Property Type

Ready Capital Closes $12M Acquisition Loan for Condo Deconversion in Metro Chicago

by Kristin Harlow November 15, 2021

ARLINGTON HEIGHTS, ILL. — Ready Capital has closed a $12 million loan for the acquisition and deconversion of a 72-unit, Class B condominium property in the Chicago suburb of Arlington Heights. The undisclosed buyer will deconvert the units and lease the property as traditional multifamily space. The nonrecourse loan features a floating rate and a two-year term. Under the Condominium Property Act in Illinois, condo unit owners can elect to sell a property if 75 percent or more are in agreement. Sellers then have the option to either move out of their units or lease them back from the new owner.

November 15, 2021

Acquisitions Midwest Multifamily Wisconsin

Berkadia Arranges $10.5M Sale of Multifamily Property in Menomonee Falls, Wisconsin

by Kristin Harlow November 15, 2021

MENOMONEE FALLS, WIS. — Berkadia has arranged the $10.5 million sale of Shady Lane Apartments in Menomonee Falls, a northwest suburb of Milwaukee. The garden-style property, which consists of 56 units across seven buildings, was 98 percent occupied at the time of sale. Richard Evans, Ralph DePasquale, Pete Evans and Jack Maloney of Berkadia represented the seller, Wisconsin-based Hilgart Property Group. RMJ Acquisitions LLC was the buyer.

November 15, 2021

Leasing Activity Midwest Missouri Retail

St. Louis Funny Bone Comedy Club Opens at Streets of St. Charles

by Kristin Harlow November 15, 2021

ST. CHARLES, MO. — St. Louis Funny Bone Comedy Club has opened a new location at the Streets of St. Charles, a 27-acre mixed-use development in suburban St. Louis. The family-owned comedy club has operated in St. Louis for more than 30 years. The club hosts talent from the St. Louis area as well as nationally touring comedians, and hosts a weekly open mic night on Tuesdays. Jerry Kubach is the club’s owner. Cullinan Properties Ltd., the owner of Streets of St. Charles, also unveiled new tenants at the property such as The Socialite and Hot Box Cookies.

November 15, 2021

Acquisitions Iowa Midwest Retail

NAI Legacy Acquires Retail Property Occupied by Hy-Vee in Iowa for $6.8M

by Kristin Harlow November 15, 2021

AMES, IOWA — NAI Legacy has acquired a newly built, 27,490-square-foot retail property occupied by Hy-Vee just outside of Ames for $6.8 million. The Hy-Vee | Dollar Fresh store serves as one of the grocer’s new concepts, which offers discounted products, perishable goods, meats and a pharmacy. This store concept is being developed in more rural Iowa locations, according to NAI Legacy, which acquired the asset from the developer, Texas-based Embree Group.

November 15, 2021

District of Columbia Industrial Market Reports Southeast Southeast Market Reports

Mid-Atlantic is Where Labor, Ports and Transportation Infrastructure Intersect

by John Nelson November 15, 2021

Speaking at the Port of Baltimore on Nov. 10, President Joe Biden touted the now passed $1 trillion infrastructure bill as a “once-in-a-generation investment” designed to help us push past the COVID-19 pandemic. The $17 billion earmarked specifically for port improvements is welcome news as on Nov. 15, the day the bill was signed, 90 container ships carrying goods valued at $85 billion were still waiting to dock off the coast of California. Throughout the pandemic, the transportation infrastructure and labor supply for the East Coast and the Mid-Atlantic specifically have demonstrated efficiency and productivity. The two main ports — the Port of Virginia and Port of Baltimore — processed record container volumes of imports and exports through cargo ship, rail and barge at record “turn times” of under one hour, meeting and overcoming many of the challenges within the supply chain. Connecting the dots As we approach the 2021 gift-giving season and beyond, it is crucial to focus on the “why I should care” factor. The Port of Virginia for example, which by 2024 will be the only 55-foot-deep port on the East Coast, experiences cargo movements that occur 64 percent by truck, which is nearly double the next …

November 15, 2021

Development Georgia Mixed-Use Multifamily Office Retail Southeast

GID Breaks Ground on $2B High Street Development in Atlanta’s Central Perimeter

by Julia Sanders November 12, 2021

ATLANTA — GID Development Group, a real estate developer, owner and operator, has broken ground on the first phase of High Street, a $2 billion, 36-acre mixed-use development in Atlanta’s Central Perimeter submarket. Phase I of High Street will deliver 150,000 square feet of retail and restaurants, approximately 600 apartments, 90,000 square feet of new office space, 222,000 square feet of existing office and an approximately 7,500-square-foot lawn. Located at the intersection of Perimeter Center Parkway and Hammond Drive, High Street will be situated close to the Dunwoody MARTA Station and surrounded by the largest office submarket in the Southeast, according to GID. Upon completion of all phases, High Street will encompass 672,000 square feet of Class A office space; a 400-key hotel; 400,000 square feet of shopping, dining, fitness and entertainment; and 3,000 residential units. In September, Puttshack, a mini-golf bar and restaurant destination, was the first anchor tenant to be announced for the project, and will open as part of the first phase of High Street. The retailer will occupy a 26,000-square-foot space and feature four tech-driven, mini golf courses. Molly Morgan and Allie Spangler of JLL are leading leasing efforts for the retail portion of High Street. …

