Property Type

Maverick Commercial Mortgage Arranges $63.2M in Permanent Financing for Mobile Home Park in Bourbonnais, Illinois

by Kristin Harlow April 21, 2022

BOURBONNAIS, ILL. — Maverick Commercial Mortgage Inc. has arranged $63.2 million in permanent financing for Tri-Star Estates, a mobile home park in Bourbonnais, about 50 miles south of Chicago. The property, which consists of 853 pad sites across 157 acres, was developed in three phases beginning in 1965. The current owner acquired Tri-Star in April 2012 when 380 homes were occupied. Today, 810 homes are occupied. Amenities include a basketball court, three playgrounds and a 7,500-square-foot clubhouse with a pool and fitness center. PGIM Real Estate provided the Freddie Mac loan. The 10-year, fixed-rate loan features five years of interest-only payments followed by a 30-year amortization schedule. Proceeds from the loan paid off the existing lender, provided cash to the borrower and paid for closing costs.

April 21, 2022

Development Industrial Midwest Missouri

IMPACT Strategies to Construct Two Spec Industrial Buildings at Fenton Logistics Park in Missouri

by Kristin Harlow April 21, 2022

FENTON, MO. — U.S. Capital Development has selected IMPACT Strategies to build two new speculative industrial buildings at Fenton Logistics Park in Fenton, a southwest suburb of St. Louis. Building 6A will span 125,000 square feet, while Building 6B will total 160,000 square feet. Completion of both buildings is slated for the fourth quarter of this year. IMPACT is also handling site development for earthwork, utilities, parking lots and landscaping. Fenton Logistics Park is the redevelopment of a former Chrysler plant that will span more than 2.5 million square feet upon full buildout.

April 21, 2022

Acquisitions Illinois Midwest Office Retail

SVN | Chicago Commercial Brokers $33.5M Sale of Office Portfolio in Chicago’s Fulton Market

by Kristin Harlow April 21, 2022

CHICAGO — SVN | Chicago Commercial has brokered the sale of a portfolio of office and retail buildings in Chicago’s Fulton Market district for $33.5 million. The portfolio comprises four buildings totaling more than 76,000 square feet as well as deeded parking spaces that can hold up to 58 cars. Scott Maesel, Drew Dillon, Chad Schroedl, Adam Thomas and Logan Parsons of SVN | Chicago Commercial’s Urban Team represented the seller. Buyer and seller information was not provided.

April 21, 2022

Acquisitions Illinois Industrial Midwest

Entre Commercial Realty Arranges Sale of 20,273 SF Industrial Building in Suburban Chicago

by Kristin Harlow April 21, 2022

CRESTWOOD, ILL. — Entre Commercial Realty has arranged the sale of a 20,273-square-foot industrial building in Crestwood, a southwest suburb of Chicago. The sales price was undisclosed. The property features five drive-in doors and an outdoor storage yard. The building is fully leased to two tenants. Jeff Locascio and Chris Wilbur of Entre represented the seller, TFZ Enterprises. Matthew Lee of Darwin Realty/CORFAC International represented the buyer, Commercial Business Properties LLC.

April 21, 2022

Acquisitions Development Midwest Ohio Retail

Sheetz Purchases Vacant Lot in Seville, Ohio for $1.2M

by Kristin Harlow April 21, 2022

SEVILLE, OHIO — Sheetz Inc., a gasoline station, convenience store and coffee shop chain owned by the Sheetz family, has purchased a vacant lot at 350 Center St. in Seville, about 40 miles south of Cleveland. The nearly 12-acre site sold for $1.2 million and will be custom-built for Sheetz. Jerry Fiume and Aaron Davis of SVN Summit Commercial Real Estate Advisors brokered the sale. The seller was undisclosed.

April 21, 2022

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

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

by Sarah Daniels April 21, 2022

Lee & Associates’ newly released Q1 2022 North America Market Report scrutinizes first-quarter 2022 industrial, office, retail and multifamily outlooks throughout the United States. This class-by-class review of commercial real estate trends for the first quarter of the year focuses on how real estate is adjusting to long-term post-COVID attitudes. 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 overviews offered below provide sweeping looks at the overall health and obstacles for four major commercial real estate sectors. Industrial: Rents Pushed on Strong Demand Strong demand for industrial space throughout North America continued in the first quarter as vacancies fell to record lows and rent growth hit double digits. First quarter net absorption in the United States totaled 92.8 million square feet, which was up 25 percent year over year but down 35 percent from the 143-million-square feet average of the last three quarters of 2021. Annualized rents rose 10.1 percent in the U.S. and the average vacancy rate fell to 4.1 percent. Part of this trend was due to a pause in new construction starts early in the pandemic. However, …

