Property Type

JLL Arranges $22M Acquisition Loan for Philadelphia-Area Light Industrial Portfolio

by Taylor Williams March 8, 2022

PHILADELPHIA — JLL has arranged a $22 million acquisition loan for a portfolio of six light industrial properties totaling 251,922 square feet in the Philadelphia area. Specifically, the properties are located in Pennsauken, Moorestown and Marlton, N.J., and Boothwyn and Reading, Pa. The properties are primarily leased to electronics manufacturer Syscom Tech and industrial machinery provider Flowserve Corp. Steven Klein, Michael Klein and Ryan Carroll of JLL arranged the nonrecourse loan through Ready Capital on behalf of the borrower, Wharton Industrial, an affiliate of New York City-based Wharton Equity Partners. The loan was structured with a floating interest rate and a four-year term.

March 8, 2022

328-330-Cambridge-St.-Burlington-Massachusetts

Acquisitions Massachusetts Northeast Office

Newmark Brokers $14.3M Sale of Office Building in Burlington, Massachusetts

by Taylor Williams March 8, 2022

BURLINGTON, MASS. — Newmark has brokered the $14.3 million sale of a 21,000-square-foot office building in the northern Boston suburb of Burlington. Built in 2020, the single-story building was designed to accommodate its sole tenant, the Commonwealth of Massachusetts’ Department of Children & Families. Robert Griffin, Michael Greeley, Joseph Alvarado, George Demoulas, Casey Valente, Andy Gallas and Gino Tabbi of Newmark represented the seller and procured the 1031 buyer in the transaction.

March 8, 2022

Features Heartland Feature Archive Multifamily

Multifamily Brokers Anticipate Another Busy Year Despite High Inflation, Expected Interest Rate Hikes

by Kristin Harlow March 8, 2022

While 2021 was a record year for multifamily investment sales, brokers see no sign of a slowdown. Some dealmakers anticipate that 2022 could be an even bigger year. In 2021, U.S. multifamily property and portfolio sales nationally totaled $335.3 billion, up 128 percent over the prior year, according to Real Capital Analytics. In 2021, Chicago-based Interra Realty sold or put under contract more than $527 million of apartment properties on behalf of clients, representing just under 3,000 units. Brad Feldman, senior managing partner, says that while some of those transactions carried into 2022, the total amount sold or under contract so far this year is more than 83 percent of the 2021 sales total. In one particular deal in 2021, Feldman represented a family trust in its sale of a Chicago multifamily property for the first time in 50 years. Situated in the city’s Lakeview neighborhood, the building features 21 apartment units and two commercial spaces. A private buyer paid $5.2 million for the asset and plans to renovate the units, hallways and common areas. Feldman completed about 30 showings and received more than six written offers. While today’s market tends to favor sellers, both sides of the transaction are …

March 8, 2022

Acquisitions Development Midwest Mixed-Use Ohio Retail Top Stories

MarketSpace Capital, Park Harbor Capital Complete Purchase of Tri-County Mall Near Cincinnati, Plan $1B Redevelopment

by John Nelson March 8, 2022

SPRINGDALE, OHIO — MarketSpace Capital and Park Harbor Capital, two private real estate investment and development firms based in Texas, have officially closed on their purchase of Tri-County Mall, an enclosed, 1.3 million-square-foot regional shopping center in the Cincinnati suburb of Springdale. The co-developers plan to transform the mostly vacant mall into a $1 billion redevelopment project housing residences, offices, restaurants, shops, a school, entertainment venues and green space. The redevelopment received unanimous approval from the Springdale City Council about 10 weeks ago. MarketSpace and Park Harbor are set to begin construction later this year on Phase I, which will include 450 apartments, 40,000 square feet of retail space and restaurants and 110,000 square feet of recreational space, including a 38,000-square-foot fitness center. Several health and wellness amenities will also feature in the initial phase, including walking and cycling trails and a park. Several local companies are involved in this project, including THP as the structural engineer and The Kleingers Group as the civil and traffic engineer. BHDP, whose founders designed the original mall in the late 1950s, will serve as the prime architect, with Human Nature serving as the landscape architect. BSB Group International will lead branding and marketing …

