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1404-Willow-Ave.-Hoboken
DevelopmentMultifamilyNew JerseyNortheast

Advance Realty Investors Breaks Ground on 52-Unit Multifamily Project in Hoboken

by Taylor Williams

HOBOKEN, N.J. — Advance Realty Investors has broken ground on a 52-unit multifamily project in Hoboken. The site at the intersection of 14th Street and Willow Avenue formerly housed a Hertz car rental depot. The new building will feature studio, one-, two- and three-bedroom units that will have an average size of 903 square feet, with five residences to be set aside as affordable housing. Amenities will include a lobby lounge, fitness center, coworking space, landscaped terrace and a rooftop deck equipped with barbeque grilling stations. The building will also house 6,800 square feet of retail space. Completion is slated for the third quarter of 2026.

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DevelopmentIndianaMidwestMixed-Use

Thompson Thrift Opens $200M Event Center at Fishers District in Suburban Indianapolis

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has opened Fishers Event Center, a 7,500-seat arena within The Crossing at Fishers District in the Indianapolis suburb of Fishers. The venue will serve as a home to three professional sports teams — Indy Fuel Hockey Club of the ECHL, Indy Ignite of the Professional Volleyball Federation and Fishers Freight of the Indoor Football League. The arena will also host a variety of community events and concerts. The event center marks a $200 million investment by the city within Thompson Thrift’s $750 million Fishers District mixed-use development. Once completed, the 123-acre project will incorporate multifamily, townhome, hotel, office, dining, shopping and entertainment offerings. Thompson Thrift is actively leasing space for The Union at Fishers District, another phase expected to break ground in the first quarter of 2025. The Union will feature 57,000 square feet of retail, restaurant and entertainment space, 251 luxury apartment homes, 135 luxury boutique hotel rooms and 70,000 square feet of Class A office space. Thompson Thrift first began work on the Fishers District development in 2015.

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AcquisitionsIllinoisMidwestMultifamilySeniors HousingWisconsin

Berkadia Arranges Sale of Three-Property Senior Living Portfolio in Metro Chicago, Milwaukee

by Kristin Harlow

CHICAGO AND MILWAUKEE — Berkadia has arranged the sale of three upscale senior living communities offering assisted living and memory care services in the Chicago and Milwaukee metropolitan areas. Heartis of Orland Park in suburban Chicago features 96 assisted living and memory care units. Opened in 2018, the property is the newest majority assisted living community in the Southwest Cook County submarket. Heartis Village Brookfield and Heartis Village North Shore, located in Brookfield and Glendale, Wis., opened in 2019 and total 210 assisted living and memory care units. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia arranged the sale on behalf of the seller, a joint venture between Dallas-based Caddis Partners and a private equity real estate fund. A publicly traded REIT was the buyer.

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DevelopmentIllinoisMidwestMultifamily

Summit Design + Build Breaks Ground on 84-Unit Apartment Building in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Summit Design + Build has broken ground on 537 W. Drummond, a seven-story apartment building with 84 market-rate units in Chicago’s Lincoln Park neighborhood. The 80-foot-tall development will feature a fitness room, conference and coworking spaces, 84 bike parking spaces and 52 car parking spaces. The project site is the historic Covent Theater, which was situated behind the Covent Hotel. Moyer Properties is the developer, ParkFowler Plus is the architect, Catapult Real Estate Solutions is the owner’s representative, Cross Street is the broker and Principal Asset Management provided construction financing. A timeline for completion was not provided.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers Sale of 57,832 SF Retail Center in DeKalb, Illinois

by Kristin Harlow

DEKALB, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 57,832-square-foot retail center in DeKalb for an undisclosed price. The center was 63 percent leased at the time of sale to tenants such as Ollie’s, GNC and Little Caesars. Dan Waszak, Zack Hilgendorf and Nick Hilgendorf of Quantum represented the seller, GW Properties. The buyer was a private group based out of Miami.

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AcquisitionsIndustrialMidwestSelf-StorageWisconsin

Marcus & Millichap Negotiates $2.3M Sale of Self-Storage Facility in Janesville, Wisconsin

by Kristin Harlow

JANESVILLE, WIS. — Marcus & Millichap has negotiated the $2.3 million sale of Interstate Secure Storage, a 233-unit self-storage facility in the Milwaukee suburb of Janesville. Built in 2015, the property totals 44,250 rentable square feet. There are expansion plans for two additional buildings totaling 25,950 square feet. Dan Bowar of Marcus & Millichap represented the buyer, Hastings Property Group LLC. The seller was undisclosed.

