Friday, July 11, 2025
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IndustrialMarket ReportsMidwestMidwest Market ReportsOfficeOhioRetail

Commercial Real Estate Fundamentals Stay Steady in Akron, Ohio

by Kristin Harlow

By Jerry Fiume, SVN Summit Commercial Real Estate Advisors You’ve heard it before. In Akron, everything is earned, and nothing is given. No quote better represents the fabric of the City of Akron, Summit County and Northeast Ohio. Aside from an unstoppable work ethic, the other key characteristic of our marketplace is one of steady consistency. Our pricing is steady, our cap rates are steady and our opportunities are steady. With that said, there is a renaissance underway in our area. Akron is experiencing residential growth driven by a 15-year, 100 percent residential tax abatement program for all new residential and multifamily construction. This also applies to recent rehabilitation work, helping Akron stand out as a competitive and attractive place to invest in real estate. Plus, increased residential investment will continue to attract more commercial investment. Akron has made a significant investment in its downtown neighborhood, spurring significant residential, retail and office growth. The city invested $30 million to facelift Main Street, including several significant mixed-use projects like The Bowery and the 159, creating a better-looking, more walkable downtown that is becoming a premier place to live. Hundreds of new apartments have been constructed in former office buildings, and hundreds …

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FeaturesHospitalityOfficeRetail

Does Your Property Tax Assessment Reflect COVID-19’s Long-Term Challenges?

by John Nelson

Countless companies have seen their top and bottom lines decimated by COVID-19-related shutdowns, travel restrictions and changing consumer preferences since the start of the pandemic. Yet for many taxpayers, property tax values have changed little or even increased. Many of these taxpayers have been surprised to receive property tax bills that do not reflect the real and lingering economic challenges that the retail, hospitality, office and other industries have, are and will continue to face. These taxpayers — and even those in industries better suited to weather the storm — should give special attention to ensuring they receive fair and reasonable assessments. Observe Valuation Dates, Notices and Appeal Deadlines With a large percentage of employees working remotely, together with an inconsistent postal service, it is more important than ever to have dedicated employees and knowledgeable property tax professionals reviewing property value assessments annually and filing timely protests when warranted. Failure to receive a tax valuation notice rarely excuses a missed protest deadline, so it is vital to know and comply with applicable deadlines. Many property tax bills issued in 2020 were based on statutory valuation dates that preceded the emergence of COVID-19. For instance, assessors working under a valuation date …

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Oasis-Anaheim-CA
AcquisitionsCaliforniaMultifamilyWestern

Gelt Acquires The Oasis Anaheim Apartment Community in California for $146.5M

by Amy Works

ANAHEIM, CALIF. — Gelt, a Los Angeles-based, value-add real estate investor, has purchased The Oasis Anaheim, a transit-oriented apartment property in the northeast area of Anaheim. Redhill Realty Investors sold the asset for $146.5 million. Built in 2009 on 5.2 acres, The Oasis Anaheim features 312 apartments spread across two four- and five-story buildings in a mix of loft, townhome, one- and two-bedroom layouts. On-site amenities include a resort-style pool, fitness center/yoga studio, clubhouse, recycling services, a business center, barbecue grills and 626 parking spaces. The community is located at 3530 E. La Palma Ave. Sean Deasy, Ryan Fitzpatrick and Chelsea Jervis of JLL represented the buyer and seller in the transaction.

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CaliforniaColoradoLoansMultifamilySeniors HousingWesternWyoming

Capital Funding Group Provides $262.6M Refinancing for Skilled Nursing Portfolio in Colorado, California, Wyoming

by Amy Works

BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group.

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AcquisitionsMultifamilyNew MexicoWestern

HiCap Management Sells Two-Property Multifamily Portfolio in Albuquerque

by Amy Works

ALBUQUERQUE, N.M.— HiCap Management has completed the sale of a two-property apartment portfolio in Albuquerque. A private buyer acquired the two assets, totaling 196 units, for an undisclosed price. The portfolio includes the 136-unit Chelsea Village Apartments and the 60-unit Marquee Village Apartments. Chelsea Village Apartments was built in phases between 1964 and 1968 and Marquee Village was built in 1950. Chelsea Village consists of 13 two-story buildings and offers a mix of one-, two- and three-bedroom layouts, while Marquee Village consists of two two-story buildings with a mix of one- and two-bedroom townhouses. HiCap renovated the common spaces and upgraded selected units at the properties, which the company acquired in 2017 and 2018. Erik Olson and Billy Eagle of CBRE represented the seller and buyer in the deal.

