Property Type

Eaglestone Manufacturing Signs 85,608 SF Industrial Sublease in Naperville, Illinois

by Kristin Harlow June 29, 2023

NAPERVILLE, ILL. — Eaglestone Manufacturing has signed an 85,608-square-foot industrial sublease at 1560 Fronternac Road in the Chicago suburb of Naperville. Eaglestone is a manufacturer of production line equipment such as conveyor belts and sorting systems. The property was constructed in 1988 and features a newly renovated 4,500-square-foot office space as well as a clear height of 22 feet, six interior docks, two drive-in doors and ample parking. Eaglestone expects to take occupancy in the fourth quarter. Mandy Lewandowski and Luke Ferzacca of DarwinPW Realty/CORFAC International represented the undisclosed sublessor. Nick Eboli and Andrew Block of Lee & Associates represented Eaglestone.

June 29, 2023

Features Retail

Investment Sales Outlook: Unanchored Retail Continues to be a Strong Long-Term Option

by Taylor Williams June 29, 2023

By Jeff Enck, senior vice president, SRS Real Estate Partners Throughout the world of retail investment sales, reality is setting in. Buyers and sellers of unanchored retail shops are adjusting to lingering market uncertainty, which, at least for now, seems to be here to stay. Over the past 12 to 18 months, the Federal Reserve has doused the white-hot, inflation-powered economy with buckets of interest rate hikes, increasing the effective federal funds rate from .08 percent at the beginning of 2022 to 5.08 percent today. Based on the central bank’s latest public signals, it doesn’t appear that interest rates are coming back down anytime soon. But it’s important to note that, historically speaking, they are not significantly high. Debt Challenges Continue Insurance companies, credit unions and relationship-driven lenders are financing the majority of retail deals in the market today. Typical bank loans, however, have slowed significantly as some institutions are either inactive or face rates are too high to meet debt service coverage ratios. Some private investors are buying with all cash or closing with cash plus lines of credit. A recent example of a “new normal” deal involves a life insurance company loan on a purchase transaction of a $15 …

June 29, 2023

Development Restaurant Retail Southeast Tennessee Top Stories

Cordish Plans Adaptive Reuse Project for Historic George Jones Building in Downtown Nashville

by Katie Sloan June 29, 2023

NASHVILLE, TENN. — The Cordish Cos. has revealed plans for Nashville Live!, an adaptive reuse of the historic George Jones building in downtown Nashville. Upon completion, the property will offer 50,000 square feet of dining and entertainment space. Nashville Live! will feature a different concept on each of its five floors, including a DraftKings Sports & Social restaurant and bar, a flagship location for PBR Cowboy Bar and concert hall, an elevated rooftop venue, a 10,000-square-foot private event space with room to host up to 450 people, and an exclusive speakeasy bar. Plans for DraftKings Sports & Social include several state-of-the-art LED media walls; a number of signature bars offering specialty cocktails; restaurant space featuring a full menu developed by James Beard Award nominee John Suley; and guest-friendly mobile platforms that will allow patrons to place bets using the DraftKings Sportsbook application. PBR Cowboy Bar is partnering with the Nashville Stampede, one of eight teams in a new bull riding league, for its location at Nashville Live! The space will feature a professionally endorsed mechanical bull, multiple bars, private VIP booths and a DJ and live music venue. The development’s rooftop concept, AVA Rooftop Bar, will include an oversized central …

June 29, 2023

Development Hospitality Maryland Multifamily Southeast

Method Co. to Open 81-Unit Roost Apartment Hotel at $5.5B Baltimore Peninsula Development

by John Nelson June 28, 2023

BALTIMORE — Method Co. will soon open Roost Apartment Hotel, an 81-unit flexible living community located within the 235-acre Baltimore Peninsula project, which was formerly known as Port Covington. Located at 2460 Terrapin Way, Roost is part of the “Chapter 1” phase of the $5.5 billion Baltimore Peninsula development and is the waterfront project’s third residential property, joining Rye House and 250 Mission. Last week the development team, including Method, Weller Development, MAG Partners and MacFarlane Partners, hosted a ribbon cutting ceremony attended by Maryland Gov. Wes Moore and Sagamore Ventures CEO and Under Armour founder Kevin Plank. The Roost Apartment Hotel concept bridges the gap between a boutique hotel experience and apartment living, with floor plans ranging from one to three bedrooms. The units include features like a full-size kitchen, balconies and full-wall windows. Additionally, Roost will feature an open-air pool, 24/7 concierge and a fitness center with Peloton bikes. The design team for the Roost Baltimore location includes Hord Coplan Macht, Aumen Asner Inc. and Method Studios. Method Co., which operates other Roost-branded properties in Philadelphia, Cleveland, Detroit and Tampa, plans to open the Baltimore Peninsula location on Saturday, July 1.

