Thursday, July 17, 2025
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AcquisitionsMidwestMinnesotaMultifamily

JLL Arranges Sale of 258-Unit Cosmopolitan Apartments in St. Paul

by Kristin Harlow

ST. PAUL, MINN. — JLL has arranged the sale of The Cosmopolitan Apartments in St. Paul’s Lowertown neighborhood for an undisclosed price. The 258-unit multifamily building has an estimated market value of about $45 million, according to the Minneapolis/St. Paul Business Journal. Formerly the Finch, Van Slyck and McConville Dry Goods Co. building, The Cosmopolitan Apartments was originally a Neoclassical building from 1911 that was transformed into apartments in 1989. Since then, the eight-story building has undergone $8 million in upgrades. The property features studio, one- and two-bedroom floor plans averaging 805 square feet. Amenities include a fitness center, spin/yoga room, internet lounge, barbecue and picnic area, fire pit, media room, clubhouse, courtyard and bocce court. Josh Talberg, Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of JLL represented the seller, AEW Capital Management. Ken Dayton and Pat McMullen of JLL originated Fannie Mae acquisition financing on behalf of the buyer, Bigos Management. Will Tansey of law firm Felhaber Larson represented Bigos.

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IllinoisLeasing ActivityMidwestOffice

Inspira Financial Signs 51,000 SF Office Lease Renewal in Suburban Chicago

by Kristin Harlow

OAK BROOK, ILL. — Inspira Financial has renewed its 51,000-square-foot office lease at Commerce Plaza in the Chicago suburb of Oak Brook. Jon Springer and Gary Fazzio of CBRE represented the tenant, which is a health, wealth, retirement and benefits services provider. Located at 2001 Spring Road, Commerce Plaza is a 510,000-square-foot, Class A office campus made up of three interconnected buildings. Inspira plans on modernizing its space.

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IllinoisLeasing ActivityMidwestRetail

Aldi Opens 22,951 SF Store at Roosevelt Plaza in Lombard, Illinois

by Kristin Harlow

LOMBARD, ILL. — Aldi has opened a 22,951-square-foot store at Roosevelt Plaza, a shopping center in the Chicago suburb of Lombard. An affiliate of Next Realty LLC owns and manages the property. Aldi leased the space that was formerly home to X-Sport Fitness and joins tenants Hobby Lobby, Harbor Freight Tools, Fruitful Yield, Roadhouse 38 and Starbucks. The tenant build-out involved installing freezer and cooler spaces and removing the locker room facilities used by the previous tenant.

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Aspendale-Centennial-CO
ColoradoDevelopmentMultifamilySeniors HousingWestern

Headwaters Group Breaks Ground on 172-Unit Aspendale Centennial Active Adult Community in Colorado

by Amy Works

CENTENNIAL, COLO. — Headwaters Group has broken ground on Aspendale Centennial, an active adult community in Centennial, a southern suburb of Denver.  The property will feature 172 age-restricted units in a four-story, 203,653-square-foot building. Live Oak Bank provided construction financing, and a programmatic institutional equity partner provided equity.  “This is a meaningful project, as it will be our first ground-up development since Headwaters Group’s inception in 2022,” says Ben Burke, managing partner at Headwaters Group. The focal point of the community will be a two-story clubhouse featuring 9,757 square feet of internal community amenity space. Construction is set to begin later this month, with pre-leasing starting in October 2024. Headwaters expects to deliver the first units in August 2025. Headwaters Group has three additional development sites under control in Colorado and four in Arizona, with plans to start projects on all four over the next 24 months. In 2023, Headwaters Group acquired an age-restricted apartment community in Salt Lake City.

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Broadway-Road-Portfolio-Phoenix-AZ
AcquisitionsArizonaOfficeWestern

GIP Purchases Two-Building Office Portfolio in Phoenix for $17.4M

by Amy Works

PHOENIX — Deer Park, Ill.-based Government Investment Partners (GIP) has acquired a two-building office portfolio, located at 3925 and 3945 E. Broadway Road in Phoenix, from The Simone Charitable Foundation for $17.4 million. The State of Arizona Department of Child Safety and Imani Wellness occupy the 75,148-square-foot building at 3925 E. Broadway Road, and the City of Phoenix occupies the 61,850-square-foot building at 3945 E. Broadway Road. Totaling 136,998 square feet, the portfolio was 88 percent occupied at the time of sale. Brian Ackerman of Colliers handled the transaction.

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CaliforniaLoansMultifamilyWestern

Thorofare Capital Funds $26M Bridge Loan for Apartment Building in San Diego

by Amy Works

SAN DIEGO — Thorofare Capital has provided $26 million in lease-up bridge financing for an apartment property located in San Diego’s Point Loma neighborhood. The newly built property features 82 apartments with best-in-class finishes and amenities. Felix Gutnikov, David Perlman, Andrew Kim and Jonathan Hart of Thorofare Capital secured the loan that features a one-year initial term plus extensions. Further details on the borrower and property were not disclosed.

