CHICAGO — Chicago-based Bridge Development Partners LLC has rebranded and changed its name to Bridge Industrial. The privately owned industrial real estate operating company and investment manager also launched a new website. The new name represents Bridge’s evolution over the past 20 years, according to the company. Bridge is also prioritizing the growth of its investment management business. The company hired Sean Zasche as CFO in September to lead all capital markets efforts.
CHICAGO — Chicago-based Blueprint Healthcare Real Estate Advisors has expanded its platform into medical office brokerage. Coinciding with the announcement is the addition of medical office veterans Eric Lee and Chris Lashmet to lead the practice. Known for its activity in the seniors housing and care space, Blueprint says the expansion is an effort to provide innovative advisory services to the healthcare sector while also best serving its core senior living clients. Blueprint’s medical office practice will include services such as investment sales; sale-leaseback structuring for physician groups; strategic real estate advisory for health systems and investors; joint venture structuring with developers; and capital raising for ground-up development.
CINCINNATI — NorthMarq has arranged a $7.5 million loan for the refinancing of River Bend Apartments in Cincinnati. The 120-unit apartment community is located at 163-181 Anderson Ferry Road. The property was built in 1971 and renovated from 2016 to 2020. Noah Juran of NorthMarq arranged the 15-year loan with one year of interest-only payments followed by a 30-year amortization schedule. A life insurance company provided the loan for the undisclosed borrower.
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Build-for-Rent Space May Outperform Conventional Multifamily on Occupancy, Rents
The past few years have seen a surge in interest in single-family rental (SFR) and build-for-rent (BFR) spaces in commercial real estate. Traditionally the domain of small- and medium-sized investors, the SFR/BFR space has begun to attract institutional investors. BFR, in particular, can often offer higher occupancy levels and rents while promising lower capital and operating costs than traditional multifamily housing. Keaton Merrell, managing director, Capital Markets, Walker & Dunlop, spoke to REBusinessOnline about debt and equity in BFR, as well what to know when it comes to agency involvement. First, Merrell briefly clarifies the terminology: “Oftentimes, people use SFR and BFR interchangeably. They are two totally separate asset classes and are looked at differently by capital. SFR is defined as a cluster of homes in various geographies that are pooled together for investment purposes. BFR is purpose-built housing within contiguous rental communities, much like traditional multifamily properties.” For a more in-depth look at the SFR and BFR in general, read more on the asset class here. REBusinessOnline: What is the current state of debt and equity capital in the market when it comes to BFR? Merrell: I will start with equity and then move on to debt. The equity that is coming into the …
CHICAGO — Summit Design + Build LLC has completed construction of a 148-room SpringHill Suites hotel in Chicago’s Chinatown neighborhood. Summit constructed the four-story, 80,000-square-foot property on top of an existing two-story parking garage and retail center. The project includes a first-floor lobby, reception, gym, breakfast room and meeting room. SpringHill Suites is under the Marriott International umbrella. The project team included T2 Mechanical and Vari Architects.
BELTON, MO. — NorthPoint Development has received approval from Belton City Council to move forward with its $30 million expansion of Southview Commerce Center in metro Kansas City. The development currently includes three industrial buildings that are fully leased. The expansion will enable access to the business park from 155th Street and include the construction of Building 4 on the long-vacant Century Concrete plant. The new 501,000-square-foot building will be identical in design to the other buildings. Belton City Council also approved a preliminary application for single-family lots near the project. Belton’s public-private partnership with NorthPoint also calls for the creation of a workforce development center, which will provide training to ensure a prepared workforce for the business park. NorthPoint has also agreed to fund the design and engineering as well as fund half of the construction costs to replace 1.2 miles of old cast iron water pipe along Allen Avenue.
RICHFIELD, MINN. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.
ELGIN, ILL. — Lee & Associates has negotiated a 45,112-square-foot industrial lease at 1755 Britannia Drive in Elgin. Kenneth Franzese and John Cassidy of Lee & Associates represented the owner, Scannell Properties. Steve Bass of NAI Hiffman represented the tenant, Hardinge Inc., which is a provider of advanced metal-cutting solutions. The 80,491-square-foot, newly constructed building features a clear height of 32 feet. There are 35,379 square feet remaining available for lease.
MINNEAPOLIS — Cogent Communications has signed a 6,000-square-foot lease at T5@Minneapolis, a newly expanded data center located at 1001 Third Ave. South in downtown Minneapolis. Legacy Investing, an investment and commercial real estate firm focused on technology properties, owns the asset. T5 Data Centers, a national data center operating company, manages and operates the property, which features private suites, technical office space, a conference area and tenant lounge. The building is served by access to 74 network providers, now including Cogent. Sean Brady, Randy Borron and Justin Baratz of Cushman & Wakefield represented Legacy Investing in the lease transaction. Scott Becker of JLL and Jonathan Larsen of Avison Young represented Cogent.
CEDAR RAPIDS, IOWA — Garling Construction is scheduled to break ground next month on the first building at Edgewood Logistics Park, a 145-acre industrial business park in southwest Cedar Rapids. The first building will span 200,000 square feet and will be built on a speculative basis. It will feature a clear height of 36 feet and more than 50 truck docks. Situated at the northeast corner of Edgewood Road and 76th Avenue, Edgewood Logistics Park will house approximately 1.5 million square feet of industrial buildings upon completion for a total value of more than $125 million. The development group undertaking the project is privately held and locally owned. GLD Commercial is the leasing agent.