Wednesday, July 23, 2025
Read the Digital Magazines Subscribe to the Magazines
Subscribe

Property Type

Leasing ActivityMidwestOfficeWisconsin

US Bureau of Land Management Signs 8,797 SF Office Lease in Milwaukee

by Kristin Harlow

MILWAUKEE — The U.S. Department of the Interior’s Bureau of Land Management (BLM) has signed a 15-year lease for 8,797 square feet on the 11th floor of Two-Fifty, an office tower in Milwaukee. The property rises 20 stories and spans 200,000 square feet at 250 E. Wisconsin Ave. within the city’s central business district. The BLM is responsible for sustaining the health, diversity and productivity of public lands. Ned Purtell and John Davis of Founders 3 Real Estate Services represented the landlord, Buffalo Grove, Ill.-based Millbrook Real Estate Co. Since purchasing Two-Fifty in 2015, Millbrook has invested more than $8.5 million in improvements, including a new tenant lounge, conference center and lobby renovation. The building is currently home to tenants such as HNTB, Associated Bank and the Milwaukee Bar Association.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsIllinoisMidwestMultifamily

Interra Brokers $8.2M Sale of Multifamily Property in Chicago’s Lincoln Park

by Kristin Harlow

CHICAGO — Interra Realty has brokered the sale of a 51-unit multifamily property in Chicago’s Lincoln Park neighborhood for $8.2 million. Located at 2718 N. Hampden Court, the building consists of one-bedroom units. Craig Martin of Interra represented the seller, the Manilow family. Martin also represented the buyers, investors Gabe Horstick and Edwin Vdovets, who plan to renovate the property.

Continue Reading
FacebookTwitterLinkedinEmail
Leasing ActivityMichiganMidwestRetail

Millennial Collection to Open 1,600 SF Store in Sterling Heights, Michigan

by Kristin Harlow

STERLING HEIGHTS, MICH. — Millennial Collection, a trading card and gaming store, has signed a lease for 1,600 square feet at Brookside Shopping Center in Sterling Heights. The tenant will occupy space formerly home to an arcade. Michael Murphy and Tjader Gerdom of Gerdom Realty & Investment represented the undisclosed landlord in the lease.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentGeorgiaIndustrialSoutheastTop Stories

NewCold Plans $333M Cold Storage Distribution Facility in Metro Atlanta

by John Nelson

MCDONOUGH, GA. — Global cold storage developer and owner NewCold has released plans for a $333 million facility in McDonough, a southern Atlanta suburb in Henry County. The developer says the project will create 170 new jobs upon completion. No construction timeline was disclosed. NewCold’s automated storage and distribution facility will be situated within Midland Industrial Park, which sits about one mile from the I-75 and Ga. Highway 155 interchange. Project manager Cameron Barnhill represented the Georgia Department of Economic Development’s Global Commerce team on the NewCold project in partnership with the Henry County Development Authority, the Georgia Department of Transportation, Georgia Quick Start, Norfolk Southern and Georgia Power. NewCold’s investment represents the largest single investment in the history of Henry County, according to Carlotta Harrell, chair of the Henry County Board of Commissioners. “This highly automated facility will bring additional high-skilled jobs while also increasing Henry County’s already strong portfolio of foreign direct investment,” says Irv Culpepper, chairman of the Henry County Development Authority. Georgia is a prominent hub for food logistics companies. The state currently has more than 189 million cubic square feet of cold storage space, according to the governor’s office. Founded in the Netherlands and with …

Continue Reading
FacebookTwitterLinkedinEmail
Patriot-Place-El-Paso
Affordable HousingMarket ReportsMultifamilyTexasTexas Market Reports

Texas’ Economic Growth Generates New Opportunities in Affordable Housing

by Taylor Williams

By Cody Roskelley, senior developer at Pennrose Texas has experienced tremendous residential growth over the last few years. Families are leaving high-cost, high-tax areas like New York and California for more affordable alternatives. According to The Tax Foundation, Texas was one of the Top 10 U.S. states for inbound migration in 2021, posting population growth around 1.3 percent on a year-over-year basis. With population increase also comes opportunities for economic growth and regional investment. However, having high-quality, affordable and workforce housing stock is key to the state successfully capitalizing on this moment. Between historically high rates of inflation and single-family home prices, as well as aggressive interest rate hikes, having the affordable housing infrastructure in place to attract new residents is critical. While most people generally agree that there is a need for more affordable housing, there is often local pushback once such communities are proposed in their neighborhoods. Much of the opposition stems from a lack of understanding of what affordable housing is — and isn’t. For example, individuals making anywhere between 30 to 80 percent of the area median income (AMI) can qualify for affordable housing. There are also several different subcategories of affordable housing: Low-Income Public Housing: …

Continue Reading
FacebookTwitterLinkedinEmail
The-Bartlett-Arlington-Virginia
FeaturesMultifamily

