Property Type

Quantum Brokers $4.4M Sale of River Place Shopping Center in Lansing, Illinois

by Kristin Harlow July 7, 2023

LANSING, ILL. — Quantum Real Estate Advisors Inc. has brokered the $4.4 million sale of the River Place shopping center in Lansing, a southern suburb of Chicago. The 47,000-square-foot property consists of a 7,350-square-foot building and a 39,728-square-foot building. At the time of sale, the property was roughly 97 percent leased to tenants such as Dollar General, Subway, Dunkin’ and SVS Vision. Chad Firsel and Dan Waszak of Quantum represented the seller, a Wisconsin-based developer and investor. The buyer was a Virginia-based investor.

July 7, 2023

Acquisitions Indiana Michigan Midwest Retail

Marcus & Millichap Arranges Sale of Two Childcare Properties in Indiana, Michigan

by Kristin Harlow July 7, 2023

AVON, IND. AND CANTON, MICH. — Marcus & Millichap has arranged the sales of two Childtime childcare properties in Avon, Ind., and Canton, Mich. The properties sold for $2.6 million each. Both had corporate guarantee from Learning Care Group and seven-year lease extensions. Dominic Sulo of Marcus & Millichap represented the seller, a limited liability company. Adrian Mendoza, Austin Weisenbeck and Sean Sharko of Marcus & Millichap secured and represented the buyer, a private investor.

July 7, 2023

Development Florida Industrial Southeast Top Stories

Saint-Gobain Plans $235M Expansion to CertainTeed Gypsum Facility in Palatka, Florida

by Jeff Shaw July 7, 2023

PALATKA, FLA. — Saint-Gobain North America has announced plans to invest $235 million to expand manufacturing space at its CertainTeed gypsum facility in Palatka, near the Port of Jacksonville on the St. Johns River in northern Florida. The Palatka facility, which currently employs more than 150 people, began operations in 2001. According to Saint-Gobain, the facility is one of the largest gypsum plants in the Southeast. The firm’s expansion project received more than $7 million in cash benefits and high-impact investment tax credits, including a State of Florida Capital Investment Tax Credit, a Career Source Florida Quick Response Training Grant, a grant from Putnam County and a Clay Cooperative Economic Development Rate. According to Saint-Gobain, the expansion will more than double the production capacity of the existing manufacturing plant, as well as create more than 100 new jobs. The investment will be made over the next two years through the firm’s building products subsidiary, CertainTeed Interior Products Group. In line with Saint-Gobain’s goal for carbon neutrality by 2050, the firm plans for sustainability to be an essential aspect of the project. The development will include the installation of new energy-saving equipment and automation technologies, including an energy board dryer that …

July 7, 2023

Affordable Housing District of Columbia Features Loans Multifamily Seniors Housing Southeast Southeast Feature Archive Student Housing

Rising Interest Rates Take Toll on Fannie, Freddie Deal Volume

by John Nelson July 7, 2023

The multifamily divisions of Fannie Mae and Freddie Mac are off to a slow start this year as the government-sponsored enterprises (GSEs), their network of lending partners and multifamily borrowers contend with rising interest rates. Fannie Mae’s volume of new multifamily business totaled $10.2 billion in the first quarter of 2023, which is a 36 percent decrease from the same period a year earlier when the agency closed $16 billion. Freddie Mac closed $6 billion in new multifamily business in the first quarter, a year-over-year decrease of 60 percent. Seasoned agency lending professionals all point to elevated borrowing costs as the primary reason for the two agencies closing less business thus far in 2023. “The rapid increase in rates across the board has really been a shock to the industry,” says Vic Clark, senior managing director and head of conventional multifamily production at Lument. At its May meeting, the Federal Open Markets Committee raised the federal funds rate to a target range of 5 to 5.25 percent. The fed funds rate is the interest rate that U.S. banks charge each other to lend funds overnight. This time a year ago, the short-term benchmark rate was at a range of 0.75 …