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Leasing ActivityNew JerseyNortheastRetail

Planet Fitness to Open Two New Gyms Totaling 37,350 SF in Central New Jersey

by Taylor Williams

WATCHUNG AND MIDDLESEX, N.J. — Planet Fitness will open two new gyms totaling 37,350 square feet in Central New Jersey. The New Hampshire-based chain has committed to a 21,850-square-foot space at the 420,000-square-foot Blue Star Shopping Center in Watchung and a 15,500-square-foot space formerly occupied by ACME Supermarket at Middlesex Corner. E.J. Moawad of Levin Management Corp. represented the landlord in the Watchung deal, and Jack Chera of RIPCO Real Estate represented the tenant. Levin’s Ed Vasconcellos III acted as the landlord representative in the Middlesex deal, with Raymond Villafana of Franchise Realty representing Planet Fitness.

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AcquisitionsOfficeTexasTop Stories

Cousins Properties to Acquire Office Tower in Downtown Austin for $521.8M

by John Nelson

AUSTIN, TEXAS — Cousins Properties (NYSE: CUZ) is under contract to acquire Sail Tower, a trophy office building located at 601 W. 2nd St. in downtown Austin. The Atlanta-based REIT agreed to a net purchase price of $521.8 million for the 804,000-square-foot property. Sail Tower was delivered in 2022 and its offices are fully leased to a Fortune 20 company through 2038, according to Cousins. The tenant name was not disclosed, but multiple media outlets report that Google is the occupant. The seller was also not mentioned, but Dallas-based Trammell Crow Co. developed the tower, which was formerly known as Block 185. The name “Sail Tower” derives from its curved appearance. The LEED Platinum property is situated near Austin’s Second Street entertainment district and offers unobstructed views of Lady Bird Lake. “We are thrilled to add this iconic office property, with a strong investment grade customer, to our Austin portfolio,” says Colin Connolly, president and CEO of Cousins. “This exciting transaction enables Cousins to enhance the quality of our leading lifestyle office portfolio and is immediately accretive to earnings.” Cousins’ existing downtown Austin office portfolio is situated near Sail Tower and is currently 93 percent leased. The assets include 300 Colorado, …

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Conference CoverageFeaturesGeorgiaMultifamilyMultifamily & Affordable Housing Feature ArchiveSoutheastSoutheast Feature Archive

InterFace: Multifamily Investors Are Bullish on 2025 Sales Market, Though Many Hurdles Will Carry Over into New Year

by John Nelson

Speakers on the investment sales panel at the annual InterFace Multifamily Southeast conference were overall bullish on the sector’s investment prospects in the new year. The event, now in its 15th year, was held on Wednesday, Dec. 4 at the Cobb Galleria Centre in Atlanta. To kick off the panel, moderator Paul Berry, president and COO of Mesa Capital Partners, discussed what a recovery could look like in terms of investment sales volume. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. Berry said that in the six years leading up to the onset of the COVID-19 pandemic, annual U.S. multifamily investment sales volume hovered between $155 billion to $195 billion per year. He noted that due to robust inventory growth during that time, a “normal” yearly sales total would average out to $180 billion to $190 billion. “2021 saw ‘double normal’ — it was $350.7 billion,” said Berry. “The first three quarters of 2022 were at that same level before it slowed down by the end of the year, but it still eclipsed $300 billion.” He …

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GeorgiaMarket ReportsOfficeSoutheastSoutheast Market Reports

Atlanta’s Office Sector Is Divided Into the Haves and Have-Nots

by John Nelson

Atlanta’s office market feels like a story of winners and losers. Tenants continue to pay increasing rents for the best located, highest-quality spaces while the sector overall experiences negative office absorption. Those big, shiny objects, so to speak, offer quite a contrast to the results of continued office sector adversity brought on by reduced office attendance, a downsizing leasing trend and swelling sublet space. Who’s in the best position to win? Well-capitalized owners with stabilized debt (or none) that can meet the increasing tenant demands for skyrocketing tenant improvement costs and other rental concessions. With continued construction cost increases and downward pressure on base rental rates, fiscally sound landlords with longer-term business plans are in the best position to transact.  And, of course, the newest buildings with the best location, amenity package and a reasonable commute for the majority of the workforce continue to thrive. CoStar Group reports that during the past 12 months, net absorption in office buildings completed before 2020 was negative 4 million square feet compared to 1.1 million for newer properties.  The Atlanta office market has produced some sizable transactions this year, fueling some optimism among landlords with larger blocks of space for lease. The most …

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