November 12, 2021

Acquisitions Florida Multifamily Southeast

Starwood REIT Acquires 15,460-Unit Multifamily Portfolio in Southeast from Strata Equity

by Julia Sanders November 12, 2021

MIAMI BEACH, FLA. — Starwood Real Estate Income Trust Inc. (Starwood REIT) has acquired a 15,460-unit multifamily portfolio from Strata Equity Group for an undisclosed price. Scott Wittman and Andrew Gordon of Strata Equity were responsible for the structuring and execution of the transaction. The portfolio includes 62 communities located across 10 states — primarily in the Southeast states of Georgia, Tennessee and North Carolina. The portfolio’s units are priced affordably with high-quality amenities, according to Starwood REIT. The Miami Beach-based firm will retain Strata Equity to manage the portfolio under terms of the transaction. As of Sept. 30, Starwood REIT’s portfolio had a total asset value of $12.6 billion across 246 properties. Starwood Capital Group manages Starwood REIT via a subsidiary doing business as Starwood REIT Advisors LLC. Strata Equity Group is a San Diego-based, privately held real estate investment and management company. The firm has sold in excess of $4 billion worth of multifamily assets this year through multiple transactions.

November 12, 2021

Acquisitions Industrial Maryland Southeast

Trout Daniel & Associates Brokers Sale of 91,175 SF Industrial Center in Baltimore

by Julia Sanders November 12, 2021

BALTIMORE — Trout Daniel & Associates (TD&A) has brokered the sale of 1870 & 1900 Frankfurst Ave., a combined 91,175-square-foot industrial property in Baltimore’s Fairfield industrial submarket. Steven Cornblatt and Jared Engel of TD&A represented the seller, an entity doing business as WFP-Port Liberty LLC, in the transaction. New York-based Criterion Group purchased the properties for $7 million. The two properties sit near each other and total 12.3 acres. The site is located close to Interstate 895 and the Port of Baltimore. Many years prior, the properties were used to manufacture Liberty Ships to transport cargo in the Allies’ World War II efforts. In 2003, WFP-Port Liberty LLC purchased the properties, and TD&A shortly thereafter executed a long-term lease with Amports, an automotive services provider. Amports remained a tenant at the site until this past July.

November 12, 2021

Acquisitions Development Multifamily Southeast Tennessee

PMG Purchases Nashville Land for $22M, Plans to Develop Multifamily Tower

by Julia Sanders November 12, 2021

NASHVILLE, TENN. — Miami- and New York-based Property Markets Group (PMG) has purchased land at 915 Division St. in Nashville’s Gulch district. The firm plans to develop the site into Society Nashville, a 471-unit, 16-story mixed-use apartment project. Market Street sold the property for $22 million. Tarek El Gammal of Newmark’s Nashville office brokered the land transaction. Society Nashville will feature 7,500 square feet of retail space and 463 parking spaces. Slated for delivery in early 2024, the development will include a mix of traditional units and co-living options. Community amenities will include a pool deck, fitness center and coworking facilities. Baker Barrios Architects Inc., an Orlando-based architectural firm, is the designer for the project. The development is a joint venture between PMG, New York and Miami-based New Valley Realty and New York-based RMWC. Society Nashville will be part of PMG’s Society Living brand, which was created to offer reasonable rents near urban areas. The brand has a focus on mostly market-rate apartments but offers to make co-living easier by eliminating shared bathrooms, splitting up the bills and helping residents to find roommates. In May 2020, Society Las Olas opened in downtown Fort Lauderdale, Fla. Additionally, Society Biscayne in downtown …

November 12, 2021

Development Multifamily Texas

AHS Residential to Develop 576-Unit Multifamily Community in West Houston

by Taylor Williams November 12, 2021

HOUSTON — Florida-based AHS Residential will develop a 576-unit multifamily community within Ten Oaks, an 83-acre master-planned development located within the Energy Corridor in West Houston. AHS Residential’s in-house architecture team is designing the project, which will consist of three 12-story buildings on a 6.6-acre site that will house one-, two- and three-bedroom units. Amenities will include a pool, fitness center and a resident clubhouse. Construction is expected to begin in April. Wolff Cos. is the master developer of Ten Oaks that sold the land to AHS Residential.

November 12, 2021

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