CONCORD, N.H. — Storage Ventures, a Connecticut-based self-storage investment and management firm, has acquired a 385-unit facility located along Concord’s Loudon Road corridor. Built in 1988, the six-building complex offers drive-up self-storage space and a rental apartment, as well as outdoor parking for cars, recreational vehicles and boats. The seller and sales price were not disclosed.
WATERBURY, CONN. — Newmark has brokered the sale of Brass Mill Commons, a 204,447-square-foot shopping center located in Waterbury, about 25 miles north of New Haven. Anchored by grocer Save A Lot, Brass Mill Commons is also home to retailers such as Dick’s Sporting Goods, T.J. Maxx, Michaels, Petco, Barnes & Noble, Ulta Beauty and Buffalo Wild Wings. The center includes three restaurant pad sites that are leased to McDonald’s, TGI Fridays and Chili’s. Geoffrey Millerd, Mathew Adler and Coley Cannon of Newmark represented the seller and procured the buyer in the transaction. Both parties requested anonymity.
NEW YORK CITY — Locally based brokerage firm Alpha Realty has negotiated the sale of four multifamily properties totaling 133 units that are located in various boroughs of New York City. The properties sold for a combined price of $16.6 million. Lev Mavashev and Yehuda Leser of Alpha Realty represented the sellers and the buyer, a locally based, family-owned management firm, in the transactions. All the parties involved requested anonymity.
LAKE GROVE, N.Y. —Wegmans will open a 100,000-square-foot store in Lake Grove, the regional grocer’s first on Long Island. Wegmans has entered into an agreement to purchase 8.5 acres of the 28-acre DSW Plaza, which is owned by Prestige Properties & Development. A timeline for construction and opening has not yet been determined. Founded in 1916, Wegmans operates 106 stores in seven states, with new stores planned to open in Virginia, Delaware and Manhattan within the next two years.
ISELIN, N.J. — Invitae, a provider of genetic testing services, has signed a 28,000-square-foot office lease renewal and expansion at Woodbridge Corporate Plaza in the Northern New Jersey community of Iselin. The lease term is 10 years. The 630,000-square-foot campus features a fitness center, conference and training facilities, a cafeteria with outdoor seating and an onsite dry cleaner. Charlie Hatfield led a Colliers team that represented the tenant, which is expanding its footprint by 13,500 square feet, in the lease negotiations. The name and representative of the landlord were not disclosed.
CHICAGO — Silvestri Investments Inc. has acquired the flagship Neiman Marcus building located at 737 N. Michigan Ave. within Chicago’s Magnificent Mile, a 13-block shopping district that attracts more than 30 million visitors annually. The transaction is one of only eight trades on Michigan Avenue over the past decade, according to JLL, which brokered the sale. The luxury department store chain has operated its 195,500-square-foot location since the four-story building was constructed in 1983. The 1.2-acre Neiman Marcus boasts the largest continuous frontage on Michigan Avenue at 200 feet. Amy Sands, Clinton Mitchell, Alex Sharrin and Michael Nieder of JLL’s Retail Capital Markets team represented the undisclosed seller and procured the buyer in the 1031 exchange transaction. Christopher Knight, also of JLL, secured a seven-year acquisition loan on behalf of the buyer. Chicago’s Magnificent Mile was hit particularly hard by the COVID-19 pandemic as tourism decreased and the city’s crime increased. Today, nearly a quarter of all Magnificent Mile retail space is vacant — more than double its vacancy four years ago, according to Crain’s Chicago Business. Earlier this month, Brookfield Properties announced that it was turning over Water Tower Place shopping mall to its lender, indicating that the property …
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Multifamily Operators Battle Fraud, Labor Shortages on the Front Lines, Say InterFace Panelists
CHARLOTTE, N.C. — Property managers are navigating a minefield of issues in today’s apartment market. Analyzing renter applications for fraud, collecting overdue rent and turning over units from freeloading tenants are all in a day’s work for savvy apartment operators. Amanda Kitts, senior vice president of property management at Northwood Ravin, a multifamily owner and operator based in North Carolina, said that part of the role of an operations professional today entails poring over documents like check stubs, IDs and employment records to make sure the prospective resident is creditworthy. She said that fraud is more prevalent in some markets than others, so it’s imperative that property managers are adequately trained. “Charlotte still is a very big market for fraud, but Durham not so much. Chapel Hill is squeaky clean; nobody does anything wrong in Chapel Hill,” joked Kitts. “We have these applications and check stubs, and maybe one could be off, and you have to investigate and Google. We’re almost mini-FBI investigators.” Kitts’ comments came during the leasing and operations panel at France Media’s InterFace Carolinas Multifamily, which took place April 14 at the Hilton Uptown Charlotte. The networking and information conference drew more than 260 attendees from all facets …
What does the Lincoln, Nebraska commercial real estate market have to offer? Quite simply it has land, room to grow, affordability and a centralized location. Pair these attractive and unique features with an educated workforce in a culturally diverse community and the answer becomes clear. Lincoln’s commercial real estate market has a lot of potential. Despite Lincoln’s small size of approximately 300,000 people, it is experiencing the same challenges and triumphs as the bigger metropolitan areas. Warehouse space One of the biggest challenges in the Lincoln market is the low supply of industrial space in a high-demand environment. The industrial vacancy rate as of year-end 2021 was 1.6 percent. Any new product that comes on market is leased quickly and the per-square-foot selling price is trending up with a 31 percent increase in just three years. Unfortunately, in the Lincoln market, the value of new industrial construction building permits has been trending down over the last five years. The rising cost of construction makes this trend even more significant; many developers are unwilling to invest in speculative product without the certainty that tenants will pay the rental rate necessary to provide an adequate rate of return. One local developer, Las …
PHOENIX — Thompson Thrift has purchased a 30-acre development site at the southwest corner of Dove Valley and 29th Avenue in Phoenix. Terms of the transaction were not disclosed. The company plans to develop a mixed-use property on 16 acres of the site. The remaining acreage will be left as outdoor space that is part of Skunk Creek Wash natural preserve, and will feature pedestrian amenities and running paths. Upon completion, the development will feature apartments and 35,000 square feet of retail. Oregano’s, a local pizza chain, and Twisted Sugar, a gourmet cookie shop, have pre-leased space at the development.
SALT LAKE CITY — Salt Lake City-based RealSource Properties has announced the launch of its real estate investment trust (REIT) with 10 existing properties. The $390 million REIT targets multifamily properties nationwide. Assets in the REIT will be managed by the same value-add real estate strategy currently deployed at RealSource multifamily assets across the country. The 10 existing properties already owned by RealSource Properties REIT include 2,897 apartments in Ohio, Texas, North Carolina and Colorado.