Property Type

Logistics Property Co. Begins Development of 665,000 SF Oak Forest Logistics Center in Suburban Chicago

by Kristin Harlow June 1, 2023

OAK FOREST, ILL. — Logistics Property Co. (LPC) has begun development of Oak Forest Logistics Center in Oak Forest, a southern suburb of Chicago. The nearly 665,000-square-foot development features immediate access to the I-57 four-way interchange at 167th Street. The building will feature four drive-in doors, 117 exterior docks and parking for 116 trailers and 500 cars. The project team includes general contractor FCL Builders, Architects Plus Design Studio and civil engineer SPACECO Inc. Jason West, Sean Henrick and Ryan Klink of Cushman & Wakefield are marketing the project for lease. Completion is slated for the end of the year.

June 1, 2023

Acquisitions Industrial Midwest Minnesota

Midloch Investment Partners, Fountain Real Estate Capital Sell Last-Mile Industrial Facility in Metro Minneapolis for $15.4M

by Kristin Harlow June 1, 2023

BLOOMINGTON, MINN. — Midloch Investment Partners and Fountain Real Estate Capital have sold a 218,899-square-foot, last-mile industrial facility in the Minneapolis suburb of Bloomington for $15.4 million. Buligo Capital purchased the asset, which is located at 9231 Penn Ave. South. Midloch and Fountain acquired the property in January 2022 for $11.2 million, and invested in capital improvements to enhance leasing. Colin Ryan and Dave Berglund of JLL brokered the sale. Last-mile facilities are located close to urban areas and assist with the distribution of goods to consumers or retailers.

June 1, 2023

Acquisitions Hospitality New York Northeast

Bayrock Capital Acquires Holiday Inn Hotel in Queens for $76.5M

by Taylor Williams June 1, 2023

NEW YORK CITY — Long Island-based investment firm Bayrock Capital has acquired a 381-room Holiday Inn hotel located in the Long Island City area of Queens for $76.5 million. The 114,000-square-foot hotel, which is located at 37-10 10th St., opened in 2022 and offers a business center, fitness center and a convenience mart. Jake Blatter of KFIR Capital represented Bayrock Capital in the off-market transaction. The seller was New York-based owner-operator McSam Hotel Group.

June 1, 2023

Acquisitions Michigan Midwest Retail

Marcus & Millichap Arranges $2.2M Sale of Starbucks-Occupied Property in Royal Oak, Michigan

by Kristin Harlow June 1, 2023

ROYAL OAK, MICH. — Marcus & Millichap has arranged the $2.2 million sale of single-tenant property occupied by Starbucks in the Detroit suburb of Royal Oak. Darin Gross, Ashish Vakhariya and Seth Haron of Marcus & Millichap represented the all-cash buyer and seller. The sales price equated to $1,208.79 per square foot. Starbucks exercised an early renewal option for the property.

June 1, 2023

Acquisitions Multifamily New Jersey Northeast

Rockledge CRE Buys Two Harlem Apartment Buildings for $11.3M

by Taylor Williams June 1, 2023

NEW YORK CITY — Locally based investment firm Rockledge CRE has purchased two apartment buildings in Harlem totaling 66 units for $11.3 million. The five-story buildings were both constructed in 1920 and are situated on contiguous tracts at 401-405 Edgecombe Ave. Aaron Jungreis, Ben Khakshoor and Alex Fuchs of local brokerage firm Rosewood Realty Group represented Rockledge CRE, which plans to renovate the units, in the transaction. Brian Ezratty of Newmark represented the seller. The deal traded at a cap rate of 5.9 percent.

June 1, 2023

Leasing Activity Midwest Retail Wisconsin

Hibbett Sports Signs 4,875 SF Retail Lease in Plattville, Wisconsin

by Kristin Harlow June 1, 2023

PLATTVILLE, WIS. — Hibbett Sports has signed a 4,875-square-foot retail lease at the Shoppes at Plattville. The property is located at 1845 Progressive Parkway in Plattville, a city in Southwest Wisconsin. Scott Satula of Mid-America Real Estate represented the landlord, an entity doing business as Prairie Sun Properties 1845 LLC.

