Property Type

Stonelake Capital Partners Buys Renovated Industrial Building in Gilbert, Arizona for $11.5M

by Amy Works April 7, 2022

GILBERT, ARIZ. — Dallas-based Stonelake Capital Partners has purchased a renovated industrial property located at 1503 W. San Pedro St. in Gilbert. Pallisides Trust sold the vacant asset for $11.5 million. Situated on five acres, the 65,531-square-foot building features 9,000 square feet of office space, 24-foot clear heights, LED lighting, air conditioning, a secured yard with motorized gate, advanced security system, new asphalt parking lot, multiple cranes, air compressors and grade-level loading. The property also includes 1.5 acres of excess yard. Phil Haenel, Mike Haenel and Andy Markham of Cushman & Wakefield’s Phoenix office represented both parties in the deal.

April 7, 2022

Acquisitions Industrial New Jersey Northeast Self-Storage

Storage Post Acquires Self-Storage Facility in Linden, New Jersey

by Taylor Williams April 7, 2022

LINDEN, N.J. — Storage Post, an Atlanta-based self-storage owner-operator, has acquired a facility located at 1051 Edward St. in the Northern New Jersey community of Linden. The number of units was not disclosed, but the property spans approximately 107,000 square feet of net rentable climate-controlled space. The seller was also not disclosed. Storage Post will assume operations of the property, which previously conducted business under the Public Storage brand.

April 7, 2022

Industrial Loans Massachusetts Northeast Self-Storage

Talonvest Capital Arranges $23.1M Acquisition Loan for Metro Boston Self-Storage Facility

by Taylor Williams April 7, 2022

QUINCY, MASS. — Boutique commercial advisory firm Talonvest Capital has arranged a $23.1 million acquisition loan for a 1,351-unit self-storage facility located in the southern Boston suburb of Quincy. The climate-controlled property spans 103,562 net rentable square feet. An undisclosed life insurance company provided the nonrecourse loan, which carried a four-year term and three years of interest-only payments, on behalf of the borrower, Madison Capital Group.

April 7, 2022

Company News Lument Massachusetts Northeast Office

Lument Opens New Office in Downtown Boston

by Taylor Williams April 7, 2022

BOSTON — Lument, a commercial real estate lender based in New York City, has opened a new office at 10 Arch St. in downtown Boston. The Boston team will focus primarily on originating agency loans and proprietary capital for institutional and private multifamily owners. Brian Sykes, a 30-year industry veteran, will lead the new office along with managing director Jon Wood. The duo previously worked together for nearly 10 years at Capital One and at Deutsche Bank. Rounding out the team are director Tim Smits; vice president Mike McNeill; assistant vice president Mitchell Goldenberg; and administrative assistant Christine Mahoney. Lument has about 30 offices across the country.

April 7, 2022

Acquisitions Company News Retail Texas Top Stories

Dave & Buster’s Agrees to Acquire Entertainment Concept Main Event for $835M

by Katie Sloan April 7, 2022

DALLAS AND COPPELL, TEXAS — Dave & Buster’s Entertainment Inc. (NASDAQ: PLAY) has agreed to acquire family entertainment concept Main Event for $835 million in an all-cash transaction. The seller is a joint venture between Ardent Leisure Group Limited and Red Bird Capital Partners, and the deal is expected to close later this year. Chris Morris, current CEO of Main Event, will serve as CEO of the combined entity upon closing. The move ends the search for a new Dave & Buster’s CEO, which has been ongoing for approximately seven months following the retirement of Brian Jenkins. The purchase price represents a valuation of approximately nine times Main Event’s 12-month adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) as of Dec. 31. Deutsche Bank Securities Inc., JPMorgan Chase Bank, N.A. and BMO Capital Markets Corp. are the joint lead arrangers and joint book-runners on the transaction. “From a strategic fit perspective, Main Event’s business model, footprint and asset quality aligns well with Dave & Buster’s,” says Kevin Sheehan, board chair and interim CEO of the Coppell-based buyer. “Main Event targets a different demographic — families with younger children — while Dave & Buster’s primarily targets young adults,” he continues. …

