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AcquisitionsContent PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesLoansMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates Second Quarter Report: Industrial, Office Market See Continued Challenges While Retail, Multifamily Trends Follow Region-Specific Patterns

by Sarah Daniels

In the first half of 2024, high interest rates led to decreased demand, higher vacancy rates, reduced construction starts and lower property sales in industrial and office, according to Lee & Associates’ 2024 Q2 North America Market Report. Meanwhile, retail saw minimal development and continued low vacancies. Retail rent growth was particularly strong in the South and Southwest. Finally, high demand for multifamily, coupled with a sudden influx of supply in the second quarter of the year, has created a market where outcomes are highly tied to region. Midwest and Northeast multifamily markets have remained stronger than their counterparts in the South and Southwest, while Western markets saw mixed growth. Lee & Associates has made their full market report available here (with complete breakdowns of cap rates by city, market rents, vacancy rates, square footage information and more). The summaries for the industrial, office, retail and multifamily sectors below provide detailed insight into the trends and trajectories likely through the end of 2024. Industrial Overview: Activity, Growth Checked by High Interest Rates Industrial market performance across North America continued to downshift in the first half of this year.  Although net absorption remains positive, demand for industrial space has fallen to the lowest levels …

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LoansMidwestMultifamilyWisconsin

KeyBank Arranges $98M for Refinancing of Three Multifamily Properties in Wisconsin

by Kristin Harlow

MADISON, MIDDLETON AND FRANKLIN, WIS. — KeyBank Real Estate Capital (KBREC) has arranged $98 million in fixed-rate Freddie Mac loans for the refinancing of three multifamily properties in Wisconsin. Axiom Properties was the borrower. The Meadows in Madison is a 404-unit complex built in 1979 and renovated in 2008. The property consists of 16 residential buildings along with two pool buildings and two sheds. The $39.6 million loan features a 10-year term, 35-year amortization schedule and five years of interest-only payments. Springtree Apartments is a 272-unit, garden-style property in Middleton. Built in 1970, the community features one-, two- and three-bedroom units with 39 garage parking spaces and 338 surface parking spaces. The $29.4 million loan features a five-year term, 35-year amortization schedule and two years of interest-only payments. Mission Hills Apartments is a 271-unit, garden-style community in Franklin. Built in 1971 and renovated in 2015, the property features 10 buildings as well as a community pool and pool equipment building. The loan features a seven-year term, 35-year amortization schedule and two years of interest-only payments. Samantha Miller and Tom Reynolds of KBREC arranged the financing.

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AcquisitionsDevelopmentIllinoisIndustrialMidwest

Colliers Brokers Sale of 72-Acre Industrial Land Site in University Park, Illinois

by Kristin Harlow

UNIVERSITY PARK, ILL. — Colliers has brokered the sale of a 72-acre industrial land site in the southern Chicago suburb of University Park. A private investor sold the land to Clarius Partners for an undisclosed price. The planned development will be primed for large logistics operations and include a 970,123-square-foot warehouse. The project will feature a 40-foot ceiling height, up to 475 trailer stalls, 162 docks and convenient access to I-57. Jim Estus and David Bercu of Colliers brokered the transaction. Colliers is marketing the project for lease.

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AcquisitionsIllinoisMidwestMultifamily

Interra Realty Negotiates $6.6M Sale of Apartment, Retail Property in Chicago’s Hyde Park

by Kristin Harlow

CHICAGO — Interra Realty has negotiated the $6.6 million sale of a 33-unit apartment and retail building located at 5704 S. Harper Ave. in Chicago’s Hyde Park neighborhood. The corner property includes 28 one-bedroom apartment units and five commercial spaces, which are leased to Subway, a bike shop, convenience store, barbershop and real estate office. The residential portion was also fully leased at the time of sale. Brad Feldman of Interra represented the buyer, a local private investor, and the seller, a private family partnership.

