Property Type

Vango Development Begins Leasing 60-Unit Apartment Complex in Rutherford, New Jersey

by Taylor Williams June 15, 2023

RUTHERFORD, N.J. — Vango Development has begun leasing The Parker 118, a 60-unit apartment complex located in the Northern New Jersey community of Rutherford. Designed by Minno & Wasko Architects & Planners, the building houses studio, one- and two-bedroom units that feature stainless steel appliances, quartz countertops and individual washers and dryers. Amenities include a fitness center, coworking lounge, resident lounge and outdoor grilling and dining stations. Rents start at $2,370 per month for a studio apartment.

June 15, 2023

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers Sale of 7,987 SF Industrial Building in Hackensack

by Taylor Williams June 15, 2023

HACKENSACK, N.J. — NAI James E. Hanson has brokered the sale of a 7,987-square-foot industrial building located at 101 S. State St. in Hackensack. The building offers a clear height of 22 feet, one drive-in door and 11 parking spaces. David Ukleja of NAI Hanson represented the seller, BCB Janitorial Supply Co. Inc., in the transaction and procured the buyer, an entity doing business as APEX 101 Holdings LLC. The sales price was not disclosed.

June 15, 2023

Build-to-Rent Features Single-Family Rental

RentCafe: Number of New Build-to-Rent Projects is Skyrocketing

by Jeff Shaw June 15, 2023

The construction of new build-to-rent (BTR) homes hit a record in 2022, with more than 14,500 houses completed, according to a RentCafe analysis of Yardi Matrix data. This is a 47 percent increase in deliveries from 2021. Now, approximately 44,700 BTR homes are under construction across America, triple the number of new homes completed in 2022. Prior to 2020, RentCafe notes, only about 6,000 BTR units were completed annually. RentCafe cited data from the firm’s sister company, Yardi Matrix. The data includes properties defined as single-family homes for rent that are in build-to-rent, professionally managed communities covered by Yardi Matrix research. The study is based on data related to BTR communities comprising at least 50 units. “In the wake of the 2008 housing crisis, the number of renter-occupied single-family houses in the United States increased by more than 2.5 million between 2009 and 2016, according to the U.S. Census Bureau,” comments Doug Ressler, manager of business intelligence at Yardi Matrix. “Institutional SFR (single-family rental) growth remains focused on BTR product, as home sales have declined in recent months due to lack of inventory and rising mortgage rates,” continues Ressler. “Although home prices have remained surprisingly firm, the number of homes on the market for …

June 15, 2023

Plaza-Athenee-Nobu-Hotel-and-Spa-New-York

Development Hospitality New York Northeast Top Stories

AWC, Nobu Hospitality to Develop 145-Room Luxury Hotel on Manhattan’s Upper East Side

by Katie Sloan June 15, 2023

NEW YORK CITY — A partnership between Asset World Corp. (AWC) and Nobu Hospitality has announced plans for Plaza Athenee Nobu Hotel and Spa New York, a 145-room luxury hotel development on Manhattan’s Upper East Side. Located on 64th Street between Park and Madison avenues, the hotel will offer suites with indoor and outdoor glassed terraces. The property will also offer a townhouse rental option. Unique amenities include a traditional Japanese onsen or bathing facility, as well as a spa and wellness center. The projected development cost was undisclosed. Plaza Athenee Nobu Hotel and Spa New York will also feature a Nobu restaurant offering an omakase experience — a form of Japanese dining in which guests leave their order up to the chef. The hotel will also include a bar and lounge, and a rooftop area for private parties with a panoramic view of the New York City skyline. Scheduled for completion in 2026, AWC will oversee the overall development of the project, along with its conceptualization and design. The partnership has also announced plans for the development of The Plaza Athenee Nobu Hotel and Spa Bangkok in Thailand. Thailand-based AWC is a real estate group focused on the development of hospitality …