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Company NewsRetailWashingtonWestern

Amazon to Hire 125,000 Employees for Local Opportunities Across the U.S.

by Amy Works

SEATTLE — Amazon (NASDAQ: AMZN) will add 125,000 local employment opportunities through the United States, on top on the 40,000 corporate and technology positions the company announced in early September. The new roles in fulfillment and transportation offer an average starting wage of more than $18 per hour, and up to $22.50 per hour in some locations. Additionally, the company provides full-time employees with comprehensive benefits from day one, including health, vision and dental insurance; 401(k) with 50 percent company match; up to 20 weeks paid parental leave; and Amazon’s Career Choice program that pays full college tuition for the company’s full-line employees. Employment opportunities are available in hundreds of cities and towns across the country. Some states with the most roles include Arizona, California, Colorado, Florida, Georgia, Illinois, Indiana, Kentucky, Maryland, Michigan, New Jersey, New York, North Carolina, Ohio, Pennsylvania, Tennessee, Texas and Washington. In 2021, Amazon opened more than 250 new fulfillment centers, sortation centers, regional air hubs and delivery stations in the United States and will open over 100 more buildings in September alone.

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409-E-Whitcomb-Ave-Tonasket-WA
AcquisitionsNet LeaseRetailWashingtonWestern

Marcus & Millichap Arranges $1.1M Sale of Retail Property in Tonasket, Washington

by Amy Works

TONASKET, WASH. — Marcus & Millichap has brokered the sale of a retail building, located at 409 E. Whitcomb Ave. in Tonasket. A limited liability company sold the asset to another limited liability company for $1.1 million. U.S. Bank occupies the 4,754-square-foot property under a net-lease basis. The bank has operated at the location for 35 years and recently executed a five-year lease extension. The property recently underwent an interior remodel. Clayton Brown and Ruthanne Romero of Marcus & Millichap represented the seller and buyer in the deal.

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Pepsi Distribution Facility
AcquisitionsIndustrialLouisianaSoutheast

Stirling Properties Purchases 140,000 SF Pepsi Distribution Center in Livingston, Louisiana

by Julia Sanders

LIVINGSTON, LA. — Stirling Properties has purchased the Pepsi Distribution Center, a 140,000-square-foot industrial facility located at 28517 S. Front Road in Livingston. Heck Realty/Raymond Heck sold the property for an undisclosed price. Built in 2016, the Pepsi Distribution Center sits on 15 acres and is located along the Interstate 12 corridor. The facility is fully occupied by PepsiCo. Inc. and serves as a logistics hub for PepsiCo brands, including Gatorade, Frito-Lay, Starbucks and Mountain Dew. The facility services the greater Baton Rouge, New Orleans and southeast Louisiana areas. Townsend Underhill of Stirling Properties will serve as the asset manager for the property. Beezie Landry, Justin Langlois and Chad Rigby of Stirling Investment Advisors, a division of Stirling Properties, handled the sales transaction.

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Horseshoe at Hub RTP
DevelopmentMixed-UseNorth CarolinaSoutheast

White Point Unveils Plans for 125,000 SF Horseshoe at Hub RTP Mixed-Use Project in Durham

by Julia Sanders

DURHAM, N.C. — White Point Partners has unveiled plans for a 125,000-square-foot mixed-use development in Durham called Horseshoe at Hub RTP. The name of the development emphasizes the layout of the project, with the buildings’ focus on the central plaza. Sitework at Hub RTP is expected to be completed in the second quarter of 2022, while the $50 million Horseshoe mixed-use project is expected to be complete in the third quarter of 2023. Horseshoe will be at the center of Hub RTP, a two-phase, 100-acre development that the Research Triangle Foundation is master developing within Research Triangle Park. Horseshoe, being built in Phase I of Hub RTP, will feature approximately 25,000 square feet of retail space surrounding an outdoor plaza. The master plan for Hub RTP will deliver up to 1 million square feet of Class A office space, 200,000 square feet of lab and office space, 75,000 square feet of retail and restaurants, up to two hotels and 800 residential units. Horseshoe is situated between Highway 54 and Interstate 40 directly off the Davis Drive exit. The property has 16 acres of greenspace with streamside trails and boardwalks, including a splash fountain and event lawn adjacent to Horseshoe. CBRE …

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225 North Calvert
AcquisitionsMarylandMultifamilySoutheast

JLL Arranges Sale of 347-Unit Apartment Tower in Baltimore’s Inner Harbor District

by Julia Sanders

BALTIMORE — JLL has arranged the sale of 225 North Calvert, a 347-unit, 17-story apartment tower in the Inner Harbor district of downtown Baltimore. Broadshore Capital Partners, in a joint venture with an undisclosed investment partner, purchased the property for an undisclosed price. Scott Clukies of Broadshore led the firm on the sales transaction. Walter Coker, Brian Crivella and Robert Jenkins of JLL represented the seller, CP Capital US, formerly known as HQ Capital Real Estate. 225 North Calvert features a mix of one- and two-bedroom residences designed with floor-to-ceiling windows, balconies and an in-unit washers and dryers. Community amenities include a rooftop terrace with a swimming pool and lounge area, community game room, multimedia theater, health club, a pet exercise area and grooming stations. The property is located close to the National Aquarium, Oriole Park at Camden Yards and the Baltimore Ravens home arena, M&T Bank Stadium. The apartment community is also situated adjacent to Mercy Hospital. In 1967, 225 North Calvert was constructed as an office building, and in 2018, CP Capital completed a renovation converting the property to a Class A apartment tower. In addition to 347 apartment residences, the building also provides 9,535 square feet of …

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