Property Type

Joint Venture Opens 255-Room Embassy Suites by Hilton Panama City Beach Resort

by Jeff Shaw April 28, 2023

PANAMA CITY BEACH, FLA. — A joint venture between The St. Joe Co., Hilton Worldwide Holdings Inc. (NYSE: HLT) and Key International have opened the Embassy Suites by Hilton Panama City Beach Resort, a 255-room resort overlooking the Gulf of Mexico. Located in the popular Florida Panhandle vacation town of Panama City Beach, the resort features one- and two-bedroom suites, including two-bedroom family suites and suites with bunk beds. The resort features a pool complex with a waterslide and hot tub, a fitness center, business center and approximately 15,500 square feet of meeting and event space. The property also includes two restaurants: Blu Bar & Grill, which will serve lunch and dinner, and Fin, which will provide guests with complimentary breakfast. Vue 55, a 3,800 square-foot open-air event venue on the fifth floor, will also be available for weddings and group functions. The resort is in the Pier Park shopping and entertainment district. According to the Panama City Beach website, Pier Park currently offers 124 stores, as well as restaurants such as Dick’s Last Resort and Hook’d Pier Bar and Grill, an IMAX theater and a Ferris wheel. “The location of this resort is unlike anything in the market,” says …

April 28, 2023

Industrial Market Reports Nevada Western Western Market Reports

Industrial Market Stays Elevated in Northern Nevada

by Jeff Shaw April 28, 2023

— By Baker Krukow, Senior Advisor, Industrial, Dickson Commercial Group — The Reno-Sparks industrial market is expected to remain active in 2023. It has a hefty pipeline of proposed industrial projects, steady increases in rental rates and a direct vacancy rate below 2 percent. The lack of available product has remained a challenge for tenants looking to occupy space, while landlords have been able to benefit from competing offers. The result of these tight market conditions will continue to push industrial development throughout the year. There was roughly 5.4 million square feet of new industrial product delivered in 2022, with 76 percent of those projects being speculative developments. A vast majority of those spec projects were pre-leased prior to completion. Looking at 2023 new construction, developers are dealing with severe winter weather delays. As a result, several projects have had to push back their completion timelines. Amongst some of the anticipated industrial projects under construction are Dermody Properties’ LogistiCenter at I-80 West Phase II, which will contain two state-of-the-art distribution buildings totaling 429,000 square feet. In the Sparks submarket, Panattoni Development has broken ground on the Pyramid Pointe Commerce Center, a 195,000-square-foot, Class A flex/bulk building, which will demise to …

April 28, 2023

Development Georgia Industrial Southeast

Lineage Logistics Opens $78M Industrial Facility Near Port of Savannah

by John Nelson April 27, 2023

PORT WENTWORTH, GA. — Lineage Logistics has opened Savannah Fresh-Port Wentworth, a 220,000-square-foot industrial facility near the Port of Savannah. The $78 million development supports 65 new jobs. The temperature-controlled facility has 23 inbound and outbound lanes that can process more than 40 trucks daily, moving up to 1.4 million pounds of produce per day, according to Lineage. The new facility brings the Michigan-based REIT’s total investment in Chatham County to more than $100 million and its Georgia portfolio to over 3 million square feet.

April 27, 2023

Development Georgia Multifamily Southeast

Atlas, FIDES to Break Ground on $70M Multifamily Project in Chamblee, Georgia

by John Nelson April 27, 2023

CHAMBLEE, GA. — Atlas Real Estate Partners and FIDES Development plan to break ground in early May on The Hawkins, a $70 million multifamily community in the Atlanta suburb of Chamblee. The 192-unit mid-rise community will feature a mix of one-, two- and three-bedroom floor plans, as well as 15,000 square feet of amenity and commercial space. Amenities will include a fitness center, coworking space, pet spa, dog park, community room, pool courtyard, bike room and a rooftop lounge overlooking the nearby DeKalb-Peachtree Airport.

April 27, 2023

Development Industrial Midwest Missouri

VanTrust Breaks Ground on 2.4 MSF Spec Industrial Development in Platte City, Missouri

by Kristin Harlow April 27, 2023

PLATTE CITY, MO. — Developer VanTrust Real Estate LLC has broken ground on Platte International Commerce Center, a 2.4 million-square-foot industrial development in Platte City, a northern suburb of Kansas City. The project will consist of three Class A buildings. The first speculative building will total 748,833 square feet and is slated for completion in May 2024. The site features immediate access to I-29 and I-435. Phillip Algrim and Kevin Wilkerson of JLL are marketing the project for lease. The project team includes Whiting Turner Contracting Co., Olsson Engineers and M+H Architects.