March 8, 2022

Development Office Texas

Cielo Property Group Reveals New Plans, Name for 46-Story Office Tower in Downtown Austin

by Taylor Williams March 7, 2022

AUSTIN — Cielo Property Group has revealed updated plans for its 46-story office tower in downtown Austin. With site plan approval now in place, the locally based developer has announced that the groundbreaking will occur this summer and that the 750,000-square-foot building will be branded Perennial. Cielo acquired the site, which comprises the southern end of a full city block, in phases over the last two years. Perennial represents the first phase of a larger development that was initially planned to feature a second office tower on the north end of the block. Cielo has since pivoted and is now formulating plans for a residential/hotel tower for that component of the site.

March 7, 2022

Development Industrial Texas

Jackson-Shaw to Develop 224-Acre Industrial Park in Metro Austin

by Taylor Williams March 7, 2022

GEORGETOWN, TEXAS — North Texas-based developer Jackson-Shaw has purchased 224 acres in the northern Austin suburb of Georgetown for the development of a business park that will be known as CrossPoint. Phase I of CrossPoint will consist of three buildings totaling 488,000 square feet on a 61.7-acre tract. In addition, Onx Homes has signed a 204,000-square-foot lease to occupy Building 1 in the initial phase of development. Joeris is the general contractor, with Powers Brown as the architect and Pacheco Koch as the civil engineering firm. CrossFirst Bank is providing construction financing, and CBRE has been tapped to lease the project. Diamond Realty is the equity partner. Construction of Phase I is slated to begin in April and be complete in the second quarter of 2023.

March 7, 2022

Development Multifamily Texas

Ryan Cos. Breaks Ground on 345-Unit Apartment Community in Austin’s Mueller District

by Taylor Williams March 7, 2022

AUSTIN, TEXAS — Minneapolis-based developer Ryan Cos. has broken ground on a 345-unit apartment community located in Austin’s Mueller District. The project will consist of two three- and five-story buildings with 2,500 square feet of retail space on the ground floor. Units will feature one-, two- and three-bedroom floor plans, with 15 percent (about 50) of residences reserved for renters earning up to 60 percent of Austin’s area median income. Specific amenities were not disclosed, but the developer stated that the project will offer outdoor gathering spaces, coworking spaces, a rooftop deck and pet care facilities. Completion is slated for late 2023.

March 7, 2022

Acquisitions Industrial Texas

Arden Group Acquires 203,421 SF Industrial Complex in Northeast Houston

by Taylor Williams March 7, 2022

HOUSTON — Arden Logistics Parks, a division of Philadelphia-based investment firm Arden Group, has acquired a two-building, 203,421-square-foot industrial complex in northeast Houston. Built in 1999 and renovated in 2008 and 2014, the property features 24- to 30-foot clear heights. Rusty Tamlyn, Trent Agnew, Charlie Strauss and Jack Moody of JLL represented the undisclosed seller in the transaction. James Brolan and John David Johnson of JLL arranged the financing on behalf of Arden Logistics Parks.

March 7, 2022

Company News Healthcare Texas

Realty Trust Group Expands to Texas, Opens Houston Office

by Taylor Williams March 7, 2022

HOUSTON — Realty Trust Group, a healthcare real estate advisory firm with six offices across the Southeast, has expanded into Texas with the opening of a new office at 2200 Post Oak Blvd. in Houston’s Galleria neighborhood. Services offered will include healthcare real estate advisory, market analytics, project development, brokerage, property management and regulatory compliance support. Craig Flanagan, an industry veteran who joined Realty Trust Group in 2012, will lead the new office.

March 7, 2022

Delaware Industrial Loans Northeast

IPA Arranges $138M Loan for Refinancing of Industrial Portfolio in New Castle, Delaware

by Taylor Williams March 7, 2022

NEW CASTLE, DEL. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged a $138 million loan for the refinancing of a portfolio of 14 industrial properties spanning 2.2 million square feet in New Castle. James Conley and Neil Campbell of IPA arranged the loan through Barclays and Citibank on behalf of the undisclosed borrower.

March 7, 2022

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