CINCINNATI — Impact Beverage has unveiled plans to add 10,000 square feet to its production facility in Cincinnati. The expansion includes substantial investment in new machinery and equipment, creating 65 new jobs and adding $4.6 million in annual payroll to its existing workforce of 60 employees. Impact Beverage handles each step of the beverage manufacturing process in its facilities, creating a variety of ready-to-drink cocktails and nonalcoholic beverages with carbonated or still packaging options. The capital investment will support the installation of a new pasteurization line, enhancements to canning capabilities, increased automation and further development of innovative packaging solutions. The City of Cincinnati is working closely with Impact Beverage on a local incentive package. In addition, the State of Ohio approved a Job Creation Tax Credit. JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.
ELGIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 15,233-square-foot retail center in Elgin for $2.7 million. The property was fully occupied at the time of sale by tenants such as Jimmy John’s, H&R Block, Oberweis and Accelerated Physical Therapy. Dan Waszak and Brett Berlin of Quantum represented the seller, a private investment group based in Texas. The buyer was a private group based in Chicago.
NASHVILLE, TENN. — Healthcare real estate investment is at a pivotal point of this current cycle. On one hand, the investment sales market is expected to rebound heartily following a few subdued quarters. According to data from Maryland-based research firm Revista, investment sales volume for medical office buildings (MOBs) was $2.1 billion in third-quarter 2024, in line with the first two quarters of the year but down from more robust quarters in 2021 and 2022. On the other hand, funding this expected uptick in acquisitions will be more layered than ever before, even with the recent cuts to the federal funds rate by the Federal Reserve. Ben Appel, executive managing director of Newmark’s healthcare capital markets team, said that the competition level is increasing as deals come to market, but what’s more notable is the capital stack behind those bids. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “Today those bids have two to three different sleeves of capital behind them,” said Appel, who is based out of Newmark’s Philadelphia office. “We are seeing some of …
MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million. Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district. Originally developed in 1984, The Hamilton features one-, two-, three-, four- and five-bedroom units averaging 1,373 square feet in size. Each apartment also features a terrace — the terraces average 326 square feet, with some larger than 2,300 square feet. Aimco purchased The Hamilton in 2020 and executed a complete renovation of the property, which was completed in 2022. Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins and Luke Duffack of Walker & Dunlop arranged the transaction on behalf of Aimco. Additionally, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno and Christopher de Raet of Walker & Dunlop arranged a $157 million acquisition financing package on behalf of Kushner Cos. Apollo Global Management and Macquarie Group provided the financing. According to a press release issued by Walker & Dunlop, The Hamilton marks one of only two institutional-quality, direct …
FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has completed The Trailhead at Chisholm Trail Ranch, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units are spread across seven buildings and come in studio, one-, two- and three-bedroom formats. Amenities include a pool, dog park and a pickleball court. HEDK Architects designed the project, and Cerris Builders served as the general contractor. Construction began in summer 2022 and topped out in winter 2023. Rents start at roughly $1,200 per month for a studio apartment.
AUSTIN, TEXAS — JLL has arranged a construction loan of an undisclosed amount for Far West Apartments, a 321-unit multifamily project in Austin. The site is located within the Northwest Hills submarket, and the development will offer one-, two- and three-bedroom units with an average size of 800 square feet. Amenities will include a pool, fitness center, clubhouse, pet spa and a conference room. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower, Central Southwest Texas Development. Completion is slated for spring 2027.
FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of McMillan Center, a three-building, 137,083-square-foot industrial complex in North Fort Worth. The property formerly served as a Coors distribution center and comprises a 115,078-square-foot main building, 12,544-square-foot office building and a 9,362-square-foot maintenance facility. Shane Benner of Bradford represented the buyer, Ron Sturgeon Real Estate, which will relocate from Haltom City and occupy the property, in the off-market deal. Todd Hawpe of Transwestern represented the seller.
SAN MARCOS, TEXAS — Colliers has negotiated a 31,760-square-foot industrial lease in San Marcos, located roughly midway between Austin and San Antonio. The tenant, Ohio-based supplier OTC Industrial Technologies, is taking space at Clovis Crossing, a newly constructed development that comprises two buildings totaling 213,125 square feet. Shane Woloshan, Nolan Babb, Travis Hicks, Chase Clancy and Michael Modesett of Colliers represented the tenant in the lease negotiations. Carter Thurmond, Nash Frisbie and Bailey Sousa of Transwestern represented the landlord, New Jersey-based Denholtz Properties.
PLANO, TEXAS — The Chicago School of Psychology has signed an 18,566-square-foot office lease in Plano. The space is located within the five-story building at 6275 W. Plano Parkway that offers amenities such as a fitness center, conference facilities and onsite café. Trevor Franke and Gini Rounsaville of JLL represented the landlord, Billingsley Co., in the lease negotiations. Dean Collins of Cushman & Wakefield represented the tenant.
SAN DIEGO — Impact Housing and Verbena Road Holdings have received $112.2 million in financing for Mission Gorge, a modular affordable housing development in San Diego. Charles Halladay, Joseph Choi and Will Bond of JLL Capital Market’s Debt Advisory team secured an $85.2 million, three-year, floating-rate senior construction loan through ACORE CAPITAL, as well as $27 million in preferred equity from Ascendant Capital Partners for the borrower. Located at 6171 Mission Gorge Road, Mission Gorge will feature 483 studio and one-bedroom units for residents earning at or below 80 percent of the area median income. The apartments will offer quartz countertops, appliances, wall dividers with built-in storage and recessed lighting with dimmer switches. Community amenities will include laundry facilities, lounge space, a 4,150-square-foot roof deck, a fully equipped fitness center, coworking space and ground-floor retail space.