Property Type

JLL Brokers Sale of 244,768 SF Acadiana Square Shopping Center in Lafayette, Louisiana

by John Nelson August 24, 2022

LAFAYETTE, LA. — JLL has brokered the sale of Acadiana Square, a 244,768-square-foot shopping center located at 5700 Johnston St. in Lafayette. Jim Hamilton, Ryan West and Brad Buchanan of JLL represented the sellers, DRA Advisors and RCG Ventures, in the transaction. Property Commerce Dividend Fund acquired the center for an undisclosed price. Acadiana Square was 95 percent leased at the time of sale to tenants such as Burlington, Home Furniture Co. of Lafayette, T.J. Maxx, PetSmart, Office Depot and Party City. The previous ownership executed new leases or renewals totaling over 87,000 square feet at Acadiana Square in the past 18 months, according to JLL.

August 24, 2022

Acquisitions Florida Multifamily Southeast

CLK Purchases Park Apartments in Mobile for $15.8M

by John Nelson August 24, 2022

MOBILE, ALA. — CLK, a Long Island-based commercial real estate investment firm, has acquired The Park Apartments, a 201-unit multifamily community located at 1 Country Lane in Mobile. Lakewood, N.J.-based Walden Asset Group sold the property for $15.8 million, or $78,600 per unit. Aaron Jungreis and David Wildes of Rosewood Realty Group represented both the buyer and seller in the off-market transaction. Built in 1975, Park Apartments features 20 two-story buildings, a pool, fitness center, playground and a picnic area. The property is situated on 11.5 acres within three miles of the Mobile Regional Airport and the University of Southern Alabama. The community was 95 percent occupied at the time of sale.

August 24, 2022

Development Georgia Leasing Activity Office Southeast

CP Group Rolls Out Flexible Office Concept Within Atlanta Portfolio

by John Nelson August 24, 2022

ATLANTA — CP Group, a Boca Raton, Fla.-based office real estate investment firm, has debuted its “worCPlaces” flexible office program within its Atlanta portfolio. The concept is now available for occupancy within Lakeside Office Park and One and Two Ravinia, office properties that are located in the city’s Central Perimeter office submarket. Eric Ross, Sabrina Gibson and Stewart Thrash of CBRE will serve as leasing agents for the new worCPlaces on behalf of CP Group, which is the second-largest office landlord in the state of Georgia. Designed by Gensler and ASD|Sky, worCPlaces are amenitized workspaces that are move-in ready for office tenants. Within the Atlanta portfolio, the new spaces that have come on line include 12 individual spec suites ranging from 1,800 to 9,700 square feet on the fifth, ninth and 11th floors at One and Two Ravinia. Several of the suites include new furniture while others can be furnished by worCPlaces. Additionally, 10 spec suites ranging from 1,400 square feet to 4,600 square feet and a newly completed coworking space are all contained within a standalone, two-story building at Lakeside Office Park, a five-building, 406,000-square foot office development. The coworking spaces at Lakeside also include available furnishings; in-building, digitally …

August 24, 2022

Indiana Industrial Leasing Activity Midwest

Rhenus Logistics Signs 139,820 SF Industrial Lease at Gateway Business Park in Metro Indianapolis

by Kristin Harlow August 24, 2022

PLAINFIELD, IND. — Rhenus Logistics has signed a 139,820-square-foot industrial lease at Gateway Business Park in the Indianapolis suburb of Plainfield. The lease transaction with the global logistics provider marks the lease-up of the entire seven-building industrial park, which is owned by Chicago-based HSA Commercial Real Estate. Headquartered in Germany, Rhenus Logistics operates across Europe, Asia, South America and the U.S. Plainfield will be the first Midwest location for the company. Nick Wigoda and Matt Kiger of Newmark represented the tenant, while Terry Busch and Jared Scaringe of CBRE represented ownership.

August 24, 2022

Affordable Housing Loans Midwest Multifamily North Dakota

Colliers Mortgage Provides $10.9M HUD-Insured Loan for Acquisition of North Dakota Affordable Housing Portfolio

by Kristin Harlow August 24, 2022

GRAND FORKS, N.D. — Colliers Mortgage has provided a $10.9 million HUD-insured loan for the acquisition and rehabilitation of a three-property, 182-unit affordable housing portfolio in Grand Forks. University Square comprises 60 units, Columbia Square South includes 72 units and Columbia Square East features 50 units for seniors. All units are covered by Section 8 Housing Assistance Payments (HAP) contracts. The properties will undergo $13.6 million in renovations. Additional funding comes from low-income housing tax credits, housing incentive funds from the North Dakota Housing Finance Agency and tax-exempt bonds, which were underwritten by Colliers Securities LLC. The borrower, Schuett Grand Forks LP, is an entity controlled by The Schuett Cos. Inc., which will also manage the properties. The 40-year loan features a 40-year amortization schedule.

