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AcquisitionsMassachusettsNortheastRetail

Horvath & Tremblay Negotiates $7.2M Sale of Grocery-Anchored Retail Center in Wareham, Massachusetts

by Taylor Williams

WAREHAM, MASS. — Horvath & Tremblay, a national brokerage firm based in metro Boston, has negotiated the $7.2 million sale of Wareham Marketplace, a 35,247-square-foot retail center located about 70 miles south of Boston. German discount grocer Aldi anchors the newly constructed property. Other tenants include Dollar Tree, AutoZone, Wendy’s and Mattress Firm. The pad sites occupied by the latter three tenants were not part of the sale and are being marketed separately. Bob Horvath and Todd Tremblay of Horvath & Tremblay represented the seller and procured the buyer in the deal.

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AcquisitionsDevelopmentIndustrialNew JerseyNortheast

AMS Acquisitions Buys Multifamily Development Site in East Brunswick, New Jersey, for $5.1M

by Taylor Williams

EAST BRUNSWICK, N.J. — New York-based investment firm AMS Acquisitions has purchased a seven-acre multifamily development site in East Brunswick, about 35 miles south of New York City, for $5.1 million. The company plans to construct a 96-unit complex that will consist of 24 affordable units and 72 market-rate units across four buildings. Amenities will include a clubhouse, fitness center, tenant lounge, dog run and a playground. A Cushman & Wakefield team led by Brian Whitmer, Ryan Dowd and Peter Welch represented the seller, a joint venture between the Hampshire Cos. and Diversified Realty Advisors, and procured AMS Acquisitions as the buyer.

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DevelopmentHealthcareMichiganMidwest

NexCore, Beaumont Health Open Outpatient Campus Outside Detroit

by Kristin Harlow

LENOX TOWNSHIP, MICH. — Healthcare real estate developer NexCore Group and Beaumont Health have opened a new outpatient campus in Macomb County’s Lenox Township, about 40 miles northeast of Detroit. Southfield-based Beaumont is the state’s largest health system. The building rises three stories and spans 109,630 square feet. The facility includes a digital directory, patient education center, lab, pharmacy, café and collaboration areas. NexCore entered into a long-term ground lease with Beaumont, which acquired the land. Dallas-based HKS Architects was the project architect and Sterling Heights, Mich.-based Roncelli served as general contractor.

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Affordable HousingDevelopmentMidwestMultifamilyOhio

Fairfield Homes Begins Development of $15.5M Affordable Housing Project in Cincinnati

by Kristin Harlow

CINCINNATI — Fairfield Homes Inc., in partnership with Kingsley + Co. and the Avondale Development Corp., has begun development of Blair Lofts, a $15.5 million affordable housing project in Cincinnati’s Avondale neighborhood. The four-story, 64-unit development will serve residents who earn 30 to 60 percent of the area median income. Located on the corner of Blair Avenue and Reading Road, the project will include a community room, community kitchen, fitness center, onsite storage and onsite parking. Completion is slated for summer 2022. The project received financing through the allocation of federal low-income housing tax credits by the Ohio Housing Finance Agency, with Ohio Capital Corp. for Housing serving as the equity syndicator. Fifth Third Bank is the construction lender. The development also received financial support from the City of Cincinnati, the Port of Greater Cincinnati Development Authority and Cincinnati Children’s Hospital Medical Center. Berardi + Partners is the project architect and Gorsuch Construction is the general contractor. Fairfield Homes will serve as property manager.

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DevelopmentIndianaMidwestRestaurantRetail

Holladay Properties Breaks Ground on $10M Agrotourism Facility Near Indianapolis

by Kristin Harlow

WESTFIELD, IND. — Holladay Properties and Holladay Construction Group have broken ground on a $10 million agritourism facility for West Fork Whiskey Co. in Westfield, about 30 miles north of Indianapolis. The 35,000-square-foot project is located on the northeast corner of 191st Street and Horton Road across from Grand Park Sports Campus. Plans call for a 5,000-square-foot event space, retail store, 4,000-square-foot restaurant with a cocktail lounge, speakeasy and additional production and aging space. The facility will offer interactive tours, tastings and other educational components. Completion is slated for 2022. Established in 2015, West Fork Whiskey distills and produces craft whiskeys using Indiana ingredients. The company currently operates a tasting room and distillery in Indianapolis.

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AcquisitionsIllinoisIndustrialMidwest

Boulder Group Brokers $8.9M Sale of Net-Leased Industrial Property in Metro Chicago

by Kristin Harlow

NORTHBROOK, ILL. — The Boulder Group has brokered the $8.9 million sale of a single-tenant, net-leased industrial property in Northbrook, a northern suburb of Chicago. The 117,000-square-foot building is situated within the 1.8 million-square-foot Sky Harbor Industrial Park. Located at 3411 Woodhead Drive, the facility is fully leased to Atlas Fibre and recently underwent $2.1 million in improvements. Randy Blankstein and Jimmy Goodman of Boulder represented the seller, a local real estate owner. Buyer information was undisclosed.

