Property Type

Midas Construction Nears Completion of $65M Luxury Multifamily Development in Missouri

by Kristin Harlow July 25, 2022

DARDENNE PRAIRIE, MO. — Midas Construction is nearing completion of a $65 million multifamily development known as Dardenne Luxury Apartments on the Prairie in Dardenne Prairie, about 37 miles northwest of St. Louis. The five-building property will include 180 units. Amenities will include a pool, outdoor lounge, clubhouse, business room, coffee bar, fitness center and dog park. Additionally, Benton Homebuilders is constructing villas at the property. Mia Rose Holdings is the developer, Rosemann & Associates PC is the architect and Premier Design Group is the civil engineer. 2B Residential is underway on the lease-up process and will manage the property, which is slated to open later this summer. Monthly rents start at $1,250.

July 25, 2022

Acquisitions Illinois Midwest Retail

Mid-America Brokers Sale of 112,622 SF Shopping Center in Bolingbrook, Illinois

by Kristin Harlow July 25, 2022

BOLINGBROOK, ILL. — Mid-America Real Estate Corp. has brokered the sale of The Landings, a 112,622-square-foot shopping center in the Chicago suburb of Bolingbrook. The sales price was undisclosed. Anchor tenants at the property, which is 91 percent leased, include PetSmart, OfficeMax, Planet Fitness and Modern Furniture. Ben Wineman of Mid-America represented the seller, an affiliate of Atlanta-based RCG Ventures. Irvine, Calif.-based Sperry Equities was the buyer.

July 25, 2022

Development Massachusetts Multifamily Northeast

FoxRock Properties to Develop 201-Unit Center & Stone Apartments in Quincy, Massachusetts

by Taylor Williams July 25, 2022

QUINCY, MASS. — Locally based development and management firm FoxRock Properties will develop Center & Stone, a 201-unit apartment complex that will be located in the southern Boston suburb of Quincy. The complex will feature 9,500 square feet of retail space and 10,500 square feet of amenity space comprising a pool, rooftop deck, resident lounge and 165 parking spaces. Jonathan Schneider of JLL arranged construction financing for the project through Citizens Bank on behalf of FoxRock.

July 25, 2022

Affordable Housing Development Midwest Multifamily Ohio

Woda Cooper Opens $15.4M Affordable Housing Community in Columbus, Ohio

by Kristin Harlow July 25, 2022

COLUMBUS, OHIO — Columbus-based developer Woda Cooper Cos. has opened Wendler Commons, a $15.4 million affordable housing development located at 4860 Wendler Blvd. in Columbus. Wendler Commons comprises 62 units that are affordable for households that earn 30 to 80 percent of area median income, including 14 one-bedroom apartments, 40 two-bedroom apartments and eight three-bedroom apartments. Four units are designed for those with mobility challenges, and two additional units are specifically equipped for those with sight and/or hearing impairments. Rental rates are $330 to $1,060 per month, depending on unit size and income restriction. Units come with cable, telephone and internet access. Community amenities include an onsite management office, a multipurpose space with a kitchenette, a playroom, a fitness center and laundry with off-street parking. The Ohio Housing Finance Agency allocated federal low-income housing tax credits to support equity financing as well as provided an equity bridge mortgage. Ohio Capital Corp. for Housing purchased the tax credits, which enabled equity financing invested by Cincinnati-based Fifth Third Bank, which also provided a construction loan. Merchants Capital provided a first permanent mortgage. The City of Columbus originated $750,000, and the Affordable Housing Trust for Columbus and Franklin County provided a primary equity bridge loan. …

July 25, 2022

Indiana Leasing Activity Midwest Office

JLL Completes Lease-Up of 100,000 SF Office Building in Carmel, Indiana

by Kristin Harlow July 25, 2022

CARMEL, IND. — JLL has completed the lease-up of The Agora at the Proscenium in the Indianapolis suburb of Carmel. The 100,000-square-foot office building is now home to Valeo, Schwarz Partners, Lauth, Gallagher, Lambda Chi Alpha, Cityscape Residential, Indy Knitwear and Renaissance Specialty Insurance. Lauth completed development of the property in the fall of 2020. The development also features luxury apartments and condos along with 40,000 square feet of retail space. John Vandenbark of JLL was the leasing agent for the office space.

July 25, 2022

Affordable Housing Loans Midwest Multifamily Nebraska

KeyBank Provides $14.3M Construction Loan for Conversion of Former School into Affordable Housing in Nebraska

by Kristin Harlow July 25, 2022

PLATTSMOUTH, NEB. — KeyBank Community Development Lending and Investment has provided a $14.3 million construction loan for the conversion of a former high school building into affordable housing in Plattsmouth, a southern suburb of Omaha. Named Lofts on Main, the project consists of the adaptive reuse of the school as well as a ground-up building. The development will include 41 units, 32 of which will be restricted to residents who earn up to 60 percent of the area median income. Ted Witt and Samantha Yates of KeyBank structured the financing. Additionally, WNC provided $7.5 million in federal low-income housing tax credit (LIHTC) and historic tax credit funding. Advantage Capital provided $3.6 million in state LIHTC and historic tax credit funding. The Nebraska Investment Finance Authority and the City of Plattsmouth also provided funds.

