Property Type

KeyBank Arranges $90.7M in Financing for The Cameron Multifamily Property in Tempe, Arizona

by Amy Works May 12, 2022

TEMPE, ARIZ. — KeyBank Real Estate Capital has arranged $90.7 million in fixed-rate financing for CrossHarbor Capital Partners for the refinancing of The Cameron, an apartment complex in Tempe. Built in 2020 on 13.3 acres, the four-story community features 349 apartments, a pool deck with cabanas, fitness center, clubhouse, outdoor courtyard with fireplaces and lounge spaces, pet spa and bocce ball court. Hayley Suminski and Greg Halvorson of KeyBank structured the nine-year loan from funds managed by Apollo Global Management as lender. The financing features a 4.5-year interest-only period followed by a 30-year amortization schedule.

May 12, 2022

Acquisitions California Retail Western

Newmark Brokers Sale of Two-Property Retail Portfolio Near San Francisco

by Amy Works May 12, 2022

LAFAYETTE, CALIF. — An institutional investment group has acquired a two-property retail portfolio in Lafayette from an undisclosed private seller. Terms of the transaction were not released. The portfolio includes La Fiesta Square, a 3.9-acre open-air, convenience-oriented lifestyle center, and Lafayette Mercantile, a 56,614-square-foot mixed-use asset. La Fiesta Square features 74,295 square feet of retail space spread across five buildings. The three-story Lafayette Mercantile offers ground-floor retail space and office space on the second and third floors. Nicholas Bicardo and Steven Golubchik of Newmark represented the seller in the transaction.

May 12, 2022

California Loans Multifamily Seniors Housing Western

JLL Funds $30.3M Refinancing for Nantucket Creek Active Adult Community in Los Angeles

by Amy Works May 12, 2022

LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to 1,100 square feet. The community is located along California’s State Route 27, providing access to local retail and dining centers, as well as Chatsworth Dry Lake Nature Preserve and West Hills Hospital and Medical Center. Charles Halladay, Jonah Aelyon and Elle Miraglia led the JLL Capital Markets debt advisory team representing the borrower.

May 12, 2022

California Development Industrial Western

Duke Realty Starts Construction of Three Spec Industrial Developments in Northern California

by Amy Works May 12, 2022

SAN JOSE, RICHMOND AND HAYWARD, CALIF. — Duke Realty (NYSE: DRE) has started construction of three speculative industrial facilities in Northern California. The projects include: a 302,772-square-foot development with 42-foot clear heights, 47 dock-high doors, 108 truck trailer spaces, 296 car spaces and up to 12,000 amps of power on 17.4 acres at 5853 Rue Ferrari in San Jose. a 153,803-square-foot facility with 36-foot clear heights, 24 dock-high doors, 36 truck trailer spaces and 140 car spaces at 731 W. Cutting Blvd. in Richmond. a 157,725-square-foot property with 36-foot clear heights, 24 dock-high doors, 65 trailer parking stalls and 79 car spaces at 24493 Clawiter Road in Hayward. Chip Sutherland, Rob Shannon and Ben Knight of CBRE are listing brokers for the San Jose asset; Jason Ovadia, Mike Murray, Patrick Metzger and Greg Matter of JLL are handling listing for the Richmond property; and Bob Ferraro, Kevin Hatcher and Chris Van Keulen of CBRE are listing brokers for the Hayward facility.

May 12, 2022

Industrial Market Reports Midwest Midwest Market Reports Wisconsin

Industrial Cap Rate Spread Narrows in Milwaukee as Demand Continues to Surge

by Kristin Harlow May 12, 2022

Like much of the country, the Milwaukee industrial market flourished over the last 12 to 24 months and has continued to shatter records across the board. Tenant demand far exceeded supply, driving vacancy rates down and rental rates up. Pent-up capital chased deals at record numbers, compressing cap rates further in this sector. And new construction continued its speedy pace, with over 8 million square feet on schedule to be delivered in 2022. But with inflation surpassing 8 percent and interest rates on the rise, the question now is how long will we continue this record-setting pace? Just-in-time to just-in-case As supply chain constraints emerged during the pandemic, businesses switched from the widely used just-in-time model to just-in-case, meaning drastic increases in inventory storage and logistic needs for many companies. Tenants scrambled to lease additional space to house what inventory they could get in stock. At the start of 2021, Class A industrial vacancy in Milwaukee was 9.68 percent. By the end of the year, that number had been slashed in half to just 4.39 percent as the flight to quality industrial product exceeded deliveries. In the fourth quarter of 2021, 1.65 million square feet of new industrial space …

May 12, 2022

Development Illinois Industrial Midwest Top Stories

Logistics Property Co. to Develop Chicago’s First Multi-Story Industrial Facility on Goose Island

by John Nelson May 12, 2022

CHICAGO — Logistics Property Co. has unveiled plans to develop 1237 West Division, an industrial project on the west side of Chicago that will span 600,000 square feet of logistics space across two floors. The city’s first multi-story warehouse will also offer both rooftop parking and an adjacent five-story parking garage. Logistics Property recently closed on the 11.5-acre land sale in Chicago’s Goose Island neighborhood and received approval from the Chicago City Council for the project. Situated adjacent to the four-way interchange at Division Street and Elston Avenue, 1237 West Division is located 3.5 miles from the Chicago Loop and 15 miles from Chicago O’Hare International Airport. The JLL team of Michael Conway, Leslie Lanne, Dan McGillicuddy and Gavin Stainthorpe will lease and market the property. “1237 West Division provides flexibility for companies that must get closer to their customers,” says Lanne, who leads JLL’s urban infill group. “It gives them access to modern distribution space, which urban core markets are severely lacking.” The first level of 1237 West Division will feature 36-foot clear heights, 28 dock doors and two drive-in doors. The second floor, which will be accessible by separate two-way, double-wide ramps, will feature 33-foot clear heights, 28 …

