NEW LENOX, ILL. — Inland Green Capital LLC, an environmental finance and investment company, has originated $21.1 million in Commercial Property Assessed Clean Energy (C-PACE) financing for environmental improvements in the construction of a 220-unit multifamily property located at 232 N. Prairie Road in New Lenox. The C-PACE capital will help fund HVAC, LED lighting, roof, building envelope, air sealing, windows, water conservation and hot water system improvements. The improvements are expected to reduce the property’s annual electricity and water consumption by 834,000 kilowatt-hours and 378,000 gallons, respectively, when compared with a standard baseline building performance model. PACE is a financing tool that provides long-term, fixed-rate funding to private building owners for energy efficiency, renewable energy, water conservation, electric vehicle charging and resiliency projects to be installed in both existing and new commercial properties.
SALINA, KAN. — Blue West Capital has arranged the $9 million sale of Sunset Plaza in Salina, a city in central Kansas. Dillons, a division of Kroger, anchors the 126,606-square-foot shopping center. The Dillons store was remodeled in 2019 and a fuel center was added in 2020. Originally constructed in 1960, Sunset Plaza was nearly fully leased at the time of sale. Robert Edwards, Zach Wright and Shawn Dickmann of Blue West Capital represented the seller, a Kansas-based private equity real estate company. The property sold at 97 percent of the asking price to a Denver-based buyer completing a 1031 exchange.
GAHANNA, OHIO — Marcus & Millichap has brokered the sale of an 8,464-square-foot retail property in the Columbus suburb of Gahanna for $3.7 million. The property, which was 85 percent leased at the time of sale, is home to City BBQ and WesBanco Bank. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller of Marcus & Millichap brokered the transaction. Both the buyer and seller were private, out-of-state investors. The asset sold at 96 percent of the list price, which equates to a cap rate of 6.5 percent.
BOSTON — New York City-based investment and management firm Fortis Property Group has received a $1 billion loan for the refinancing of One Lincoln, a 1.1 million-square-foot office tower in Boston’s Financial District. Proceeds will be used to repay existing debt and provide more than $200 million in capital upgrades geared toward wellness and lifestyle amenities, as well as to fund future leasing costs. In addition, Fortis will renovate the common areas and reconfigure the floor plates to support a wider range of indoor and outdoor amenities. Concurrent with the financing, Fortis also signed HarbourVest Partners to a 250,000-square-foot lease. The company plans to occupy 11 floors of the building as the new anchor tenant. The Boston-based private equity firm will replace fellow financial services firm State Street Corp. in this role, becoming the building’s namesake tenant in the process. HarbourVest plans to take occupancy in 2025. “We are reimagining the post-COVID office environment, and One Lincoln signifies the beginning of a new era for workplaces in Boston,” says Jonathan Landau, CEO of Fortis Property Group. “The Fortis and HarbourVest teams both recognized the tremendous demand for luxury office space that is amenitized with unparalleled wellness and lifestyle-driven experiences in …
By Marc DeLuca, CEO and eastern regional president, KBS Refreshing office properties with updated amenities is a time-tested strategy for infusing buildings with new life and appealing to future and existing tenants. While an asset’s location is a fixed element and a region’s fundamentals tend to change slowly, amenities are more flexible and can usually be implemented quickly if necessary for immediate impact. A recent report by flexible workspace provider TCC Canada found that many companies and their team members increasingly recognize the benefits of gathering teams in a central workplace. But after more than two years of varying degrees of remote work, it makes sense for property owners to invest in amenities that actually meet the needs and wants of office users — which have recently shifted. So which amenities are the best ones to include in today’s office buildings? As an owner and operator of premier office assets for the last 30 years, KBS has witnessed amenity preferences come and go. We know how to spot a passing fad versus a trend with legs. Based on our expertise in this area, here are a few amenities we see attracting office tenants in the current and emerging environment. Scalable …
WASHINGTON, D.C. — Greystar’s Jackie Rhone, a 35-year veteran of the multifamily industry, cut right to the chase when describing how the active adult niche differs from the traditional apartment sector in one big way for owners and operators. “This is the only time in my career that I’ve sold a lifestyle. I’m not selling four walls. They don’t care what your backsplash looks like. They want it to be nice, but that’s not what’s driving them,” said Rhone, referring to prospective residents of active adult communities. “What’s driving them is a lifestyle that you’re creating, and you can’t create that unless there are people living in your building that are showcasing that lifestyle.” Rhone, who earlier this month celebrated her 21st year with Greystar, serves as executive director of US Real Estate Services – Active Adult for the company. Under her watch, since mid-2019 Greystar’s active adult portfolio has grown from about 5,000 units and 27 properties to 17,000 units and 95 properties across 24 states. Her remarks came Wednesday during a panel discussion titled “Rational Exuberance: Investing in the Rapidly Growing Active Adult Segment” on the opening day of the 2022 NIC Fall Conference. Approximately 2,800 professionals descended …
INDIANA, OHIO, ILLINOIS AND KENTUCKY — Extra Space Storage Inc. and its subsidiaries (NYSE: EXR) have completed the acquisition of multiple entities doing business as Storage Express, which owns 107 storage properties across Indiana, Ohio, Illinois and Kentucky. The sales price was approximately $590 million. The acquisition includes all Storage Express assets, including trademarks, contracts, licenses, intellectual property and 14 future development sites. The transaction was funded in part by the issuance of $125 million in operating partnership units, with the balance in cash drawn from its credit facilities. Latham & Watkins LLP served as outside legal counsel to Extra Space.
CONROE, TEXAS — A partnership between locally based developer Lovett Industrial and private investment firm Cresset Partners has broken ground on NorthPort Logistics Center, a 1.2 million-square-foot logistics project in Conroe, about 40 miles north of Houston. The Class A facility will be situated on a 75-acre site within Conroe Park North and will feature 40-foot clear heights, 224 dock-high doors, 190-foot truck court depths and a minimum of 273 trailer parking stalls. Powers Brown Architecture is designing the project, and Alston Construction is serving as the general contractor. CBRE is the leasing agent, and Citizens Bank provided construction financing. Completion is slated for the second quarter of 2023.
SIOUX CITY, IOWA — JLL Capital Markets has arranged the $27.5 million sale of Lakeport Commons in Sioux City, a city in Northwest Iowa. The 202,880-square-foot shopping center is 95 percent leased. Aldi and Ross Dress for Less recently signed 10-year leases to open at the property. Additional tenants include Five Below, Old Navy, PetSmart, Michaels, Boot Barn, Shoe Carnival, Staples and a separately owned Kohl’s. Amy Sands, Clinton Mitchell, Michael Nieder and Marcus Pitts of JLL represented the seller, The RH Johnson Co. A Midwest-based private investor purchased the asset.
EAGAN, MINN. — Colliers Minneapolis-St. Paul has brokered the sale of The Waters Business Center, a six-property industrial portfolio totaling 325,947 square feet in the Twin Cities suburb of Eagan. The sales price was undisclosed. Constructed between 1999 and 2007, the buildings feature both office and warehouse space. Mark Kolsrud, John McCarthy, Peter Loehrer, Kyle Delarosby, Pia Robertson and Lydia Turczyn of Colliers represented the seller, B9 Polar Waters LLC. Hyde Development was the buyer.