Property Type

Valley-View-Park-East-Hanover-New-Jersey

KRE Group Breaks Ground on 239-Unit Multifamily Project in East Hanover, New Jersey

by Taylor Williams April 10, 2023

EAST HANOVER, N.J. — Locally based developer KRE Group has broken ground on Valley View Park, a 239-unit multifamily project in East Hanover, about 30 miles west of Manhattan. The property will consist of five four-story buildings. Units will come in one- and two-bedroom formats, and 34 residences will be subject to income restrictions. The amenity package will comprise a pool, fitness center, clubhouse, indoor and outdoor children’s play areas, outdoor grilling and dining stations, a gaming lawn, dog park and walking trails. A tentative completion date was not disclosed.

April 10, 2023

Acquisitions Industrial Midwest Missouri Self-Storage

Marcus & Millichap Arranges Sale of 221-Unit Self-Storage Facility in Rolla, Missouri

by Kristin Harlow April 10, 2023

ROLLA, MO. — Marcus & Millichap has arranged the sale of a 221-unit self-storage facility in Rolla, a Missouri city located about midway between Springfield and St. Louis. The sales price was undisclosed. The property includes non-climate-controlled units along with one 400-square-foot office space and eight parking stalls. The facility is 93 percent leased. Marla Čolić and Anne Williams of Marcus & Millichap represented the seller, a limited liability company. A private equity group with storage holdings across the U.S. was the buyer.

April 10, 2023

Development Midwest Missouri Office

Western Specialty Contractors Restores Parking Garage at 103,000 SF Office Building in Suburban St. Louis

by Kristin Harlow April 10, 2023

CREVE COEUR, MO. — Western Specialty Contractors is completing the final phases of restoration work on the parking garage at CityPlace Four, a 103,000-square-foot office building in the western St. Louis suburb of Creve Coeur. Constructed in 2001, the four-story office building features a 339-space parking garage. A lack of maintenance, poor drainage and leaking planter boxes on the garage’s street-level concrete topping slab and a suspended deck had resulted in severe deterioration and water seepage into a parking area below. The garage has remained open during the multi-phase project. Phase III, which focuses on the garage’s southwest corner, will be completed this year. Phase IV on the northwest corner will be completed next year. ABS Consulting is the project engineer.

April 10, 2023

Acquisitions Illinois Midwest Office

Cawley Chicago Brokers Sale of Assemblage of Properties in Peru, Illinois

by Kristin Harlow April 10, 2023

PERU, ILL. — Cawley Chicago has brokered the sale of the property formerly housing Raccuglia Law Offices and an assemblage of properties in Peru, about 100 miles southwest of Chicago. The sales price and buyer were not disclosed. The Raccuglia family hired Cawley Chicago’s Jon Chamlin to liquidate the real estate portfolio of their late father, attorney Anthony Raccuglia. Included in the sale was a development site on the corner of Rock and Maple drives that consists of 0.67 acres of commercial land. The law office, constructed in 1968, will remain the local offices of Meyers Flowers Bruno McFedron & Herrmann.

April 10, 2023

Illinois Leasing Activity Midwest Retail

Lee & Associates Negotiates 7,667 SF Retail Lease for Bullfrog International in Suburban Chicago

by Kristin Harlow April 10, 2023

VERNON HILLS, ILL. — Lee & Associates has negotiated a 7,667-square-foot retail lease at Hawthorn Mills Square in the Chicago suburb of Vernon Hills. The tenant, Bullfrog International LLC, designs and manufactures high-end hot tubs. Rick Scardino and Michael Petrik of Lee & Associates represented the tenant. Matt Cavanagh of ARC Real Estate Group represented the landlord, an entity doing business as Hawthorn Hills Square 1687 LLC.

April 10, 2023

Development Industrial Loans New Jersey Northeast

Hampshire Cos., Invesco to Develop 187,530 SF Industrial Facility in Northern New Jersey

by Taylor Williams April 10, 2023

BOGOTA AND RIDGEFIELD PARK, N.J. — A joint venture between locally based developer The Hampshire Cos. and Atlanta-based Invesco Real Estate will develop a 187,530-square-foot industrial facility in the Northern New Jersey communities of Bogota and Ridgefield Park. The site at 30 Cross St. spans 11.7 acres, and the building will feature a clear height of 36 feet, 21 dock-high doors and 268 automobile parking spaces. Michael Klein, John Rose, Jon Mikula and Ryan Carroll of JLL arranged $34.5 million in floating-rate construction financing through Texas Capital Bank on behalf of the joint venture. A tentative completion date was not disclosed.