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AcquisitionsMidwestOhioRetail

Marcus & Millichap Arranges $8.5M Sale of Shopping Center in Huber Heights, Ohio

by Kristin Harlow

HUBER HEIGHTS, OHIO — Marcus & Millichap has arranged the $8.5 million sale of North Heights Plaza in Huber Heights, just north of Dayton. The 113,732-square-foot shopping center was fully occupied at the time of sale. Anchor tenants include Hobby Lobby and Bed Bath & Beyond. CJ Jackson, Erin Patton, Scott Wiles and Craig Fuller marketed the property on behalf of the seller, a private out-of-state investor. The team procured the buyer, ExchangeRight, in collaboration with JRW Realty.

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Megan Eckart Baird Datacenter Development
BohlerContent PartnerData CentersDevelopmentFeaturesIndustrialMidwestNortheastSoutheastTexasWestern

Data Center Development Download: What Makes a Great Site?

by Sarah Daniels

As more aspects of our lives become digital, the need for data centers is increasing exponentially. COVID fast-tracked the upsurge in data center demand, as businesses worldwide transferred communications and operations to digital platforms — but the need for data centers is permanent. “With an increase in devices needing to connect to each other and the Internet of Things (IOT), the amount of data needed to do this will always be growing, furthering the demand for additional space within data centers,” says Megan Baird, Professional Engineer (PE), a senior project manager at Bohler, a land development consulting and technical design firm. Getting the right space with the right zoning, utilities and market timeline can be a daunting task that requires extensive planning. Baird says three major factors determine whether a site is a prime data center opportunity: utilities, zoning and space. Plus, Baird explains how to get a property to market once the planning is done. [box style=”4″] What’s Available to Help Developers Tax incentives vary by state and locality and can depend on the number of jobs created, equipment used or amount of money invested. Overlay districts are a regulatory tool where jurisdictions specify additional restrictions/allowances in addition to …

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AcquisitionsColoradoHealthcareIllinoisIndustrialLife SciencesMidwestOfficeTop StoriesWestern

NexCore, Nuveen Acquire National Medical Office and Life Sciences Portfolio for $620.4M

by John Nelson

CHICAGO AND DENVER — NexCore Group, a national healthcare real estate developer and owner, has teamed up with global investment management firm Nuveen Real Estate to acquire a portfolio of 27 medical office and two life sciences buildings spanning nearly 1.2 million square feet. IRA Capital, a private equity firm based in Southern California, sold the portfolio in two transactions totaling $620.4 million. The portfolio spans 13 states: Arizona, California, Florida, Illinois, Michigan, North Carolina, New Jersey, New York, Ohio, Oklahoma, Pennsylvania, Texas and Wisconsin. The medical office properties comprise ambulatory surgery centers, micro-hospitals, freestanding emergency departments and single- and multi-tenant clinics. The properties were 99 percent leased at the time of sale to 38 tenants, the vast majority of which are well-established healthcare systems. The medical office buildings sold for about $463 million, according to NexCore, which will manage the facilities moving forward. Allianz Real Estate provided $234 million in acquisition financing on behalf of NexCore and Nuveen for the medical office portfolio. The financing is structured on a seven-year term with both a fixed-rate tranche totaling $163.8 million and a floating-rate tranche totaling $70.2 million. Chicago-based Nuveen is using equity for the medical office assets via its newly launched U.S. Cities …

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River-Park-Austin copy
Market ReportsOfficeTexasTexas Market Reports

Three Trends That Are Influencing Commercial Real Estate Design in Austin

by Taylor Williams

By Travis Albrecht, design director, AIA, Gensler Austin is bursting at the seams — just ask anyone who is currently trying to buy a home here. According to the latest U.S. Census Bureau figures, the city’s population has increased by 22 percent since 2010. The city will continue to grow and evolve, but people are attracted to its longstanding welcoming and laid-back culture. How does that translate into design and urban planning for this expanding, vibrant metropolis? Here are the major trends impacting design across commercial real estate in Austin that we have seen in our work as architects and designers, as well as insights gleaned from clients. Experiential Office Buildings As we adapt to a hybrid lifestyle where the workforce is split between the office and home, the role of the workplace and the office building will be to strengthen relationships, teach others and build community, culture and purpose. People want to work in dynamic, activated environments, which is why today’s successful office buildings and workplaces are now included within mixed-use developments, rather than as standalone campuses or office parks. Ground floors must be activated with retail space, service amenities, artwork, community or public gathering areas, even when workers …

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