Property Type

MDH Partners Acquires 193,348 SF Industrial Building in Indianapolis

by Kristin Harlow August 9, 2022

INDIANAPOLIS — MDH Partners has acquired Park 100 Building 71, a 193,348-square-foot industrial building in Indianapolis. The purchase price was undisclosed. Constructed in 1988, the facility features a clear height of 24 feet, 26 exterior dock doors and 90 car parking spaces. The property is 87 percent leased to DB Schenker, Watkins & Shepard Trucking Inc. and MKM Distribution Service. Alex Cantu and Alex Davenport of Colliers represented the undisclosed seller. Houston Hawley served as the acquisition lead for MDH Partners, which now owns more than 1 million square feet in Indiana.

August 9, 2022

Acquisitions Indiana Midwest Retail

Hanley Investment Group Arranges $10M Sale of Retail Property in Terre Haute, Indiana

by Kristin Harlow August 9, 2022

TERRE HAUTE, IND. — Hanley Investment Group Real Estate Advisors has arranged the sale of South Pointe Crossing in Terre Haute for $10 million. The sale of the retail property was executed in two separate transactions. Dylan Mallory of Hanley, in association with ParaSell Inc., represented the seller, Thompson Thrift Commercial, a wholly owned company of Thompson Thrift. The first transaction consisted of a 2,212-square-foot single-tenant property occupied by Starbucks that sold for $1.8 million. The drive-thru building was constructed in 2007 and renovated in 2017. Drew Baldwin and Jake Duska of Baldwin Brothers Inc. represented the buyer, a Pennsylvania-based family office completing a 1031 exchange. The second transaction included a 41,633-square-foot retail center across four separate buildings. Built in 2002, the property was 97 percent occupied at the time of sale by tenants such as Sherwin-Williams, T-Mobile, Charles Schwab & Co., Papa John’s, Once Upon a Child, Plato’s Closet, Big Red Liquors and Indiana Farm Bureau Insurance. The sales price was $8.2 million. Scott Pollom and Jane Drew Pollom of F.C. Tucker Co. Inc. represented the buyer, an Indianapolis-based private partnership completing a 1031 exchange.

August 9, 2022

Civic Leasing Activity Northeast Pennsylvania

Cushman & Wakefield Negotiates 31,718 SF Lease at The Washington in Philadelphia

by Taylor Williams August 9, 2022

PHILADELPHIA — Cushman & Wakefield has negotiated a new lease at The Washington, a historic building located within Philadelphia’s Independence Mall. The tenant, Lighthouse Immersive & Impact Museums, will open a 31,718-square-foot exhibition gallery on the building’s ground floor next spring. Brian Young, Jack Meyers, Howard Traul and Dan Brogan of Cushman & Wakefield represented the locally based landlord, Keystone Development + Investment, in the lease negotiations.

August 9, 2022

Acquisitions Illinois Industrial Midwest Top Stories Wisconsin

EQT Exeter Purchases 3.8 MSF Industrial Portfolio in Wisconsin, Illinois

by John Nelson August 9, 2022

PLEASANT PRAIRIE, WIS. AND NORTH CHICAGO, ILL. — EQT Exeter, a global industrial and residential investment firm, has purchased an eight-property industrial portfolio in Wisconsin and Illinois totaling 3.8 million square feet. CenterPoint Properties, a warehouse and distribution center investor and developer based in Oak Brook, Ill., and an unnamed investment partner sold the portfolio to EQT Exeter. John Huguenard and Kurt Sarbaugh of JLL represented CenterPoint in the transaction. The sales price was not disclosed, but the Milwaukee Business Journal reports the assets traded for $290 million. The properties include seven facilities within the master-planned LakeView Corporate Park in Pleasant Prairie, which is situated near I-94 and provides users with connectivity to population centers in Milwaukee 40 miles north and Chicago 60 miles to the south. The lone Illinois asset was a facility located at 3200 Skokie Highway in North Chicago. The eight properties were fully leased at the time of sale to nine tenants. The facilities feature clear heights averaging 32 feet, ample loading options and fully circulating truck courts. “In these times of economic uncertainty, we are even more focused on selectively buying high-quality and well-located real estate like LakeView to serve our global tenant relationships,” says …

August 9, 2022

Market Reports Multifamily Southeast Southeast Market Reports Tennessee

Memphis Economic Outlook Provides Cause for Optimism for Multifamily Market

by John Nelson August 9, 2022

Inflation is here. Is the Memphis multifamily market built to withstand it? Coming off an unprecedented year of sales volume in 2021, Memphis multifamily assets continue to be in high demand despite rising interest rates. While year-over-year sales volume might be down, the average market sale price per unit increased by 10 percent to $90,700 over the same period, as of second-quarter 2022. While overall market rent per unit growth is off double-digit highs from 2021, it is still up a sturdy 8 percent year-over-year. Strong occupancy levels, low concession rates and limited on-market supply is keeping pricing buoyant, leading to steady cap rates in the face of rising debt cost — at least for now. Capital investment and renovation to existing multifamily properties contributed greatly to both rent growth and sales volume in 2021. Memphis is a very appealing option for investors seeking value, as over 50 percent of all transactions in 2021 fell within the $40,000 to $80,000 per unit range, which is much more competitive than many primary markets. With over two-thirds of existing inventory built before 2000, the vintage of current inventory provides ample opportunities to reposition assets. Local government entities have actively played a role …