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AcquisitionsMidwestMinnesotaMultifamily

Marcus & Millichap Arranges $3M Sale of Historic Apartment Building in Minneapolis

by Kristin Harlow

MINNEAPOLIS — Marcus & Millichap has arranged the sale of Soleil Apartments in Minneapolis for $3 million. Located at 1425 LaSalle Ave. in the city’s Loring Park neighborhood, the property was built in 1914. Soleil Apartments features 41 apartment units and one retail unit that is leased until 2029. Michael Jacobs and Abe Roberts of Marcus & Millichap represented the seller, Soleil Properties LLC. Jon Ruzicka, broker of record in Minnesota, assisted on the transaction. The undisclosed buyer offered to purchase the property on a contract for deed.

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MidwestWisconsin

Brokerage Firm Hunter Real Estate Launches in Milwaukee

by Kristin Harlow

MILWAUKEE — Local commercial real estate veteran Matt Hunter has launched Hunter Real Estate LLC in Milwaukee. Hunter most recently served as an executive vice president at JLL. Hunter Real Estate will focus on representing local, privately owned companies on both the tenant and landlord side across all property types. The firm’s office is on the 26th floor of the Associated Bank River Center building, located at 111 E. Kilbourn Ave.

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IndustrialMarket ReportsMidwestMidwest Market ReportsOhio

Examine the Cincinnati Industrial Market with Perspective, Patience in Mind

by Kristin Harlow

By Jeff Bender, Thomas McCormick and Seattle Stein, Cushman & Wakefield We’ve been doing this for a while. Every cycle with gang-busters demand and absorption comes to an end, as does every downturn. So, with the Cincinnati industrial market, we find ourselves in the doldrums since mid-2023, and we may not fully turn the corner until next year.  Perspective and context matter, though. We’re coming off record absorption and demand at the end of 2020 and through 2022, when we also closed the year with an unsustainable 1.7 percent vacancy rate. Before the entire world paused for COVID in early and mid-2020, we had a record year in 2019 as well.  While vacancy hovers around 6 percent at mid-year, that is basically the Cincinnati industrial market’s historical average. Four consecutive quarters of negative net absorption certainly defines “doldrums,” but that must be weighed against the previous 48 consecutive quarters of positive net absorption through mid-2023. We’ve also seen a slight increase in asking rental rates, up to $6.25 per square foot, despite negative absorption. So, despite a lackluster past 12 months, we have positive momentum, and that’s bolstered by many of the factors that have always made Cincinnati one of …

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Marcus & Millichap Brokers Sale of 142-Unit Build-to-Rent Community in Greenfield, Indiana

by Kristin Harlow

GREENFIELD, IND. — Marcus & Millichap has brokered the sale of Sandalwood West, a 142-unit build-to-rent community in the eastern Indianapolis suburb of Greenfield. The sales price was undisclosed. Completed in 2023, the property features a mix of three-, four- and five-bedroom homes. Scott Harris and Samuel McCarthy of Marcus & Millichap represented the seller, D.R. Horton, and procured the buyer, a real estate fund managed by Up&Up. The property is situated in Hancock County, which is experiencing multifamily vacancy of 1.5 percent and rental growth of 11.4 percent over the past 12 months, according to Harris.

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LoansMichiganMidwestOffice

Bernard Financial Group Arranges $7.9M Loan for Refinancing of Office Property in Ann Arbor

by Kristin Harlow

ANN ARBOR, MICH. — Bernard Financial Group (BFG) has arranged a $7.9 million loan for the refinancing of a 100,007-square-foot flex office property in Ann Arbor. Dennis Bernard and Adam Ferguson of BFG arranged the loan on behalf of the borrower, an entity doing business as 2725/2805 Associates LLC. Genworth Life Insurance Co. provided the loan.

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DevelopmentMidwestMissouriRetail

IMPACT Strategies Breaks Ground on Pre-Owned Car Dealership for Clement in Suburban St. Louis

by Kristin Harlow

ST. CHARLES, MO. — IMPACT Strategies Inc. has broken ground on a new pre-owned car dealership for Clement Auto Group in St. Charles, a northwest suburb of St. Louis. Clement will be able to stay operational throughout the project. IMPACT will manage the demolition of the existing sales building and construction of a new building at 3621 Veterans Memorial Parkway off I-70. The project consists of an 11,700-square-foot building featuring a showroom, celebration bay, service drive and new sales lot. Completion is slated for spring 2025. Clement maintains four new car dealerships and two pre-owned dealerships in metro St. Louis.

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