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Webinar: Everything You Need to Know About the Single-Family Rental & Build-For-Rent Market

by Sarah Daniels

  On Apr. 7, France Media hosted the “Everything You Need to Know About the Single-Family Rental & Build-For-Rent Market” webinar, sponsored by Walker & Dunlop. The single-family rental (SFR) and build-for-rent (BFR) space has generated excitement throughout the commercial real estate world. This webinar brings together five expert panelists to answer the most pressing questions for this asset class: what to know about SFR and BFR verticals, issues and trends within the space, the sudden influx of institutional capital and where things might go from here. Click to hear more. See a list of some topics covered below: SFR and BFR markets definitions/size Factors driving growth (including changing demographic trends, COVID-19), occupancy levels and the most active markets SFR/BFR rental rates and the pipeline of new supply in the asset class Institutional capital/availability of financing/investment market layout for the SFR/BFR space Overview on managing and maintaining SFR/BFR products and portfolios Panelists: David Howard, National Rental Home Council (moderator) Keaton Merrell, Walker & Dunlop Mark Peterson, SVN | SFRhub Advisors Don Walker, John Burns Consulting Jon Ellenzweig, Tricon Residential Webinar sponsor: Walker & Dunlop strives to be the premier commercial real estate finance company in the country by providing financing solutions and investment sales to owners of …

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DevelopmentIllinoisMidwestMultifamily

McShane to Build 285-Unit Apartment Project at Naperville’s CityGate Centre

by Kristin Harlow

NAPERVILLE, ILL. — Lincoln Property Co. and Calamos Real Estate have selected McShane Construction Co. to build a 285-unit luxury apartment project at CityGate Centre in Naperville, a western suburb of Chicago. Known as Lincoln at CityGate, the four-story project will include a 430-space parking garage and a shell for a 37,893-square-foot rooftop event center. Residents will have access to amenities such as a lounge, library, fitness and yoga rooms, bike lounge, storage, dog spa and pool area. Completion is slated for February 2023. CallisonRTKL is the architect. CityGate Centre is home to a hotel, office space and bars and restaurants.

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AcquisitionsIllinoisIndustrialMidwest

Colliers Brokers Sale of 503,244 SF Distribution Center in Aurora, Illinois

by Kristin Harlow

AURORA, ILL. — Colliers International has brokered the sale of Butterfield VI Distribution Center, a 503,244-square-foot facility in Aurora, located about 40 miles west of Chicago. Situated on 34.5 acres at 2350 Frieder Lane, the warehouse features a clear height of 36 feet and parking for 125 trailers and 286 cars. Built in 2020, the property is 66 percent leased to LGSTX Distribution Services. It is located within the larger Butterfield Center for Business and Industry. Jeff Devine and Steve Disse of Colliers represented the seller, a partnership between Sterling Bay Industrial, Development Resources Inc. and Levy Family Partners. An institutional investment advisor purchased the asset for an undisclosed price.

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AcquisitionsIndustrialMichiganMidwest

MAG Capital Partners Buys Industrial Facility in Michigan’s Thumb Region in Sale-Leaseback Transaction

by Kristin Harlow

LEXINGTON, MICH. — In a sale-leaseback transaction, MAG Capital Partners LLC has purchased a 196,000-square-foot industrial manufacturing facility in Lexington, part of Michigan’s Thumb region. The purchase price was undisclosed. Situated on 27.5 acres along Lake Huron and located approximately 80 miles northeast of Detroit, the facility provides direct access to Route 25. Built in 1960 and fully renovated in 2017, the property features nine dock doors, 10 drive-in doors and ceiling heights ranging from 18 to 26 feet. Mary Garnett and Jim Tuesley of Barnes & Thornburg LLP represented MAG Capital Partners in the transaction. Newmark’s JC Ascensio, Tyrell McGee, Andrew Sandquist and Briggs Goldberg represented the seller, an undisclosed manufacturing company. Based in Fort Worth, Texas, MAG Capital Partners is led by Dax Mitchell and Andrew Gi.

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AcquisitionsMidwestRetailWisconsin

Boulder Group Arranges $7M Sale of Grocery Property in Metro Green Bay

by Kristin Harlow

APPLETON, WIS. — The Boulder Group has arranged the sale of a single-tenant property net leased to Pick ’n Save in Appleton for $7 million. The 54,340-square-foot building is surrounded by a Walmart, Chase Bank, Lowe’s, Kohl’s, Target, Home Depot, Best Buy and Menards. Randy Blankstein and John Feeney of Boulder represented the buyer, a Midwest-based real estate investor. The seller information was not disclosed.

