Property Type

San Bernardino’s Retail Leasing Market Thrives

by Jeff Shaw December 7, 2022

By Ryan Gast, Vice President, Ontario/Inland Empire, CBRE We are currently seeing a very strong leasing market in San Bernardino County, which is mostly driven by the amount of new housing developments in the market and the lack of new retail product being built. Tenants are hungry for the top-tier shopping centers, which has driven the vacancy rates down and rents up in a market where there seems to be a lot of uncertainty in the air. Some of the most active retail categories include the fast feeders (QSRs), gas stations and car wash groups. Discount retailers also hold great appeal, particularly due to inflation. The market has also seen an increase in activity from fitness users who stopped dead in their tracks during 2020 and 2021 due to COVID. As active retailers go, Stater Bros, Hobby Lobby, Burlington, 99 Ranch Market, Ross and Planet Fitness have all recently inked deals in the area. Sprouts, Quick Quack, Shell, Raising Cane’s and Dutch Bros Coffee also remain active. Many of these retailers are seeking high-growth areas where there has been an influx of residential development nearby. In terms of developers, Lewis Retail, Wood Investments and Rich Development are some of the …

December 7, 2022

Arizona Development Industrial Top Stories Western

Taiwanese Semiconductor Manufacturer Announces $28B Expansion at North Phoenix Plant

by John Nelson December 7, 2022

PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a second plant in North Phoenix. The move will increase the company’s investment at the Arizona manufacturing site from $12 billion to $40 billion and create 4,500 permanent jobs, in addition to 10,000 construction jobs. The expansion represents the largest foreign direct investment in Arizona history and one of the largest foreign direct investments in the history of the United States, according to TSMC. Semiconductors, or computer chips, are an essential element of most all electronic and computing devices, including electric vehicles, phones, tablets, TVs, home appliances, solar panels and gaming consoles. The company is also in the planning stages for an onsite water reclamation plant that, when finished, will allow the TSMC Arizona site to achieve near-zero liquid discharge. The announcement was made yesterday at the opening of TSMC’s first semiconductor factory. President Joe Biden, Arizona Gov. Doug Ducey, U.S. Commerce Secretary Gina Raimondo, Governor-elect Katie Hobbs, Phoenix Mayor Kate Gallego, members of Arizona’s congressional delegation, TSMC chairman Dr. Mark Liu and TSMC founder Dr. Morris Chang attended the ceremony. Also attending and speaking at the event was Tim Cook, CEO of Apple. Cook said the …

December 7, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $9.7M Condo Deconversion Sale in Arlington Heights, Illinois

by Kristin Harlow December 6, 2022

ARLINGTON HEIGHTS, ILL. — Interra Realty has brokered a condo deconversion sale in the Chicago suburb of Arlington Heights for $9.7 million. Built in 1971, the 40-unit property is located at 1 N. Chestnut Ave. Patrick Kennelly and Paul Waterloo of Interra represented the seller, the Chestnut Street Condominium Association. The duo also represented the undisclosed buyer, which plans to improve the units as they turn over. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. The threshold is 85 percent for the City of Chicago. Sellers then have the option to either move out of their units or lease them back from the new owner.

December 6, 2022

Acquisitions Indiana Industrial Midwest Self-Storage

Marcus & Millichap Arranges Sale of 595-Unit Self-Storage Facility in Hammond, Indiana

by Kristin Harlow December 6, 2022

HAMMOND, IND. — Marcus & Millichap has arranged the sale of the Alpha Storage facility in Hammond for an undisclosed price. The multi-story self-storage property, located at 252 Wildwood Road, spans 68,277 rentable square feet and features 595 units along with parking for recreational vehicles and boats. Jeffrey Herrmann and Sean Delaney of Marcus & Millichap represented the seller, a local limited liability company. The duo also secured and represented the buyer, a Chicago-based limited liability company.

December 6, 2022

Development Illinois Midwest Office

DeJames Builders Breaks Ground on 15,000 SF Office for Baird & Warner in Naperville, Illinois

by Kristin Harlow December 6, 2022

NAPERVILLE, ILL. — DeJames Builders has broken ground on a 15,000-square-foot office for real estate services company Baird & Warner in Naperville. The office, located at 1528 Aurora Ave., is designed to house up to 500 Baird & Warner agents when it opens in 2023. The new office will accommodate all three of Baird & Warner’s business lines — brokerage, mortgage lending and title insurance — under one roof. The project team includes developer RX Health & Science Trust and architect OKW Architects. Baird & Warner’s current Naperville office is located at 836 W. 75th St. The firm maintains several offices throughout Chicagoland.

