BELVIDERE, ILL. — Anytime Fitness has signed a 6,276-square-foot retail lease at Southtowne Shopping Center in Belvidere, a city in northern Illinois. The property is located at the corner of Highway 20 and Pearl Street. Rick Scardino of Lee & Associates represented the landlord, Southtowne Ventures LLC, in the transaction. Jack Siragusa of CBRE represented the tenant.
GLENVIEW, ILL. — Dermody Properties has completed its acquisition of the 232-acre former corporate office campus of Allstate Corp. located on Sanders Road in Glenview, roughly 22 miles northwest of downtown Chicago. While the acquisition price was not disclosed, REBusinessOnline reported last year that the transaction would be valued at $232 million. Dermody plans to redevelop the property into a 10-building logistics park. The redevelopment, named The Logistics Campus, will span 3.2 million square feet upon completion, with flexibility to accommodate additional build-to-suit development. Construction on Phase I of the project is scheduled to begin immediately and will include five buildings totaling 1.2 million square feet. The initial phase of development is slated for completion in 2023. “This redevelopment project stands at the intersection of two significant and durable trends — work from home and e-commerce,” says Douglas Kiersey Jr., president of Dermody Properties. “The conversion of the office campus — with buildings dating back to the 1960s and 1970s — into modern logistics buildings offers many benefits to the community.” The site is located adjacent to Interstate 294 and southwest of the Willow Road interchange, which will allow for efficient access to O’Hare International Airport. The project benefits from …
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Shortage of Tax Credits, Higher Interest Rates Plague Affordable Housing
Forty-year-high inflation rates that are outpacing wage growth and eating away at personal income are exacerbating already outsized resident demand for affordable housing financed by the federal Low-Income Housing Tax Credit (LIHTC) program. But it seems that obstacles to supplying new units to meet that demand are only multiplying. Those range from a shortage of housing tax credits needed to fund new supply to resistance to multifamily development at the local level. Meanwhile, higher mortgage rates are making home buying more difficult and expensive. In turn, that is creating more apartment renters, thereby putting upward pressure on rental rates. In September, for example, the average monthly rent price nationwide hit $1,759, an increase of 7.8 percent from the prior year, according to Realtor.com’s monthly rental report. That’s also nearly 25 percent higher than September 2019, the organization reports. What’s more, from 2015 through 2020 — long before mortgage rates spiked — the U.S. lost 4.7 million apartment units with rents less than $1,000 per month, according to U.S. Apartment Demand Through 2035, a report by the National Multifamily Housing Council and National Apartment Association. “Demand for affordable units is only going to become more acute between now and the end of …
By Traci Kapsalis, JLL It’s no secret that the COVID-19 pandemic turned every office market across the globe upside down. In the process, quality of life, health and well-being have become top priorities for office workers, as well as a push for hybrid and flexible working models. To understand and support these evolving expectations, local governments, employers and landlords are working together to identify and shape their new future of work. In fact, new research from JLL reports that the next three years will be a critical phase for commercial real estate strategy, representing a crucial window of opportunity that will determine how successful companies (and cities) will be in adapting to rapid changes. At the crossroads of America, the Indianapolis market is well on its way to a reimagined office environment. Here are three demonstrable signs. 1. Flight to quality dominates the office market Leasing activity for Class A office properties is strong in Indianapolis. According to a recent report, activity in this sector is reaching new heights as it achieved 248,000 square feet of occupancy growth in the second quarter — the highest in a single quarter in over four years — and hit record-high rents of almost …
CLINTON TOWNSHIP, MICH. — Bernard Financial Group has arranged a $16.8 million Freddie Mac loan for the refinancing of a 206-unit multifamily property in Clinton Township, about 25 miles north of Detroit. Dennis Bernard and Adam Ferguson of Bernard arranged the loan on behalf of the borrower, Oxford Square Limited Dividend Housing Association LP. Loan terms were not provided.
CINCINNATI — Northsiders Engaged in Sustainable Transformation (NEST) and Pennrose have opened John Arthur Flats, Cincinnati’s first LGBTQ-friendly affordable seniors housing community. Located in the Northside neighborhood, the development adds 57 affordable units for residents age 55 or older. The three-story, elevator-serviced building includes studio, one-, and two-bedroom apartments available for residents earning 30 to 60 percent of the area median income, with rents ranging from $444 to $1,212 per month. The new community helps meet the demand for inclusive, affordable housing in the region, where the National Low-Income Housing Coalition reports only 43 available rental homes per every 100 low-income renters in Ohio. Studies also show that LGBTQ seniors experience higher rates of housing discrimination and poverty, making them especially at risk of housing vulnerability. The community is named in recognition of the late John Montgomery Arthur, a Cincinnati native and husband of the plaintiff in the Supreme Court case that legalized same-sex marriage in the United States. This $13 million redevelopment was financed through Low-Income Housing Tax Credits from the Ohio Housing Finance Agency, equity syndicated by CREA, HOME funding from the City of Cincinnati, an award from the Affordable Housing Program of the Federal Home Loan Bank …
MADISON, WIS. — Von Maur has opened an 82,000-square-foot department store at West Towne Mall in Madison. Von Maur backfills a space formerly home to Boston Store. CBL Properties, the owner of West Towne Mall, says that the new Von Maur store is one of only two department store openings in the country this year. West Towne Mall spans 828,602 square feet and is home to tenants such as Total Wine & More, Dave & Busters, Dick’s Sporting Goods, JC Penney, Athleta, Pandora, Pottery Barn, Sephora, Williams-Sonoma and The Cheesecake Factory.
CHESTERFIELD, MICH. — Friedman Real Estate has brokered the $6.4 million sale of Georgetown Manor Apartments in Chesterfield, about 30 miles north of Detroit. The property features studio, one- and two-bedroom units. Constructed in 1968, the complex is home to 97 units, according to Apartments.com. Peter Jankowski and Rich Deptula of Friedman represented the undisclosed buyer. The seller was also undisclosed.
OXFORD, MICH. — Clean Hub Car Wash has purchased a 4,700-square-foot retail building at 153 S. Washington St. in Oxford, about 40 miles north of Detroit. Barry Landau of Dominion Real Estate Advisors LLC represented the seller, DJG Properties LLC. Jordan Jabbori of CMP Real Estate Group represented Clean Hub Car Wash, which currently operates out of Sterling Heights but has three new locations coming soon.
On Oct. 12, France Media hosted the “The Future of Multifamily Advertising is Here: How Automation is Transforming Housing” webinar, sponsored by Conversion Logix. A growing need for marketing automation in the industry means organizations are looking for improved tools and technology. Curious about how to mesh Google ads and social media video ads, retargeting campaigns, website experiences, virtual tours, emails and more into a coherent marketing approach for multifamily? Want to learn more about engagement personalization? Hear how to prepare your organization for marketing automation and make the most of the data you collect. Watch this brief webinar for tips, tricks and tech. “The multifamily marketing landscape continues to evolve,” says Crystal Banegas, new business development manager at Conversion Logix. She explains that as the world of marketing technology expands, marketers need to evolve as well to best take advantage of time-saving, personalizing technology that frees marketers to look at their advertising strategically — using real-time data to personalize (but not pester) leads. Click to listen. A copy of the webinar presentation may be downloaded here. See a list of major topics covered below: Integration of real-time data — sharing information useful to Teams Vendors Organizations Making the best use …