ORLAND PARK, ILL. — Marcus & Millichap Capital Corp. (MMCC) has arranged a $6.6 million loan for the acquisition of a retail portfolio in the Chicago suburb of Orland Park. The portfolio spans 20,732 square feet and is home to tenants such as Chipotle, Panera Bread, Smashburger, Raising Cane’s and BJ’s Brewhouse. Dean Giannakopoulos, Frank Montalto and Matthew Smego of MMCC arranged the 10-year loan, which features a fixed interest rate of 4.65 percent. Sean Sharko and Austin Weisenbeck of Marcus & Millichap brokered the transaction. An undisclosed lender provided the loan to the buyer, which completed a 1031 exchange.
PINE ISLAND, MINN. — Kraus-Anderson Construction has completed a $6.1 million early childhood center for Pine Island Schools. The 20,356-square-foot project is located at 223 1st Ave. SE in Pine Island, about 17 miles north of Rochester. Designed by Wendel Architects, the two-story early childhood center features classrooms and a 2,000-square-foot multipurpose area. There are also indoor and outdoor playgrounds and offices for staff.
MIDDLETON, WIS. — Greywolf Brokerage, a division of Greywolf Partners Inc., has brokered the $4 million sale of Pheasant Branch Senior Apartments in Middleton, a suburb of Madison. The 45,166-square-foot building contains 47 units. The property was fully occupied at the time of sale and sold slightly above the listing price. Dawn Davis of Greywolf represented the seller. Buyer and seller information was not provided.
ST. PAUL, MINN. — Grandbridge Real Estate Capital has arranged a $2.5 million Freddie Mac loan for the acquisition of a 32-unit multifamily property in St. Paul. Jeff Witt and William Perry of Grandbridge arranged the loan, which features a 30-year amortization schedule and interest-only payments for a portion of the term. The borrower was undisclosed.
NORTH BERGEN, N.J. — Mobility services provider First Transit has signed a 72,000-square-foot industrial lease in North Bergen, located across the Hudson River from Upper Manhattan. According to LoopNet Inc., the single-tenant property at 5901 Tonnelle Ave. was originally built in 1958. Scott Deutchman of Lee & Associates represented the tenant in its site selection and lease negotiations. Chaus Realty represented the landlord, Maryland-based industrial investment firm Realterm.
NEW YORK CITY — A public-private partnership between The Port Authority of New York & New Jersey and JFK Millennium Partners (JMP) has released plans for a $4.2 billion redevelopment of Terminal 6 at John F. Kennedy International Airport in New York City. The redeveloped terminal, which will be located on the airport’s north side and offer international flight services, will span 1.2 million square feet. The new Terminal 6 will also connect to Terminal 5, which JetBlue owns and operates, and eventually replace the existing Terminal 7, which will be demolished. Lufthansa Group, which comprises Lufthansa, SWISS, Austrian Airlines and Brussels Airlines, will operate out of Terminal 6 along with JetBlue and other international airlines. The new terminal will feature updated international passenger processing, ticketing counters and passenger security screening, as well as 100,000 square feet of concession spaces and airport lounges. The developers say the project will add more than 4,000 jobs to the local economy. The first gates are scheduled to open in early 2026, with full project completion slated for 2028. In addition to airport-specific upgrades, the development team will deliver infrastructural improvements that are designed to reduce congestion and delays within the airspace and on …
New Orleans has seen significant, pent-up retail growth over the past 12 months as we emerge from the COVID-19 pandemic. More recently, however, external forces have provided some headwinds and caused tenants and investors to go back to their corners to reassess. Inflation, rising interest rates, insurance premium increases and elevated construction costs have all contributed to uncertainty in the Greater New Orleans retail landscape. Within the French Quarter and CBD, growing concerns from crime have forced some CEOs to look outside of the city core for their office headquarters. This issue, coupled with the current “work-from-home” environment, causes downtown retailers to rely even more on tourism and convention business. Thankfully, the hospitality sector has had success and is now exceeding pre-pandemic levels. Due to an active 2021 hurricane season that saw Hurricane Ida devastate South Louisiana, insurance rates have skyrocketed as carriers continue to leave the state. As a result, landlords have struggled with how to handle these unforeseen spikes in expenses. Should they pass those on to the tenant or eat them to remain competitive, or a combination of the two? 2022 has been a surprisingly quiet storm season, so with any luck these rates should begin to …
SAVANNAH, GA. — Seefried Properties has begun site work at Live Oak Logistics Center, a 287-acre industrial park located within six miles of the Port of Savannah’s Garden City Terminal. The site is entitled for 4 million square feet of industrial space at full buildout. Live Oak’s first building is set to be delivered in the fourth quarter of 2023 and will span 669,760 square feet. The cross-dock facility will be built on a speculative basis. Stephen Ezelle and Bob Robers of Cushman & Wakefield are handling the leasing efforts on behalf of Seefried. Facilities at Live Oak will range from 252,000 to 1.4 million square feet in size across five buildings, according to Seefried. The park is situated near I-16, I-95 and near the future 16 million-square-foot Hyundai electric vehicle assembly and battery campus, which is set to open in 2025.
RICHMOND, VA. — CRG, a Chicago-based industrial developer behind the Cubes brand of logistics facilities, has sold a 1.2 million-square-foot industrial property located at 2703 Commerce Road in Richmond. Situated within 110-acre Deepwater Industrial Park, the property was delivered in October as a build-to-suit for Lowe’s Home Centers, a subsidiary of national retailer Lowe’s Home Improvement. Realty Income Corp. purchased the facility for an undisclosed price. Patrick Nally, Britton Burdette, Bill Prutting, Craig Childs and Josh McArdle of JLL represented CRG in the sale. Similar to all Cubes-branded facilities, the Lowe’s facility features 36-foot clear heights, ESFR sprinkler systems, LED lighting, ample dock doors, trailer storage and car and truck parking. The design-build team includes development partners DSC Partners and Iron Point Partners, as well as architect Lamar Johnson Collaborative and general contractor and development partner Hourigan Group. The Richmond facility is the third property that CRG has developed for Lowe’s.
MINNEAPOLIS AND SAN FRANCISCO — Flynn Properties Inc. and Värde Partners have acquired an 80 percent joint venture interest in 89 select-service and extended-stay hotels in a $1.1 billion deal. Affiliates of Highgate and Cerberus Capital Management LP were the sellers. The portfolio comprises 58 Marriott-branded hotels, 24 Hilton-branded properties, four Radisson-branded assets, two IHG-branded hotels and one Choice-branded property. All of the assets will undergo capital improvements over time. Affiliates of Highgate and Cerberus will retain a 20 percent interest in the investment, and Highgate will continue to manage the properties on behalf of the joint venture. Deutsche Bank Securities Inc. served as financial advisor to Flynn and Värde on the transaction. Flynn Properties, a division of San Francisco-based Flynn Holdings, now owns 115 select-service and extended-stay hotels. Minneapolis-based Värde currently manages over $13 billion in assets worldwide.