WYOMING, MICH. — 3 Gatos Brewery has opened its first location within Chateau Centre at 1760 44th St. in Wyoming, a southern suburb of Grand Rapids. At 3 Gatos Brewery, the food and beer are influenced by Brazilian and German cultures. The founders, Linus and Renata De Paoli, named the brewery after their three cats. Rod Alderink of NAI Wisinski of West Michigan represented the undisclosed landlord. Todd Roesler of Keller Williams GR East represented the tenant.
ATLANTA — Atlanta-based Home Depot (NYSE: HD) reported a drop of 5.8 percent in customer transactions in its fiscal second quarter that ended in August 2021, but the average ticket of customer sales was 11.3 percent larger than last year. As people go back to working in an office after working from home since the beginning of the pandemic, fewer shoppers visited Home Depot during the fiscal second quarter due to less interest in do-it-yourself projects, according to CNBC. The home improvement retailer reported $41.1 billion in sales during its fiscal second quarter, which was 8.1 percent higher than the same period in 2020. Last year, the retailer’s revenue was approximately $38.05 billion. According to a Refinitiv survey, the retailer’s second-quarter revenue was higher than what Wall Street expected at $40.79 billion. Additionally, Home Depot’s earnings per share was $4.53, which was higher than the $4.44 expected by Wall Street. Home Depot’s same-store sales are up 3.4 percent from the second quarter of 2020 to the second quarter of 2021 but it’s less than the 25 percent jump from the second quarter of 2019 to the same period in 2020. Home Depot’s stock price closed on Wednesday, Aug. 18 at …
MAGNOLIA, TEXAS — Austin-based Stratus Properties (NASDAQ: STRS) has received construction financing for the initial phase of Magnolia Place, a mixed-use development located northwest of Houston. Veritex Community Bank provided the three-year, $14.8 million construction loan for Phase I. The first phase of development will revolve around the construction of two retail buildings totaling 19,000 square feet, five pad sites and various pieces of infrastructure. In addition, construction is underway on a 95,000-square-foot store for regional grocer H-E-B at the adjoining 18-acre site. At full buildout, Magnolia Place will consist of four retail buildings totaling 35,000 square feet, five retail pad sites, 194 single-family homes and 500 multifamily units.
KELLER, TEXAS — Locally based developer Realty Capital Management and South Carolina-based Greystar are underway on construction of Keller Center Stage, a 38-acre mixed-use project on the northern outskirts of Fort Worth. The initial phase will consist of The Lyric at Keller Center Stage, a multifamily community with Class A amenities that is being developed by Greystar, as well as 24,000 square feet of commercial space and a community event lawn. The latter two elements are expected to be complete by the third quarter of next year, while the apartment community is slated for full completion in the third quarter of 2023. At full buildout, Keller Center Stage will comprise 475 multifamily units, 57 single-family homes and 60,000 square feet of office, retail and restaurant space.
HOUSTON — Colliers International has negotiated a full-building, 134,800-square-foot industrial lease at Langfield Distribution Center in Houston. The newly built property sits on 8.5 acres and includes 32-foot clear heights, 56 employee parking spaces and 33 trailer parking stalls. John Nicholson and Trey Horne of Colliers represented the landlord, Boston-based Cabot Properties, in the lease negotiations. Billy Gold of CBRE represented the tenant, JFC International, a wholesaler and distributor of Asian food products.
GRAND PRAIRIE, TEXAS — Fidelity Paper & Supply, a distributor of packaging supplies and materials, has signed a 107,082-square-foot lease within Heller Industrial Park in the central metroplex city of Grand Prairie. John Brewer and Riley Maxwell of Transwestern represented the landlord in the lease negotiations. Cameron Rogers with Rubicon Representation represented the tenant.
PHILADELPHIA — Locally based investment firm Equus Capital Partners has sold Hill House, a 188-unit high-rise apartment complex in Philadelphia’s Chestnut Hill neighborhood. The property offers studio, one-, two- and three-bedroom units with stainless steel appliances and quartz countertops. Amenities include a pool, fitness center, resident lounge, coffee bar, private library and an outdoor courtyard with grilling areas. Erin Miller, Lizann McGowan and Marybeth Farris of Newmark brokered the deal. Sentinel Real Estate Corp. purchased Hill House, which was 99 percent occupied at the time of sale, for an undisclosed price. Equus originally acquired the property in 2015 and invested $3.7 million in capital improvements over the course of the holding period.
LOS ANGELES — Standard Communities and Faring have formed a joint venture with plans to create more than $2 billion of middle-income housing across California over the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up construction of middle-income rental housing and the acquisition and conversion of existing market-rate properties. The partnership recently created more than 650 units of dedicated middle-income housing in Southern California with a total capitalization of over $400 million. The transactions utilized tax-exempt bond financing provided by CSCDA Community Improvement Authority, a state program that seeks to improve the availability of housing for Californians earning approximately the same as the area median income (AMI). Upon taking ownership, CSCDA Community Improvement Authority worked with Standard-Faring Essential Housing as project administrator to immediately lower rents for new residents who qualify with incomes between 80 percent and 120 percent of AMI. “By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers can afford to live near their jobs in the communities they serve,” says Jeffrey Jaeger, principal and co-founder of Standard Communities. “This joint venture will provide …
RANDOLPH, N.J. — Developer Value Cos. has broken ground on the final phases of Gateways at Randolph, a rental community in Northern New Jersey. The final phases will deliver 104 two-bedroom residences across four buildings and a 7,000-square-foot leasing office. Upon full completion, Gateways at Randolph will consist of more than 1,000 units, with the newest residences ranging in size from 981 to 1,100 square feet. Communal amenities include a pool, fitness center, playground, volleyball court and grilling areas.
By Jason Krug, Berkadia Sunbelt states are top of mind for multifamily investors these days, as COVID-19 has accelerated the trend of renters leaving major cities in search of more space and a better cost of living. Of course, the allure of sunshine and warm weather is hard to compete with, but cities across the Midwest are also seeing a spike in interest from renters and investors and chief among them is Detroit. There has been overwhelming interest in multifamily opportunities in and around the city, as investors looking for yield move beyond core and core-plus markets in search of real value deals, which Detroit has aplenty. So, what’s driving this interest, and why should more investors be paying attention to Detroit? There are a few key reasons. Solid fundamentals Limited supply of new units being delivered across the state will continue to drive organic rent growth. As is the case across the country, there is a shortage of housing throughout Detroit and the metro area. Although Detroit’s population growth is smaller compared to the South and Southeast, the region has a fraction of the units coming out of the ground as the South and Southeast, paving the way for …
