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301-Crossroads-Blvd.-Logan-Township
IndustrialLeasing ActivityNew JerseyNortheast

Aramsco Inc. Signs 117,000 SF Industrial Lease in Logan Township, New Jersey

by Taylor Williams

LOGAN TOWNSHIP, N.J. — Aramsco Inc., a distributor of disaster recovery supplies, has signed a 117,000-square-foot industrial lease in Logan Township, located just southwest of Philadelphia. The space is located within Logan North, a seven-building, 3.2 million-square-foot development by Greek Real Estate Partners and Advance Realty Investors. Dean Torosian, Nate Demetsky, Matt Kemery and Paul Torosian of JLL represented ownership in the lease negotiations. Ryan Bowie of ICON Commercial, along with Colin Flynn, David Ricci and Brando Casalicchio from Flynn Cos., represented the tenant.

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CivicLeasing ActivityNew YorkNortheast

Bedford Stuyvesant New Beginnings to Open 51,498 SF High School in Brooklyn

by Taylor Williams

NEW YORK CITY — Bedford Stuyvesant New Beginnings Charter School will open a 51,498-square-foot high school facility within a luxury condo building at 217 N. 10th St. in the Williamsburg area of Brooklyn. The lease term is 35 years. The charter school plans to relocate from 82 Lewis Ave. and occupy three of the building’s six floors in advance of the fall 2024 semester. Josh Berger of Norman Bobrow & Co. represented the school in the lease negotiations. Jason Frazier and Jesse de la Rama of CBRE represented the landlord, Largo Development.

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AcquisitionsNortheastPennsylvaniaRetail

Marcus & Millichap Brokers $7M Sale of Shopping Center in Parkesburg, Pennsylvania

by Taylor Williams

PARKESBURG, PA. — Marcus & Millichap has brokered the $7 million sale of Parkesburg Shopping Center, a 53,319-square-foot retail center located about 50 miles west of Philadelphia. Grocery Outlet and Planet Fitness anchor the 7.7-acre property, which recently underwent a capital improvement program. Other tenants include the U.S. Post Office and Dollar General. Joseph French Jr. and Kodi Traver of Marcus & Millichap represented the seller and procured the buyer, both of which were private investors that requested anonymity, in the transaction. The deal traded at a cap rate of 7.5 percent.

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AcquisitionsConnecticutMultifamilyNortheast

Chozick Realty Arranges $4M Sale of Apartment Building in Winsted, Connecticut

by Taylor Williams

WINSTED, CONN. — Locally based brokerage firm Chozick Realty has arranged the $4 million sale of The Mill at Still River, a 39-unit apartment building in Winsted, about 25 miles northwest of Hartford. The building was originally constructed as an industrial facility in 1887 and converted to residential use in 1986. Steve Pappas of Chozick Realty represented the buyer and seller, both of which requested anonymity, in the transaction.

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HealthcareLeasing ActivityNew YorkNortheast

SightMD Signs 9,409 SF Healthcare Lease in Yonkers, New York

by Taylor Williams

YONKERS, N.Y. — SightMD has signed a 9,409-square-foot healthcare lease in Yonkers, a northern suburb of New York City. The provider of ophthalmology services will take space at One Executive Center, a four-story, 133,768-square-foot building. Scott Berfas and Glenn Walsh of Newmark represented the tenant in the lease negotiations. The locally based landlord, Simone Development, was self-represented.

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DevelopmentMidwestRetailTop StoriesWisconsin

Kohl’s to Roll Out 200 Babies R Us, 140 Sephora Stores at Its Retail Locations This Year

by John Nelson

MENOMONEE FALLS, WIS. — Kohl’s (NYSE: KSS) has announced plans to roll out 200 Babies R Us shops this fall at existing Kohl’s locations. The first Babies R Us shop will debut at an undisclosed Kohl’s store in August. Additionally, the company plans to open 140 more Sephora shops at Kohl’s this summer. The Menomonee-based retail giant is partnering with WHP Global, the owner of the Babies R Us brand, in the rollout. WHP Global purchased the Babies R Us and Toys R Us brands in 2021, four years after the brands’ parent company filed for Chapter 11 bankruptcy. WHP Global is undertaking a similar rollout of Toys R Us locations at cruises and airports, along with new flagship stores. Kohl’s has more than 850 Sephora shops within Kohl’s stores, with each Sephora occupying roughly 2,500 square feet. Currently there are Sephora shops within Kohl’s stores across 48 states. “Not only are we well on our way to having a Sephora presence in every Kohl’s store across America, but we’re also seeing strong sales momentum from our current stores, and the experience is bringing new customers to Kohl’s,” says Nick Jones, Kohl’s chief merchandising and digital officer. Kohl’s reports that …

