GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 19,972-square-foot industrial building in Grand Rapids for an undisclosed price. The property is situated at 2882 Northridge Drive NW. Andrew Kapanowski and Doug Taatjes of NAI Wisinski represented the seller, Unisource Office Furniture Parts. Max Grover of Moxie represented the buyer, Lumber2Love, a manufacturer of high-quality wood furniture.
WHEELING, ILL. — MedTec Healthcare & Private Duty LLC has signed a 12,994-square-foot office lease at WiFi Corporate Center in Wheeling, a suburb of Chicago. The single-story, 51,305-square-foot property is located at 1400 S. Wolf Road. WiFi Wheeling Dealing LLC owns the building, which was constructed in 1970 and renovated in 2001. Juliette Lane of Cresa represented MedTec, which provides in-home care and adult day care to support independent living for seniors in their homes. The space will serve as the company’s second location in Wheeling.
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Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations
Multifamily appraisers are extremely busy as investor interest in the sector is at an all-time high. “In terms of appraisal professionals, there is a supply and demand issue,” explains Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop. She notes that the industry has greater demand for valuation than it has qualified appraisers. “Apprise is ensuring that we can support our appraisal staff and our local market experts with a tech-enabled process so that they can do their jobs more efficiently and get the values (and market information in general) into our clients’ hands as quickly as possible,” she adds. Czechowski focuses on the ways that web-based multifamily valuations can be streamlined to create a faster and more complete picture of properties. Multifamily experts need information on properties/parcels that comes from “multiple industry-standard resources such as Yardi, REIS, RCA and public record aggregators.” Parcel-level information, unit mix metrics, sale leads, land records and site assessment information are all available through Apprise’s platform via a single sign on to a dashboard that reflects information that is constantly being updated. This means that when an expert uses this platform and picks up the phone to confirm about …
The “retail apocalypse” predicated on the pandemic never really materialized. Instead, we’ve seen retail do what it always does: evolve. Much as the rest of the country, metro Detroit’s retail real estate market has evolved and come back in a big way. Tenants on the move As vaccines were adopted and the economy allowed to reopen, the economic rubber band snapped back quickly and stronger than many of us could have predicted. Retailers were dusting off pre-pandemic expansion plans and back to signing leases in 2021. We saw new openings and new market searches from BJ’s Wholesale Club, Burlington, Carvana, Chick-fil-A, Chipotle, Starbucks, Crunch Fitness, Edge Fitness, Gabe’s, iFly, Jollibee, Meijer, Portillo’s, Ross, Shake Shack, Smoothie King, T.J. Maxx, Total Wine & More and Tropical Smoothie Café. 2021 also presented a big void in the Michigan furniture market following the bankruptcy of Art Van (which controlled 30 to 35 percent of the market). Numerous players including Gardner White Furniture, Ashley Furniture and Value City Furniture all quickly snapped up this real estate, immediately increasing their market share. Other categories that continue to seek space include car washes (which has to be one of the most active categories out there …
DETROIT — Innovo has broken ground on a 425,000-square-foot speculative industrial project at Gateway Industrial Center in Detroit. The new building will offer 62 docks, 317 vehicle parking spaces, 100 trailer parking spaces and a clear height of 36 feet. Innovo is also completing improvements to the existing buildings within the 1 million-square-foot business park, which is fully occupied. Sean Cavanaugh and Colin McCausland of JLL will market the new building for lease.
PROSPECT HEIGHTS, ILL. — Conor Commercial Real Estate has completed the lease-up of the 151,000-square-foot Executive Commerce Center in Prospect Heights, a northwest suburb of Chicago. Syncreon, a third-party logistics provider for Samsung, leased half of the building while Plitek, a manufacturer of precision die cut components, leased the other half. Completed in 2020, the development features a clear height of 32 feet, 35 truck docks and two drive-in doors. McShane Construction Co. was the general contractor and Ware Malcomb provided design services. Mike Sedjo and Ben Dickey of CBRE represented Conor in the lease transactions.
ORLAND HILLS, ILL. — Northmarq has arranged the sale of Orland Towne Center in Orland Hills, a southern suburb of Chicago. The 138,000-square-foot retail center is home to Aldi, Edge Fitness, Five Below, PetSmart and Duly Health and Care. In addition to brokering the sale, Northmarq’s Jeff Frankel also arranged a $14.6 million first mortgage loan on behalf of the buyer, Sperry Equities. A life insurance company provided the fixed-rate loan, which features a 10-year term and a 30-year amortization schedule.
MORRIS, MINN. — Colliers Mortgage has provided a $7 million Fannie Mae loan for the acquisition of East Point Village Apartments in the western Minnesota city of Morris. The 61-unit, market-rate apartment complex was constructed in 2017. Amenities include a community room, fitness center and patio with gas grills. The 10-year loan features a 30-year amortization schedule. CJK Investments II LLC was the borrower.
PORTAGEVILLE, MO. — Mumford Co. has negotiated the sale of the New Orleans Inn in the southern Missouri city of Portageville for an undisclosed price. The two-story hotel is home to 25 rooms. George Arvanitis of Mumford represented the seller, Tennessee-based AARTI Inc., and procured the buyer, Nevada-based Stealth Invest LLC. The acquisition marks the third hotel in the buyer’s portfolio.
Surging payrolls, new household formations, growing barriers to homeownership and multifamily’s role as a hedge for inflation all helped fuel robust apartment fundamentals in 2021. With interest rates expected to rise in 2022, the question becomes: will the appetite for apartment investments remain strong for all types of investors and in which markets? Hilary Provinse, executive vice president and head of mortgage banking at Berkadia, says she sees many reasons to be enthusiastic about the opportunities in multifamily markets this year. “Fannie Mae and Freddie Mac will continue to set the standard for multifamily lending; however, strong life company, bank and debt fund appetites will compete heavily again in 2022. They will fill the needs not met by the government-sponsored enterprises (GSEs) or HUD.” When it comes to accelerating multifamily trends, Provinse sees an expansion in the scope of multifamily interest: “One of the trends we see accelerating (as a result of COVID) is increased investor demand in not only secondary markets, but even tertiary markets. This was a trend we had seen a decade ago, but now it’s on steroids.” “Because people can work from wherever now and because of more flexible work arrangements…we’ve seen this willingness to …