April 7, 2022

Industrial Market Reports Midwest Midwest Market Reports NAI Office Ohio

The Secret Is Out About Investment in Columbus, Ohio

by Kristin Harlow April 7, 2022

There was a time when an investment in the Columbus, Ohio commercial real estate market had to be justified to outsiders and required a higher return to attract investors. After all, it sits squarely in “fly-over country” in the heart of the rust belt. With the exception of getting a superior return, why would an investor choose Columbus, over say, New York or Chicago? But that’s all changed. Cap rates are now as low as, or lower than, other major markets. Investors have been driven to those markets, despite having a lower cap rate, because they knew rent growth was continuous and the sales price would appreciate over time. For decades, Columbus’ sales prices had remained stagnant due to a lack of increase in lease rates. However, over the past two years, lease rates have been rapidly increasing in the industrial market, and projections expect that trend to continue. The Columbus office market hasn’t seen the same rental appreciation — yet. But projections indicate that there will be rental appreciation in office as well, mostly due to increased demand and lack of speculative development over the past two years, but also due to rising land and construction costs. Because of …

April 7, 2022

Development Loans Office Texas

Granite Properties Receives Construction Financing for 626,215 SF Uptown Dallas Office Project

by Taylor Williams April 6, 2022

DALLAS — National development and investment firm Granite Properties has received an undisclosed amount of construction financing for 23Springs, a 626,215-square-foot office project in Uptown Dallas. Arkansas-based Bank OZK provided the financing for the 26-story building and has also committed to leasing four floors totaling 110,029 square feet upon completion in early 2025. Construction is set to begin in June. GFF Architects is designing 23Springs, and DPR Construction is serving as the general contractor. Amenities will include an indoor lounge with a golf simulator, conference center, outdoor workspaces, two restaurants, coffee and wine bar and a half-acre park. Robert Blount of JLL represented Bank OZK in the lease negotiations. Jim Curtin of JLL arranged the loan on behalf of Granite Properties.

April 6, 2022

Illinois Midwest Retail

Brookfield Properties Turns Over Water Tower Place Mall in Downtown Chicago to Lender

by Kristin Harlow April 6, 2022

CHICAGO — Brookfield Properties is turning over Water Tower Place to its lender, a unit of insurer MetLife, according to reports by the Chicago Sun-Times and Crain’s Chicago Business. The two media outlets report that the action indicates that the shopping mall is worth less than the estimated $300 million in debt owed on it. Situated on North Michigan Avenue in downtown Chicago, the mall lost its anchor tenant Macy’s last year. The property, which was the city’s first indoor mall when it opened in 1975, rises nine stories and spans 818,000 square feet. Today, nearly a quarter of all of Chicago’s Magnificent Mile retail space is vacant, more than double its vacancy four years ago, according to Crain’s.

April 6, 2022

Development Illinois Industrial Midwest

Contegra Underway on 800,000 SF Spec Distribution Center Near St. Louis

by Kristin Harlow April 6, 2022

EDWARDSVILLE, ILL. — Contegra Construction Co. is underway on Gateway Commerce Center in Edwardsville near St. Louis. The 800,000-square-foot speculative distribution center is slated for completion this fall. EQT Exeter is the developer. Upon completion, the project will feature 146 dock doors, four drive-through doors, 3,000 square feet of office space, a specialized HVAC system and parking for 206 trucks and 538 cars.

April 6, 2022

Affordable Housing Development Midwest Multifamily Wisconsin

McShane to Begin Construction of 172-Unit Affordable Housing Community in Sun Prairie, Wisconsin

by Kristin Harlow April 6, 2022

SUN PRAIRIE, WIS. — Developer Roers Cos. has selected McShane Construction Co. to build The Wildwood at Main, a 172-unit affordable housing community in Sun Prairie, a northeast suburb of Madison. The two-building property will be constructed atop an underground parking garage. Amenities will include a clubroom, fitness room, playground and outdoor grill area. Korb + Associates is the architect. The project was designed to achieve Wisconsin Green Built Home certification. Completion is slated for August 2023. Income restrictions for units were not provided.

April 6, 2022

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