April 27, 2023

Acquisitions Industrial Michigan Midwest Self-Storage

Prestige Storage Acquires 12-Property Self-Storage Portfolio in Michigan

by Kristin Harlow April 27, 2023

MICHIGAN — Prestige Storage, in partnership with Peaceable Street Capital, has acquired a 12-property self-storage portfolio in western Michigan for an undisclosed price. The portfolio totals 490,302 square feet with 2,956 units. The properties are located in Muskegon, Fruitport, Spring Lake, Kent City and West Olive. The facilities, which feature a mix of climate-controlled and non-climate-controlled units, will be rebranded to Prestige Storage. The buyer intends to expand the properties, with initial plans calling for the addition of more than 100 parking spaces for boats, RVs and trucks. Columbus, Ohio-based Prestige maintains a portfolio of more than 50 properties in seven states totaling 2.4 million rentable square feet.

April 27, 2023

Loans Midwest Retail Wisconsin

Bellwether Enterprise Arranges $6.2M Acquisition Loan for Retail Center in Brookfield, Wisconsin

by Kristin Harlow April 27, 2023

BROOKFIELD, WIS. — Bellwether Enterprise Real Estate Capital (BWE) has arranged a $6.2 million loan for the acquisition of Shoppes of Brookfield Commons, a retail center in the Milwaukee suburb of Brookfield. The two-building property totals 42,356 square feet. At the time of loan closing, the asset was 54 percent leased. Ryan Morris of BWE arranged the loan on behalf of the borrower, CapRock Real Estate. Ameritas Investment Partners provided the three-year loan, which features a fixed interest rate along with $1 million of future funding for capital improvements and leasing efforts.

April 27, 2023

Acquisitions Illinois Midwest Restaurant Retail

Kiser Group Brokers $6M Sale of Retail, Residential Building in Chicago’s Loop

by Kristin Harlow April 27, 2023

CHICAGO — Kiser Group has brokered the sale of 701 S State in Chicago’s Loop for $6 million. The building features 36 apartment units as well as a bar on the first floor. The residences are renovated studio apartments, all of which are occupied. Kiser Group’s Birk | Sklar team represented the seller, Nicholas Vranas, who had owned the building for over 40 years. A local restaurant operator purchased the asset. According to Kiser, the buyer was drawn to the property because of its 4 a.m. liquor license, which was transferred upon sale.

April 27, 2023

Development Illinois Leasing Activity Midwest Restaurant Retail

Big Fish Hospitality to Open The Prospect Restaurant at Apartment Complex in Mount Prospect, Illinois

by Kristin Harlow April 27, 2023

MOUNT PROSPECT, ILL. — Big Fish Hospitality has unveiled plans to open a new restaurant named The Prospect in suburban Chicago. The upscale eatery will be situated at 20West, a luxury apartment building located at 20 W. Northwest Highway in Mount Prospect. Big Fish expects to begin construction on the two-story restaurant this summer, with a soft opening planned for late fall and a grand opening toward the end of the year. Chef Mauro Berruti and General Manager Garrett Supples will lead The Prospect. Nicholas & Associates, which completed construction of 20West on behalf of developer Wingspan Development Group, will oversee the build-out of the restaurant space. The Prospect will be able to accommodate 90 to 100 people on the first floor and 50 to 75 people on the second level. A full bar will be situated on each level. The upstairs area will also serve as private event space.

April 27, 2023

Development Florida Multifamily Southeast

Integra Investments Delivers 280-Unit Wrecker’s Cay Apartments in Key West, Florida

by John Nelson April 27, 2023

KEY WEST, FLA. — Integra Investments has delivered Wrecker’s Cay Apartments, a 280-unit workforce housing community located at 6125 2nd St. on Key West’s Stock Island. The stabilized property features a variety of floor plans, including one-, two- and three-bedroom apartments. Of those, 70 are designated low-income units, 98 median-income units and 112 moderate-income units. Designed by PQH Group, Wrecker’s Cay features a children’s playground, fitness center, waterfront clubhouse with a catering kitchen, pavilion with an outdoor kitchen and a resort-style pool. According to the property website, potential residents can apply to lease a one-bedroom unit for $2,460 per month or a two-bedroom apartment for $2,769 per month.

April 27, 2023

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