ARMONK, N.Y. — Global logistics operator Realterm has acquired a 112,791-square-foot warehouse in Armonk, located in Westchester County. The facility sits on a total of 5.5 acres, including 1.5 acres of undeveloped land for future expansion. Additional building features include 10,391 square feet of office space, 15 dock-high doors and two drive-in loading positions. Charlie Luce and John Meador of Casco Real Estate Partners represented Realterm in the transaction. The seller and sales price were not disclosed.
VALDOSTA, GA. — Marcus & Millichap has brokered the $7 million sale of Promenade Plaza, a 64,523-square-foot shopping center located in Valdosta. James Medefind, John Brigel, James Garner and Jim Shiebler of Marcus & Millichap represented the seller, an undisclosed limited liability company. Medefind of Marcus & Millichap represented the undisclosed buyer. Promenade Plaza was fully occupied at the time of sale to tenants including Shoe Carnival, Books-A-Million, Best Buy, Five Guys and Sleep Number. Located on 5.5 acres at 1705 Norman Drive, the property is situated adjacent to the Valdosta Mall, an indoor mall with tenants such as JC Penney, Belk and Envy Boutique. The property is also 2.5 miles from Valdosta State University and 20 miles north of the Georgia-Florida state line via Interstate 75.
NEW YORK CITY — Property management firm FirstService Residential has signed a 48,000-square-foot office lease to occupy the ninth and 10th floors at 575 Fifth Avenue, a 500,000-square-foot building in Manhattan. The property offers amenities such as three conferencing facilities, a salon, fitness center and a bike storage area. Mark Friedman of Colliers represented the tenant, which is relocating from 622 Third Avenue, in the lease negotiations. The landlord, Beacon Capital Partners, was self-represented.
ILLINOIS — A joint venture between Clear Height Properties and Buligo Capital Partners has acquired a five-building industrial portfolio spanning 265,000 square feet in metro Chicago for an undisclosed price. The properties, built between 1982 and 2009, are located in Hoffman Estates, Schaumburg, Aurora and Bloomingdale. The portfolio is fully leased to Honda, Novaspect, BERNINA of America and Abrasive Form. The buyers plan to implement a capital improvement program to upgrade the HVAC and other interior systems, lighting, the roof and the general building envelope. Kurt Sarbaugh and John Huguenard of JLL represented the seller, Chicago-based Green Door Capital Investments LLC. Christopher Carroll and Lucas Borges of JLL arranged a five-year, fixed-rate acquisition loan through Bank Leumi USA.
BEDFORD HEIGHTS, OHIO — Industrial Commercial Properties (ICP), in a joint venture with Jade-Sterling Steel Co. Inc., has purchased a 200,000-square-foot manufacturing facility in Bedford Heights, a southeast suburb of Cleveland. The purchase price was undisclosed. Jade-Sterling plans to consolidate several locations into a new corporate headquarters at the property, which is located at 26400 Richmond Road. The company employs approximately 100 people, with 50 moving from Twinsburg to Bedford Heights. The facility will undergo an interior and exterior renovation to improve crane capacity and truck access and add office space. Jeffrey Calig and David Hexter of NAI Pleasant Valley represented Jade-Sterling and the seller. Denise Hahn of Weber Wood Medinger represented ICP.
AURORA, ILL. — Multifamily real estate investment firm Pensam has purchased Butterfield Oaks, a 336-unit multifamily community in Aurora. Built in 2001, the property consists of 21 two-story buildings. Penam plans to upgrade unit interiors and common areas and utilize rent optimization software to help increase revenue. Amenities include a clubhouse, fitness center, outdoor pool, outdoor lounge and dog park. The seller and sales price were not provided.
GRAND RAPIDS, MICH. — NAI Wisinski of West Michigan has brokered the sale of a 19,972-square-foot industrial building in Grand Rapids for an undisclosed price. The property is situated at 2882 Northridge Drive NW. Andrew Kapanowski and Doug Taatjes of NAI Wisinski represented the seller, Unisource Office Furniture Parts. Max Grover of Moxie represented the buyer, Lumber2Love, a manufacturer of high-quality wood furniture.
WHEELING, ILL. — MedTec Healthcare & Private Duty LLC has signed a 12,994-square-foot office lease at WiFi Corporate Center in Wheeling, a suburb of Chicago. The single-story, 51,305-square-foot property is located at 1400 S. Wolf Road. WiFi Wheeling Dealing LLC owns the building, which was constructed in 1970 and renovated in 2001. Juliette Lane of Cresa represented MedTec, which provides in-home care and adult day care to support independent living for seniors in their homes. The space will serve as the company’s second location in Wheeling.
Content PartnerFinance InsightLoansMidwestMultifamilyNortheastSoutheastTexasVideoWalker & DunlopWestern
Web-Based Appraisal Tool Supports Massive Increase in Demand for Multifamily Valuations
Multifamily appraisers are extremely busy as investor interest in the sector is at an all-time high. “In terms of appraisal professionals, there is a supply and demand issue,” explains Meghan Czechowski, managing director and valuation lead for Apprise by Walker & Dunlop. She notes that the industry has greater demand for valuation than it has qualified appraisers. “Apprise is ensuring that we can support our appraisal staff and our local market experts with a tech-enabled process so that they can do their jobs more efficiently and get the values (and market information in general) into our clients’ hands as quickly as possible,” she adds. Czechowski focuses on the ways that web-based multifamily valuations can be streamlined to create a faster and more complete picture of properties. Multifamily experts need information on properties/parcels that comes from “multiple industry-standard resources such as Yardi, REIS, RCA and public record aggregators.” Parcel-level information, unit mix metrics, sale leads, land records and site assessment information are all available through Apprise’s platform via a single sign on to a dashboard that reflects information that is constantly being updated. This means that when an expert uses this platform and picks up the phone to confirm about …
SCOTTSDALE, ARIZ. — Institutional Property Advisors (IPA) has arranged the $193.5 million sale of Roadrunner on McDowell, a 356-unit multifamily property in Scottsdale, roughly 12 miles outside Phoenix. The transaction marks the second-largest single-asset multifamily sale in Arizona history, according to IPA. The community was completed in 2022 by developer JLB Partners and is located within a 10-mile radius of major employers, including General Dynamics, HonorHealth, Vitalant, Yelp, Indeed, Banner Health and Opendoor. The buyer in the transaction was undisclosed. The property offers a mix of studio, one- and two-bedroom units with bed-to-bath parity. Shared amenities include a resort-style swimming pool and spa with private poolside cabanas; an outdoor entertainment area with seating, flatscreen televisions, a misting system and grilling stations; a zen garden; fitness center and yoga room; pet park; entertainment lounge; and co-working space with individual offices and a conference room. “The property was built to attract a top-tier resident profile of high-wage-earning professionals supported by 15,500-plus businesses within a 10-mile radius and Scottsdale’s outstanding citywide demographics,” says Steve Gebing, executive managing director with IPA. “Renter demand for South Scottsdale apartments has led to strong operational fundamentals and the imbalance of supply and demand is driving outsized forecasted rent growth.” …