Property Type

Victoria’s Secret Opens Renovated Store at Easton Town Center in Columbus, Ohio

by Kristin Harlow November 28, 2023

COLUMBUS, OHIO — Victoria’s Secret has opened its newly renovated store at Easton Town Center, a shopping destination in Columbus. The “store of the future” concept aims to create a more welcoming space for all shoppers with mannequins representing a range of sizes, inclusive product offerings and an easy-to-navigate layout. The store also features more efficient lighting and HVAC systems along with low-flow toilets. New fitting room technology, Crave, links each product with the store’s computer system through radio frequency identification tags. The technology enables customers to communicate with store associates from their fitting rooms.

November 28, 2023

Acquisitions Nevada Retail Western

CTO Sells Eastern Commons Shopping Center in Henderson, Nevada for $18.2M

by Amy Works November 28, 2023

HENDERSON, NEV. — CTO Realty Growth has sold Eastern Commons, a 129,600-square-foot shopping center located in Henderson, roughly 15 miles southeast of Las Vegas. An undisclosed buyer acquired the property for $18.2 million. The seller plans to utilize proceeds from the sale for a 1031-exchange transaction.

November 28, 2023

Acquisitions Multifamily Nevada Western

Kidder Mathews Negotiates $14.5M Sale of Quail Meadows Apartments in Reno, Nevada

by Amy Works November 28, 2023

RENO, NEV. — Kidder Mathews has arranged the sale of Quail Meadows, a multifamily property located at 5599 Quail Manor Court in Reno. A San Jose, Calif.-based private real estate investment firm acquired the asset from a QM56 LLC for $14.5 million. Gerrit Hillebrand and Ben Nelson of Kidder Mathews represented the seller, while Jim Henderson of Kidder Mathews arranged financing for the buyer in the transaction. Situated on 5.4 acres, the 53,140-square-foot property features 56 units spread across 10 residential buildings. The unit mix consists of 17 one-bedroom/one-bath units, 34 two-bedroom/two-bath units and five three-bedroom/two-bath units. At the time of sale, Quail Meadows was 98 percent occupied.

November 28, 2023

Illinois Leasing Activity Midwest Retail

Starbucks, Cooper’s Hawk Join Tenant Lineup at Ogden Hill Shopping Center in Montgomery, Illinois

by Kristin Harlow November 28, 2023

MONTGOMERY, ILL. — Starbucks and Cooper’s Hawk Winery & Restaurant are the latest tenants to join Ogden Hill Shopping Center in Montgomery, just south of Aurora. Both tenant build-outs are under construction and are scheduled to open in mid-2024. Starbucks will feature a drive-thru on the eastern side of the center in front of Menards. Cooper’s Hawk will be positioned on the western side of the center. Inland National Development Co. LLC owns the shopping center, which is situated on 67 acres.

November 28, 2023

Arizona Development Industrial Loans Western

JLL Arranges $12M Construction Loan for ATLAS Germann Industrial Development in Gilbert, Arizona

by Amy Works November 28, 2023

GILBERT, ARIZ. — JLL Capital Markets has arranged $12 million in construction financing for ATLAS Germann, an industrial development in Gilbert. The borrowers are ATLAS and OakPoint. Jason Carlos, Jarrod Howard, Steve Larsen and Kyle Westfall of JLL Capital Markets secured the five-year, fixed-rate loan from a regional bank. Snack-food manufacturer Frito-Lay Inc., a subsidiary of PepsiCo, will fully occupy the 60,500-square-foot property that is situated on 8.2 acres.

November 28, 2023

Affordable Housing Loans Massachusetts Multifamily Northeast

MassHousing Provides $7.5M in Financing for Multifamily Property in Windsor, Massachusetts

by Taylor Williams November 28, 2023

WINDSOR, MASS. — MassHousing has provided $7.5 million in financing for Prospect Estates, a 25-unit multifamily property located in the western Massachusetts community of Windsor. The borrower, Affordable Housing & Services Collaborative, will use the proceeds to acquire and renovate the property. NEI General Contracting will handle renovations, which will include upgrades to kitchens and bathrooms, as well as building systems and exterior components. The development team will also preserve historic elements of the original structures, such as windows and wood flooring, and add a management office.