August 24, 2022

Acquisitions Midwest Nebraska Retail

Marcus & Millichap Arranges $4.6M Sale of Net Leased Retail Property in Omaha

by Kristin Harlow August 24, 2022

OMAHA, NEB. — Marcus & Millichap has arranged the sale of a 65,413-square-foot retail property net leased to Family Fare Supermarket in Omaha for $4.6 million. The building is located at 5110 S. 108th St. Family Fare operates more than 80 locations across seven states. Brennan Clegg, Chris Lind and Mark Ruble of Marcus & Millichap represented the seller, a limited liability company. Buyer information was not provided.

August 24, 2022

Acquisitions Illinois Industrial Midwest

Venture One Acquires 59,150 SF Industrial Building in Wood Dale, Illinois

by Kristin Harlow August 24, 2022

WOOD DALE, ILL. — Venture One Real Estate has acquired a 59,150-square-foot industrial building in the Chicago suburb of Wood Dale for an undisclosed price. Constructed in 1974, the property at 955 Lively Blvd. features three docks, three drive-in doors, parking for 60 cars, 5,180 square feet of office space and a clear height of 18 feet. Jay Farnam of Lee & Associates represented the undisclosed seller in the sale-leaseback transaction. Venture One utilized its acquisition fund, VK Industrial VI LP, which is a partnership between Venture One and Kovitz Investment Group.

August 24, 2022

Illinois Leasing Activity Midwest Restaurant Retail

SVN Chicago Commercial Negotiates New Restaurant Lease for Lady May

by Kristin Harlow August 24, 2022

CHICAGO — SVN Chicago Commercial has negotiated a new lease for the former Beacon Tavern restaurant space in Chicago. Lady May, a Garrett Hospitality Group concept, will occupy the space beginning late this year. Lady May is an eatery and cocktail parlor that serves southern coastal fare. Leslie Karr and Lorile Herlihy of SVN Chicago Commercial negotiated the 10-year lease. The 6,700-square-foot property will also include an outpost of Sushi|Bar.

August 24, 2022

Leasing Activity New York Northeast Office Top Stories

KPMG to Relocate Headquarters to Two Manhattan West in 2025

by Kristin Harlow August 24, 2022

NEW YORK CITY — U.S. audit, tax and advisory firm KPMG has unveiled plans to relocate its headquarters to Two Manhattan West, a new office building under construction in Midtown Manhattan’s West Side neighborhood. The 58-story tower is part of Brookfield Properties’ 7 million-square-foot Manhattan West mixed-use development. KPMG’s new space at Two Manhattan West is slated for completion in late 2025. The firm will relocate its roughly 5,500 New York-based employees and lease approximately 450,000 square feet. The new lease signing represents a more than 40 percent decrease in KPMG’s existing New York office space, according to The Wall Street Journal. The newspaper reports that KPMG is pursuing a hybrid work strategy where employees are expected to gather at company or client offices on some days. The firm is following suit of a number of companies that have downsized office footprints in exchange for nicer space following the pandemic. KPMG currently occupies space at 345 Park Ave., its headquarters, as well as 560 Lexington Ave. and 1350 Sixth Ave. The firm has been based in New York City since its inception in 1897. “As we celebrate our 125th anniversary and think about our firm’s future, this is an incredible …

August 24, 2022

Market Reports Mixed-Use Texas Texas Market Reports

More Than A Cliche: How Frisco Has Become the Ultimate Live-Work-Play Suburb

by Taylor Williams August 24, 2022

By Chris McCluskey, vice president of development, VanTrust Real Estate; and Robert Folzenlogen, senior vice president of strategic development, Hillwood In the past decade, the popularity of “live-work-play” developments has skyrocketed, making the concept a somewhat overused cliché in the commercial real estate world. However, the reasoning behind the acclaim remains true — people love convenience and a sense of community. And “live-work-play” is the reason that cities like Frisco that are located outside dense urban cores have thrived. According to the U.S. Census Bureau, Frisco’s population has grown by 71 percent over the last decade, consistently ranking as one of the fastest-growing cities in the nation. But this growth did not happen overnight; rather, a combination of ideal location and elected leaders’ vision has driven much of Frisco’s success. By prioritizing all real estate classes — office, residential, retail — Frisco has been able to find the right balance between bustling urban amenities and the serene background of suburbia, making it one of the most competitive landscapes today and for the foreseeable future. A Balanced Approach Suburbs are no longer known for just their family appeal, although this feature still remains a high priority for many households. Young professionals …

August 24, 2022

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