June 15, 2023

Illinois Market Reports Midwest Midwest Market Reports Retail

Chicago Neighborhoods Experience Flurry of Positive Signs for Retail

by Kristin Harlow June 15, 2023

By Jaime Bertsche and Lara Keene, Mid-America Real Estate Positive signs for retail real estate abound across many Chicago neighborhoods and high streets, with physical stores demonstrating their necessity coming out of the pandemic. Both of us live and work in the city of Chicago, so it’s particularly heartening to see favorable trends and leasing activity throughout our city of neighborhoods. It may surprise some to know that Chicago has been No. 1 in corporate expansions for the last nine years, with 441 major business expansions and relocations in 2021. Chicago employment has grown by 75,000 since the start of 2022 and ranks third in the U.S., according to World Business Chicago. Google is investing in the city and purchased the 17-story, 1.2 million-square-foot Thompson Center in the Loop with plans to use the building as a second Chicago headquarters. Kellogg announced it will move a spinoff company to Chicago for a new headquarters in the city. Some of the economic changes we saw in the market in the second half of last year affected retailers’ expansion plans. Inflation and interest rates challenged retailers to maintain their customer base, keep their own costs in line, and adapt to higher …

June 15, 2023

Development Multifamily Texas

Landmark Cos. to Develop 296-Unit Multifamily Project in Corinth, Texas

by Taylor Williams June 14, 2023

CORINTH, TEXAS — Florida-based developer Landmark Cos. will build a 296-unit multifamily project in Corinth, located north of the metroplex in Denton County. Arden at Corinth will consist of two three-story apartment buildings with 268 units and four two-story townhome buildings with 28 units. Residences will be furnished with stainless steel appliances, quartz countertops, custom cabinetry and private patios and balconies. Amenities will include a pool, fitness center, dog park, clubhouse and outdoor grilling and dining areas. The first units are expected to be available for occupancy in the first quarter of next year.

June 14, 2023

Acquisitions Retail Texas

JLL Negotiates Sale of 140,218 SF Independence Square Shopping Center in Plano

by Taylor Williams June 14, 2023

PLANO, TEXAS — JLL has negotiated the sale of Independence Square, a 140,218-square-foot shopping center in Plano. Grocer Tom Thumb anchors the center, which was built in 1977 and renovated in 2005. Independence Square had a 94 percent occupancy rate at the time of sale, and other tenants on the roster include Oscar Nail Lounge, Cookies by Design, Great Clips, Little Greek Restaurant, Frost Bank, Jersey Mike’s and Workout Anytime. Chris Gerard, Barry Brown, Erin Lazarus and Ben Esterer of JLL represented the undisclosed seller in the transaction. The buyer was Dallas-based Head Capital Partners.

June 14, 2023

Acquisitions Development Industrial Texas

Colliers Arranges Sale of 17.6-Acre Industrial Development Site in Tomball, Texas

by Taylor Williams June 14, 2023

TOMBALL, TEXAS — Colliers has arranged the sale of a 17.6-acre industrial development site within Tomball Business & Technology Park on the northwestern outskirts of Houston. Tom Condon Jr. and John Grimsley of Colliers represented the seller, The Tomball Economic Development Corp., in the transaction. Will Condrey of Cresa represented the buyer, which plans to develop two build-to-suit facilities at the site for Walsh & Albert and Metal Zinc. Both of these companies supply products for HVAC systems.

June 14, 2023

Leasing Activity Office Texas

Texas AirSystems Signs 103,000 SF Office Lease in Irving

by Taylor Williams June 14, 2023

IRVING, TEXAS — Texas AirSystems has signed a 103,000-square-foot office lease in Irving. The manufacturer of commercial HVAC systems will occupy the entirety of Royal Ridge II, a two-story building that recently underwent a capital improvement program. Dan Harris and Ryan Boozer of Stream Realty Partners represented Texas AirSystems in the lease negotiations. John Brownlee and Michael Williams of JLL represented the landlord, an affiliate of Silicon Valley-based investment firm Menlo Equities.

June 14, 2023

California Company News Loans Retail Western

Westfield to Pull Out of San Francisco, Surrenders Mall to Lender

by Jeff Shaw June 14, 2023

SAN FRANCISCO — Westfield has made plans to pull out of San Francisco and surrender the San Francisco Centre mall to the property’s lender, reports CNN. The decision follows the closure of stores including Banana Republic and Nordstrom. A spokesperson for Westfield previously attributed the closure of the latter to “unsafe conditions for customers, retailers and employees.” According to SFGATE, Westfield and its partner, Brookfield Properties, have ceased loan payments on the mall. In a statement provided to the publication, Westfield noted that it has operated San Francisco Centre for more than 20 years and that it has “made the difficult decision to begin the process to transfer management of the shopping center to our lender,” citing “declines in sales, occupancy and foot traffic.” The company also stated that the property’s debt “is nonrecourse and this action has no impact on the rest of [Unibail-Rodamco-Westfield’s] debt.”

June 14, 2023

Newer Posts

Older Posts