STAMFORD, CONN. — Colliers has secured an 11,500-square-foot office lease at 1 Landmark Square in Stamford, located in the southern coastal part of the state. Jeffrey Williams and Hollis Pugh of Colliers represented the tenant, law firm Silver Golub & Teitell LLP, which will occupy the 15th floor of the 299,000-square-foot building, in the lease negotiations. Larry Kwiat of Reckson Associates Realty represented the landlord, SL Green.
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Single-Family/Build-to-Rent: Changing Renter Demographics Fuel Growth
Demand for all forms of housing has been on the rise in recent years, a trend that is expected to continue in 2022. One segment of the market that is attracting significant attention is single-family/build-to-rent (SFR/BTR), as a series of economic and demographic shifts increase the attractiveness of an alternative to traditional apartments. Developers are ramping up activity on thousands of new units, particularly in the high-growth southern U.S. markets. Dozens of projects totaling more than $1.5 billion sold in 2021. Meanwhile, billions of dollars of debt and equity capital continue to move into this increasingly attractive investment class. Northmarq’s National Multifamily 2022 Outlook covers the record-setting momentum that multifamily properties across the United States saw last year and projects what the market may see in 2022. Northmarq’s full report is available here (with further rundowns on factors like the overall economy, rent trends, the investment market and financing climate). Their analysis on the SFR/BTR market below breaks down the trends and opportunities for growth in this burgeoning sector. Reasons for Growth Several factors are prompting the development of SFR/BTR. A primary influence is the changing mix of renters; today’s renters are generally older and more affluent than in the past. These …
PHILADELPHIA — iBorrow, a commercial bridge and direct lender, has provided a $52 million loan for the refinancing of The Edge Student Village, a 798-bed student housing property that serves students at Temple University in Philadelphia. Completed in 2006, the 12-story building’s units feature several different floor plans, and its amenities include a fitness center, community kitchen, lounge areas and study spaces. The undisclosed borrower plans to use a portion of the proceeds to fund capital improvements.
LANSDALE, PA. — A joint venture between Ohio-based White Oak Partners and Hartford Investment Management Co. (HIMCO) has refinanced Flats at Lansdale, a 180-unit multifamily property located northwest of Philadelphia in Montgomery County. Built in 2014, the property features units with an average size of 1,053 square feet that are furnished with stainless steel appliances, granite countertops and individual washers and dryers. Amenities include a pool, fitness center, cyber lounge, movie theater and a dog park. Jamie Leachman, Paul Smith and Medina Spiodic of JLL arranged the five-year, fixed-rate loan, the amount of which was not disclose, through Wells Fargo on behalf of the joint venture.
CAMBRIDGE, MASS. — MassDevelopment has issued $10.3 million in tax-exempt bond financing to Putnam School Apartments LLC, an affiliate of the Cambridge Housing Authority. The borrower will use the proceeds to buy and renovate Putnam School Apartments, a 33-unit affordable housing facility serving seniors and individuals with disabilities. A historic schoolhouse built in 1890, the building was converted to multifamily in 1983; most of the housing units have not been updated since. Renovations will include upgrading mechanical, electrical, plumbing and ventilation systems, as well as installing new flooring, lighting, cabinets, counters, fixtures and appliances within the units.
FRANKLIN, MASS. — Colliers has negotiated an 81,293-square-foot industrial sublease in Franklin, located southeast of Boston in Norfolk County. Stephen Woelfel, Kevin Brawley, P.J. Foster, John Real and Glenne Bachman of Colliers represented the original tenant, medical device manufacturer Tegra Medical, in the lease negotiations. Tim Lahey, Perry Beal and John Lashar of CBRE represented the sublessee, biopharmaceutical company Lyndra Therapeutics.
CHERRY HILL, N.J. — Pennsylvania Real Estate Investment Trust (PREIT) has announced a slate of new retailers and restaurants at Cherry Hill Mall, located outside of Philadelphia in Southern New Jersey. Upscale seafood concept Eddie V’s will open its first restaurant in the area this fall, while Marc Cain, a women’s apparel brand based in Germany, will join the lineup of soft goods retailers with a March opening. Other upcoming additions to the tenant roster include Warby Parker and Amazon 4-Star.
By Taylor Williams In late October of last year, Raphael Bostic, president of the Federal Reserve Bank of Atlanta, gave a virtual speech in which he carried a glass jar with the word “transitory” labeled on it. Inside the jar were wadded-up dollar bills, deposited by Bostic’s staff members each time they used the word “transitory” to describe the surge in prices of consumer goods and services. The exercise was meant to dispel the notion that the current inflationary environment would be fleeting or short-lived. Based on the results of Northeast Real Estate Business’ annual reader forecast survey, commercial brokers and developers/owners in the region aren’t likely to be contributing to that fund any time soon. Inflation Could Linger When asked to identify the macroeconomic force that was most likely to impact the commercial real estate industry in 2022, roughly a third of broker respondents selected inflationary pressures over supply chain constraints, pandemic restrictions, the $1 trillion infrastructure bill and employment/gross domestic product (GDP) growth. Concerns over pandemic-related restrictions on businesses, which adversely impact demand for space, was a close second among broker respondents. Some brokers elaborated on these views in the free-response section of the survey. “Continued inflation will …
PISCATAWAY, N.J. — Indianapolis-based Duke Realty (NYSE: DRE) has broken ground on a 216,892-square-foot speculative industrial project that is located on a 21-acre site at 1570 S. Washington Ave. in the Northern New Jersey community of Piscataway. Building features include a clear height of 40 feet, 34 dock doors, 38 trailer parking spaces and 125 car parking spaces. Completion is slated for the fall. Colliers represented Duke Realty in its site selection and acquisition of the land and has also been retained to lease the property.
CORTLANDT, N.Y. — Invesco Real Estate Income Trust Inc. has acquired Cortlandt Crossing, a 122,225-square-foot shopping center located in New York’s Westchester County. Anchored by grocer ShopRite and HomeSense, which is part of the TJX Cos.’ family of brands, the newly constructed center was 95 percent leased at the time of sale. Invesco acquired the property in conjunction with the purchase of a 95 percent stake in an industrial property near Columbus, Ohio, for a combined price of $94 million. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the owner, Acadia Realty Trust, in the transaction.