Northeast

Walker & Dunlop: SFR/BFR Rapidly Growing Option for Rental Spaces

by Sarah Daniels March 12, 2021

The strength of multifamily has been well solidified over the past few years, but a new contender in the rental market is making waves, according to Kris Mikkelsen, executive vice president, Walker & Dunlop Investment Sales. Single-family rental (SFR) and build-for-rent (BFR) spaces are growing increasingly popular. An SFR is a group of homes-for-rent pooled together for investment purposes BFR properties are purpose-built housing operated as SFR investments “SFR is in the distributed model: individual homes managed by tech-driven management platforms that were the formation of the single-family REITs you see in existence today. The build-for-rent space existed pre-COVID but has really been accelerated post-COVID as the end consumer looks to de-densify,” says Mikkelsen. Much of the demand has been driven to more suburban markets, with COVID-19 creating a sudden and palpable need for space among renters. Other factors — including declining home ownership rates and the high demand for multifamily options — have all contributed to the growth of this asset class and subsequent interest from larger institutional investors. Watch Mikkelsen’s interview to learn about demand for SFR/BFR space and changing renter demographics accelerating the growth of this asset class. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to …

March 12, 2021

Company News Northeast Pennsylvania Retail

Dick’s Sporting Goods Reports 19.3 Percent Sales Growth in Fourth Quarter, 9.3 Percent for 2020

by Taylor Williams March 11, 2021

PITTSBURGH — Dick’s Sporting Goods (NYSE: DKS) reported 19.3 percent growth in same-store sales for its fiscal fourth quarter, which ended on Jan. 30, 2021, as well as a record-setting 9.3 percent sales growth for the full year 2020. In addition to posting healthy sales within its brick-and-mortar stores as customers sought home workout equipment in lieu of visiting gyms amid the COVID-19 pandemic, the Pittsburgh-based retailer also reported year-over-year growth of 100 percent across its online sales platform. E-commerce sales increased by 57 percent alone in the fourth quarter, though this figure represents a decline from the 95 percent growth in e-commerce sales that Dick’s Sporting Goods posted in its fiscal third quarter. The company recorded quarterly net sales of approximately $3.1 billion, nearly a 20 percent increase from the fourth quarter of 2019. Dick’s Sporting Goods also opened a number of new stores in 2020 in markets such as Houston, San Antonio, Atlanta, Cape Cod and metro Boston and now operates about 730 stores throughout the country. The company’s stock price opened at $72 per share on Thursday, March 11, up from $30.56 per share a year ago. “We’ve never had a year quite like 2020,” said Ed …

March 11, 2021

Development Multifamily New Jersey Northeast

Woodmont Begins Leasing 443-Unit Apartment Community in West Windsor, New Jersey

by Taylor Williams March 11, 2021

WEST WINDSOR, N.J. — New Jersey-based developer Woodmont Properties has begun leasing Woodmont Way, a 443-unit multifamily community in West Windsor, located just outside of Trenton. The property offers one, two- and three-bedroom units that are all equipped with private balconies or patios. Amenities include a fitness and yoga studio, game room, golf simulator, theater room and a heated pool, as well as pickleball and bocce courts. The pet-friendly community also features a bark park and an indoor pet spa. The first move-ins are scheduled to begin this summer.

March 11, 2021

Acquisitions Industrial New Jersey Northeast Self-Storage

Insite Property Group Acquires Self-Storage Facility in Piscataway, New Jersey

by Taylor Williams March 11, 2021

PISCATAWAY, N.J. — Insite Property Group has acquired Statewide Self Storage, a facility located in the Northern New Jersey city of Piscataway. The property is situated on three acres and features 66,000 net rentable square feet of drive-up and interior space across more than 600 units. Insite plans to implement a renovation that will deliver new signage, a revamped facade, improved lighting and fresh landscaping and paint jobs. The new ownership will also operate the property and rebrand it as SecureSpace Stelton. The seller was not disclosed.

March 11, 2021

Development Northeast Office Rhode Island

Dacon Completes 25,000 SF Office Headquarters Project in Cranston, Rhode Island

by Taylor Williams March 11, 2021

CRANSTON, R.I. — Massachusetts-based design-build firm Dacon has completed construction of a 25,000-square-foot office headquarters space for insurance brokerage firm Hilb Group in Cranston. Spanning two floors, the layout includes an open office work environment, entrance lobby, conference space, training room, restrooms and a café. The tenant is looking to consolidate its four Rhode Island offices into one regional hub for some 130 employees at this location, which is situated within Carpionato Group’s Chapel View mixed-use development.

