Property Type

JLL Arranges $68.9M in Construction Financing for Apartment Community in Suburban Minneapolis

by Kristin Harlow August 31, 2023

EDEN PRAIRIE, MINN. — JLL Capital Markets has arranged joint venture equity and construction financing totaling $68.9 million for Golden Triangle Station, a 237-unit apartment community in the Golden Triangle neighborhood of Eden Prairie. Greco and Eagle Ridge Partners were the borrowers. JLL arranged a $47 million construction loan through a regional bank and $21.9 million in joint venture equity from Amstar Group. Slated to break ground this fall, the project will include 315 underground parking spaces. Units will come in studios, one-, two- and three-bedroom layouts. Amenities will include an outdoor pool, spa, theater room, clubroom, private dining and pickleball courts. As part of Eden Prairie’s inclusionary zoning, roughly 25 percent of the units will be rented at 50 and 80 percent of the area median income. As a result, the project has received support from city staff, including the approval of a tax-increment financing structure. Josh Talberg, Scott Loving, Matthew Schoenfeldt, Colin Ryan, Dan Linnell and Mox Gunderson made up the JLL team representing the borrower.

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Panasonic Leases 509,760 SF at Flint Commerce Center in De Soto, Kansas

by Kristin Harlow August 31, 2023

DE SOTO, KAN. — Panasonic Energy has leased 509,760 square feet of industrial space at Building C within Flint Commerce Center in De Soto, about 30 miles southwest of Kansas City. The 1 million-square-foot building is under construction and slated for completion in summer 2024. The 370-acre flint Commerce Center can accommodate users ranging from 200,000 to 2 million square feet. Flint Development is the developer. Mark Long, John Hassler and Scott Bluhm of Newmark Zimmer represented Flint in the lease with Panasonic.

August 31, 2023

Development Midwest Multifamily Wisconsin

M&R Development Opens 2929 on Mayfair Luxury Apartment Complex in Suburban Milwaukee

by Kristin Harlow August 31, 2023

WAUWATOSA, WIS. — M&R Development has opened 2929 on Mayfair, a 258-unit luxury apartment complex in the Milwaukee suburb of Wauwatosa. M&R co-developed the project with Campbell Capital Group. RMK Management is the property manager. Located at 2929 N. Mayfair Road, the property is just down the street from The Mayfair Collection, a 69-acre mixed-use development. Illinois-based M&R has now opened three apartment communities in Wisconsin in the last three years. Units at 2929 on Mayfair range from 453 to 1,282 square feet. Monthly rents range from $1,250 to $2,610. A three-story clubhouse is at the center of the community with an adjoining courtyard and outdoor pool. The shared spaces include an entertainment kitchen, coffee bar, lounge, fitness center, yoga room, business center with private conference rooms and workstations, a pet washing station and package room. There is also a three-level parking garage with car wash and electric vehicle charging stations.

August 31, 2023

Acquisitions Indiana Industrial Midwest

CBRE Brokers $13.4M Sale of Building 4 Within Mount Comfort Logistics Center in Greenfield, Indiana

by Kristin Harlow August 31, 2023

GREENFIELD, IND. — CBRE has brokered the $13.4 million sale of Building 4 within Mount Comfort Logistics Center in Greenfield, an eastern suburb of Indianapolis. The building totals 120,336 square feet and is a build-to-suit warehouse for U.S. AutoForce, a wholesale automotive tires, parts and lubricants distributor. Built in 2021, the property features a clear height of 30 feet, 22 dock doors, two drive-in doors and ample car and trailer parking. Kevin Foley and Jared Scaringe of CBRE Investment Properties represented the seller, Ambrose Property Group. Gary Stache, Chris Martin and Bill Maher of CBRE Investment Properties represented the private California-based buyer, which completed a 1031 exchange.

August 31, 2023

Industrial Kansas Leasing Activity Midwest

Iconex Renews 88,461 SF Industrial Lease at Cambridge Business Park in Kansas City

by Kristin Harlow August 31, 2023

KANSAS CITY, KAN. — Iconex, a provider of label solutions and paper receipts, has renewed its 88,461-square-foot industrial lease at Cambridge Business Park in Kansas City. Copaken Brooks owns Cambridge Business Park, which totals 13 buildings and 464,521 square feet of light industrial and office space. There are more than 45 long-standing tenants at the property. Iconex has been a tenant since 2007. Its new lease goes through 2030. John Stafford of Colliers represented Iconex, while Jeremiah Dean represented Copaken Brooks on an internal basis.