July 7, 2023

Market Reports Multifamily Nevada Western Western Market Reports

Las Vegas’ Multifamily Market Is All About Growth, Challenges

by Jeff Shaw July 7, 2023

— By James Hall, ABI Multifamily — It’s been a tumultuous year for global capital markets and asset prices, which have had to contend with a broad array of geopolitical and economic headwinds. The Las Vegas multifamily market — while it remains demographically sound — is dealing with inflationary-based pricing concerns and fundamental characteristics dampening investor appetite.Amongst all the noise and negatively skewed fundamentals, Las Vegas’ economy continues to grow, with tourism surpassing pre-pandemic levels this quarter. Harry Reid Airport reported the highest recorded number of passengers in February, indicating that the market continues to benefit from a surge in post-pandemic domestic tourism.A report released by the Federal Funds Information for States ranked Nevada as first in the nation for economic growth and momentum last year. The measurement considers a wide array of key economic and demographic indicators, including population, personal income and employment growth.While California continues to reel from a declining population, both Nevada and Arizona are benefiting from a surge in net-migration. The population of Las Vegas is expected to double by 2060, which would add an additional 2 million residents to the MSA, per Woods and Poole Economics..Las Vegas residents have a much higher propensity to rent …

July 7, 2023

Acquisitions Multifamily Texas

Cottonwood Group, Texsun Holdings Acquire 224-Unit Multifamily Property in Fort Worth

by Taylor Williams July 6, 2023

FORT WORTH, TEXAS — A partnership between Los Angeles-based Cottonwood Group and Dallas-based Texsun Holdings has acquired Taylor Commons, a 224-unit multifamily property in Fort Worth. The property offers one- and two-bedroom units and amenities such as a pool, fitness center, playground, outdoor grilling and dining stations and onsite laundry facilities. The seller and sales price were not disclosed. The new ownership plans to implement a value-add program.

July 6, 2023

Acquisitions Retail Texas

Partners Real Estate Arranges Sale of 14,000 SF Retail Building in McAllen, Texas

by Taylor Williams July 6, 2023

MCALLEN, TEXAS — Partners Real Estate has arranged the sale of a 14,000-square-foot retail building in the Rio Grande Valley city of McAllen. The building at 220 S. 15th St. is located in the downtown area. Evan Altemus of Partners represented the buyer, Johnny Carson Family Trust, in the transaction. Cindy Hopkins of Hopkins Real Estate represented the seller, a local family that had owned the property for 70-plus years.

July 6, 2023

Industrial Leasing Activity Texas

Bradford Negotiates 13,000 SF Industrial Flex Lease in Irving

by Taylor Williams July 6, 2023

IRVING, TEXAS — Bradford Commercial Real Estate Services has negotiated a 13,000-square-foot industrial flex lease at Las Colinas Distribution Center 5 in Irving. The lease term is six years. Brian Pafford of Bradford represented the landlord, an entity doing business as Las Colinas AAA Investment LLC, in the lease negotiations. Chris Shilling of Minerva Realty Group represented the tenant, automotive maintenance and service provider Repairify.

July 6, 2023

Leasing Activity Office Texas

Civic Heart Community Services Signs 13,028 SF Office Headquarters Lease in Houston

by Taylor Williams July 6, 2023

HOUSTON — Civic Heart Community Services, a social services organization serving southeast Texas, has signed a 13,028-square-foot office headquarters lease in Houston’s Historic Third Ward. Civic Heart is relocating to One Emancipation Center from an office on nearby Elgin Street, where it had operated for the past 18 years. The term of the new lease is 10 years. John Guess of The Guess Group represented Civic Heart in the lease negotiations.

July 6, 2023

Company News NAI Office Texas

NAI Robert Lynn Relocates, Expands Fort Worth Office

by Taylor Williams July 6, 2023

FORT WORTH, TEXAS — NAI Robert Lynn has relocated and expanded its Fort Worth office to a 6,000-square-foot space at 201 S. Adams St. in the city’s Near Southside neighborhood. The 10,000-square-foot complex previously housed a vet supply and distribution facility and was renovated to suit the Dallas-based firm’s needs. NAI Robert Lynn opened its Fort Worth office, led by Todd Hubbard, in 2012, and its team has completed more than 400 commercial transactions since that time.

July 6, 2023

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