March 11, 2021

Acquisitions New York Northeast Office

GHH Associates Sells Midtown Manhattan Office Condo to Shefi Diamonds for $4.2M

by Taylor Williams March 11, 2021

NEW YORK CITY — GHH Associates LLC has sold a 4,658-square-foot office condo in Midtown Manhattan to international jeweler Shefi Diamonds for $4.2 million. The space is located within 10 W. 46th Street, a 20-story office condo property that was built in 1985. Michael Rudder and Justin Harris of Rudder Property Group represented GHH Associates in the transaction. Harlan Cygielman of Manhattan Realty Advisors represented Shefi Diamonds.

March 11, 2021

Affordable Housing Development Finance Insight Midwest Multifamily Northeast Southeast Texas Video Western

TD Bank: Affordable Housing — Trends and Delays

by Sarah Daniels March 11, 2021

2020 was a year of job losses and difficulties for many. There was a great deal of need for affordable housing but also challenges for those seeking to provide it. Process delays caused by COVID-19 and slowdowns in funding hampered efforts to develop affordable housing, according to Gregg Gerken, Head of U.S. Commercial Real Estate with TD Bank. The question is: will the affordable housing and workforce housing industry be better served by 2021? The problem of affordable housing is one seen in many communities, irrespective of geography. “I think some communities have the equivalent of workforce housing, which in many cases is affordable. But when you get into a lot of the more expensive urban areas and densely populated cities there’s this issue of supply and demand — there just isn’t enough supply of affordable housing to really reach the demand,” Gerken says. How have government programs and policies affected the affordable housing sector? How will renters and landlords be impacted by these programs going forward? What happens after the end of the eviction moratorium? Watch the interview for Gerken’s insights on affordable housing development. This article is posted as part of REBusinessOnline’s Finance Insight series. Click here to subscribe to the Finance Insight newsletter, a …

March 11, 2021

Acquisitions Connecticut Multifamily Northeast

CBRE Negotiates $82M Sale of The Royce at Trumbull Apartments in Connecticut

by Taylor Williams March 10, 2021

TRUMBULL, CONN. — CBRE has negotiated the $82 million sale of The Royce at Trumbull, a 340-unit apartment community located in Connecticut’s Fairfield County. The property was built in 1998 and offers amenities such as a pool, fitness center, outdoor grilling areas, an indoor basketball court and an outdoor lounge. Jeffrey Dunne, Gene Pride, Jeremy Neuer, Steve Bardsley, David Gavin and Stuart MacKenzie of CBRE represented the seller, a joint venture between Paredim Partners and LEM Capital, in the transaction. The team also procured the buyer, Connecticut-based Sym Investments, which will implement a value-add program.

March 10, 2021

613-Main-Street-Wilmington-Massachusetts

Industrial Leasing Activity Massachusetts Northeast

Lowe’s Signs 178,757 SF Industrial Lease in Wilmington, Massachusetts

by Taylor Williams March 10, 2021

WILMINGTON, MASS. — Lowe’s Home Improvement (NYSE: LOW) has signed a 178,757-square-foot industrial lease at 613 Main St. in the northern Boston suburb of Wilmington. Tony Coskren, Ed Jarosz, Richard Ruggiero, Torin Taylor, Rick Schuhwerk, Brian Pinch and Lizzie Kusbit of Newmark represented the landlord, a joint venture between The Seyon Group and Connecticut-based Wheelock Street Capital, in the lease negotiations. The name and representative of the tenant were not disclosed.

March 10, 2021

Industrial Loans New Jersey Northeast

Stro Cos. Receives $27.8M Loan for Refinancing of Industrial Portfolio in Northern New Jersey

by Taylor Williams March 10, 2021

RIDGEWOOD, N.J. — The Stro Cos., a New Jersey-based investment firm, has received a $27.8 million loan for the refinancing of a portfolio of five industrial properties spanning 340,000 square feet in the northern part of the state. All of the properties feature drive-in doors, high ceilings and adequate truck circulation. Kearny Bank provided the loan, specific terms of which were not disclosed.

March 10, 2021

Newer Posts

Older Posts