June 1, 2023

Acquisitions Industrial New Jersey Northeast

CBRE Brokers $5.5M Sale of Industrial Property in Lodi, New Jersey

by Taylor Williams June 1, 2023

LODI, N.J. — CBRE has brokered the $5.5 million sale of a 24,500-square-foot industrial property in the Northern New Jersey community of Lodi. According to LoopNet Inc., the property at 80 Hancock St. was built on 1.8 acres in 1965 and features six dock doors and one drive-in door. Elli Klapper, Jeremy Wernick, Mark Silverman, Charles Berger, Kevin Dudley, Nick Klacik and Chad Hillyer of CBRE represented the buyer, Prologis, in the transaction. The seller was not disclosed. CBRE has also been retained to market the property for lease.

June 1, 2023

Leasing Activity Life Sciences Massachusetts Northeast Office

Newmark Arranges 7,397 SF Office, Life Sciences Lease in Burlington, Massachusetts

by Taylor Williams June 1, 2023

BURLINGTON, MASS. — Newmark has arranged a 7,397-square-foot office and life sciences lease in Burlington, a northwestern suburb of Boston. The tenant, medical imaging services provider UII America Inc., has committed to leasing space at Blue Sky Center, a 158-acre campus. Matt Malatesta, Tyler McGrail, Michael Frisoli and Margaret Fee of Newmark represented the owner, Nordblom Co., in the lease negotiations. Malatesta and Dave Townsend, also with Newmark, represented the tenant. Amenities at Blue Sky Center include a fitness center, café, basketball court, gaming area and a golf simulator.

June 1, 2023

Affordable Housing Mixed-Use Multifamily New York Northeast Retail Top Stories

Douglaston Development Breaks Ground on $320M Multifamily Project in Brooklyn

by Katie Sloan June 1, 2023

NEW YORK CITY — Douglaston Development has started construction of a $320 million multifamily project in the New York City borough of Brooklyn. The 474,000-square-foot development is located at 1057 Atlantic Ave. in the Bedford-Stuyvesant neighborhood. Upon completion, the community will rise 17 stories and offer 456 units of mixed-income housing. The units, 137 of which will be affordable housing, will be offered in one-, two- and three-bedroom configurations. A partnership between BEB Capital and Totem began assembling the site in 2019. Douglaston recently acquired the site for $66 million from the partnership, retaining both parties as co-developers for the project. TerraCRG brokered the transaction. Shared amenities will include a fitness center, lounge, golf simulator, game room, screening room, children’s playroom and a landscaped rooftop deck with views of Brooklyn and the Manhattan skyline. In addition to the residential portion of the community, the development will also feature 31,000 square feet of ground-floor retail space. Greystone Capital Advisors arranged funding for the project, which includes $185 million in construction financing placed through Wells Fargo Bank, M&T Bank and BankUnited. Funds managed by Ares Real Estate have also acquired preferred interest in the development, which is slated for completion in late 2025. New …

June 1, 2023

Conference Coverage Features Industrial North Carolina Southeast Southeast Feature Archive

Interstate 85 Corridor Industrial Markets Aren’t Overbuilt Yet, Say InterFace Panelists

by John Nelson June 1, 2023

Interstate 85 traverses through the heart of the Southeast, the fastest-growing region in the United States by way of population. The southern terminus of the 666-mile interstate is in Montgomery, Ala., home of the mega Hyundai Motor Manufacturing Alabama plant, and it travels north to just shy of Richmond, Va., the site of North America’s first LEGO factory. Along the way, I-85 connects through Atlanta and the Carolinas markets of Greenville-Spartanburg, Charlotte, Greensboro and Raleigh-Durham. These I-85 Corridor markets have seen their fair share of industrial development in recent years, so much so that for the first time this cycle, some experts are worried about overbuilding. Steven McGee, vice president of Southeast development at Rockefeller Group, said that half of the nation’s population growth has been coming to the Southeast region, and that faucet isn’t expected to be shut off anytime soon. “America is getting bigger, and half of that growth is occurring in three or four states,” said McGee. “I don’t see any real structural elements that are stopping that growth. It’s a challenge on the timing [for industrial deliveries], but in almost every market we have record vacancy. We have very few options for occupiers coming into the …

June 1, 2023

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