BELTON, MO. — Hillman Solutions Corp., a provider of hardware products and merchandising solutions, has opened a new 305,000-square-foot distribution center in Belton, a southern suburb of Kansas City. The Cincinnati-based company is relocating from a facility in Rialto, Calif. Doug Cahill, chairman, president and CEO of Hillman, says having a distribution center located in the Kansas City area will be optimal for logistics because 85 percent of the U.S. population can be reached in one to two business days by truck.
LEXINGTON, S.C. — Marcus & Millichap has brokered the $7.1 million sale of Lexington Town Square, a 75,763-square-foot shopping center located at 712 W. Main St. in Lexington, a suburb of Columbia. Andrew Margulies and Harrison Creason of Marcus & Millichap represented the seller and secured the buyer in the transaction. Both parties were limited liability companies that requested anonymity. Ben Yelm, Marcus & Millichap’s South Carolina broker of record, assisted in closing the transaction. Lexington Town Square was leased to 11 tenants at the time of sale including anchors Food Lion and Badcock Furniture, as well as H&R Block, RF’s Grill, Cricket Wireless and Musician’s Supply, among others.
NEW YORK CITY — Locally based brokerage and financial advisory firm Ariel Property Partners has arranged a $13.5 million acquisition loan for three mixed-use buildings in Manhattan’s Hell’s Kitchen neighborhood. The addresses and specific uses of the buildings were not disclosed. Matthew Dzbanek, Matt Swerdlow and Drew Chartash of Ariel Property Advisors arranged the five-year loan, which carried a fixed interest rate of 6.5 percent, a 30-year amortization schedule and two years of interest-only payments. The borrower was also not disclosed.
CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.
FORT WAYNE, IND. — Marcus & Millichap has brokered the $3.2 million sale of a 9,500-square-foot restaurant property occupied by Biaggi’s Ristorante Italiano in Fort Wayne. The freestanding, net-leased building is located at 4010 W. Jefferson Blvd. It was constructed as a build-to-suit for the restaurant in 2001. Damien Yoder and Madison Harman of Marcus & Millichap’s Yoder-Harman Group represented the seller, a California-based family trust. An in-state lender provided acquisition financing on behalf of the buyer, an Indiana-based family office. Biaggi’s operates 16 restaurants in eight states. There are six years remaining on its lease at the Fort Wayne property.
NEW YORK CITY — PEI Group, a research and consulting firm for various investment vehicles, has signed a 10-year, 14,341-square-foot office lease at 530 Fifth Avenue in Manhattan. The tenant is relocating from 142 West 42nd Street to the 14th floor of the 535,000-square-foot building, which was originally constructed in 1957. John Ryan, Brooks Hauf and Patrick Steffens of Avison Young, along with internal agents William Elder, Andrew Ackerman and Walter Rooney, represented the landlord, RXR, in the lease negotiations. Joseph Gervino of Avison Young represented PEI Group.
By Marcia Kaufman, CEO of Bayport Funding Heightened real estate investment activity in the single-family rental (SFR) market in recent years has resulted in limited supply and commensurate pricing elevations across the country. Today, institutional investors with portfolios exceeding 1,000 units own approximately 3 percent of the 14 million SFR properties nationwide, or roughly 420,000 homes. Per a recent analysis conducted by Stateline, the nonprofit news service of Pew Charitable Trusts, as of 2022, both institutional and non-institutional investors own approximately 25 percent of all single-family homes (SFHs). Statistics provided by Redfin shed further light on these figures. A record-breaking 80 percent increase in SFH investment activity occurred between 2020 and 2021 in conjunction with lower mortgage rates at that time. By contrast, 2023’s combination of a cooling market, high interest rates, increasing prices and recession fears are leading many of the nation’s larger institutional investors — many of whom purchased during the pandemic — to offload their inventory with an urgency not seen in decades. This is resulting in opportunities for individual investors to build their SFR portfolios at a time in which demand is particularly high. The climate for growing an SFR portfolio is made more auspicious when …
By Taylor Williams Office owners have spent the last two-plus years undertaking every creative measure they can fathom — and afford — to get tenants and their employees to legitimately want to come back to their buildings. From investing in upgrades to physical amenities to hiring hospitality-minded professionals for property activation to offering personalized incentives, nothing has been out of bounds when it comes to recouping occupancy. Enough time has now passed such that owners can judge the extent to which their ideas and initiatives have worked. Of course, the goalposts for what defines success in the office sector have shifted radically during that time. Profit margins and forecasts have shrunk as 60 to 70 percent occupancy three to four days a week now starts to look pretty good, all other factors being held equal. It’s simply a different world. “We are never going back to pre-pandemic ways,” says Ami Figg, senior leasing specialist at Houston-based Hartman. “What COVID-19 has done for the office market is equivalent to what September 11 did for the travel industry. There will always be a need for traditional office space, but it’s changed forever, so it’s upon us as landlord and tenant reps to …
PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …
WILLIAMSBURG, VA. — S.L. Nusbaum Realty Co. has broken ground on 2 Rivers Apartment Homes, a two-phase, 119-unit affordable housing community in Williamsburg. Phase I of the development will comprise 59 one-, two- and three-bedroom apartments. Amenities will include a clubhouse with a fitness center, business center with Wi-Fi access, free parking, children’s play area, dog park, multiuse field, cabana and a grilling patio. The design-build team for 2 Rivers includes TS3 Architects PC, Siska Aurand Landscape Architects Inc., Details Interior Design, AES Consulting Engineers and Harkins Builders Inc. S.L. Nusbaum worked with AGM Financial Services and TowneBank to secure construction financing. Overall construction costs will total approximately $26 million, according to S.L. Nusbaum.