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1780-W-6th-Ave-Denver-CO
AcquisitionsColoradoIndustrialWestern

BKM Capital Partners Acquires West 6th Center Industrial Facility in Central Denver for $10.7M

by Amy Works

DENVER — BKM Capital Partners has purchased West 6th Center, a light industrial property at 1780 W. 6th Ave. in Denver, for $10.7 million. BKM acquired the asset through a joint venture partnership with TerraCore Capital. Built in 1995, the facility features a 69,575-square-foot unit, a 29,745-square-foot unit and a 23,463-square-foot unit. The asset offers 16- to 20-foot clear heights, a small office component, 50,000 square feet of secured yard space, two oversized grade-level loading doors, 26 dock-high doors and five mobile metal ramps to convert select dock-high doors to drive-in doors. At the time of sale, three occupants fully occupied the 122,783-square-foot small-bay industrial building. BKM plans to invest $7 million into a value-add repositioning plan to modernize the asset. Plans include upgrades to the property’s roof, parking lots, HVAC systems, paint scheme, landscaping, signage and storefronts, as well as capital for speculative tenant improvements. The buyer plans to divide the 69,575-square-foot property and convert it into four smaller units to create six total units ranging from 20,464 square feet to 40,928 square feet. Alec Rhodes, Aaron Valdez and Raymond Trevisan of Cushman & Wakefield represented the undisclosed seller, while BKM represented itself in the deal.

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3490-S-Carr-St-Lakewood-CO
AcquisitionsColoradoMultifamilyWestern

Capstone Arranges $5.4M Sale of The Ridge at 285 Multifamily Property in Lakewood, Colorado

by Amy Works

LAKEWOOD, COLO. — Capstone has brokered the sale of The Ridge at 285, a multifamily property located at 3490 S. Carr St. in Lakewood. The asset traded for $5.4 million. The names of the seller and buyer were not released. Constructed in 2020, the property features 12 townhome-style, three-bedroom/two-and-a-half bath apartments. All apartments feature stainless steel appliances, in-unit washers and dryers, and attached garages. Christian Burgdof and Sean Holamon of Capstone handled the transaction.

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Jackson-Health-Miami
DevelopmentFloridaHealthcareSoutheastTop Stories

Jackson Health System Plans $300M Renovation, Expansion at Miami Hospital Campus

by Taylor Williams

MIAMI — Regional healthcare provider Jackson Health System has announced plans for a $300 million renovation and expansion project at its Miami hospital campus. According to the project team, the facility is the busiest emergency department within Miami-Dade County, receiving an average of 120,000 visits per year. The project will expand the campus’ existing emergency department by about 130,000 square feet and add 207 new rooms, including 50 observation rooms and seven patient rooms. In addition, about 45,000 square feet of space within the existing emergency department will be renovated. The initial phase of the project will involve the demolition of two buildings to create additional space for the planned expansion, which will triple the size of the facility. The project team will also relocate and reinstall underground utilities to support the larger medical building. The goal of the changes is to triage patients faster and reduce wait times for emergency services. Global architecture firm HKS is leading the design of the project. Skanska USA has secured a $90 million contract with Jackson Health for the initial phases of construction work. The expansion component of the project is scheduled for completion in 2025, and the renovation piece is slated for a …

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IndustrialMarket ReportsMarylandSoutheastSoutheast Market Reports

Despite Industrial Market Slowdown in Baltimore, Industry Pros Remain Optimistic

by John Nelson

While there has been a discernible dip in the volume of industrial leasing activity occurring in the greater Baltimore metropolitan area this past year, optimism remains high among owners and investors of this asset class given the diminishing volume of new product under construction, the still low 7.4 percent overall vacancy rate, record high — yet stabilizing — average asking rents of $10.54 per square foot net and the fact that 10 million people are not likely to soon move away from the Baltimore-Washington, D.C. corridor, the fourth-largest combined metropolitan statistical area in the country.  Oh yes, spirits remain high following the Baltimore Orioles’ underdog ride to the top of the American East standings this summer. Never underestimate the power of a professional sports franchise to energize an entire region. The metro Baltimore industrial market consists of more than 3,600 buildings, totaling more than 266 million square feet of space that includes flex and industrial Class A, B and C buildings. Year-to-date, the market has yielded negative absorption of approximately 1 million square feet of space, including nearly 300,000 square feet this past quarter.  The bad news of GXO Logistics shuttering a 571,000-square-foot distribution center in Harford County and laying …

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