Property Type

Newmark Brokers Sale of 251,100 SF Industrial Building in Davenport, Iowa

by Kristin Harlow October 28, 2022

DAVENPORT, IOWA — Newmark has brokered the sale of a 251,100-square-foot industrial building in Davenport for an undisclosed price. The property at 8740 Zenith Ave. is fully leased to Ryder Logistics. Michael VanBuskirk, Chris Robertson, Andy Gallas, Andrew Sandquist, Ben Greazel and Raegen Root of Newmark represented the sellers, Blue Vista Capital Management LLC and Russell Development. Minneapolis-based Founders Properties acquired the asset. The property is the first of six buildings within the Russell Industrial Park, which will span nearly 1.5 million square feet upon full buildout.

October 28, 2022

Indiana Industrial Leasing Activity Midwest

FW Logistics Signs 128,000 SF Industrial Lease in Indianapolis

by Kristin Harlow October 28, 2022

INDIANAPOLIS — FW Logistics has signed a 128,000-square-foot industrial lease at 221 S. Franklin Road in Indianapolis. The third-party logistics firm provides flex space and trucking to help businesses with e-commerce, fulfillment and manufacturing. The company maintains 18 temperature-controlled warehouses with more than 8 million square feet nationwide, along with its trucking fleet. Conrad Jacobs of Avison Young represented the tenant. Colliers represented the landlord, CP Franklin MT LLC, a Delaware-based limited liability company. FW Logistics expects to take occupancy Tuesday, Nov. 1.

October 28, 2022

Acquisitions Illinois Midwest Retail

Mid-America Arranges Sale of 107,431 SF Grocery-Anchored Shopping Center in Suburban Chicago

by Kristin Harlow October 28, 2022

WAUCONDA, ILL. — Mid-America Real Estate Corp. has arranged the sale of Liberty Square in the Chicago suburb of Wauconda for an undisclosed price. Anchored by Jewel-Osco, the 107,431-square-foot shopping center is 97 percent leased. Other tenants include Pet Supplies Plus, USPS, Athletico, Subway, Great Clips and T-Mobile. Ben Wineman of Mid-America represented the seller, Maryland-based Broad Reach Retail Partners LLC. Connecticut-based AmCap purchased the asset.

October 28, 2022

Acquisitions Healthcare Indiana Midwest

Blueprint Negotiates Sale of 44,000 SF Medical Office Building in Indianapolis

by Kristin Harlow October 28, 2022

INDIANAPOLIS — Blueprint Healthcare Real Estate Advisors LLC has negotiated the sale of a 44,000-square-foot medical office building located in a medical corridor of western Indianapolis. The sales price was undisclosed. The property is home to Fresenius Kidney Care and Help at Home. Blueprint represented the seller, Valley Equity Group, and procured the buyer, a partnership between Urban Growth Capital, BrightPoint Real Estate Capital and North Cos. CARMEN Commercial Real Estate Services will handle leasing.

October 28, 2022

Features Heartland Feature Archive Multifamily Seniors Housing

Seniors Housing Developers Shift to Repositionings Amid Economic Uncertainty, Say InterFace Panelists

by Kristin Harlow October 28, 2022

CHICAGO — As shovel-ready projects get put on hold, seniors housing developers are looking 24 months ahead, hoping that by then the economic outlook will have improved. For now, they worry about a possible recession and rising costs for everything from debt financing to building materials as they turn their immediate focus to repositioning opportunities. “The industry has been hit with macro-economic shocks,” said Adam Heavenrich, managing director at Heavenrich & Co., a Chicago-based investment brokerage firm. “What you hear is that if you’re developing now, you’re crazy.” Heavenrich gave these opening remarks as moderator of a panel discussion on development at France Media’s sixth annual InterFace Seniors Housing Midwest conference, held Oct. 20 in Chicago. The day-long event featured six panel discussions on topics relevant to industry stakeholders, along with networking opportunities. The development panel included experts who analyzed the smartest plays for the upcoming year. They recounted a growing list of barriers to new construction. The industry is still clawing its way back from the occupancy declines due to the pandemic. Seniors housing occupancy stood at 82.2 percent at the end of the third quarter of 2022, according to data analytics firm NIC MAP Vision. Inflation, last pegged …

