Property Type

Amerhart Leases 144,490 SF at Blue River Commerce Center in Kansas City

by Kristin Harlow November 6, 2023

KANSAS CITY, MO. — Amerhart has leased 144,490 square feet of industrial space at Blue River Commerce Center Building IV in Kansas City. NorthPoint Development owns the business park, which is now fully leased. Wisconsin-based Amerhart will use the facility to warehouse and distribute its building products and plans to take occupancy in December. Jack Goldsborough of Cushman & Wakefield and Ed O’Connor of Lavista Associates represented the tenant, while Joe Accurso of Cushman & Wakefield represented ownership.

November 6, 2023

Loans Michigan Midwest Office

Bayview PACE Provides $2M in C-PACE Financing for Office Building Conversion Near Grand Rapids

by Kristin Harlow November 6, 2023

HOLLAND TOWNSHIP, MICH. — Bayview PACE has provided $2 million in C-PACE financing for a 132,000-square-foot office building in Holland Township near Grand Rapids that was converted into a church. Family Church, a West Michigan-based religious group with 2,400 current members, spearheaded the project. Located at 10717 Adams St., the three-story former bank headquarters was converted into a church facility with a large sanctuary, fellowship hall, café with commercial kitchen, new offices, classrooms, restrooms and other supporting spaces. The C-PACE funding supported upgrades of primary building systems, including HVAC, electrical and plumbing. C-PACE, or Commercial Property Assessed Clean Energy, is a financing tool that provides long-term, low-cost construction financing for new and existing buildings. Eligible improvements include energy efficiency, water efficiency, renewable energy and resiliency measures such as seismic and stormwater measures. The new location for Family Church serves as the largest of three campuses in the area.

November 6, 2023

Acquisitions Healthcare Midwest Minnesota

Montecito Medical Acquires 32,711 SF Medical Office Building in Woodbury, Minnesota

by Kristin Harlow November 6, 2023

WOODBURY, MINN. — Montecito Medical has acquired a 32,711-square-foot medical office building in the Twin Cities suburb of Woodbury for an undisclosed price. The property is home to Minnesota Women’s Care, which serves patients throughout the Twin Cities area and western Wisconsin. The group maintains four office locations across this area. The seller was undisclosed.

November 6, 2023

Development Massachusetts Mixed-Use Northeast Top Stories

Tishman Speyer Breaks Ground on 900,000 SF Enterprise Research Campus in Boston

by Taylor Williams November 6, 2023

BOSTON — New York City-based real estate giant Tishman Speyer has broken ground on Phase I of Enterprise Research Campus, a 900,000-square-foot mixed-use project that will be located in the Allston neighborhood of Boston. The nine-acre site is adjacent to the Harvard Business School and Harvard Science & Engineering Complex in Allston. New York City-based Otera Capital led a syndicate of lenders that provided $750 million in construction financing for the project earlier this year. Phase I of the development will consist of two life sciences buildings totaling 440,000 square feet, a 343-unit apartment complex and a hotel, all of which will be developed on a nine-acre parcel. Within the multifamily component, 25 percent of the units will be designated as affordable housing for households earning between 30 and 100 percent of the area median income. Tishman Speyer will also develop, on Harvard University’s behalf, the mass-timber David Rubenstein Treehouse to serve as a campus-wide conference facility. Turner Construction is partnering with Janey Construction Management and J&J Contractors to build the life sciences portion of the project. A partnership between Consigli Construction and Smoot Construction is building the multifamily and hotel portions of the development. At full build-out, Enterprise Research …

November 6, 2023

Kentucky Market Reports Multifamily Southeast Southeast Market Reports

Investors Target Louisville as Multifamily Market Outperforms Expectations

by John Nelson November 6, 2023

Louisville, perhaps the center of the universe for horses and bourbon, is a somewhat undiscovered gem lying at the northern edge of the Southeast. The metro, with a population of just under 1.4 million people, is a steady performer across virtually all measurables, producing consistent and predictable metrics that may not dazzle Wall Street but certainly have not disappointed the base of capital invested in this riverfront market. The Kentucky Derby, which ran for the 149th time this past May, produces $400 million in economic development annually and is likely the first mental image conjured up when the term “Louisville” is mentioned. Kentucky bourbon likely comes to mind next as a $9 billion industry across the state, with roots as deep as oak. However, there’s much more to the Louisville metro. Through the first half of 2023, the Louisville metro area had recovered virtually all of the more than 55,000 jobs the market lost in 2020. Interestingly but not surprisingly, arts, entertainment and recreation posted a net 7.5 percent increase in jobs from 2020 through 2022, more than erasing a blistering 2020 loss of 25.4 percent of the jobs in this sector. Less glamorous but perhaps more critical is transportation …

