Property Type

Fortec Purchases Former School District Headquarters in Barrington, Illinois, Inks Lease with Nest Schools

by Kristin Harlow January 29, 2024

BARRINGTON, ILL. — Fortec, a Miami-based real estate development company focused on educational projects, has purchased the former Barrington School District headquarters in suburban Chicago for $695,000. Fortec is investing an additional $2.8 million in remodeling the building and creating an adjacent playground. The developer has signed a 17-year lease with The Nest Schools, an early childhood education operator with over 50 locations nationwide. The Nest Schools is slated to open this summer and will serve approximately 200 children ages six weeks to 12 years. Milo Spector of Northmarq represented Fortec in the transaction. Jennifer Hopkins and Olivia Czyzynski of SVN Chicago Commercial represented the seller, the Board of Education of Barrington Community Unit School District Number 220. The Barrington School District utilized the 12,413-square-foot property from the early 1970s until 2019.

January 29, 2024

Delaware Leasing Activity Northeast Retail

Aldi to Open 32,262 SF Grocery Store in Wilmington, Delaware

by Taylor Williams January 29, 2024

WILMINGTON, DEL. — German discount grocer Aldi will open a 32,262-square-foot store in Wilmington. Aldi will occupy the site at 4130 Concord Pike, which spans 3.1 acres, for the next 10 years. Jim O’Hara and Neil Killian of NAI Emory Hill Real Estate Services represented the landlord, an entity doing business as LBD Wilmington, in the lease negotiations. Jason Block of MCS represented Aldi.

January 29, 2024

Affordable Housing Development Hospitality Multifamily Retail Top Stories

Disney Proposes $1.9B Expansion of Disneyland Theme Park in Anaheim

by Taylor Williams January 29, 2024

ANAHEIM, CALIF. — The Walt Disney Co. (NYSE: DIS) has proposed a $1.9 billion expansion of its Disneyland Resort and surrounding neighborhood in Anaheim, south of Los Angeles in Orange County. If approved, the various new projects would be carried out within 10 years of the approval date, with the potential for another $600 million in capital investment to follow. The proposal, known as DisneylandForward, calls for new attractions and hotels to be constructed on the west side of Disneyland Drive. In addition, the theme park’s operators are looking to add new shopping, dining and entertainment space to the southeast at a site that currently houses parking for the Toy Story attraction. The proposal was originally discussed with the Anaheim City Council last Thursday. According to a summary of that meeting, the proposal does not request that any new acreage, square footage or hotel rooms be developed, but rather that approved development plans be shifted onto lands that Disney already owns. As part of the proposal, Disney would invest about $85 million of its own money in various infrastructural improvements in the area, including upgrades to parking structures, roads and pedestrian bridges. To make the project possible, the City of …

January 29, 2024

District of Columbia Market Reports Multifamily Southeast Southeast Market Reports

D.C. Multifamily Market Performs Well by Building on Rock-Solid Foundations

by John Nelson January 29, 2024

The Washington, D.C., metro area, known for its steady and stable economic foundation, stands at the forefront of a transformative period in the U.S. commercial real estate market. Amid the backdrop of an evolving macroeconomic market, it’s essential to recognize the adaptability and resilience of the metro D.C. area’s multifamily market. While recent capital market fluctuations continue to impact asset pricing across multiple sectors, the region’s fundamentals and property level performance have remained strong. According to Berkadia’s third-quarter multifamily market report, rent is up 3.6 percent in the District. Many properties are experiencing strong rent growth, which is anticipated to continue as there is a complete lack of future supply and the bulk of the apartment supply has delivered and is currently in lease-up. While some regions have headwinds that are cause for some investor caution, particularly regarding regulatory concerns, other areas like Northern Virginia are capturing significant interest from buyers and showcasing the region’s ability to still command buyer demand. This is, in many ways, the recurring narrative for the D.C. metro region: resilience supported by concrete fundamentals. Strong foundation In the D.C. metro area, the decline in supply is highly likely to continue to drive a noteworthy increase …

January 29, 2024

Data Centers Development Southeast Virginia

PowerHouse Data Centers Acquires 145 Acres in Northern Virginia, Plans Data Center Campus

by John Nelson January 26, 2024

SPOTSYLVANIA, VA. — PowerHouse Data Centers has acquired 145 acres in Spotsylvania, with plans to develop a data center campus at the site. A joint venture with Harrison Street, the property will serve the data-intensive needs of hyperscale users in Northern Virginia. Dubbed PowerHouse 95, the project will feature three 300-megawatt (MW) substations, the first of which is currently under development and scheduled to provide 150 MWs of power by October 2025. Upon completion, the first substation will provide sufficient power to construct eight or more high-density data centers, and PowerHouse will have the capability to construct four to eight powered shells and two additional substations. McLean, Va.-based American Real Estate Partners (AREP) fully owns and operates PowerHouse.