April 10, 2023

Industrial Loans Northeast Pennsylvania Self-Storage

MMCC Arranges $8.1M Loan for Refinancing of Philadelphia Self-Storage Facility

by Taylor Williams April 10, 2023

PHILADELPHIA — Marcus & Millichap Capital Corp. (MMCC) has arranged an $8.1 million loan for the refinancing of Compass Self Storage, a 1,167-unit facility located on the north side of Philadelphia. Douglas Brooks of MMCC originated the financing, which was structured with a five-year term, fixed interest rate and a 25-year amortization schedule. The borrower and direct lender were not disclosed.

April 10, 2023

Connecticut Leasing Activity Northeast Office

United Way Signs 41,815 SF Office Lease in Rocky Hill, Connecticut

by Taylor Williams April 10, 2023

ROCKY HILL, CONN. — Virginia-based nonprofit United Way has signed a 41,815-square-foot office lease at 55 Capital Blvd. in Rocky Hill, a southern suburb of Hartford. The building is located within the 506,500-square-foot Corporate Ridge development, which offers a fitness center, game room, outdoor gathering areas and a full-service cafeteria. Bob Kelly and Jon Putnam of Cushman & Wakefield represented the landlord, KS Partners LLC, in the lease negotiations. The representative of the tenant was not disclosed.

April 10, 2023

Alabama Market Reports Multifamily Southeast Southeast Market Reports

Birmingham’s Multifamily Market Is Battling Uncertainty, Still Poised for Growth

by John Nelson April 10, 2023

When we wrote about the Birmingham multifamily market last year, the main trends were job growth and in-migration to not only the Birmingham market, but the Sun Belt as a whole. The growth was described as “unprecedented,” which it certainly was, and investor optimism could not have been higher as cap rates plummeted and property performance continued to thrive. Since then, the 10-year Treasury yield has risen nearly 200 basis points, inflation experienced nearly 6.5 percent growth last year and there was a more cautious optimism going into the fourth quarter of 2022. But what if we are not hitting a stopping point, rather moving back into a cycle of normalcy? Amongst the many major indicators for 2023, the common theme appears to be uncertainty. Many notable factors such as debt and rising insurance costs have been a sounding board for this skepticism in the market. 2021 and 2022 proved to be nothing short of record-breaking in the multifamily sector. For Birmingham, our outlook is that the solid foundation it has built over the past few years, and the post-pandemic recovery boom it experienced, will show that the city is still poised for growth and has been fortunate to not …

April 10, 2023

Acquisitions California Office Top Stories Western

Barker Pacific, Kingsbarn Realty Buy 560,000 SF Griffin Towers Office Complex in Santa Ana, California

by Taylor Williams April 10, 2023

SANTA ANA, CALIF. — A joint venture between locally based investment firm Barker Pacific Group and Las Vegas-based Kingsbarn Realty Capital has purchased Griffin Towers, a 560,000-square-foot office complex in the Southern California community of Santa Ana. The joint venture purchased Griffin Towers for $82 million from institutional investment firm Blackstone, which paid $129 million for the property in 2014, according to several business publications including The Deep Dive. Built in 1987 and recently renovated, Griffin Towers consists of twin 14-story buildings that are located at 5 and 6 Hutton Centre Drive, as well as a six-story parking garage. Amenities include a conference center with a catering kitchen, a fitness center with locker rooms, multiple electric vehicle charging stations and an outdoor bocce ball court. The buildings are home to tenants such as UKG, Michael Baker International, Psomas, Nation’s Direct Mortgage, HNTB and the Ayn Rand Institute. CBRE serves as the leasing agency for Griffin Towers. Barker Pacific Group also manages the property. The new ownership plans to continue with capital improvements by adding new amenities and upgrading select office suites. Kevin Shannan, Paul Jones and Brandon White of Newmark represented Blackstone in the transaction. David Milestone and Henry Cassiday …

April 10, 2023

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