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Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report

by Sarah Daniels

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …

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Market ReportsMidwestMidwest Market ReportsNebraska

Real Estate Development Thrives in Omaha, Driven by Strong Demographic Growth

by Kristin Harlow

By Tom D’Arcy and Brad Soderwall, Hines The Omaha market has experienced strong growth in recent years, with $8 billion in commercial real estate development currently underway driven by consistent migration of new residents and professionals to the area.  The city’s attractiveness is attributed in large part to its high quality of life and attractive cost of living, both of which present compelling opportunities for new development that further incentivizes in-migration, and cultivates and enhances the unique lifestyle that makes Omaha a desirable place for families and young professionals to put down roots. Shifting demographics drive growth in Omaha Omaha’s low unemployment rate (at 2.6 percent as of July 2024, per the Nebraska Department of Labor), quality of life, affordable cost of living and expanding cultural opportunities are driving migration into the area. The Omaha-Council Bluffs metropolitan area saw its strongest population growth since pre-pandemic (2019) in 2023, with an increase of 0.8 percent, substantially outpacing the national average of 0.5 percent, per the U.S. Census Bureau. 2023 also saw a net migration of over 3,400 residents to the area. This population growth is fueling demand in the multifamily market, where we saw a record-setting year for development in 2023 …

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AcquisitionsMidwestMinnesotaMultifamily

Colliers Negotiates Sale of 424-Unit Multifamily Portfolio in Downtown Minneapolis for $32.5M

by Kristin Harlow

MINNEAPOLIS — Colliers has negotiated the sale of a two-property multifamily portfolio totaling 424 units in the Loring Park neighborhood of downtown Minneapolis for $32.5 million. The properties are located at 215 and 330 Oak Grove St. They feature newly renovated one- and two-bedroom units. Amenities include a patio, garden, resident lounge, fitness center, laundry room, package room and garage parking. Both assets are more than 80 percent leased. Mox Gunderson, Dan Linnell, Adam Haydon and Devon Dvorak of Colliers represented the seller, Laramar Group. Grove Estates was the buyer.

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AcquisitionsMichiganMidwestRetail

Mid-America Brokers Sale of 276,244 SF Waterside Marketplace Shopping Center in Suburban Detroit

by Kristin Harlow

CHESTERFIELD TOWNSHIP, MICH. — Mid-America Real Estate Corp. has brokered the sale of Waterside Marketplace, a 276,244-square-foot shopping center in the northeast Detroit suburb of Chesterfield Township. The sales price was undisclosed. The property, located at the interchange of I-94 and 23 Mile Road, is 93 percent leased to tenants such as TJ Maxx, Sierra, Burlington, Best Buy, Ulta, DSW and Old Navy. Ben Wineman, Emily Gadomski and Daniel Stern of Mid-America represented the seller, New Orleans-based PMAT Real Estate Investments. Alpharetta, Ga.-based Octave Holdings and Investments was the buyer.

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AcquisitionsIllinoisIndustrialMidwestSelf-Storage

Marcus & Millichap Arranges Sale of 890-Unit Self-Storage Portfolio in Carbondale, Illinois

by Kristin Harlow

CARBONDALE, ILL. — Marcus & Millichap has arranged the sale of a four-property self-storage portfolio totaling 890 units in Carbondale, a city in southern Illinois. The sales price was undisclosed. There are 834 non-climate-controlled units and 56 climate-controlled units totaling 98,363 rentable square feet. The properties are located at 710 E. Main St., 1535 N. Reed Station Road, 707 E. College St. and 1295 Harmony Lane. Marla Čolić of Marcus & Millichap represented the undisclosed seller. A regional storage investment group purchased the portfolio. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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IllinoisLeasing ActivityMidwestRetail

Two New Retail Tenants Open at Deer Park Town Center in Suburban Chicago

by Kristin Harlow

DEER PARK, ILL. — Ancho & Agave and Bluemercury are slated to open next week at Deer Park Town Center in the Chicago suburb of Deer Park. Ancho & Agave is a Mexican restaurant that is opening its second Illinois location. The restaurant totals 8,500 square feet. Luxury beauty retailer Bluemercury occupies 2,543 square feet. Deer Park Town Center also welcomed Victoria’s Secret, The Shade Store, Aerie and Clean Juice to the shopping center earlier this year. Managed by JLL, the outdoor lifestyle center is home to more than 60 retail, restaurant and service brands.

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Leasing ActivityMichiganMidwestRetail

Einstein Dog Training Leases 2,000 SF at Fenton Town Center in Michigan

by Kristin Harlow

FENTON, MICH. — Einstein Dog Training has leased 2,000 square feet at Fenton Town Center in Fenton, about 58 miles northwest of Detroit. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the landlord, Verus Development Group. There are still a few vacancies left at the shopping center, which is located at the intersection of North Leroy Street and Dauner Road.

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AcquisitionsIllinoisMidwestOffice

Namdar Realty Group, Mason Asset Management Acquire One North LaSalle Office Tower in Chicago

by Kristin Harlow

CHICAGO — Namdar Realty Group and Mason Asset Management have acquired One North LaSalle, a 493,738-square-foot office tower along the LaSalle Street corridor in downtown Chicago, through a deed-in-lieu of foreclosure. Built in 1929, the property was renovated in 2017. Once recognized as the city’s tallest structure, One North LaSalle was designated a Chicago landmark in 1996 and added to the National Register of Historic Places in 1999. The property features “The Landmark” on the 25th floor, which houses a fitness center, conference rooms and a tenant lounge with outdoor terrace. The ownership transition is part of a broader strategy to enhance the building’s appeal. Andy DeMoss of Bradford Allen will continue to lead leasing efforts for the asset. Recent lease signings have included Flanagan Bilton, Youth Guidance, Second Sense, Collins Bargione & Vuckovich, Symmetry Counseling, Reifers Holmes & Peters, Wolf Point Engineers and SRF Consulting Group.

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IllinoisLoansMidwestMultifamily

JLL Arranges $25M Loan for Refinancing of Multifamily Property in Warrenville, Illinois

by Kristin Harlow

WARRENVILLE, ILL. — JLL Capital Markets has arranged $25 million for the refinancing of Arden Townhomes, a 60-unit, newly constructed multifamily property in the Chicago suburb of Warrenville. Completed in 2024, the property is situated in the city’s Cantera neighborhood. The asset features three-bedroom units averaging 1,898 square feet along with shared amenities. Trent Niederberger and Philip Galligan of JLL arranged the two-year, floating-rate loan on behalf of the borrower, Cantera Townhomes LLC. An entity managed by Argentic Investment Management LLC provided a $20 million senior loan, and Pearlmark provided an additional $5 million of mezzanine financing.

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AcquisitionsIllinoisMidwestRetail

Marcus & Millichap Negotiates $10.5M Sale of Retail Strip Center in Vernon Hills, Illinois

by Kristin Harlow

VERNON HILLS, ILL. — Marcus & Millichap has negotiated the $10.5 million sale of Hawthorn Village Commons in the Chicago suburb of Vernon Hills. The 51,815-square-foot retail strip center was built in 1981. Tenants include Hobby Lobby, Dollar Tree, Panda Express, Wendy’s and Subway. Adrian Mendoza, Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a privately held Chicagoland investment group, and procured the buyer, a local investor completing a 1031 exchange. Steven Weinstock, broker of record in Illinois, assisted in closing the transaction.

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