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3000-3010-E-La-Jolla-St-Anaheim-CA.
CaliforniaIndustrialMarket ReportsWesternWestern Market Reports

Orange County Industrial Sector Shows Stability Amid Tumultuous Market

by Jeff Shaw

— By Zach Middleton, senior associate, The Klabin Company/ CORFAC International — Last year brought significant change to the industrial sector across the country. Orange County was not immune to general market factors that were influenced by a sharp rise in interest rates, growing vacancy rates, shallowing tenant demand and increased supply. Fortunately, Orange County remains resilient heading into 2024 due to its prominent geography harbored by major distribution routes along the 5 and 91 freeways, as well as the county’s proximity to the ports.   Orange County also proudly showcases one of Southern California’s most diverse tenant pools. This is spearheaded by key sectors like technology and innovation, research, healthcare and biotechnology, manufacturing and aerospace, consumer goods, ecommerce, wholesale and distribution, underscoring its economic versatility and potential for sustained growth.  Market breakdown: vacancy rate uptick still below historical average Current vacancy rates across Orange County are as follows: • North County – 2.4% • West County – 4% • South County – 3.5% • Airport – 2.5% Vacancy rates have trended upward but remain below the historical average of 4 percent.  A growing number of cheaper sublease options and the slight uptick in vacancy rates have influenced direct deal …

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Fannie Mae Freddie Mac Affordability Programs Ian Monk quote
Affordable HousingContent PartnerFeaturesLoansLumentMidwestMultifamilyNortheastSoutheastTexasWestern

Agency Initiatives Entice Traditional Multifamily Owners, Investors to Workforce Housing

by Sarah Daniels

  A trio of social-impact lending programs is enticing enough to convince market-rate multifamily owners and investors to dip their toes into the affordable housing sector. These recently launched initiatives all promote the creation and preservation of workforce housing. Unlike low-income housing tax credits, Section 8 rent vouchers and other longstanding programs centered on helping families with low and very-low incomes to afford housing, the newest offerings primarily aim to assist missing middle renters — or those with modest-to-low incomes. That’s according to Ian Monk, deputy chief production officer for conventional multifamily at Lument — which is educating its borrowers about the competitive pricing, generous proceeds and potential for lengthy amortization periods available from Fannie Mae and Freddie Mac. “By charter, the government-sponsored enterprises (GSEs) have a duty to help provide housing that is affordable to all people, including families with only moderately low incomes,” Monk says. “In the multifamily arena, they may serve those families in fully dedicated affordable communities, but they can also serve them in conventional, market-rate properties that adopt some affordability initiatives using one of these social-impact loan structures.” The GSEs are making a strong push in 2024 to expand participation in the three social-impact loan products, …

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DevelopmentFloridaMultifamilySoutheast

MG Developer Tops Off 559-Unit Metro Parc Apartment Development in Hialeah, Florida

by John Nelson

HIALEAH, FLA. — MG Developer has completed the vertical construction of Metro Parc, a 559-unit transit-oriented apartment community located in Hialeah, approximately 13 miles outside Miami. Upon completion, the two-tower building will feature residences with two bedrooms and two bathrooms ranging from 500 to 800 square feet. Amenities at the community will include coworking space, an outdoor kitchen, pool and a gym. The property will also feature ground-floor retail space, including a Latin-inspired food marketplace. Metro Parc is the first phase of the Metro Center development, which will comprise roughly 2.3 million square feet of multifamily and retail space and is scheduled for completion in 2027.

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AlabamaCivicDevelopmentHealthcareSoutheast

Hoar Completes Vertical Construction of $128M UAB Medicine Rehabilitation Facility in Birmingham

by John Nelson

BIRMINGHAM, ALA. — Hoar Construction has topped out the University of Alabama at Birmingham (UAB) Medicine’s new $128 million Inpatient Rehabilitation Facility in downtown Birmingham. Located along 7th Avenue South, the building will total 346,000 square feet across 11 stories. In addition to 136 patient beds, the facility will comprise two levels of administration, conferencing and mechanical space and four floors of parking. Construction, which began in May 2022, is scheduled for completion in early 2025.

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