Property Type

The Container Store to Open 15,676 SF Store in Huntington Station, New York

by Taylor Williams January 9, 2023

HUNTINGTON STATION, N.Y. — The Container Store will open a 15,676-square-foot store at Huntington Shopping Center on Long Island. The retailer joins REI and Whole Foods Market as anchor tenants at the center, which is owned by Federal Realty Investment Trust and is currently undergoing a $75 million repositioning. Furniture retailer LoveSac also recently signed a 1,412-square-foot showroom lease at Huntington Shopping Center, which has also received commitments from restaurants Burger Village (2,756 square feet) and Just Salad (2,382 square feet).

January 9, 2023

Acquisitions Georgia Multifamily Southeast

GREA Arranges Sale of 66-Unit Cielo at Lanier Apartment Community Near Atlanta

by John Nelson January 9, 2023

GAINESVILLE, GA. — Global Real Estate Advisors (GREA) has brokered the $9.1 million sale of Cielo at Lanier Apartments, a multifamily community located at 3656 Browns Bridge Road in Gainesville, roughly 50 miles northeast of Atlanta. Built in 1985, the property features 66 units in one- and two-bedroom layouts. Taylor Brown and John A. Topping Jr. of GREA represented the seller, Zavala Capital, in the transaction. Ryan Haase of Magnitude CRE Capital Advisory acquired the property and plans to continue interior renovations.

January 9, 2023

Development Illinois Industrial Midwest

Phoenix Investors Completes 1 MSF Industrial Redevelopment Project in Normal, Illinois

by Kristin Harlow January 9, 2023

NORMAL, ILL. — An affiliate of Phoenix Investors has completed a two-phase redevelopment project totaling 1 million square feet in North Normal Industrial Park in Normal, about 38 miles southeast of Peoria. Phoenix acquired the 92-acre property in June 2020 from Wildwood Industries Inc. The original 500,000-square-foot industrial facility served as Phase I of the project and now features 84 exterior docks and cross-dock capabilities. Phase II included a 500,000-square-foot addition with 50 exterior docks and cross-dock capabilities. Rivian will occupy both facilities. PJ Hoerr served as general contractor.

January 9, 2023

Loans Midwest Multifamily Wisconsin

Berkadia Provides $29M Acquisition Loan for Multifamily Property in Madison

by Kristin Harlow January 9, 2023

MADISON, WIS. — Berkadia has provided a $29 million Freddie Mac loan for the acquisition of Country Meadows, a 466-unit multifamily property in Madison. Located at 6840 Schroeder Road and built in 1972, the garden-style community features amenities such as a pool, sun deck and two tennis courts. Jason Bond and Joel Kirstein of Berkadia structured the 10-year loan on behalf of the borrower, Illinois-based Bender Cos.

January 9, 2023

Acquisitions Healthcare Indiana Midwest

Montecito Medical Acquires 34,369 SF Medical Office Building in Indianapolis

by Kristin Harlow January 9, 2023

INDIANAPOLIS — Montecito Medical has acquired a 34,369-square-foot medical office building in Indianapolis. The tenant is the Midwest Center for Joint Replacement, which uses the facility for orthopedic clinical care, orthopedic surgeries and physical therapy. The group maintains an additional location in Bloomington, Ind. The seller and sales price were not provided.

January 9, 2023

Healthcare Illinois Loans Midwest Northmarq

Northmarq Arranges $2.2M Loan for Refinancing of Healthcare Property in Suburban Chicago

by Kristin Harlow January 9, 2023

DOWNERS GROVE, ILL. — Northmarq has arranged a $2.2 million loan for the refinancing of a 7,894-square-foot medical office building in the Chicago suburb of Downers Grove. Illinois Bone and Joint Institute occupies the property at 1034 Warren Ave. Erik Kunz of Northmarq arranged the loan through a life insurance company. The 10-year, fixed-rate loan features a 25-year amortization schedule.

