multifamily

Sullivan Development Breaks Ground on 34-Unit Willow Creek Villas in Winamac, Indiana

by Kristin Harlow December 12, 2024

WINAMAC, IND. — Sullivan Development LLC has broken ground on Willow Creek Villas, a 34-unit affordable housing community in Winamac, a city in northwest Indiana. The development site is within walking distance of a shopping plaza and the largest grocery store in the county, Sanders Foods. Completion is slated for late 2025, and the $9.9 million project will include five buildings. The Indiana Housing and Community Development Authority awarded tax credits through the 2024 Rental Housing Tax Credit General Set-Aside. The project is made possible through collaboration with local partners, including Winamac Town Manager Brad Zellers, Nathan Origer of the Pulaski County Community Development Commission, Charles Mellon Jr. of the Pulaski County Board of Commissioners, and service partners Community Foundation of Pulaski County and PEAK Community Services.

December 12, 2024

California Development Multifamily Restaurant Retail Western

ValueRock Realty Opens 21-Acre The Commons Mixed-Use Project in Aliso Viejo, California

by Amy Works December 12, 2024

ALISO VIEJO, CALIF. — ValueRock Realty has completed The Commons, a repurposed 21-acre mixed-use project in Aliso Viejo, with the grand opening scheduled for Dec. 14. The Commons was redeveloped by transforming a nearly 200,000-square-foot vacant Lowe’s into a multi-tenant community center. The project features a 200,000-square-foot retail component with restaurants and retailers, including Tesla, 99 Ranch Matket, Daiso and Philz Coffee, all of which are slated to open by the end of the year. Additional tenants, including Bowlero (a Lucky Strike concept), will open in 2025. The Commons will also include a proposed 343-unit residential project. ValueRock purchased the first parcel in 2015 for $62 million and began conceptualizing the reimagined project in 2017 as big box stores began to close across the country. In 2019, ValueRock negotiated a lease termination with Lowe’s that allowed for the site’s redevelopment. Construction of the project began in 2023 and finalized in late 2024. ValueRock entirely self-funded the approximate $53 million redevelopment, which has a current estimated value of more than $115 million.

December 12, 2024

Acquisitions Multifamily Washington Western

CEP Multifamily Sells 126-Unit Cedardale Multifamily Community in Federal Way, Washington

by Amy Works December 12, 2024

FEDERAL WAY, WASH. — CEP Multifamily has completed the disposition of Cedardale, an apartment property in Federal Way. Pathfinder Partners acquired the asset for $31.1 million, or $247,024 per unit. Giovanni Napoli, Philip Assouad, Ryan Harmon, Nick Ruggerio and Anthony Palladino of Institutional Property Advisors, a division of Marcus & Millichap, represented the seller and procured the buyer in the transaction. Constructed in 1981, Cedardale offers 126 one- and two-bedroom apartments, averaging 746 square feet, with wood-burning fireplaces, washers, dryers and private decks or patios. Situated on seven acres, the property offers a recently renovated clubhouse, a covered picnic area, playground, sport court, dog park and car vacuum station.

December 12, 2024

Colorado Development Multifamily Western

BMC Investments, Rockpoint Commence Construction on Oasis Apartments in Denver

by Amy Works December 12, 2024

DENVER — BMC Investments and Rockpoint have broken ground on The Oasis Apartments at Cherry Creek North at 299 Milwaukee St. in Denver. BMC and Rockpoint formed a partnership in April 2022 to purchase and develop the site. The project will feature 177 residential units, 28,000 square feet of ground-floor retail space and a 6,000-square-foot public park with fountains at the corner of Third Avenue and Milwaukee Street. Community amenities will include a rooftop pool, fitness center, coworking space and resident lounge. Site work is underway with vertical construction expected to start in February 2025. Completion is slated for early 2027. Shears Adkins Rockmore is serving as architect and The Beck Group is serving as general contractor. Sam Zaitz of JLL and Julie McBrearty of SullivanHayes are handling leasing for the project’s retail space.

December 12, 2024

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