November 28, 2023

Leasing Activity New York Northeast Office

Scott + Scott Signs 21,365 SF Office Lease at 230 Park Avenue in Manhattan

by Taylor Williams November 28, 2023

NEW YORK CITY — Law firm Scott + Scott LLP has signed a 21,365-square-foot office lease at 230 Park Avenue in Manhattan. The firm will relocate from a subleased space on the 17th floor to the entire 24th floor next summer. Erik Schmall and Scott Weiss of Savills represented the tenant in the lease negotiations. Scott Klau, Brian Waterman, Erik Harris, Zach Weil and Cole Gendels of Newmark, along with internal agents William Elder, Andrew Ackerman and Walt Rooney, represented the landlord, RXR.

November 28, 2023

Leasing Activity New Jersey Northeast Restaurant Retail

Baseline Social Opens 17,100 SF Entertainment Venue in Oceanport, New Jersey

by Taylor Williams November 28, 2023

OCEANPORT, N.J. — Baseline Social, a bar, restaurant and entertainment concept, has opened a 17,100-square-foot venue in Oceanport, located in Monmouth County. Situated within The Commissary at Baseline, the space features a 640-foot LED viewing wall, 38-seat platform lounge and 3,700-square-foot entertainment section with five virtual golf bays. Other tenants at the property include Birdsmouth Beer and MGT Foods. Denholtz Properties is the developer and landlord at The Commissary.

November 28, 2023

Development Leasing Activity New York Northeast Office Top Stories

Wells Fargo Plans 400,000 SF Adaptive Reuse Office Project at Hudson Yards in Manhattan

by John Nelson November 28, 2023

NEW YORK CITY — Wells Fargo & Co. (NYSE: WFC) has announced formal plans to expand its office footprint within Hudson Yards, a mixed-use district on Manhattan’s west side. The San Francisco-based banking giant, which already occupies space within the $25 billion Hudson Yards campus, has purchased additional space from Related Cos., the master developer behind Hudson Yards along with Oxford Properties Group. Multiple media outlets have reported that Wells Fargo purchased the space at 20 Hudson Yards, which formally housed a Neiman Marcus store, for $550 million. The bank plans to convert the 400,000 square feet of space to offices in synergy with its current 500,000-square-foot footprint at 30 Hudson Yards, according to Bloomberg News. Forbes reported that the Neiman Marcus location closed in summer 2020. Wells Fargo plans to begin moving employees from its existing office space at 150 E. 42nd St. to the new Hudson Yards office beginning in late 2026. The property is expected to house 2,300 Wells Fargo employees at full operation. The 11-story building will also include a dedicated entrance on 10th Avenue and naming rights to Wells Fargo for signage on the exterior of the property. “This investment further solidifies our longstanding commitment …

November 28, 2023

Affordable Housing Financing Timeline Quote Tracy Peters

Affordable Housing Content Partner Development Features Loans Lument Midwest Northeast Southeast Texas Western

How to Clear Affordable Housing’s Construction Financing Hurdle

by Sarah Daniels November 28, 2023

Developers are finding it tougher than ever to finance affordable housing. And often, the biggest hurdle for the sector’s borrowers involves construction — either obtaining that initial loan at a manageable cost or qualifying for take-out financing after a protracted construction period — which has strained resources and delivery schedules for a number of developments. Limitations on rent increases make the industry especially vulnerable to rising costs, and expenses today have risen precipitously across the board. Rents have also grown, but not on pace with construction and operating costs driven up by inflation, wage pressures, soaring insurance premiums and a series of interest rate hikes, observes Tracy Peters, a senior managing director on Lument’s affordable housing production team. “Borrowers are squeezed by a number of things in this marketplace,” Peters says. “The fed funds rate climbing 5 percent over the last two years means the interest rates on construction loans have basically come up 5 percent or more over that time. Now folks who had budgeted for a much lower interest rate — if they are still in construction mode — are trying to figure out how to deal with these higher interest rates.” At the same time, the …

November 28, 2023

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