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AcquisitionsIndianaMidwestRetail

Black Gate Partners Acquires 24,691 SF Emerson Way Shopping Center in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Black Gate Partners has acquired Emerson Way Shopping Center in Indianapolis for an undisclosed price. Located at 5450-5502 Emerson Way, the shopping center spans 24,691 square feet. Dollar General and Papa John’s are the anchor tenants. Black Gate plans to add a new roof, parking lot, façade and landscaping, as well as build out the 3,000-square-foot end cap vacancy. This is Black Gate’s second acquisition in Indianapolis over the last two years. The name of the seller was not released. Black Gate is based in Columbus, Ohio.

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AcquisitionsIllinoisIndustrialLoansNevadaWestern

PGIM Real Estate Provides $41M Acquisition Loan for Three Industrial Buildings Near Las Vegas, Chicago

by Amy Works

HENDERSON, NEV., AND AURORA, ILL. — PGIM Real Estate, on behalf of its U.S. core-plus debt fund, has provided a $41 million loan facility to Dalfen Industrial for the acquisition of a Class A industrial portfolio in the Las Vegas and Chicago metro areas. Totaling 438,000 square feet, the portfolio includes AirParc South and Suncrest Commerce Center in Henderson, plus Butterfield Logistics Center in Aurora. The loan features a three-year term with two one-year extension options. Trevor Arnholt of PGIM Real Estate originated the loan on the firm’s behalf.

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DevelopmentIndustrialMidwestMissouri

Hunt Midwest to Expand SubTropolis by Additional 700,000 SF

by Kristin Harlow

KANSAS CITY, MO. — Hunt Midwest has unveiled plans to build out an additional 700,000 square feet of Class A space in SubTropolis, the world’s largest underground business complex, located in Kansas City. The expansion, built on a speculative basis, will provide tenants with space for warehousing and distribution operations. With more than 7 million square feet of industrial space, SubTropolis offers lower operations and leasing costs than traditional above-ground industrial buildings, according to Hunt Midwest. It also offers a naturally temperature-controlled climate, helpful for storing inventory with a limited lifespan or specific temperature needs. A substantial portion of the business complex is currently utilized for e-commerce; archival and document storage; pharmaceutical and animal health facilities; and food distribution.

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HospitalityIllinoisMidwest

Hotel Essex on Chicago’s Michigan Avenue Rebrands as Le Méridien Essex Chicago

by Kristin Harlow

CHICAGO — Hotel Essex, a luxury hotel located on Chicago’s Michigan Avenue adjacent to Grant Park, has been rebranded as Le Méridien Essex Chicago. Oxford Hotels & Resorts LLC owns the asset in joint venture with Quadrum Global. The property will continue to operate as an independent hotel until it officially joins the Marriott Bonvoy family this summer. The property reopened in 2019 after undergoing a multimillion-dollar transformation from Essex Inn into Hotel Essex. Each of the 274 guestrooms include a workstation, 55-inch smart TV, refrigerator and luxury linens. The onsite fitness center features workout equipment by Peloton, Star Trac, Life Fitness and Powermill. Guests can dine at Grant Park Bistro, a modern French grill, or SX Sky bar, a lounge with space for meetings and events. A Marriott brand, Le Méridien features a European flair and mid-century modern design aesthetic. “We’re always looking for ways to optimize the performance and value of our hotels and as leisure and business travel regains momentum this year, and in the years ahead, we felt combining forces with Le Méridien was a prudent, strategic move,” says John Rutledge, founder, president and CEO of Oxford.

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IllinoisIndustrialMidwestOffice

Clear Height Properties Recapitalizes 15-Property Industrial Portfolio, Forms JV with Harbert

by Kristin Harlow

OAK BROOK, ILL. — Clear Height Properties has completed a more than $55 million recapitalization of a 15-property industrial portfolio through the formation of a joint venture partnership with Harbert U.S. Real Estate. The transaction provides capital for Clear Height to utilize in pursuing its goal of doubling in size over the next 12 months, according to a news release. The portfolio totals more than 1 million square feet throughout metro Chicago and is home to 130 tenants. Most of the properties are multi-tenant facilities that are approximately 90 percent leased. Oak Brook-based Clear Height owns more than $250 million of industrial and office assets. Kurt Sarbaugh, Christopher Carroll and Robin Stolberg of JLL arranged the recapitalization.

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