November 6, 2023

Development Industrial North Carolina Southeast

Toyota to Invest $8B in North Carolina Battery Manufacturing Facility

by John Nelson November 3, 2023

LIBERTY, N.C. — Toyota has announced plans to invest an additional $8 billion in Toyota Battery Manufacturing, North Carolina (TBMNC), an advanced manufacturing campus currently underway in Liberty, roughly 23 miles outside Greensboro. Toyota’s investment in the facility, which is expected to create more than 5,000 jobs, now totals roughly $13.9 billion. Scheduled to begin production in 2025, the facility will develop and produce batteries for use in electric vehicles. The new investment will allow for the addition of eight battery production lines, bringing the total to 10. The project, which was initially announced in 2021, will total 7 million square feet.

November 3, 2023

Acquisitions North Carolina Retail Southeast

Northmarq Brokers $4.3M Sale of Retail Property in Metro Asheville

by John Nelson November 3, 2023

BREVARD, N.C. — Northmarq’s Atlanta office has brokered the $4.3 million sale of Shoppes at Brevard Place, a retail property located in Brevard, roughly 30 miles southwest of Asheville. Built in 2020, the property totals 11,801 square feet. Tenants at the center, which was 76 percent occupied at the time of sale, include Starbucks Coffee, Jersey Mike’s, Salsarita’s, Mommy & Me and AT&T. Billy Benedict of Northmarq represented both the buyer and seller in the transaction.

November 3, 2023

Acquisitions Multifamily Southeast Tennessee

Colliers Arranges Acquisition Financing for Multifamily Portfolio Totaling 56 Units in Chattanooga

by John Nelson November 3, 2023

CHATTANOOGA, TENN. — Colliers Mortgage has arranged financing for the acquisition of a two-property multifamily portfolio totaling 56 units in Chattanooga. The properties include Richwood Townhomes and Seminole Pathe. Located at 918 Donaldson Road, Richwood Townhomes was built in 1968 and comprises 24 units throughout four two-story buildings. Seminole Pathe features 32 units within one three-story building, as well as a one-story single-family residence that functions as a duplex. Built in 1925, the property is situated at 302 Dunlap Ave. The financing included the assumption of an existing Fannie Mae mortgage loan, as well as an additional Fannie Mae supplemental loan. Zach Shope of Colliers Mortgage’s Atlanta office secured the financing on behalf of the borrower, an entity doing business as East Ridge Flats and Townhomes LLC.

November 3, 2023

Company News Florida Retail Southeast

Sembler Co. Founder Mel Sembler Dies at 93

by John Nelson November 3, 2023

ST. PETERSBURG, FLA. — Mel Sembler, founder of St. Petersburg-based retail real estate development firm The Sembler Co., has passed away at the age of 93, according to a statement from the company. Sembler founded his eponymous real estate company in 1962. To date, it has completed more than 350 developments totaling 29 million square feet. Additionally, the company manages and leases 10 million square feet of retail real estate and has offices in St. Petersburg, Atlanta and Puerto Rico. In a prepared statement, The Sembler Co. stated “his indelible mark will continue to guide us as we honor his legacy. He was the truest friend and leader to all.” Currently, The Sembler Co.’s portfolio includes Belmont Shopping Center in Ruskin, Fla., and North Macon Plaza in Macon, Ga. Sembler is also underway on the development of The Preserve Marketplace in Odessa, Fla., and West Villages Marketplace in Venice, Fla. In metro Atlanta, the company developed The Prado in 2008 and Town Brookhaven in 2010. The retail centers total 345,000 and 441,217 square feet, respectively. Sembler also previously served as U.S. Ambassador to Australia and Nauru from 1989 to 1993 and to Italy from 2001 to 2005. He also served …

November 3, 2023

The-Great-290-Distribution-Center-Houston

Development Industrial Leasing Activity Texas

Daikin Comfort Technologies Leases 500,840 SF of Industrial Space in Northwest Houston

by Taylor Williams November 3, 2023

HOUSTON — HVAC systems provider Daikin Comfort Technologies has leased 500,840 square feet of industrial space at The Great 290 Distribution Center, a newly built facility located near the intersection of The Grand Parkway and I-290 in northwest Houston. Designed by Powers Brown Architecture, The Great 290 Distribution Center occupies 41 acres within a 64-acre site, allowing tenants additional space for outdoor trailer parking or materials storage. Nathan Wynne and Jason Dillee of CBRE represented the landlord, locally based developer Pagewood, in the lease negotiations. Seth Koschak, Tyler Maner and Heath Donica of Stream Realty Partners represented the tenant, which will occupy the entirety of the building.

November 3, 2023

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