August 31, 2023

Development Life Sciences Texas Top Stories

Texas Woman’s University to Break Ground on $107M Health Sciences Center in Denton, Texas

by Jeff Shaw August 31, 2023

DENTON, TEXAS — Texas Woman’s University (TWU) will break ground on a $107 million health sciences center in Denton on Friday, Sept. 15. The 136,000-square-foot facility will serve students in the allied healthcare fields such as nursing, physical therapy and occupational therapy. TWU states the goal of the center is to graduate 30 percent more nursing and healthcare professionals, with a special emphasis on preparing students to serve in rural settings. The new health sciences center will be constructed on seven acres adjacent to Parliament Village, a TWU residential complex housing 872 students. Plans for the facility include laboratory space, classrooms, collaborative workspaces, outdoor clinic sites and a teaching kitchen, as well as community healthcare clinics and training areas for students. Alongside the groundbreaking, TWU will launch the public phase of the $125 million Dream Big Campaign. This is TWU’S first comprehensive fundraising campaign. The Dream Big Campaign is intended to commemorate university’s 125th anniversary in 2026. TWU is a public university that was established in 1901. The university’s main campus is in Denton, with additional health science centers in Dallas and Houston. While TWU admitted its first male students in 1972 and has been fully co-educational since 1992, the school is …

August 31, 2023

Industrial Market Reports Midwest Midwest Market Reports Minnesota

Minneapolis Industrial Market Remains Strong Despite Current Debt Challenges

by Kristin Harlow August 31, 2023

By David Berglund, JLL The Minneapolis-St. Paul industrial real estate market continues to show strength as tenant demand and leasing activity keep vacancies low and absorption steady. In the second quarter of 2023, there were more than 4 million square feet of leasing and 523,641 square feet of net absorption, which pushed vacancy rates down slightly to 3.6 percent. In addition, roughly 800,000 square feet of speculative development was removed from the market. Currently, there is just 2.7 square foot of available space for every square foot of tenant demand. Year-to-date absorption was nearly 2 million square feet, led by the Northwest submarket with nearly 1.3 million square feet of that total since January. The Northwest submarket has been leading in absorption in four of the past six quarters. Asking rents increased to $6.21 per square foot and first-year rents continued to climb to $9.13 per square foot, reflecting an 11.5 percent growth over 2022. With very low vacancy and limited supply coming, we are continuing to see favorable conditions for landlords in the Twin Cites industrial market. New high-water marks for rents will likely continue into 2024. Investment sales, however, tapered off significantly as the impact of several incremental …

August 31, 2023

Features Property Type Seniors Housing Southeast

Mind the Gap(s): InterFace Panelists Highlight Divides in the Senior Living Industry and How to Bridge Them

by Hayden Spiess August 31, 2023

ATLANTA — The demand metrics of seniors housing are extremely compelling, given the demographics of Americans aging into the product type. But that demand is not necessarily translating directly to occupancy at senior living properties. This disparity between leads and move-ins is just one of the gaps that the panelists highlighted throughout the “Power Panel” at France Media’s InterFace Seniors Housing Southeast conference that touched on marketing, generational differences and family expectations. Hosted Aug. 16 at the Westin Buckhead in Atlanta, the panel offered insight into the state of the industry, as seen through the eyes of C-Suite executives. Participants included Iyvonne Byers, CFO of Priority Life Care; Judd Harper, president of The Arbor Co.; Doug Schiffer, president and chief operating officer of Allegro Senior Living; Shelley Esden, president and CEO of Sonata Senior Living; and Terry Rogers, president and CEO of Westminster Communities of Florida. John Lariccia, CEO of WelcomeHome Software, served as the moderator. Follow the lead Esden said that the “big discrepancy between the rise in the number of leads and the rise in move-ins” can be partly accounted for by the prevalence of digital marketing and automation, particularly in the post-COVID landscape. For this reason, she …

August 31, 2023

Acquisitions Alabama Development Mixed-Use Multifamily Southeast

IMS Development Acquires 130 Acres in Huntsville, Plans Mixed-Use Campus With 800 Residences

by John Nelson August 30, 2023

HUNTSVILLE, ALA. — Tuscaloosa, Ala.-based IMS Development has purchased 130 acres on the north side of Huntsville from the University of Alabama in Huntsville Foundation. The site is located at the corner of State Routes 255 and 53 and Blake Bottom Road. The buyer plans to build a mixed-use campus on the site dubbed North Valley, which will comprise 800 residences and 20 acres of commercial space. IMS Development says potential uses for the commercial component could include big-box retailers, hotels, restaurants, convenience stores and entertainment venues. Eric St. John of Crunkleton Commercial Real Estate assisted IMS in the land acquisition. The construction timeline was not released.

August 30, 2023

Development Florida Southeast Student Housing

Landmark, Manulife to Break Ground on 859-Bed Student Housing Development Near Florida State University

by John Nelson August 30, 2023

Management has announced plans for The Mark at Tallahassee, an 859-bed student housing development located near the Florida State University (FSU) campus in Tallahassee. The three-building community will offer fully furnished units with bed-to-bath parity. Shared amenities are set to include a rooftop clubhouse with an outdoor swimming pool, sun shelf, lounge seating, a grill station, fire pits and a jumbotron; a fitness center overlooking the university’s Doak Campbell football stadium; 24-hour study lounge; collaboration space; and bike storage. The project, which is being built by Landmark’s in-house general contractor Landmark Construction, is expected for completion in August 2025.

August 30, 2023

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