Property Type

Standard Real Estate Invests in Trammell Crow’s Woodridge Industrial Center in Suburban Chicago

by Kristin Harlow September 11, 2023

WOODRIDGE, ILL. — Standard Real Estate Investments LP is making an equity investment through its new $150 million investment vehicle in the Woodridge Industrial Center, a 217,000-square-foot logistics facility being developed by Trammell Crow Co. in suburban Chicago. The project is located on a 17-acre site in Woodridge and is slated for completion in summer 2024. The building will feature 22 dock doors, 130-foot truck courts and 270 parking spaces. The project team includes Harris Architects, general contractor FCL and civil engineer SpaceCo.

September 11, 2023

Acquisitions Development Illinois Midwest Multifamily Seniors Housing

ACO Commercial Arranges $8M Sale of Development Site on Chicago’s South Side

by Kristin Harlow September 11, 2023

CHICAGO — ACO Commercial has arranged the sale of a five-acre development site located at 3000-3052 S. Pitney Court in Chicago’s Bridgeport neighborhood for $8 million. George Toscas and Linda Hatter of ACO represented the seller, St. Louis-based SOHO Investments Inc. The buyer was the Chinese American Service League Inc. The nonprofit plans to develop the site into a comprehensive community care campus with affordable seniors housing, an adult day service center for seniors, an early childcare center and an industrial/commercial kitchen for senior meals and culinary training programs. Additionally, a community center will offer sports programs and outdoor garden space along the river as well as space for meetings. People’s Gas and Coke Co. formerly owned the riverfront property for more than 100 years.

September 11, 2023

Acquisitions California Multifamily Seniors Housing Western

CareTrust REIT Purchases 187-Bed Skilled Nursing Facility in Vista, California

by Amy Works September 11, 2023

VISTA, CALIF. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego. Once regulatory approval is obtained, Bayshire Senior Communities (a current tenant of CareTrust) will operate the facility pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total $25.5 million. CareTrust’s initial contractual yield on its combined preferred and common equity investments in the joint venture is approximately 9.7 percent. The lease provides for 3 percent fixed annual rent escalators and two five-year extension options. CareTrust is the managing member of the joint venture entity. The investments were funded using cash on hand.

September 11, 2023

Acquisitions Midwest Retail Wisconsin

Marcus & Millichap Brokers $3.1M Sale of CVS-Occupied Retail Property in Milwaukee

by Kristin Harlow September 11, 2023

MILWAUKEE — Marcus & Millichap has brokered the sale of a 12,900-square-foot retail property occupied by CVS Pharmacy in Milwaukee for $3.1 million. The net-leased building was constructed in 2007. Jeff Rowlett of Marcus & Millichap’s The Rowlett Group represented the seller, a local investor group. The Rowlett Group also procured the buyer, a Delaware-based REIT. At the time of sale, there were just under 10 years remaining on the initial 25-year ground lease.

September 11, 2023

CapRock-Global-Logistics-Moreno-Valley-CA

California Development Industrial Loans Western

JLL Arranges $17.5M Pre-Development Financing for Industrial Site in Moreno Valley, California

by Amy Works September 11, 2023

MORENO VALLEY, CALIF. — JLL Capital Markets has arranged $17.5 million in pre-development financing for a 22.1-acre parcel within the World Logistics Center master-planned community in the Inland Empire city of Moreno Valley. Greg Brown, Peter Thompson, Spencer Seibring and Kyle White of JLL Capital Markets’ debt advisory team secured the financing for the borrower, Newport Beach-based CapRock Partners. Upon entitlement, CapRock Partners will have the option to either commence development on an approximately 500,000-square-foot, LEED-certified industrial warehouse or exit via a land sale. The 22.1-acre industrial-zoned site will accommodate a wide range of uses, including e-commerce, manufacturing and distribution. At completion, the building would feature 36-foot clear heights, 65 dock-high doors and up to 10,000 square feet of two-story office space. Additionally, the property will offer 88 trailer parking stalls, 339 auto parking stalls, a truck court depth of 185 feet and a secured concrete yard. CapRock Global Logistics is located south of the 60 freeway at the Theodore Street on/off ramp.

