Property Type

Oracle Aviation Breaks Ground on New Aviation Center at Sioux Gateway Airport in Iowa

by Kristin Harlow November 3, 2022

SIOUX CITY, IOWA — Omaha-based Oracle Aviation has broken ground on a new aviation center at the Sioux Gateway Airport in Sioux City. The 40,000-square-foot facility will include hangar space, training classrooms and office space. The project received a $1 million grant from the Economic Development Administration as well as additional funding from the City of Sioux City, The Siouxland Initiative, Morningside University and Western Iowa Tech. Both Morningside University and Western Iowa Tech will now offer degrees in aviation fields. A timeline for construction was not provided.

November 3, 2022

Acquisitions Healthcare Midwest Ohio

Remedy Medical Properties, Kayne Anderson Real Estate Acquire Medical Office Building Near Cleveland for $10.7M

by Kristin Harlow November 3, 2022

BRUNSWICK, OHIO — A joint venture between Remedy Medical Properties and Kayne Anderson Real Estate has acquired a 34,519-square-foot medical office building in the Cleveland suburb of Brunswick for $10.7 million. Named Atrium of Brunswick, the two-story property is located at 1299 Industrial Parkway North. The facility is fully occupied by two tenants. One GI is a gastroenterology group that recently acquired the building’s original tenant and seller, Digestive Disease Consultants (DDC). Shortly after One GI acquired DDC, it signed a new 12-year lease. The other tenant is MetroHealth, which operates four hospitals and other healthcare facilities throughout the Cleveland area. MetroHealth operates a primary care and pediatrics practice at the building with a lease that expires in 2025. Capital One provided acquisition financing.

November 3, 2022

Development Industrial Northeast Pennsylvania

Endurance Real Estate Breaks Ground on 1 MSF Industrial Project in Chambersburg, Pennsylvania

by Taylor Williams November 3, 2022

CHAMBERSBURG, PA. — Pennsylvania-based investment and development firm Endurance Real Estate Group has broken ground on Chambersburg Logistics Park, a 1 million-square-foot industrial project that will be located about 55 miles southwest of Harrisburg. The site spans 93 acres and is located immediately off Exit 10 of I-81. Building features will include a clear height of 40 feet, 166 overhead dock positions, four drive-in doors, 213 trailer stalls (expandable to 303), 375 car parking spaces (expandable to 561) and an ESFR sprinkler system. PNC Bank provided construction financing for the project, which is slated for a fourth-quarter 2023 completion. Endurance is developing Chambersburg Logistics Park in partnership with an affiliate of Guardian Life Insurance Co. and has tapped Cushman & Wakefield to lease the facility. Cushman & Wakefield also advised on Endurance’s capitalization of the project.

November 3, 2022

Loans Northeast Office Pennsylvania Retail

JLL Arranges $74M Loan for Refinancing of Southside Works in Pittsburgh

by Taylor Williams November 3, 2022

PITTSBURGH — JLL has arranged a $74 million loan for the refinancing of Southside Works, a 471,939-square-foot office and retail development in Pittsburgh. Built in phases between 2002 and 2004 and renovated in 2021, Southside Works comprises 245,570 square feet of office space and 226,369 square feet of retail space. The development also features multiple pocket parks, open green spaces, sport courts and a dog park. Nick Unkovic and Jeremy Bernstein of JLL arranged the six-year, floating-rate loan through Dollar Bank on behalf of the borrower, SomeraRoad.

November 3, 2022

Acquisitions Multifamily Northeast Pennsylvania

Starkman Realty Negotiates $29M Sale of Carlton Park Apartments in Philadelphia

by Taylor Williams November 3, 2022

PHILADELPHIA — Locally based brokerage firm Starkman Realty Group has negotiated the $29 million sale of Carlton Park Apartments, a 117-unit multifamily property in Philadelphia’s East Falls neighborhood. New Jersey-based AJH Management sold the garden-style property, which was originally built in 1958 and offers one-, two- and three-bedroom units, to an undisclosed buyer. Jason Starkman of Starkman Realty Group brokered the deal.