How Multifamily Owners Can Retain Residents in Today’s Turbulent Environment

by Taylor Williams

By Ben Johnson, founder & president, Spruce It’s no secret that the U.S. economy is in the midst of a very turbulent period. Businesses of all sizes and types are experiencing adverse pressures like never before and seeking ways to cut costs and increase revenue wherever possible.  The real estate market, including the multifamily industry, is no exception. With fewer people able to buy homes due to skyrocketing mortgage rates and minimal inventory for sale, more people are turning to apartments. As renting by necessity grows, residents are looking for the highest value from their rental experience. Consequently, multifamily owners and operators are now putting a bigger emphasis than ever on tenant retention by asking why high retention rates are important, how they can be maintained and what some alternative options are. Why Retention Matters Many of the hottest multifamily markets in the country have seen annual rent increases well over 20 percent over the last year, and several markets have even seen increases exceeding 30 percent.  While this growth is a boon for existing owners, it begs the question of whether these increases are sustainable, or if the next several years will usher in below-trend increases. Why is this …

Continue Reading
FacebookTwitterLinkedinEmail
FeaturesMultifamily

Apartment Demand, New Leasing Stalls in Third Quarter, RealPage Reports

by Jeff Shaw

RICHARDSON, TEXAS — Demand for apartments in 2021 and early 2022 was booming, with new renters filling apartments at record levels. In the third quarter, however, most markets experienced a “surprisingly big slowdown in leasing traffic,” according to RealPage, a data analytics and property software company based in Richardson. Negative demand means that in the third quarter of 2022, more tenants moved out than in. According to Realpage, this slowdown has caused a decrease in demand, with negative 82,095 units absorbed, bringing year-to-date net demand down to negative 47,143 units. This is during a time that is typically a seasonally strong leasing period. Effective asking rents fell to negative 0.2 percent month-over-month in September, the first time effective asking rents have fallen since December 2020. Apartment demand in the third quarter of 2022 registered as negative in 119 of the nation’s 150 largest metros. Most of these metros only saw mild decreases in demand, but a handful of markets did see notable decreases in apartment occupancy of up to 1.5 percent, including cities such as Phoenix and Las Vegas and some Florida markets, including Tampa, Fort Lauderdale, Orlando, Jacksonville and West Palm Beach. RealPage emphasizes that the U.S. apartment market …

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsMultifamilySoutheastTennessee

Newmark Secures $86.6M Sale of Alta Foundry Apartments in Midtown Nashville

by John Nelson

NASHVILLE, TENN. — Newmark has secured the sale of Alta Foundry, a newly built, 231-unit apartment community located at 640 21st Ave. N in Nashville’s Midtown district. Tarek El Gammal and Vincent Lefler of Newmark represented the seller and developer, Wood Partners, in the transaction. Blacksburg, Va.-based HHHunt purchased Alta Foundry, which was in lease-up and 75 percent occupied at the time of sale, for $86.6 million. Amenities include a rooftop sky lounge, resort-style saltwater pool and a covered outdoor entertainment and gaming lawn. Alta Foundry’s floor plans range from studio to two-bedroom units, and rental rates start at $1,751 per month, according to Apartments.com.

Continue Reading
FacebookTwitterLinkedinEmail
AcquisitionsFloridaRetailSoutheast

JLL Brokers $85M Sale of Shoppes at Park Place in Tampa Bay Area

by John Nelson

PINELLAS PARK, FLA. — JLL has brokered the $85 million sale of Shoppes at Park Place, a 361,250-square-foot shopping center located at 7200 U.S. Highway 19 N in the Tampa Bay suburb of Pinellas Park. Brad Peterson, Tom Hall, Whitaker Leonhardt and Michael Brewster of JLL represented the unnamed seller in the transaction. CBRE represented the buyer, Belleair Development, which funded the acquisition with a $51 million loan. Built in 2006, Shoppes at Park Place was 97.4 percent leased at the time of sale to tenants including Regal Cinemas, Academy Sports + Outdoors, Conn’s HomePlus, Marshalls, Michaels, Petco, Five Below, Famous Footwear and Dollar Tree. The center features 10 outparcels housing tenants such as Chick-fil-A, Starbucks, Chase Bank, Panera Bread, Mattress Firm and Panda Express, among others. Belleair Development plans to add more retail space to the 42-acre site, as well as apartments and a hotel.

Continue Reading
FacebookTwitterLinkedinEmail
DevelopmentIndustrialSoutheastTennessee

Rise Partners Breaks Ground on 800,000 SF Industrial Park in Chattanooga, Tennessee

by John Nelson

CHATTANOOGA, TENN. — Rise Partners has broken ground on North River Commerce Center, an 800,000-square-foot industrial park located on 88 acres in the northern portion of Chattanooga just south of Hixson, Tenn. The park, which will feature four buildings on three adjacent parcels, will be situated near downtown Chattanooga, I-75, I-24 and the existing Kordsa plant (formerly housing DuPont). The development will be able to accommodate distribution and manufacturing uses. Rise Partners, which has offices in Chattanooga and Charlotte, expects to deliver North River Commerce Center by fall 2023.

Continue Reading
FacebookTwitterLinkedinEmail
Newer Posts
Older Posts