August 9, 2022

Build-to-Rent Features Single-Family Rental

Yardi Matrix Report: Institutions Will Own 40 Percent of All Single-Family Rentals by 2030

by Jeff Shaw August 8, 2022

SANTA BARBARA, CALIF. — Institutional capital investment in single-family-rental (SFR) acquisitions and build-to-rent (BTR) projects is growing by leaps and bounds. Institutions funded $2.5 billion in SFR acquisitions in 2021 and committed more than $60 billion in capital to buying single-family rental homes over the past year, according to Yardi Matrix’s new report, “Build-to-Rent Fuels Growth in Institutional Single-Family Rental Market.” By 2030, Institutions are expected to own about 7.6 million homes, accounting for almost half (40 percent) of all single-family-rental units in the country. “The institutions that are getting involved in SFRs tend to be private equity funds,” says Paul Fiorilla, director of U.S. research at Yardi Matrix. “There are some traditional core investors that are getting into it, but it’s still looked at as a niche, high-yield sector.” According to Yardi Matrix, mom-and-pop owners still make up most single-family rentals, but institutions are increasing market share, with a heavy concentration in the Sun Belt. According to the National Association of Realtors, Texas (28 percent) topped the list of states with institutional buyers, followed by Georgia (19 percent), Oklahoma and Alabama (18 percent), and Mississippi (17 percent). However, with bulk and one-off home purchases becoming less attractive as options due …

August 8, 2022

Acquisitions Affordable Housing California Multifamily Seniors Housing Western

Avanath Capital Buys Six Affordable Housing Communities in Northern California for $181.6M

by Amy Works August 8, 2022

SACRAMENTO — Avanath Capital Management has purchased six affordable multifamily and seniors housing properties in the Sacramento area for more than $181.6 million in an off-market transaction. The portfolio consists of four multifamily and two affordable seniors housing communities totaling 1,032 units. The multifamily properties include Anton Arcade at 2134 Butano Drive in Sacramento, Norden Terrace at 3685 Elkhorn Blvd. in North Highlands, The Ridge at 8151 Civic Center Drive in Elk Grove and Whitney Ranch at 711 University Ave. in Rocklin. The seniors housing properties includes Corsair Park Senior at 6920 Watt Ave. in North Highlands and Hurley Creek Senior at 4275 El Centro Road in Sacramento. Constructed between 2008 and 2017, the properties were built utilizing low-income housing tax credits through the California Tax Credit Allocation Committee and with bond financing via multiple agencies. Additionally, the assets benefit from the state of California’s Welfare Tax Exemption. Each community features a leasing center, central clubhouse, business center, fitness center, pool, laundry facilities, carports and garages. Avanath plans to implement sustainable and social-service measures at the properties, including energy-saving updates and resident impact programming. With this acquisition, Avanath now holds 12 total properties and manages 1,854 total units in the …

August 8, 2022

Acquisitions California Multifamily Western

TMG Negotiates Sale of 168-Unit Tyner Ranch Apartments in Bakersfield, California

by Amy Works August 8, 2022

BAKERSFIELD, CALIF. — The Mogharebi Group (TMG) has arranged the sale of Tyner Ranch Apartments, a multifamily property in Bakersfield. Hardt Investments sold the property to a Modesto-based private investment group for nearly $31 million. Built in 2006-2007, Tyner Ranch features 168 apartments in two- and three-bedroom floor plans ranging in size from 788 square feet to 1,193 square feet. The apartments offer fully equipped kitchens, attached garages and private backyards with patios. Community amenities include picnic areas with grilling stations. Mark Bonas of TMG represented the seller in the deal.

August 8, 2022

Acquisitions Arizona Loans Retail Western

Gantry Secures $13M in Financing for Acquisition of Retail Parcel in Glendale, Arizona

by Amy Works August 8, 2022

GLENDALE, ARIZ. — Gantry has secured $13 million of permanent financing for the acquisition of a 11.57-acre parcel at Arrowhead Marketplace in Glendale. Tim Storey of Gantry’s Phoenix office secured the 10-year, fixed-rate loan featuring a 25-year amortization for the borrower, Arizona Partners, through a correspondent life company lender. Office Depot, Dollar Tree, Boot Barn, Party City and Salt Creek Home Furnishings are tenants at the 128,500-square-foot retail center.

August 8, 2022

Acquisitions Idaho Multifamily Seniors Housing Western

Blueprint Brokers Sale of Regency Columbia Village Seniors Housing Property in Boise, Idaho

by Amy Works August 8, 2022

BOISE, IDAHO — Blueprint Healthcare Real Estate Advisors has arranged the sale of Regency Columbia Village, a 60-unit seniors housing community in Southeast Boise. Regency Columbia Village consists of four pods with 15 units each. The type of care was not disclosed. The Cottages acquired the property from an undisclosed seller for an undisclosed price.

August 8, 2022

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