NEWARK, N.J. — OneWall Communities, a Connecticut-based owner-operator, has sold two workforce housing buildings totaling 191 units in Newark for $30 million. The properties primarily house one- and two-bedroom units. Jeffrey Dunne, Jeremy Neuer, Steve Bardsley, David Gavin, Rich Gatto, Fahri Ozturk, Travis Langer and Zach McHale of CBRE represented OneWall Communities in the transaction. The team also procured the undisclosed buyer, which plans to implement a value-add program.
SHAWNEE, KAN. — Hunt Midwest is building Heartland Logistics Park on a 113-acre site in Shawnee. The project represents the developer’s first industrial project in the state of Kansas. The site will support up to 1.5 million square feet of industrial space across three to four buildings. Construction is set to begin this month on the first speculative building, which will span 574,732 square feet and feature a clear height of 36 feet, 58 loading dock positions, 69 trailer parking spaces and 230 car parking spaces. Completion of the first building is slated for March 2023. The project team includes civil engineer Renaissance Infrastructure Consulting, architect Finkle + Williams Architecture and general contractor Brinkmann Constructors. Ed Elder and John Stafford of Colliers will market the project for lease.
VERSAILLES, OHIO — Hotel Versailles is set to open this May at 22 N. Center St. in Versailles, about 45 miles north of Dayton. The 30-room boutique hotel will feature Silas Creative Kitchen + Cocktails, a restaurant from Chef Aaron Allen, and the 1819 Room, which offers meeting and event space for up to 200 guests. Local firm Kimberly O. Design served as architect. Local Ohio companies and artisans made all the furnishings and artwork adorning the property. Renaissance Corp., a subsidiary of Midmark Corp., owns the hotel. The site was most recently home to the Inn at Versailles, which closed in 2019 after experiencing a substantial fire.
FREMONT, IND. — Marcus & Millichap has arranged the $4.9 million sale-leaseback of a 129,920-square-foot industrial building in Fremont, a city in northeast Indiana that is a few miles south of the Michigan state line. Koester Metals Inc. (KMI) occupies the property, which is located at 301 W. Water St. and was built in 1975. Nikalos Beery, Joseph DiSalvo and Forest Bender of Marcus & Millichap represented KMI in the transaction. Aaron Kuroiwa, Jack Friskney and Austin Meeker of Marcus & Millichap secured and represented the buyer, a limited liability company.
WICHITA, KAN. — SVN | Chicago Commercial has brokered the sale of a 15,120-square-foot retail property occupied by Walgreens in Wichita for $4.4 million. The net-leased property is located at 333 W. 13th St. Tim Franz of SVN represented the undisclosed seller. A California-based private equity group was the buyer.
MEDWAY, MASS. — JLL has negotiated the $21.7 million sale-leaseback of a 120,000-square-foot industrial flex building located in Medway, about 35 miles southwest of Boston. Built on nine acres in 1983, the property consists of 85,000 square feet of warehouse space and 35,000 square feet of newly renovated office space. Coler Yoakam, Michael Restivo, Martha Nay, Lenny Pierce and Sean Lync of JLL represented the seller and occupant, global IT firm Spencer Technologies, in the transaction. Amy Lousararian led a JLL team that arranged $14.5 million in acquisition financing through HarborOne Bank on behalf of the buyer, Dallas-based Lincoln Property Co.
SAGINAW, MICH. — Carelinc Medical Equipment, a home medical equipment supply company, has signed a 12,250-square-foot retail lease at Fashion Square West, a retail strip center in the Mid-Michigan city of Saginaw. David Depodesta and James Mitchell of Dominion Real Estate Advisors LLC worked alongside Michele Rosenblum of Lee & Associates and Earl Clements of Clements Realty on the five-year lease. Clements represented the tenant. The owner of the property was not released.
NEW YORK CITY — Locally based brokerage firm Rosewood Realty Group has arranged the $5.4 million sale of a portfolio of three multifamily properties totaling 18 units, as well as six retail spaces, in Brooklyn’s Sunset Park neighborhood. The buildings were all constructed in 1931 and house two-bedroom units that are rent-stabilized. Greg Corbin and Chaya Milworn of Rosewood Realty Group represented the buyer and seller, both of which requested anonymity, in the transaction.
DALLAS — Regent Properties has acquired Trammell Crow Center, a 50-story, 1.2 million-square-foot office tower located at 2001 Ross Ave. in downtown Dallas. The property is among the tallest buildings in the city. Regent purchased the skyscraper from a group of institutional investors advised by J.P. Morgan Global Alternatives. While terms of the transaction were not released, The Dallas Morning News reports that the Class A tower, along with a retail building and parking garage across the street, sold for more than $600 million. The property recently underwent $180 million in renovations, which included the development of a 2,000-space parking garage, 10,000-square-foot athletic club, 10,000-square-foot conference center, tenant lounge, outdoor gathering areas and 32,000 square feet of retail space. The acquisition also includes the adjacent full city block situated at 2000 Ross Ave., which can accommodate a new residential or office tower. The site is also home to a JW Marriott slated to open in 2023, which was not included in the sale. “Last year we set an objective to invest more than $2 billion in high-quality office real estate across Texas and the Sun Belt regions,” says Eric Fleiss, CEO of Regent Properties. “The purchase of this iconic asset during a …
2021 has been an absolute whirlwind for the Minneapolis-St. Paul (MSP) industrial market. Plunging cap rates, liquidity growing faster than ever and a sharply felt shortage of new supply have defined the last year and will continue to define 2022. New faces on the development side are entering the market right and left to capture the huge profits to be had from the supply/demand imbalance. New construction has been stabilizing in six to eight months and institutions have ear-marked MSP as a forward-sale market. The following are a few of the salient trends that should be considered when contemplating the MSP industrial market. Liquidity growth Since the last trough in 2016, the MSP industrial market has experienced an average 30 percent year-over-year growth in sales volume. 2021 experienced nearly half a billion dollars more in industrial investment sales than 2020, according to Real Capital Analytics. Cap rate compression Over the last year, the MSP industrial market has experienced change unlike in any other year. Entering 2021, the low-water stabilized cap rate was 5.15 percent, but by year-end, that had sunk 82 basis points to 4.33 percent. Warehouse rates in the $8 to $9 NNN range, once rare, are now commonplace; …