January 26, 2024

Development Florida Healthcare Southeast

Cullinan Properties Opens 150,000 SF VA Mental Health Center in Temple Terrace, Florida

by John Nelson January 26, 2024

TEMPLE TERRACE, FLA. — Cullinan Properties has opened the new Tampa VA Mental Health Center in Temple Terrace, about 10 miles northeast of Tampa. Totaling 150,000 square feet, the facility will house multiple mental health programs, including outpatient mental health consultation services, therapy, substance abuse treatment, intensive case management, post-traumatic stress disorder (PTSD) treatment and employment and peer services. Outdoor amenities at the site, which spans 20 acres, include gardens, courtyards and walking paths. Cullinan broke ground on the development in 2021. The project team also included architecture and design firm Leo A. Daly, general contractor Hoar Construction, civil engineer Prosser and property management firm Lincoln Harris CSG.

January 26, 2024

Florida Loans Retail Southeast

Berta Management Secures $18.5M Financing for Delray Corner Shopping Center in South Florida

by John Nelson January 26, 2024

DELRAY BEACH, FLA. — Berta Management has secured an $18.5 million loan for the refinancing of Delray Corner, a shopping center located at 14802 S. Military Trail in Delray Beach. Justin Neelis of Concord Summit Capital arranged the five-year, fixed-rate financing on behalf of the borrower. The South Florida retail center comprises 86,043 square feet of leasable space. Michaels is scheduled to open a 25,600-square-foot store in the first quarter of this year as the new anchor tenant, taking over a renovated space formerly occupied by Bed Bath & Beyond. Other tenants at the property include Conviva, CVS/pharmacy and Starbucks Coffee.

January 26, 2024

Acquisitions Loans Maryland Retail Southeast

JLL Arranges $18.4M Acquisition Financing for Retail Center in Metro D.C.

by John Nelson January 26, 2024

HYATTSVILLE, MD. — JLL Capital Markets has arranged an $18.4 million loan to finance the acquisition of Metro Shops, a retail center located in the Washington, D.C., suburb of Hyattsville. Michael Klein, Max Custer, Brian Buglione and Benjamin Morgenthal of JLL secured the financing through Loews Corp. on behalf of the borrower, Northpath Investments. Built in 2007 at 2900 Belcrest Center Drive, Metro Shops totals 160,623 square feet and is situated across from the 1 million-square-foot Mall at Prince George’s. Tenants at the center include Bob’s Discount Furniture, Staples, LA Fitness, Dunkin’ and Citibank.

January 26, 2024

Development Industrial Leasing Activity North Carolina Southeast

Bosch Rexroth Signs 234,706 SF Industrial Lease in Pineville, North Carolina

by John Nelson January 26, 2024

PINEVILLE, N.C. — Bosch Rexroth, a manufacturer of automated machines and hydraulic equipment, has signed a 234,706-square-foot industrial lease at Carolina Logistics Park, a 308-acre industrial park in Pineville. Construction on the build-to-suit facility, which will be situated about 15 miles south of Charlotte at 12026 Carolina Logistics Drive, is scheduled to begin in February, with completion expected in December. Beacon Partners is the developer and landlord of Carolina Logistics Park. Other tenants at the property include W.W. Grainger Inc., Amazon, Carolina Foods and Empire Distributors, which occupy a total of more than 2.5 million square feet of manufacturing and logistics space. Kent Ilhardt, Ryan Harder, Matt Treble and Patrick McGrath of Cushman & Wakefield represented Bosch Rexroth in the lease negotiations. The project team includes general contractor The Conlan Co., Merriman Schmitt Architects and Orsborn Engineering Group.

January 26, 2024

Development Industrial Texas

Brookfield Properties Breaks Ground on 792,139 SF Industrial Project in East Austin

by Taylor Williams January 26, 2024

AUSTIN, TEXAS — Brookfield Properties has broken ground on Park 290, a 792,139-square-foot industrial project that will be located off Decker Lane in East Austin. Park 290 will consist of four buildings that will range in size from 76,000 to 321,000 square feet. Building features will include 32- to 36-foot clear heights, ample car and trailer parking and LEED certifications. CBRE is the leasing agent for the project, which is expected to be complete before the end of the year.

January 26, 2024

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