April 21, 2022

Market Reports Midwest Midwest Market Reports Nebraska Office

Omaha, Nebraska’s Office Market Holds Steady

by Kristin Harlow April 21, 2022

Omaha’s office market saw more total lease transactions in 2021 for more total space than in any year since our firm has tracked it — 281 transactions for nearly 1.8 million square feet. In a typical year, Omaha usually sees approximately 200 transactions for 1 million square feet. In addition to leasing activity, net absorption was positive at 310,391 square feet, and Omaha’s overall vacancy rate contracted slightly over the year. In turn, year-over-year market rent growth reached its highest point since pre-COVID-19. “Though slow-moving compared with other major U.S. metros, Omaha’s office market is showing early signs of a recovery thanks to its diversified employment base,” states CoStar. It seems fair to describe the market as stable as we are not seeing large swings in space availability and pricing, but it feels tenuous, just as corporate office space decision-makers are dealing with uncertainty. We continue to see office users choosing to wait and see on decisions affecting demands for office space. Most of the numbers are trending the right way, albeit slowly, but Omaha’s vacancy rate is more than 300 basis points higher than seen in many years before the pandemic, and we finished 2021 with 324,398 square feet …

April 21, 2022

Acquisitions Company News Industrial Office Texas Top Stories

Mirae Asset Global Purchases Academy Sports Headquarters Campus in Metro Houston for $190M

by John Nelson April 21, 2022

KATY, TEXAS — Mirae Asset Global Investments, a global investment firm based in Seoul, South Korea, has purchased the headquarters campus of sporting goods retail giant Academy Sports + Outdoors (Nasdaq: ASO) in the west Houston suburb of Katy. Phoenix-based Tratt Properties sold the 1.5 million-square-foot campus, which is triple-net leased to Academy Sports on a long-term lease, for $190 million. The 93-acre campus includes a little over 1.2 million square feet of warehouse space, 250,000 square feet of flexible office space and mezzanine space totaling approximately 800,000 square feet. Located at 1800 N. Mason Road, the site has immediate access to Interstate 10 and Texas Highway 99, which circles Houston. “From a logistics perspective, this property is exceptionally well-located, with access to highways in all directions,” says Ken Hedrick, executive managing director of Newmark. “The scarcity and increasing value of land in the west Houston area further enhance the property’s value.” Hedrick, along with Newmark colleagues Jerry Hopkins, Andrew Ragsdale, Alex Foshay and Kristian Nielsen, represented Tratt Properties in the sale. Dustin Stolly, Jordan Roeschlaub and Nick Scribani, also with Newmark, arranged acquisition financing on behalf of Mirae Asset Global. Tratt Properties is an active logistics real estate investor …

April 21, 2022

Acquisitions Georgia Multifamily Southeast

FCP, Zevulon Capital Purchase Apartment Community in Metro Atlanta for $37.7M

by Julia Sanders April 20, 2022

DULUTH, GA. — FCP has purchased Villas at Duluth, a 164-unit apartment community in the Atlanta suburb of Duluth, for $37.7 million. The Chevy Chase, Md.-based investor partnered with Atlanta-based Zevulon Capital for the deal. Berkadia represented the undisclosed seller in the transaction. Villas at Duluth offers three- and four-bedroom floorplans with a unit size range of 1,344 to 1,550 square feet, according to Apartments.com. Unit features include in-unit washers and dryers, walk-in closets and balconies. Community amenities include a pool, clubhouse, fitness center, playground and a dog park. Built in 1991, the property was 98 percent occupied at the time of sale. Located at 1470 Boggs Road, the property is situated 25.7 miles from downtown Atlanta and 16.2 miles from the Georgia State University’s Dunwoody campus.

April 20, 2022

Acquisitions Florida Industrial Southeast

CBRE Secures Sale of 263,188 SF Warehouse in Medley, Florida

by Julia Sanders April 20, 2022

MEDLEY, FLA. — CBRE has secured the sale of Medley 104 Industrial Center, a 263,188-square-foot distribution center in Medley. José Lobón, Trey Barry, Frank Fallon, Royce Rose and Devin White of CBRE represented the seller, Dallas-based Lincoln Property Co., in transaction. The buyer, an Ares Management fund, purchased the asset for an undisclosed price. Medley 104 Industrial Center is fully leased to three tenants, including USPLY, PGT Industries and Artefacto. The building features include 25-foot clear heights, 132-foot truck court depths, a rear-load configuration, 40 dock-high doors, three drive-in doors and ESFR sprinklers. The property has recently undergone a $7 million renovation, including converting the north side of the property to a truck court, replacing the dock doors and canopies for the existing truck bays, converting the south side of the building to a car parking lot, constructing three speculative offices, replacing the roof membrane, upgrading the exterior building lighting and adding LED lighting in the warehouse. Located at 9400 NW 104th St., the property is situated approximately 10 miles from Miami International Airport.

April 20, 2022

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