November 3, 2022

Acquisitions Industrial New Jersey Northeast

Realterm Acquires Two Northern New Jersey Industrial Buildings Totaling 41,500 SF

by Taylor Williams November 3, 2022

EAST RUTHERFORD, N.J. — Maryland-based industrial investment firm Realterm has acquired two buildings totaling 41,500 square feet in the Northern New Jersey community of East Rutherford. The adjacent buildings at 880 and 890 Paterson Plank Road sit on a combined 4.4 acres and respectively total 5,000 and 36,500 square feet. Scott Perkins, Chris Todd and William Ericksen of NAI James E. Hanson represented Realterm in the transaction. The seller was not disclosed.

November 3, 2022

Leasing Activity Massachusetts Northeast Office

Industrious Opens 35,441 SF Coworking Space in Dedham, Massachusetts

by Taylor Williams November 3, 2022

DEDHAM, MASS. — Coworking concept Industrious has opened a 35,441-square-foot flexible workspace in Dedham, a southwestern suburb of Boston. Industrious Legacy Place will be a pet-friendly space with a total of 400 seats and 13 conference and meeting rooms, as well as lounges and a library. The space is the seventh in the Boston area for Industrious, which has more than 150 locations across 65 U.S. and international cities.

November 3, 2022

Development Industrial New York Northeast Top Stories

Edwards Vacuum to Build $319M Manufacturing Facility in Western New York

by John Nelson November 3, 2022

ALABAMA, N.Y. — Edwards Vacuum, a British-based manufacturer of vacuum and abatement equipment and part of the Atlas Copco Group, plans to develop a new $319 million manufacturing facility in Western New York. The 240,000-square-foot project will be situated within Western New York Science & Technology Advanced Manufacturing Park (STAMP), a 1,250-acre industrial park located in the Genesee County town of Alabama. The facility will house manufacturing, storage and administration for the production of dry pump equipment for the U.S. semiconductor industry. Edwards Vacuum will create 600 jobs for the larger Buffalo-Rochester Tech Corridor. The announcement builds on Micron’s recent $100 billion investment in Central New York, as well as the as New York’s recently signed Green CHIPS legislation and the federal CHIPS and Science Act, to make New York a central figure in the global semiconductor industry. “We are now seeing energy flow into Upstate’s manufacturing sector like never before, and this investment will further cement that the future of microchips will be built with American made products, crafted by New York workers,” says Senate Majority Leader Charles Schumer. As part of the agreement with Edwards Vacuum, New York’s chief economic development agency, Empire State Development, has offered up …

November 3, 2022

Acquisitions Content Partner Development Features Industrial Leasing Activity Lee & Associates Midwest Multifamily Northeast Office Retail Southeast Texas Western

Lee & Associates’ Third-Quarter 2022 Economic Rundown by Sector

by Sarah Daniels November 3, 2022

Lee & Associates’ newly released 2022 Q3 North America Market Report examines third-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This sector-based review of commercial real estate trends for the third quarter of the year examines the difficulties facing each asset class and where opportunities in the commercial real estate landscape may be emerging. Lee & Associates has made the full market report available here (with further breakdowns of factors like vacancy rates, market rents, inventory square footage and cap rates by city), but the summaries below provide high-level considerations of the overall health and obstacles for the industrial, office, retail and multifamily sectors. Industrial Overview: High Rent, Low Vacancy Everywhere North American industrial space availability is tight everywhere while rent growth and property prices remain near or have moved beyond historic highs. Through the third quarter, the United States’ vacancy rate settled at 4 percent, up 10 basis points from second quarter 2022. Average rents increased 11.4 percent year over year with gains of 19 percent in Miami, 18.7 percent in Southern California’s Inland Empire, 16 percent in Phoenix and 14.6 percent in Atlanta. Since the COVID lockdown in March of 2020, developers of U.S. logistics space have been …

November 3, 2022

Acquisitions Multifamily Texas

Westmount Realty Capital Sells 212-Unit Apartment Complex in San Antonio

by Taylor Williams November 2, 2022

SAN ANTONIO — Dallas-based investment and development firm Westmount Realty Capital has sold a 212-unit apartment complex located on the north side of San Antonio. Westmount at Cape Cod was originally built in 1984 and features one- and two-bedroom units with an average size of 687 square feet. Amenities include a pool, fitness center, outdoor kitchen and walking trails. Westmount acquired the property in 2016 and implemented a value-add program. The buyer and sales price were not disclosed.

November 2, 2022

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