May 12, 2022

Civic Development Florida Hospitality Southeast

Matthews Southwest Begins Final Phase of $1.3B Convention Center and Hotel Expansion Project in Fort Lauderdale

by John Nelson May 11, 2022

FORT LAUDERDALE, FLA. — Matthews Southwest has begun the final phase of the expansion and redevelopment of the Greater Fort Lauderdale/Broward County Convention Center, which includes the 29-story, 800-room Omni Fort Lauderdale hotel. The total cost of the project is about $1.3 billion and is expected to deliver in late 2025. Nunzio Marc DeSantis Architects designed the hotel, Fentress Architects designed the convention center expansion and Balfour Beatty is handling construction. The project is expected to generate 1,000 construction jobs and 1,300 permanent jobs. Matthews Southwest opened Phase I of the convention center in October 2021. The expansion project will add an additional 600,000 square feet of flexible indoor event and meeting space and an additional 200,000 square feet of outdoor programming space, to create a total of more than 1.4 million square feet of event space that includes 350,000 square feet of contiguous exhibition space. The expanded center will also feature a new 65,000-square-foot waterfront ballroom, 50 meeting rooms, new dining concepts, pre-function space and modern décor and technologies. The new Omni hotel will feature a rooftop bar, grand and junior ballrooms, meeting spaces, yoga deck and a pool deck. The project will also include an onsite water taxi …

May 11, 2022

Development Life Sciences Maryland Southeast

Trammell Crow to Develop 757,000 SF Life Sciences Campus at Johns Hopkins Satellite Campus in Maryland

by John Nelson May 11, 2022

ROCKVILLE, MD. — Trammell Crow Co. has plans to develop The Lab at Belward, a life sciences project situated on the Belward Campus of Johns Hopkins University in Rockville. The property will initially span 757,000 square feet of laboratory and research and development space across three buildings. Trammell Crow entered into a 99-year ground lease with Johns Hopkins University for the 21-acre project. Designed by Gensler to achieve LEED Gold standards, The Lab at Belward will include 18-foot ceiling heights on both the basement and ground floors, with 16-foot heights on all other floors. The property will include amenities, terraces, balconies and a parking garage, as well as a six-acre public park with two retail pavilions. At full buildout the project could span up to 1.6 million square feet across seven buildings, according to Trammell Crow. The Dallas-based developer plans to break ground on the initial phase in June 2023 and deliver the project in early 2025. The project team includes general contractor Clark Construction Group; civil engineer Soltesz Inc.; land use engineer Lerch Early Brewer; mechanical, electrical and plumbing (MEP) engineer James Posey Associates Inc.; structural engineer Thornton Tomasetti; and landscape architect OJB. CBRE is managing the marketing and …

May 11, 2022

Development Georgia Multifamily Southeast

Mill Creek Begins Preleasing at Modera Old Ivy Apartment Community in Atlanta

by John Nelson May 11, 2022

ATLANTA — Mill Creek Residential, a Boca Raton, Fla.-based developer and owner-operator of multifamily properties, has begun preleasing at Modera Old Ivy, a luxury apartment community under development in Atlanta’s Buckhead district. Located within a mid-rise and high-rise tower at 3651 Lenox Road, the development is on a site that includes the Prominence office building and an Element Marriott hotel. First move-ins are anticipated in early June. According to the property website, rental rates range from $2,290 per month for a one-bedroom unit to $6,635 for a three-bedroom apartment. Mill Creek is building the 394-unit property to a National Green Building Standard Gold certification level. Community amenities will include a 24-hour fitness studio, clubhouse, community-wide Wi-Fi, demonstration kitchen, game room, rooftop deck, two pools including one rooftop pool, sauna, steam room, grilling area with outdoor dining, fire pit, coffee bar, library lounge with a reading terrace and landscaped courtyards. Residents will also have secured parking in a private garage with reserved parking and electric vehicle charging stations available, controlled guest-access technology, package lockers, dedicated bike storage, resident storage lockers and concierge services.

May 11, 2022

Acquisitions Retail Texas

Partnership Acquires 1.4 MSF Shops at Willow Bend in Plano, Plans Redevelopment

by Taylor Williams May 11, 2022

PLANO, TEXAS — A partnership between two locally based investment firms, Centennial and Cawley Partners, as well as New York City-based Waterfall Asset Management, has acquired the 1.4 million-square-foot Shops at Willow Bend in Plano. The new ownership plans to redevelop the property, though specific details were not disclosed. Taubman originally developed the shopping center in 2001. Tenants include Neiman Marcus, Dillard’s, Macy’s, Crate & Barrel, Vineyard Vines, H&M, Anthropologie, Equinox and Crayola Experience. California Pizza Kitchen, Wetzel’s Pretzels and Great American Cookies are among the food and beverage users. According to Chain Store Age, the seller was Syracuse-based Spinoso Real Estate Group.

May 11, 2022

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