July 25, 2022

Montclair-Residences-at-Bay-Street-Station-New-Jersey

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Fundamentals Remain Strong in Northern New Jersey Multifamily Market

by Taylor Williams July 25, 2022

By Mike Oliver, managing director, JLL Capital Markets Fundamentals remain strong within the multifamily markets of Northern New Jersey and the greater metro New York City area, though the dynamics have continued to shift since the onset of the pandemic. During COVID-19, there was movement away from urban areas toward the suburbs, creating a “tale of two cities” market dynamic. The suburban multifamily market became red-hot while urban markets cooled. Vacancies dipped below 80 percent in some instances, with heavy concessions being offered and flat to negative gross rent growth. Today, while the suburban markets remain very strong, urban markets are also now red-hot. This is attributable to more and more people heading back to urban centers in anticipation of returning to the office or simply wanting to be back in the excitement of downtown living and its dining, shopping and entertainment options. Additionally, many renters are being priced out of and fleeing Manhattan, Brooklyn and other New York City neighborhoods. Jersey City and the Hudson Waterfront provide attractive rental options with incredible access into Manhattan. Jersey City, for example, is demonstrating healthy fundamentals, as occupancy rates are back over 95 percent with strong growth on lease trade-outs. There …

July 25, 2022

California Development Mixed-Use Top Stories Western

Lendlease Breaks Ground on $1.1B Mixed-Use Tower in San Francisco

by Taylor Williams July 25, 2022

SAN FRANCISCO — Lendlease, a global investment firm headquartered in Australia, has broken ground on 30 Van Ness, a $1.1 billion mixed-use tower that will be located in between San Francisco’s Hayes Valley and Mid-Market districts. The price tag represents Lendlease’s largest investment to date in the Americas. Completion is slated for 2025. Designed by SCB Architects, the 540-foot-tall building will consist of 333 residential condominiums and 290,000 square feet of office and retail space. The property’s 38 stories of residential space will be constructed atop the nine-story podium that will house the office and retail components. Residences will come in studio, one-, two- and three-bedroom floor plans and have an average size in excess of 1,000 square feet. About 25 percent of the units will be reserved as affordable housing, specific income requirements for which were not disclosed. The 10th floor of the building will house residential amenities. Each level of office space will offer outdoor terraces and dynamic glass that lowers energy usage throughout the building. In addition, the site’s event and retail space will open into a public plaza at the northeast corner of Market and Van Ness streets. This space will be used to host both …

July 25, 2022

Acquisitions Company News Healthcare Western

Amazon Agrees to Acquire Primary Care Chain One Medical for $3.9B

by Jeff Shaw July 22, 2022

SEATTLE AND SAN FRANCISCO — Seattle-based tech giant Amazon (NASDAQ: AMZN) has agreed to acquire San Francisco-based primary medical care chain One Medical (NASDAQ: ONEM) for $3.9 billion. One Medical operates over 180 doctor’s offices throughout major metro areas in the United States. Approximately 767,000 people have memberships to One Medical, paying a $200 annual subscription fee for the service. The company also mixes in-person, digital and virtual care services, with the intent of being convenient to where people already work, shop and live. Amazon has been pushing its way into healthcare in recent years, and the One Medical acquisition represents its biggest push into the sector to date, particularly regarding the physical real estate. “We think healthcare is high on the list of experiences that need reinvention,” says Neil Lindsay, senior vice president of Amazon Health Services. “Booking an appointment, waiting weeks or even months to be seen, taking time off work, driving to a clinic, finding a parking spot, waiting in the waiting room then the exam room for what is too often a rushed few minutes with a doctor, then making another trip to a pharmacy — we see lots of opportunity to both improve the quality …

July 22, 2022

Acquisitions Colorado Development Industrial Western

Opus Group Buys Development Site Near Denver International Airport for 3.9 MSF Sun Empire Industrial Park

by Amy Works July 22, 2022

AURORA, COLO. — The Opus Group has purchased 316 acres of undeveloped land between Interstate 70 and Denver International Airport in Aurora for $49.7 million. Opus, in partnership with Principal Real Estate Investors, plan to develop Sun Empire, a 3.9 million-square-foot industrial park, on the site. Todd Witty and Daniel Close of CBRE represented Opus in the acquisition and will market the project for lease, sale and built-to-suit development. Tyler Carner, Jeremy Ballenger and Jessica Osstermick of CBRE advised on the capital raise, helping to source Principal Real Estate Investors as the joint-venture partner. Construction of the first phase of Sun Empire is scheduled to begin in third-quarter 2022. The first phase will include two Class A buildings sized 624,094 square feet and 204,859 square feet. The later phases of construction will be influenced by tenant requirements. The park can accommodate building sizes ranging from 200,000 square feet to 1 million square feet. Each building is slated to include substantial trailer parking, as well as dock and drive-in loading. The site is located at East 56th Avenue and Harvest Road, a five-minute drive to Denver International Airport and approximately 25 minutes from downtown Denver.

July 22, 2022

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