December 6, 2022

Kansas Leasing Activity Midwest Office

Vytelle Relocates Headquarters to Lenexa City Center in Kansas

by Kristin Harlow December 6, 2022

LENEXA, KAN. — Vytelle is relocating its headquarters from Oregon to The District at Lenexa City Center in Kansas. Lenexa is about 15 southwest of Kansas City. The livestock company helps cattle producers optimize their herds worldwide. Vytelle chose Kansas for its new headquarters due to the central location within the United States and proximity to a large and growing community of animal health and agriculture technology companies in the region. Vytelle will occupy 2,477 square feet on the second floor of the Penn II building at 8789 Penrose Lane. Ellen Fisher of AREA Real Estate Advisors represented the tenant. Ryan Biery of Copaken Brooks represented the landlord on an internal basis. When fully developed, Lenexa City Center will consist of more than 2 million square feet, including civic components for the City of Lenexa, nearly 1 million square feet of office and retail space, and 375 apartment units.

December 6, 2022

Development Loans North Carolina Seniors Housing Southeast

Ziegler Arranges $95.6M Financing for Seniors Housing Community in Durham

by John Nelson December 6, 2022

DURHAM, N.C. — Ziegler has arranged $95.6 million in bond financing for The Forest at Duke, a continuing care retirement community in Durham. The seniors housing community sits on 47 acres just south of Duke University. First opened to residents in 1992, the property serves over 360 residents across 154 apartments, 81 cottages (235 total independent living units), 32 assisted living units and 58 licensed skilled nursing beds. To address the changing needs of existing and future residents, the owner adopted a strategic plan that included two phases. Phase I, for which Ziegler arranged public, fixed-rate bonds in 2021, included a 90-unit health and wellness center that replaced the existing health center on campus. With Phase I nearing completion, the ownership is working on Phase II, which includes a 71 independent living unit apartment building. This new building will be located on the area of the campus where the original health center was located as that building is being demolished once the residents move into the new health and wellness center. At the time of closing, over 95 percent of the new independent living units were preleased.

December 6, 2022

Georgia Industrial Leasing Activity Southeast

CRG Signs Rooms To Go to 465,250 SF Industrial Lease Near Port of Savannah

by John Nelson December 6, 2022

ELLABELL, GA. — CRG has signed a subsidiary of Rooms To Go to a full-building lease at The Cubes at Interstate Centre II, CRG’s 300-acre development within the broader Interstate Centre industrial park in metro Savannah’s Bryan County. The Orlando- based furniture retailer will fully occupy the 465,250-square-foot Building E, which CRG completed on a speculative basis in October. Jason Ovadia of JLL represented Rooms To Go in the transaction, while Chris Tomasulo, Ryan Hoyt and Bennett Rudder, also with JLL, represented CRG. Located at 1393 Interstate Blvd. in Ellabell, the warehouse is situated 30 miles west of the Port of Savannah and within two miles of I-16. Building E features 36-foot clear heights, 80 dock doors, four drive-in doors, an ESFR sprinkler system and ample parking for vehicles and trailers. CRG’s parent company, Clayco, served as the builder for the project, and Clayco subsidiary Lamar Johnson Collaborative was the architect. The project was developed through CRG’s GP Fund I, which participated as the general partner. Inclenberg Investments was CRG’s limited partner.

December 6, 2022

Development Florida Multifamily Southeast

Ventures, BCDC Break Ground on Southerly at Shipyards Apartments in St. Augustine, Florida

by John Nelson December 6, 2022

ST. AUGUSTINE, FLA. — A joint venture between Ventures Development and BCDC has broken ground on The Southerly at Shipyards, a 270-unit apartment community in St. Augustine, about 42 miles south of Jacksonville. The project will overlook the San Sebastian River and downtown St. Augustine and will serve as the multifamily component of a larger master-planned development that features single-family homes, a hotel, shops, offices and a restaurant. Planned amenities at The Southerly include a sky lounge, pool, hot tub, outdoor kitchen with a firepit and pizza oven, 24-hour fitness center and a coworking lounge. Other amenities will include a club room, package room, pet park and dog washing station and a structured parking garage accompanied by street-level parking spaces. The design-build team includes architect JHP Architecture & Urban Design and general contractor ARCO Murray. Ameris Bank provided an undisclosed amount of construction financing for the project. The Southerly represents the sixth joint venture project between Ventures and BCDC. The co-developers expect to deliver the first units in the second quarter of 2024.

December 6, 2022

Acquisitions Multifamily Southeast Virginia

Milestone Group Acquires 870-Unit Multifamily Portfolio in Northern Virginia

by John Nelson December 6, 2022

FAIRFAX, VA. — The Milestone Group, a multifamily investment firm with offices in Dallas, Atlanta and Boca Raton, Fla., has purchased a three-property multifamily portfolio totaling 870 units in Northern Virginia’s Fairfax County. The value-add portfolio includes The Ellipse at Fairfax Corner in Fairfax (404 units), Windsor at Fair Lakes in Chantilly (250 units) and The Townes at Herndon Center in Herndon (216 units). Milestone Group acquired the portfolio via its discretionary value-add fund, Milestone Real Estate Investors V LP, in an off-market transaction through a loan assumption, which Milestone Group said saved $20 million in prepayment costs. The sellers, Hampshire Properties and Rose Valley Capital, sold the portfolio for an undisclosed price. Melnick Real Estate Advisors brokered the transaction. Milestone Group plans to make amenity enhancements and luxury upgrades to the unit interiors across the three assets.

December 6, 2022

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