WAUKEGAN, ILL. — Marcus & Millichap has negotiated the $2.7 million sale of a two-tenant retail property in the Chicago suburb of Waukegan. The 7,100-square-foot asset is home to Tropical Smoothie Café and Ivy Hall dispensary. The property at 992 S. Waukegan Road serves as an outlot to a casino and hotel that are currently under construction and slated to open in 2025. Both tenants’ leases feature 10 percent rental increases every five years. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not released.
BEVERLY HILLS, CALIF. — Alagem Capital Group and Cain International have broken ground on One Beverly Hills, a $2 billion mixed-use project in the Los Angeles suburb of Beverly Hills, according to Foster + Partners, the project’s master architecture and planning firm. One Beverly Hills will be a 17.5-acre “urban resort” that will feature two new condominium towers, an eight-acre botanical garden and a 10-story tower comprising 42 luxury hotel rooms, 37 shared-ownership condos and a fine dining restaurant. One Beverly Hills also includes the revitalization of the adjacent Beverly Hilton and Waldorf Astoria Beverly Hills, two luxury hotels that Alagem Capital and Cain purchased in 2018. In June 2021, the Beverly Hills City Council approved a historic development agreement in which the developers would pay the City of Beverly Hills a $100 million public benefit fee in lieu of including an affordable housing component in the project. Alagem Capital and Cain will pay the fee over the course of eight years, according to the Beverly Hills Courier. Specific plans for One Beverly Hills were unveiled shortly thereafter, at which time the development team said it was targeting a 2026 delivery. One Beverly Hills’ hotel-condo tower will include a private …
ST. PETERSBURG, FLA. — PTM Partners has purchased land in the Tampa suburb of St. Petersburg, with plans to develop a 500,000-square-foot mixed-use project at the site. PTM acquired a parcel on Central Avenue for the development, which will comprise a portion of Phase II of the EDGE Collective. Tricera Capital and Eastman Equity sold the land for $14.8 million. Phase I of EDGE includes a nearly completed 163-room Moxy by Marriott Hotel, as well as the redeveloped 1246 Central Avenue building with 16,000 and 8,000 square feet of food-and-beverage and office space, respectively. Plans for Phase II are still being determined, according to PTM Partners.
BIRMINGHAM, ALA. — First Citizens Bank has provided a $37 million loan for the refinancing of Grandview Physicians Plaza I, a medical office building (MOB) in Birmingham. Rethink Healthcare Real Estate was the borrower. Tenants at the property, which totals 200,000 square feet on the Grandview Medical Center campus, include practices specializing in endoscopy, imaging, orthopedics, women’s health services, internal medicine and physical therapy.
TAMPA, FLA. — Berkadia has arranged $32.2 million in financing for the acquisition of 246 units at Palmera Pointe Apartments, a 361-unit rental condominium community located at 7417 Palmera Pointe Circle in Tampa. Axonic Properties was the borrower and previously acquired 36 units at the property. Mitch Sinberg, Brad Williamson, Matthew Robbins and Scott Wadler of Berkadia’s South Florida office secured the loan on behalf of the borrower. The five-year, non-recourse loan features $25 million of initial funding with an additional $7.2 million of funding for Axonic to execute its business plan.
WINTER PARK, FLA. — SRS Real Estate Partners has brokered the $7.7 million sale of a 29,987-square-foot single-tenant retail property located in Winter Park, a suburb of Orlando. Crunch Fitness occupies the property, which is located on 3.7 acres at 14150 W. Colonial Drive, on a 15-year triple-net lease. Patrick Nutt and William Wamble of SRS represented the seller, a Florida-based investment and development group, in the transaction. The buyer was a Florida-based private investor.
BALTIMORE — Window Nation has signed a 50,698-square-foot lease at 8110 Maple Lawn Blvd., a 104,412-square-foot office building situated within the Maple Lawn mixed-use community in Baltimore. Maple Lawn, which is being developed by Greenebaum Enterprises and St. John Properties, comprises 1,300 residences and 150,000 square feet of retail space, in addition to more than 1 million square feet of office space. Bill Jautze of St. John Properties represented the landlord in the lease negotiations on an internal basis, and Rick Williamson of St. John Properties represented the tenant.
ROCKVILLE, MD. — Choice Hotels International, a Maryland-based operator, will open five hotels under its EverHome Suites brand in Texas throughout the course of 2025. Denver-based HighSide Cos. is developing all of the hotels, which will be located in Amarillo, Bastrop, Brownsville, El Paso and Waco. Choice Hotels will retain full ownership of the Bastrop property. Construction is underway on all five hotels, each of which will have between 114 and 122 apartment-style rooms that will feature fully equipped kitchens, spa-style bathrooms and both open and closed storage spaces.
MCALLEN, TEXAS — A partnership between San Antonio-based Bakke Development Corp. and Atlanta-based Batson-Cook Development Co. (BCDC) has broken ground on an 762-unit self-storage facility in the Rio Grande Valley city of McAllen. The site on South McColl Road spans roughly two acres, and the building will rise three stories and house 85,825 net rentable square feet of climate-controlled space. Project partners include Alamo Architects, civil engineer Halff, general contractor Independent Contractors and construction lender Security State Bank. Completion is slated for the first quarter of 2025. The project marks the fourth self-storage collaboration between the two firms, with the most recent project, an 802-unit facility also in McAllen, beginning in early 2023.
KILLEEN, TEXAS — Cleveland-based developer The NRP Group has completed Station42, a 368-unit mixed-income residential project located in the Central Texas city of Killeen. Units come in one-, two- and three-bedroom floor plans, and more than half of the residences are reserved for households earning 80 percent or less of the area median income. The amenity package comprises a pool, fitness center, clubroom, gaming area, communal kitchen, coworking lounge, dog park, outdoor dining and entertainment areas and package handling services. Project partners include The City of Killeen Public Facility Corp., J.P. Morgan and Texas Capital Bank.