Property Type

Sullivan-Parke-Forks-Township-Pennsylvania

Joint Venture Sells Lehigh Valley Apartment Complex for $35.5M

by Taylor Williams December 11, 2023

FORKS TOWNSHIP, PA. — A joint venture between Ashley Development Corp. and Black Bear Asset Management (BBAM) has sold Sullivan Parke, a 102-unit apartment complex in the Lehigh Valley community of Forks Township, for $35.5 million. Sullivan Parke consists of four buildings on seven acres and features amenities such as multiple fitness centers, lounges and outdoor recreation areas. Emil DePasquale and Brandon Harris of Black Bear Capital Partners, a subsidiary of BBAM, arranged $19.2 million in acquisition financing on behalf of the undisclosed buyer.

December 11, 2023

Development Hospitality New York Northeast

T-Rex Capital, Shaner Near Completion of 137-Room Marriott-Branded Hotel in Hyde Park, New York

by Taylor Williams December 11, 2023

HYDE PARK, N.Y. —A partnership between locally based developer T-Rex Capital and Pennsylvania-based owner-operator Shaner Hotel Group is nearing completion of a 137-room, Marriott-branded hotel in Hyde Park, about 85 miles north of Manhattan. The hotel will be located within Bellefield at Historic Hyde Park, a $1 billion mixed-use development, and will operate under Marriott’s Residence Inn brand. Rooms will feature kitchens and workstations, and amenities will include a fitness center, 3,180 square feet of meeting space, a 150-person ballroom and multiple onsite food-and-beverage options. The hotel will welcome its first guests early next year.

December 11, 2023

Development Multifamily New Jersey Northeast Seniors Housing

Chelsea Senior Living Opens Community in Washington Township, New Jersey

by Taylor Williams December 11, 2023

WASHINGTON TOWNSHIP, N.J. — Chelsea Senior Living has opened The Chelsea at Washington Township, an assisted living and memory care community in Washington Township, a suburb of Philadelphia. Capitol Seniors Housing (CSH) owns the property. The number of units was not disclosed. This will be Chelsea’s second community in Bergen County, 18th in New Jersey and 23rd overall. Chelsea and CSH are working together on their next community in the New York City suburb of West Orange, New Jersey, which is projected to open in 2025.

December 11, 2023

Acquisitions Midwest Missouri Multifamily

Passco Acquires 278-Unit Cortona at Forest Park Apartment Complex in St. Louis

by Kristin Harlow December 11, 2023

ST. LOUIS — Passco Cos. has acquired Cortona at Forest Park, a 278-unit apartment complex in St. Louis. The purchase price was undisclosed. Built in 2014, the Class A community is situated near Forest Park and the Central West End neighborhood. The five-story property is 93 percent leased. Amenities include a pool, fitness center, dog park and pet spa. Kevin Girard, Mark Stern and Zach Kaufman of JLL represented the seller, Invesco Real Estate. Caleb Marten of KeyBank Real Estate Capital arranged acquisition financing on behalf of Passco. With this transaction, Passco has surpassed $4 billion in assets under management, with $250 million designated in the Midwest region.

December 11, 2023

Acquisitions Illinois Midwest Office Wisconsin

Newmark Brokers Four Office Sales in Illinois, Wisconsin Totaling $45.1M

by Kristin Harlow December 11, 2023

LOMBARD AND LISLE, ILL., AND PEWAUKEE, WIS. — Newmark has brokered four sales across three office assets in Illinois and Wisconsin. Newmark represented Brennan Investment Group in the $25.9 million sale of Woodlake Corporate Park in Lombard, Ill., in two transactions. Five buildings sold to Avalair Group, while two buildings sold to Woodside Capital Partners. Newmark also represented the sellers in the $19.2 million sale of 2300 Cabot Drive in Lisle, Ill., and One & Two Riverwood Place in Pewaukee, Wis. Bridge Investment Group sold 2300 Cabot Drive to Urban Commercial Property Group. The Broe Group sold One & Two Riverwood Place to Woodside Capital Partners. Jim Postweiler, Peter Harwood, Derek Fohl and Jack Trager of Newmark were the brokers involved in the transactions.

December 11, 2023

Development Industrial Midwest Wisconsin

Brinkmann Constructors Completes Two Spec Industrial Buildings Totaling 1.2 MSF in Kenosha, Wisconsin

by Kristin Harlow December 11, 2023

KENOSHA, WIS. — Brinkmann Constructors has completed two speculative industrial buildings totaling 1.2 million square feet at Flint 94 Commerce Center, a 128-acre industrial park in Kenosha. Flint Development is the developer. One of the buildings totals 735,000 square feet, while the other spans 510,000 square feet. Both facilities feature a shipping office build-out and amenities such as ample heavy trailer parking, ESFR sprinklers and LED lighting.