June 28, 2023

Development Loans Maryland Multifamily Southeast

EJF Capital, NRP Group Obtain $61M Construction Loan for Multifamily Community in Hyattsville, Maryland

by John Nelson June 28, 2023

HYATTSVILLE, MD. — EJF Capital LLC and The NRP Group have obtained a $61 million construction loan for the development of a multifamily community in Hyattsville, a suburb of Washington, D.C. First National Bank and Flagstar Bank provided the financing. The five-story, 361-unit property will be situated within a 3.2-acre opportunity zone at the corner of Belcrest and Toledo roads. The unnamed property will have a six-level, 441-space parking garage, as well as a fitness center, bike room, pet wash area, courtyard, pool and multiple lounge spaces. EJF Capital and NRP Group expect to deliver the property in the third quarter of 2025.

June 28, 2023

Industrial Kentucky Leasing Activity Southeast

MDH Signs RP Construction Services to 180,000 SF Industrial Lease in Louisville

by John Nelson June 28, 2023

LOUISVILLE, KY. — Atlanta-based MDH Partners has signed RP Construction Services, a distributor and assembler of utility solar equipment, to a 180,000-square-foot industrial lease in Louisville. The tenant will occupy space at Park 65 Business Center, a 260,000-square-foot distribution center located at 100 Brooks Way. The RP Construction Services lease brings Park 65 to full occupancy. Robert Walker and Greg Charmoli of Cushman & Wakefield represented the landlord in the lease transaction. MDH Partners purchased Park 65 in 2019 when it was 30 percent occupied. The firm currently owns 101 properties across 20 states, including 570,000 square feet in Kentucky.

June 28, 2023

Development Georgia Leasing Activity Mixed-Use Restaurant Retail Southeast

Connolly, Coro Realty Unveil Mixed-Use Redevelopment in Sandy Springs, Georgia

by John Nelson June 28, 2023

SANDY SPRINGS, GA. — Connolly and Coro Realty have announced the repositioning of the commercial portion of a mixed-use development in metro Atlanta formerly known as Sandy Springs Gateway. The duo purchased the 120,000-square-foot component in February 2022 for $40.5 million. The property, which comprises 92,000 square feet of shops, restaurants and service retailers and 28,000 square feet of second-story office space, is now known as Chastain Market due to its proximity to Chastain Park in the nearby Buckhead district of Atlanta. Connolly and Coro Realty have also inked new leases for the project, including an Italian eatery from chef Kevin Maxey, Alloy Personal Training and United Community Bank. In addition to re-tenanting the development’s former Sprouts Farmers Market grocery store, Connolly and Coro Realty are undertaking a multimillion-dollar renovation to the property. Additionally, a new mural was painted for the project at the corner of Roswell Road and Windsor Parkway. Chastain Market is adjacent to two apartment communities totaling 630 units: The Gateway Chastain and The Collection.

June 28, 2023

Florida Loans Mixed-Use Southeast

Berkadia Secures $40.7M Loan for One Eleven Mixed-Use Tower in Downtown Orlando

by John Nelson June 28, 2023

ORLANDO, FLA. — Berkadia has secured a $40.7 million loan for the recapitalization of One Eleven, a 30-story mixed-use tower located at 111 E. Washington St. in downtown Orlando. Charles Foschini, Chris Apone and Shannon Wilson of Berkadia’s South Florida office originated the five-year, interest-only loan through Morgan Stanley on behalf of the borrower, Lincoln Orlando Holdings LLC. Built in 2008, One Eleven features a mix of 11,076 square feet of ground-floor retail space with outdoor patio seating, nine levels of parking, 152,360 square feet of office space and a 164-unit apartment component called Aspire. Commercial tenants include Ocean Bank, Daily Bread, Innovative Systems Group of Florida, McDonald Toole Wiggins PA, National Society of Leadership and Success, Atwell Engineers, Skanska and Huitt-Zollars Inc. The residential and office portion have separate lobbies, and residential amenities include the highest rooftop pool deck in the city and an amenity level with a balcony, health club and fitness center.

June 28, 2023

Acquisitions Industrial Texas

MDH Partners Acquires 603,389 SF Industrial Facility in South Houston

by Taylor Williams June 28, 2023

HOUSTON — Atlanta-based investment firm MDH Partners has acquired a 603,389-square-foot industrial facility in Houston. Completed in 2023, the facility is situated within the 36.9-acre, 3.3 million-square-foot South Belt Central Business Park on the city’s south side. Building features include 36-foot clear heights, an ESFR sprinkler system and parking for 442 cars and 196 trailers. Trent Agnew, Charles Strauss and Tom Weber with JLL represented the undisclosed seller in the transaction. Georga Rowe represented MDH Partners on an internal basis.

June 28, 2023

Acquisitions Multifamily Texas

NewQuest Properties, Red Oak Negotiate Sale of 326-Unit Apartment Community in Houston

by Taylor Williams June 28, 2023

HOUSTON — Locally based brokerage firm NewQuest Properties and Red Oak Commercial have negotiated the sale of Virtuo Med Center Apartments, a 326-unit multifamily community in Houston. The property was built on 6.4 acres in 2020. Units come in studio, one- and two-bedroom units that range in size from 509 to 1,189 square feet. Amenities include a pool, fitness center, business center, private dining area, coffee bar and a podcast room. Glenn Dickerson and Brad LyBrand of NewQuest represented the undisclosed seller in the off-market transaction. The buyer, a private investor based in the Northeast, was also not disclosed.

June 28, 2023

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