OMAHA, NEB. — Ford Storage and Moving Co., a Nebraska-based warehouse company, has signed a 150,280-square-foot industrial lease at R&R Commerce Park in Omaha. R&R Commerce Park is a four-building industrial park spanning 1.1 million square feet. The development features a clear height of 32 feet and convenient access to I-80. Sam Andres and David Maenner of CBRE represented the tenant in the lease negotiations. R&R Realty Group owns R&R Commerce Park.
CROWN POINT, IND. — Ready Capital has closed a $44 million loan for the acquisition, renovation and stabilization of a 432-unit apartment complex in Crown Point, a city in Northwest Indiana. The undisclosed borrower plans to implement a capital improvement plan to renovate unit interiors and address deferred maintenance. The nonrecourse loan features interest-only payments, a floating rate and a two-year term.
ROSEMOUNT, MINN. — Stonebrooke Equipment Inc. has leased 99,683 square feet of industrial space at 15100 Business Parkway in Rosemount, a southern suburb of the Twin Cities. Stonebrooke specializes in partnering with fleet managers and business owners to provide custom-built fleet solutions to improve productivity, efficiency, safety and profits. Doug Fulton, Rob Youngquist and Andi Simon of Avison Young represented the tenant in the lease. Avison Young’s project management team is working with a design and construction team to manage tenant improvements before Stonebrooke takes occupancy in August. Cushman & Wakefield represented the landlord, Business Parkway Building.
OAK CREEK, WIS. — Stan Johnson Co. has brokered the sale of The Shoppes at Drexel in Oak Creek near Milwaukee for $5.9 million. The retail center spans 10,351 square feet and is fully leased to five tenants. Built in 2017, the property serves as an outparcel to Drexel Town Square, an 85-acre mixed-use development. Tenants include Mod Pizza, Men’s Hair House, Five Guys, Crumbl Cookies and Potbelly Sandwich Shop. Ronnie Givargis of Stan Johnson represented the seller, a New York-based individual investor. A Cedar Rapids, Iowa-based investor group was the buyer. Each party executed the transaction as part of a 1031 exchange. The sales price represents a cap rate of 5.9 percent.
INDIANAPOLIS — In a letter sent May 10 to Indianapolis-based Duke Realty Corp. (NYSE: DRE), San Francisco-based Prologis Inc. (NYSE: PLD) offered to acquire the firm in an all-stock transaction valued at $61.68 per share, which equates to about $23.7 billion. Under the terms of the proposal, Duke Realty stockholders would receive 0.466 shares of Prologis common stock for each share of Duke Realty common stock they own. The $61.68 figure is based on Prologis’ closing price on May 9, and represents a premium of 29 percent to Duke Realty’s closing price on the same date. Hamid Moghadam, CEO and co-founder of Prologis, said he is confident that the proposed combination will be a win-win for both company’s shareholders. Prologis first sent a letter to Duke Realty on Nov. 29 regarding a potential transaction at an exchange ratio of 0.465, representing a 20 percent premium to Duke Realty’s stock price at the time. On May 3, Prologis increased the proposed exchange ratio, but Duke Realty rejected the proposal that same evening. As of March 31, logistics real estate firm Prologis owned or had investments in properties and development projects totaling roughly 1 billion square feet in 19 countries. The company’s …
SIDNEY, OHIO — SEMCORP Advanced Materials Group has unveiled plans to invest $916 million for a new manufacturing facility in Sidney, about 35 miles north of Dayton. The facility, which is expected to create nearly 1,200 jobs, will be utilized to make separator film, a key component in batteries for electric vehicles. SEMCORP’s products will be used by electric vehicle battery makers across North America. The Sidney project will be located at Sidney Ohio Industrial Park and will span 850,000 square feet. A timeline for completion was not released. The City of Sidney provided incentives for the project, but specific details were not provided. According to a news release, China-based SEMCORP is currently the largest lithium-ion battery separator film producer in the world with six manufacturing facilities.
CHICAGO — Draper and Kramer’s Commercial Finance Group has arranged two loans totaling $114 million for two apartment developments in Chicago. Tandem Development was the borrower for both transactions. The first was a $58.4 million construction loan for 1044 West Van Buren, a 196-unit apartment project with 1,775 square feet of first-floor retail space in the West Loop neighborhood. Construction began on the building, designed by Antunovich Associates, in April. Completion is slated for the second quarter of 2023. The HUD 221(d)(4) loan features a 40-year term and a 40-year amortization schedule. The second loan totaled $55.6 million for the refinancing of Avenir Apartments in Chicago’s River West. Completed in 2019, the transit-oriented development features 196 units and 32,558 square feet of commercial space. Antunovich Associates also designed this property. The HUD 223(f) loan features a 35-year term and a 35-year amortization schedule. Matt Wurtzebach of Draper and Kramer originated both loans with assistance from colleagues Jeff Ross and Kevan Briscoe.
LOCKPORT, ILL. — Dwight Capital has provided a $49.8 million HUD 223(f) loan for the refinancing of Highland Ridge Apartments in Lockport, a southwest suburb of Chicago. Completed in 2019, the garden-style multifamily property consists of 240 units across 12 buildings. Amenities include a dog park, fitness center, pool, theater, shuffleboard and yoga room. Brandon Baksh of Dwight originated the 35-year loan on behalf of the borrower, Heartland Real Estate Partners. The fixed-rate loan benefitted from a Green Mortgage Insurance Premium (MIP) reduction set at 25 basis points because the property is Energy Star-certified.
NORTH KANSAS CITY, MO. — Hanley Investment Group Real Estate Advisors has brokered the sale of a single-tenant property occupied by Starbucks in North Kansas City for $2.3 million. The newly constructed building, which features a drive-thru, is located at 1930 Diamond Parkway near I-35. Jeff Lefko and Bill Asher of Hanley, in association with ParaSell Inc., represented the seller and developer, Omaha-based Woodsonia Real Estate Inc. A Warrensburg, Mo.-based private investor was the buyer.
The Great Resignation. The Big Quit. Call it what you will. The widespread trend of employees leaving their jobs in 2021 and 2022 has placed a burden on onsite property management staff at multifamily communities. Like other industries nationwide, the multifamily industry has been hit hard by this period where record numbers of employees are leaving their current positions. According to the National Apartment Association (NAA), rental owners and operators have reported up to 70 percent of their workforce resigning during this period. Historically, employee turnover ranges from 30 to 50 percent annually. In roles that often require wearing many hats to keep up with prospective renters and resident requests, leasing teams are feeling added pressure. With technology solutions that alleviate daunting tasks for onsite staff, you can save your staff valuable time and unnecessary manual effort. Your leasing team can simplify tour scheduling, automate routine communications, and set up seamless multifamily marketing campaigns that free up time for staff to better connect with renters. Here are four steps operators can take to maximize efficiencies and achieve better outcomes. 1. Automate Apartment Tour Scheduling The first step to helping your team thrive during a spike in renter demand is understanding …