December 11, 2023

Acquisitions Illinois Midwest Multifamily

DMG Capital Acquires 72-Unit Roselle Luxury Apartments in Suburban Chicago

by Kristin Harlow December 11, 2023

ROSELLE, ILL. — DMG Capital, the multifamily investment affiliate of Chicago-based Daniel Management Group (DMG), has acquired Roselle Luxury Apartments in the Chicago suburb of Roselle for an undisclosed price. DMG Capital partnered with JDI Realty and The Wolcott Group, two Chicago-based real estate investment firms, to acquire the 72-unit apartment community. DMG has managed Roselle Luxury Apartments since September 2022. All of the property’s units are two-bedroom layouts. The seller was undisclosed.

December 11, 2023

Development Indiana Midwest Retail

Drip Auto Spa Opens New Car Wash in Highland, Indiana

by Kristin Harlow December 11, 2023

HIGHLAND, IND. — Drip Auto Spa has opened a new car wash at 8955 Indianapolis Blvd. in Highland, a city in northwest Indiana. The 45,000-square-foot redevelopment project took nearly three years of planning, zoning approvals, design and construction. F & E Ventures LLC acquired the one-acre site that included a long-defunct night club in a state of near collapse. The new auto spa on the site features the latest technology for washing cars and light-duty trucks. Multi-lane automated vehicle entry and payment systems enhance the flow and eliminate long lines. Bill Loy and Jeff Bennett of McColly Bennett Commercial Advantage brokered the transaction. Loy represented F & E Ventures in the acquisition of the land. Bennett represented the seller, Goulas Inc. Design Alliance was the project architect, and Torrenga Engineering provided engineering services. Drip Auto Spa owners plan to add new locations in Cape Coral, Fla., and Lakemoor, Ill., in 2024.

December 11, 2023

Acquisitions Company News New York Retail Top Stories

Investor Group Offers $5.8B Buyout of Venerable Retailer Macy’s

by Hayden Spiess December 11, 2023

NEW YORK CITY — An investor group comprising Arkhouse Management and Brigade Capital Management has made a bid to buy out Macy’s (NYSE: M) for $5.8 billion, according to The Wall Street Journal. The offer from two of the retailer’s largest shareholders would include taking the company private. Real estate investment firm Arkhouse and global asset manager Brigade submitted the acquisition proposal Dec. 1, according to the publication. Macy’s boasts a total real estate portfolio value of $8.5 billion, according to J.P. Morgan analysts cited by Reuters. Equating to $21 per share, the offer follows six quarters of net sales declines, reports Reuters. Shares are down roughly 15.8 percent this year and closed at $17.39 Friday, but saw a surge Monday following the news, trading at $20.13. Adjusted net income in the third quarter of this year was reported as $59 million by the retailer, including all Bloomingdale’s stores, marking a year-over-year decline of $84 million. Net sales for the quarter totaled $5 billion, down 7 percent from the third quarter of 2022, with comparable decreases to both digital and brick-and-mortar sales. Recently, the Macy’s retail strategy has included partnerships with Toys “R” Us, as well as a focus on the introduction of …

December 11, 2023

Conference Coverage Features Multifamily

Contrarian View: InterFace Lending Panel Explains Why Multifamily Borrowers Should Refinance Today

by Taylor Williams December 11, 2023

By Taylor Williams ATLANTA — Depending on the era in which you came of age and the general experiences you’ve had in life, the notion that “things can always get worse” can be easy to endorse. As it pertains to commercial lending and borrowing, the consensus narratives that have prevailed ever since the Federal Reserve began jacking up interest rates in early 2022 have largely followed the same script: “Hunker down.” “Survive till ’25.” “Delay and defer.” In other words, do whatever you have to do to avoid the sting of the 11 interest rate hikes totaling 500-plus basis points that have been enacted over the past 20 months, raising the federal funds rate from near zero percent to its current target range of 5.25 to 5.5 percent. According to data compiled by Walker & Dunlop, the average all-in interest rate on a 10-year, fixed-rate Fannie Mae mortgage — assuming a conservative structure of 55 percent loan-to-value — is roughly 6.25 percent. Since rate hikes began, multifamily lenders across various markets have stated that leverage ratios in the neighborhood of 55 to 60 percent have become the norm, all other factors being held equal. Cloud of Uncertainty Despite some seemingly …

December 11, 2023

Newer Posts

Older Posts