January 9, 2023

Acquisitions Indiana Midwest Retail

Marcus & Millichap Brokers $1.9M Sale of Retail Portfolio in Hammond, Indiana

by Kristin Harlow January 9, 2023

HAMMOND, IND. — Marcus & Millichap has brokered the $1.9 million sale of a two-property retail portfolio in Hammond, about 30 miles southeast of Chicago. The properties are located at 2739 169th Street and 902 Roby Drive. The property on Roby Drive is home to three tenants and a drive-thru and is situated near the Horseshoe Hammond Casino. The property on 169th Street is located near the Purdue University Hammond Campus. Mitchell Kiven and Nicholas Kanich of Marcus & Millichap represented the Indiana-based seller, which was the original developer of both properties. The duo also procured the buyer, a private investor based in the Southwest Chicago suburbs.

January 9, 2023

Development Illinois Midwest Multifamily Top Stories

Pizzuti Cos. Breaks Ground on 19-Story Coppia Multifamily High-Rise in Chicago’s West Loop

by John Nelson January 9, 2023

CHICAGO — The Pizzuti Cos., a private real estate development and management firm based in Columbus, Ohio, has broken ground on Coppia, a 19-story high-rise apartment tower in Chicago. The 298-unit community will be located at 1101 Van Buren St., which is situated at the southern end of Aberdeen Street in the city’s West Loop district. Pizzuti expects to complete Coppia in 2024. The property will sit across from a Target store and next to Chicago Transit Authority’s Racine Avenue Blue Line Station, as well as three blocks west of I-90. Future residents will be near Chicago’s Fulton Market District, the Greektown neighborhood and Illinois Medical District. The name Coppia is Italian for “couple,” which Pizzuti says was inspired by the project having both a transit-oriented setting and the design of the façade, which features geometric figures split by contrasting glass patterns. The design-build team includes architect Goettsch Partners, general contractor Power Construction and property management firm Village Green. The community will feature studio, one-, two- and three-bedroom units with floor-to-ceiling glass and high-end finishes. Coppia will also include penthouses on the top levels, as well as ground-level retail space and contemporary art installations. Coppia’s resort-style amenities will include a …

January 9, 2023

District of Columbia Industrial Market Reports Southeast Southeast Market Reports Virginia

Industrial, Warehouse Product Remains Tight Throughout Northern Virginia

by John Nelson January 9, 2023

Sustained leasing velocity for industrial/warehouse space in the Northern Virginia market, combined with the nearly insatiable demand for data center product, is contributing to developers repurposing existing business communities with this asset class to support demand, as well as companies expanding their geographic footprints into suburban Maryland and Central Virginia to secure space. This trend could be pivoting slightly due to the recent slowdown in leasing activity both locally and nationally as it relates to rising interest rates, the prospects for a looming recession and the possible end of a prolonged real estate cycle. The vacancy rate for industrial/warehouse space in the region currently stands at just over 2 percent. In the last quarter, the Northern Virginia industrial market experienced the largest pipeline in its history with more than 1 million square feet of space delivered, with nearly 5 million square feet of space in the development pipeline. The largest projects are contained within Stafford County as land in Loudoun and Fairfax counties has become unaffordable, or simply unattainable. Triple-net asking rents reached another all-time high of $12.45 per square foot in the third quarter, aided in part by these new deliveries. New space remains scarce and commands a premium, …

January 9, 2023

Acquisitions Content Partner Features Loans Lument Midwest Multifamily Northeast Southeast Texas Western

How to Finance Multifamily Acquisitions Under Negative Leverage Conditions

by Sarah Daniels January 9, 2023

By Colin Grayson, Lument If you consider multifamily real estate assets to be a good investment, you are in good company. At mid-year, asset managers and private equity firms alone held an estimated $325 billion of levered dry powder set aside for this purpose, enough cash to finance nearly every acquisition closed in the United States in 2021, the highest investment sales volume on record. Despite nearly unanimous support for the asset class, however, multifamily transaction volume in the third quarter slumped year-over-year for the first time since the peak of the pandemic. The mainspring was a sharp rise in mortgage financing costs triggered by high inflation and the Federal Reserve’s commitment to raising rates to bring it under control. Generic rates for 65 percent loan-to-value (LTV) first mortgage debt stood on 5.71 percent at the end of November, representing an increase of 248 basis points since the beginning of the year. Even as financing costs soared, asset pricing changed very little. Initial net cash flow yields of transactions closed in the third quarter of 2022 averaged only 4.6 percent, according to Real Capital Analytics, an increase of 10 basis points from second-quarter 2022 levels. At the same time, cap …

January 9, 2023

Newer Posts

Older Posts