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DevelopmentIllinoisMidwestRetail

J.C. Anderson Completes Interior Buildout of Color Factory Art Museum in Chicago’s Willis Tower

by Kristin Harlow

CHICAGO — J.C. Anderson has completed the interior buildout of Color Factory, an interactive art museum. The venue is now open to the public and is situated within Chicago’s Willis Tower. The 24,000-square-foot space represents Color Factory’s largest venue and flagship location. Color Factory also operates locations in Houston and New York City. The Willis Tower location showcases interactive installations and curated exhibits inspired by the city of Chicago. J.C. Anderson built 10 galleries that incorporate 117 different paint colors. The project team included Shorecrest Project Management, Partners by Design and ESD.

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DevelopmentIllinoisMidwestRetail

J.C. Anderson Completes Interior Buildout of Color Factory Art Museum in Chicago’s Willis Tower

by Kristin Harlow

CHICAGO — J.C. Anderson has completed the interior buildout of Color Factory, an immersive art museum. The venue is now open to the public and is situated within Chicago’s Willis Tower. The 24,000-square-foot space represents Color Factory’s largest venue and flagship location. Color Factory also operates locations in Houston and New York City. The Willis Tower location showcases interactive installations and curated exhibits inspired by the city of Chicago. J.C. Anderson built 10 galleries that incorporate 117 different paint colors. The project team included Shorecrest Project Management, Partners by Design and ESD.

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AcquisitionsMidwestOhioRetail

Quantum Brokers $5.2M Sale of Retail Property in Cincinnati

by Kristin Harlow

CINCINNATI — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,490-square-foot retail property in Cincinnati for $5.2 million. The property was originally leased to Walgreens, which closed four years ago. Walgreens sub-let the building to Dollar General, which maintains about seven years on its lease. Daniel Waszak of Quantum represented the seller, a New York City-based private investor. A Texas-based real estate investment fund was the buyer.

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AcquisitionsMidwestOhioRetail

Quantum Brokers $5.2M Sale of Retail Property in Cincinnati

by Kristin Harlow

CINCINNATI — Quantum Real Estate Advisors Inc. has brokered the sale of a 14,490-square-foot retail property in Cincinnati for $5.2 million. The property was originally leased to Walgreens, which closed four years ago. Walgreens sub-let the building to Dollar General, which maintains about seven years on its lease. Daniel Waszak of Quantum represented the seller, a New York City-based private investor. A Texas-based real estate investment fund was the buyer.

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AcquisitionsLee & AssociatesRetailTexas

Lee & Associates Arranges Sale of 80,000 SF Retail Property in West Houston

by Taylor Williams

HOUSTON — Lee & Associates has arranged the sale of an 80,000-square-foot retail property in West Houston that houses a car dealership. The 7.7-acre site at 6737 Southwest Freeway was originally built in 1965, according to LoopNet Inc. Nathan Denton, Justin Tunnel and Chase Cribbs of Lee & Associates represented the buyer, HGreg Investment of California, in the transaction. The seller and sales price were not disclosed, although LoopNet identified a listing price of roughly $19 million.

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AcquisitionsFloridaMixed-UseOfficeRetailSoutheast

Rockpoint, Ivanhoe Cambridge Sell Mary Brickell Village Mixed-Use Property in Miami for $216M

by John Nelson

MIAMI — Boston-based Rockpoint and Montreal-based Ivanhoe Cambridge have sold Mary Brickell Village, a Publix-anchored mixed-use property in Miami’s Brickell district. RPT Realty purchased the 200,503-square-foot development for $216 million. Danny Finkle, Chris Angelone, Matthew Lawton, Eric Williams and Kim Flores of JLL represented the sellers in the transaction. Situated on 5.2 acres at 901 S. Miami Ave., Mary Brickell Village’s tenant roster includes Miami’s only LA Fitness Signature Club, as well as Moxie’s, North Italia, P.F. Chang’s, Shake Shack, Blue Martini, Starbucks, Massage Envy, Candela Gastro Bar and EWM Realty. The mixed-use property also includes an 875-space parking garage. Originally constructed in 2008, Mary Brickell Village underwent renovations between 2018 and 2020.

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AcquisitionsFloridaRetailSoutheast

SRS Brokers $7.4M Sale of Retail Property in South Florida Leased to Bank of America

by John Nelson

PLANTATION, FLA. — SRS Real Estate Partners has brokered the $7.4 million sale of Bank of America Plaza, a 13,000-square-foot retail building located at 7001 W. Broward Blvd. in Plantation. Situated in South Florida’s Broward County, the property was built in 2004 and leased to Bank of America. Brandon Woulfe of SRS represented the seller, an entity doing business as 7001 Plantation 2009 LP, in the off-market transaction. Don Ginsburg of Katalyst Real Estate represented the buyer, Barron Real Estate.

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AcquisitionsCaliforniaRetailWestern

Calbay Development Acquires Three Retail Properties in California for $8.5M

by Amy Works

COMMERCE, CARDIFF AND SANTEE, CALIF. — Calbay Development has purchased three retail value-add properties in California for a total of $8.5 million. In the first transaction, Calbay acquired a site in Commerce in a short-term sale/leaseback off-market transaction for $2.5 million. Calbay will construct a new Starbucks drive-thru café on the site in 2023. The second deal is a corporate-owned Jack in the Box drive-thru in Cardiff for $2.5 million. Reg Kobzi, Michael Peterson, Natasha Edwards and Brianna Bowers of CBRE and Mike Clark of Main & Main brokered the transaction. The property was sold with a short-term sale/leaseback with Jack in the Box corporate. Calbay plans to redevelop the property into a new restaurant in 2023. In the third transaction, Calbay acquired a value-add strip center, with option to purchase a corner lot of excess land, located on a signalized intersection in Santee for $3.5 million. The site benefits from upside due to short-term leases, strong traffic, major adjacent retailers and on/off access to the 52 Freeway. Greg Spounias of Highland Partners Corp. brokered the transaction. Calbay secured financing through MidFirst Bank for all three sites and intends to redevelop each property with national brand retailers and restaurants in …

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DevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Walker & Dunlop Arranges $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for The Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

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Affordable HousingDevelopmentLoansMixed-UseMultifamilyNew YorkNortheastRetailTop Stories

Apollo Global Management Receives $388.4M Financing for The Brook Mixed-Use Project in Brooklyn

by Jeff Shaw

NEW YORK CITY — Walker & Dunlop Inc.’s New York capital markets team has arranged $388.4 million in construction financing for the Brook, a mixed-use development in downtown Brooklyn consisting of 448,000 rentable square feet of multifamily and retail space. Bank of America provided the funds. Apollo Commercial Real Estate Finance Inc., which is managed by an affiliate of Apollo Global Management, and Witkoff are developing the property at the cross-section of Fulton Street, Flatbush Avenue Extension, and DeKalb Avenue, next to Brooklyn landmarks such as the Fulton Mall and the Barclays Center. The mixed-use property will be split between two development sites, with the eastern site located at 565 Fulton St. and the western site at 547-557 Fulton St. The eastern site will consist of a 51-story mixed-used tower that will feature 561 studio, one- and two-bedroom apartment units utilizing the Affordable New York and Inclusionary Housing programs, as well as approximately 30,000 square feet of common space. Amenities will include a pool with cabanas, dog park, fitness center, half basketball court and multiple resident lounges. The base of the building will feature 17,200 square feet of ground-level retail space. The western site will consist of approximately 14,000 square feet of retail space next to Albee Square and is poised to attract retail brands and wholesalers looking to establish or strengthen their foothold in Brooklyn. …

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