September 11, 2023

Company News Idaho Midwest Ohio Retail Top Stories Western

Kroger, Albertsons Agree to Sell 413 Stores in Connection with $24.6B Merger

by Taylor Williams September 11, 2023

CINCINNATI AND BOISE, IDAHO — Kroger Co. (NYSE: KR) and Albertsons Cos. Inc. (NYSE: ACI) have agreed to sell 413 stores across 17 states and Washington, D.C., as part of the $24.6 billion merger between the two grocery giants. The buyer is C&S Wholesale Grocers, a New Hampshire-based grocery supply company overseeing brands including Piggly Wiggly and Grand Union. According to multiple news outlets including USA Today and Crain’s, the sales price is roughly $1.9 billion. In addition to the 400-plus grocery stores, C&S will also acquire eight distribution centers and two office properties that Kroger or Albertsons operate, as well as five private label brands. No store closures are expected to occur as a result of this selloff. The brands that will change ownership include Quality Food Centers (QFC), a regional operator in the Pacific Northwest; Mariano’s, which operates 44 stores in Illinois; and Alaska-based Carrs. Kroger owns QFC and Mariano’s, while Albertsons owns Carrs after acquiring the brand from Safeway and changing the name to Carrs-Safeway. Lastly, under the terms of the agreement, C&S will receive exclusive licensing rights to the Albertsons brand name in four states: Arizona, California, Colorado and Wyoming. In addition, Kroger will divest the …

September 11, 2023

Florida Market Reports Multifamily Southeast Southeast Market Reports

Orlando Finds Strength as One of Nation’s Top Multifamily Markets

by John Nelson September 11, 2023

Orlando remains one of the strongest multifamily markets nationally despite the slowdown being experienced in commercial real estate at large. Its strength is largely defined by growth in rent, supply, upcoming development opportunities, employment and the local economy, which have all contributed to healthy fundamentals. Being a top U.S. tourism destination has also helped with more than 74 million visitors coming to Orlando in 2022. Local tourism has created 212,000 jobs as of year-end 2021, and the city is home to nine world-renowned theme parks that are frequented by tourists. Orlando has also proven to be a very attractive and viable place to live long-term. The city is the fourth-largest in Florida, with an estimated population of more than 312,200 in 2023 and over 2 million within the metropolitan statistical area (MSA). The area’s population growth has supported multifamily growth opportunities, ensuring there is a vast renter pool and demand for the inventory that continues to be delivered. That has propelled rent growth up with submarkets like Colonial Town and Florida Center North, which are still posting year-over-year increases between 10 and 16 percent, significantly higher than the national average. Overall supply has also held up well with 6,103 units …

September 11, 2023

Development Florida Multifamily Southeast

LCOR to Develop 42-Story Apartment Tower in Miami’s Edgewater Neighborhood

by John Nelson September 8, 2023

MIAMI — LCOR has announced plans for a 544-unit apartment tower located at 1775 Biscayne Blvd. in the Edgewater neighborhood of Miami, pending approval from the Miami Urban Development Review Board (UDRB). Upon completion, the development will feature studio, one-, two- and three-bedroom residences across 42 stories, as well as 50,000 square feet of amenity space, 10,000 square feet of ground-floor retail space and a 628-space parking garage. ODP Architects is designing the project, with interiors designed by KAS. Amenities will include a rooftop pool, fitness center, tenant lounges and coworking spaces and a gaming area. Construction is expected to begin in the second quarter of 2024. The project marks the firm’s first ground-up development in the state of Florida.

September 8, 2023

Development Florida Multifamily Southeast

Greystar Opens Ltd. Champions Ridge Apartments in Metro Orlando

by John Nelson September 8, 2023

DAVENPORT, FLA. — Greystar Real Estate Partners has opened Ltd. Champions Ridge, an apartment community in Davenport, roughly 34 miles outside of Orlando. Marking the second Ltd.-branded property, the development features one-, two- and three-bedroom units ranging from 798 to 1,245 square feet. Amenities at the community include a swimming pool and gym. Rental rates will be lower than typical for Class A multifamily properties in the area, according to Greystar, with the company promising limited future rent increases.

September 8, 2023

Development Georgia Industrial Southeast

McShane Completes 181,477 SF Distribution Facility in Douglasville, Georgia for Home Chef

by John Nelson September 8, 2023

DOUGLASVILLE, GA. — McShane Construction Co. has completed the construction of a 181,477-square-foot distribution facility located in Douglasville. Built for Home Chef, the property features 19,722 square feet of freezer space, 18,520 square feet of cooler space, a 10,000-square-foot kitchen and 20 cold dock positions. The facility will be used to process, store and distribute Home Chef’s meal kits. JLL acted as representative for the owner, and Harris Architects served as the project architect.

September 8, 2023

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