October 28, 2022

Acquisitions Georgia Multifamily Southeast Top Stories

JLL Brokers $258M Sale of Two Abberly-Branded Apartment Communities in Decatur, Georgia

by Jeff Shaw October 28, 2022

DECATUR, GA. — JLL Capital Markets has brokered the $258 million sale of two five-story, wrap-style apartment communities located in the northeast Atlanta suburb of Decatur. Development and management company HHHunt acquired Abberly Skye for $163 million and Abberly Onyx for $95 million. Northwood Ravin was the seller for both transactions. The two communities are located on the same block around a newly built shopping center anchored by a Sprouts Farmers Market and across the street from a recently renovated shopping center anchored by a Walmart Supercenter. Both properties are approximately seven miles from Midtown Atlanta. Abberly Skye was developed in 2020. The community offers 450 studio, one-, two- and three-bedroom units. Individual units include walk-in showers, glass-front kitchen cabinets, quartz countertops in kitchens and bathrooms, stainless steel appliances and balconies with walk-up patio options. Community amenities at Abberly Skye include a golf simulator, swimming pool, sauna, business center, podcasting room, fitness areas, TV lounge and gaming courtyard. Abberly Onyx was developed in 2017 and comprises 250 units. The building offers studio, one-, two- and three-bedroom floor plans, as well as community amenities such as a rooftop swimming pool, sauna, climbing gym, two-story outdoor lounge, indoor and outdoor game areas, …

October 28, 2022

Market Reports Office Washington Western Western Market Reports

Seattle’s Office Market Shows Improvement

by Jeff Shaw October 28, 2022

By Charlie Farra, Senior Managing Director, Newmark The Puget Sound office market has fared better than many peer metro areas during the pandemic. While the market remains tenuous in the region, local office fundamentals have improved to date in 2022. A consistent through the chaos is a flight to quality. If employers expect a return to office, they are being tasked with creating a physical environment that is far more favorable than a home office or local coffee shop. We are referring to this as “commute-worthy real estate.” Energy, collaboration, amenities, views, natural light and safety are some of the main points of focus and, due to current economic conditions, the ability to find such space at discounted pricing is within reason. New office leases are trending toward 75 percent of their pre-pandemic footprint as companies consider how and where to operate their businesses going forward. Professional service companies currently account for the most demand and are in the office more frequently than the technology sector. In tech cities like Seattle, this is a seismic shift from the previous decade, which saw skylines transform from the expansions of Amazon, Microsoft, Meta and Google. Many companies returning to the office are utilizing a hybrid …

October 28, 2022

Building-D-North-Central-Logistics-Phoenix-AZ

Acquisitions Arizona Industrial Western

Westcore Acquires Four-Building Central Logistics Industrial Campus in Phoenix for $93.5M

by Amy Works October 27, 2022

PHOENIX — Westcore has purchased Central Logistics, a four-building industrial campus located in the Central Phoenix market of Arizona. Phoenix-based ViaWest Group sold the asset for $93.5 million. Situated on 24.9 acres, Central Logistics offers a total of 1.1 million square feet of industrial space spread across four buildings with 32-foot clear heights. Currently leased to Bay Logistics, the 76,189-square-foot cold storage facility Building D North offers 13 dock-high doors and one grade-level door. Waymo occupies the 72,349-square-foot Building D South, which features 10 dock-high doors, one grade-level door and ESFR sprinklers. Ferguson occupies the 94,612-square-foot Building E, which offers a four-acre, fully secure concrete yard, two grade-level doors, 12 dock-high doors and ESFR sprinklers. Westcore plans to renovate the 165,518-square-foot Building B, which is currently vacant. John Werstler, Cooper Fratt, Tanner Ferrandi and Connie Nelson of CBRE will market the property for lease.

October 27, 2022

Development Loans Multifamily Washington Western

PCCP Provides $13.2M Equity Investment for Multifamily Development in Sumner, Washington

by Amy Works October 27, 2022

SUMNER, WASH. — PCCP has provided a $13.2 million preferred equity investment to Timberland Partners to finance the construction of Sumner Apartments, a garden-style multifamily community in Sumner. Construction of the project commenced in May, with completion slated for third-quarter 2024. Situated on 5.7 acres at 16017 60th St., Sumner Apartments will offer 162 studio, one- and two-bedroom apartments spread across nine three-story residential buildings. Unit interiors will feature vinyl flooring, triple-pane windows, stainless steel appliances, walk-in closets, quartz countertops, full-size washers/dryers and private patios and balconies. Community amenities will include a clubhouse and amenity center, pool, covered barbecues, dog park, picnic area, electric car charging stations and bike parking. Jake Leibsohn of Northmarq’s Seattle regional office arranged the preferred equity investment between PCCP and Timberlane Partners and sourced the project’s $35.5 million senior construction loan through a regional bank.

October 27, 2022

Acquisitions Arizona Multifamily Seniors Housing Western

Cushman & Wakefield Negotiates Sale of 188-Unit Bella Vista Seniors Housing Property in Mesa, Arizona

by Amy Works October 27, 2022

MESA, ARIZ. — Cushman & Wakefield has arranged the sale of Bella Vista, a 188-unit independent living and assisted living community in Mesa. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Sam Dylag and Jack Griffin represented the sellers, a joint venture between Wexford Real Estate Investors and Beztak Cos., in the transaction. Bourne Financial Group, a private equity buyer based in Winter Park, Florida, acquired the asset and will self-manage this community with its in-house operator, Park Avenue Lifestyle. The price was not disclosed. The property was originally constructed in 1978 and underwent significant renovations from 2013 to 2017.

October 27, 2022

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