Property Type

Colliers Brokers $18.6M Sale of Grocery-Anchored Shopping Center in Green Bay, Wisconsin

by Kristin Harlow July 15, 2021

GREEN BAY, WIS. — Colliers International has brokered the sale of Bayside Marketplace in Green Bay for $18.6 million. Anchored by Fresh Thyme, the 229,572-square-foot shopping center is located on South Oneida Street. Additional tenants include Joann, Dunham’s Sports, Xperience Fitness, Dollar Tree and OfficeMax. Adam Connor and Mark Pucci of Colliers Wisconsin and El Warner and Charley Simpson of Colliers Los Angeles represented the seller, Atlanta-based The Ardent Cos. An Austin, Texas-based private buyer purchased the asset.

July 15, 2021

Development Indiana Industrial Midwest

Meridian Design Build to Construct 278,148 SF Spec Industrial Building in Plainfield, Indiana

by Kristin Harlow July 15, 2021

PLAINFIELD, IND. — Developer HSA Commercial Real Estate has selected Meridian Design Build to construct a 278,148-square-foot speculative industrial building in Plainfield. Located at 915 Airtech Parkway, the project will sit on 25 acres. Precast delivery is scheduled for mid-August. The building will feature a clear height of 32 feet, up to 54 loading docks, four drive-in doors, 400 auto parking spaces and 143 trailer parking stalls. The project marks Meridian’s fifth ground-up development in the Indianapolis area and its third building for HSA. The project team includes Cornerstone Architects, Swift Structural Design and American Structurepoint. Terry Busch and Jared Scaringe of CBRE will market the property for lease.

July 15, 2021

Acquisitions Midwest Office Wisconsin

BMO Harris Bank Branch in Milwaukee Sells for $3.4M

by Kristin Harlow July 15, 2021

MILWAUKEE — A BMO Harris Bank branch spanning 10,494 square feet in Milwaukee has sold for $3.4 million. The property is located at 8300 W. Silver Spring Drive. Andy Hess and Bob Flood of Founders 3 Real Estate Services represented the seller, BL-Branch Group One. ESDA Investments LLC was the buyer.

July 15, 2021

Acquisitions Conference Coverage Development Features Leasing Activity Multifamily Student Housing Texas Texas & Oklahoma Feature Archive

‘Power Panel’ at InterFace Event Provides Positive Outlook for Student Housing Sector Post-COVID-19

by John Nelson July 15, 2021

Moving toward the start of a fresh academic year, the outlook for the student housing industry keeps getting brighter. A testament to the industry’s movement out of the pandemic is taking place at the InterFace Student Housing conference in Austin, where nearly 1,300 attendees have been able to gather in-person for the first time since April 2019. This year’s event, which concludes today, is taking place at the JW Marriott downtown. The student housing sector banded together like never before in the face of COVID-19 and truly worked as a team throughout the pandemic, with the ultimate goal of keeping students as safe as possible. The sector’s resilience during the pandemic and optimism regarding the year ahead were the driving discussion points during the conference’s “Power Panel” on Wednesday, July 14, which brought together a consortium of high-level executives to discuss industry trends, their experiences with COVID-19 and the outlook for the upcoming academic year. “The past 18 months have been a whirlwind of uncertainty,” began moderator Peter Katz, executive director at Institutional Property Advisors, a division of Marcus & Millichap. “While our sector has been historically categorized as recession-resilient, we would all now claim it to be pandemic-resistant.” “Student …

July 15, 2021

Illinois Industrial Market Reports Midwest Midwest Market Reports

Chicago Industrial: Full Speed Ahead at End of Second Quarter

by Kristin Harlow July 15, 2021

By Adam Haefner, Avison Young The Chicago industrial market continues to move at full speed at mid-year 2021, with strong tenant demand keeping vacancy around 6 percent, despite 64.7 million square feet of new construction added since 2018. At this stage in the pandemic recovery, large corporate healthcare, retail, logistics and e-commerce businesses continue to drive much of the leasing activity, which totaled 27.5 million square feet near the mid-point of 2021. Companies such as Wayfair, which is building a 1.2 million-square-foot distribution facility in the I-55 Corridor, are joining the ranks of Walmart, Target, Amazon, Home Depot and others that are expanding their industrial space in the Chicago market to keep pace with soaring demand. There are also many small to mid-sized industrial businesses that are increasing their output and expanding their space after seeing slowdowns due to the pandemic. While the industrial sector is navigating some supply chain disruption and fluctuations in construction materials costs, those headwinds are not enough to slow market activity. Given the boost in consumer and business activity from the vaccine rollout and subsequent reduction in the state’s pandemic mitigation measures, demand for industrial space should be strong for the foreseeable future. Avison Young …

July 15, 2021

Affordable Housing Development Multifamily Texas

NRP Group to Develop Two Affordable Housing Properties Totaling 666 Units in San Antonio

by Taylor Williams July 14, 2021

SAN ANTONIO — The NRP Group, a Cleveland-based developer, will build two affordable housing properties totaling 666 units in San Antonio. Seven07 Lofts will feature 318 units in one-, two-, three- and four-bedroom floor plans that will be restricted to renters earning between 40 and 70 percent of the area median income (AMI). Amenities at Seven07 Lofts will include a fitness center and a pool. Frontera Crossing will total 348 residences with the same unit configurations and rental restrictions. NRP Group is co-developing the properties with the San Antonio Housing Facility Corp. Kyle Kolesar of KeyBank Community Development Lending and Investment (CDLI) secured $46.6 million in financing for Seven07 Lofts and $60.6 million in financing for Frontera Crossing on behalf of NRP Group.

July 14, 2021

Development Industrial Texas

Velocis, Sumitomo to Develop Two Industrial Buildings Totaling 850,000 SF in Dallas

by Taylor Williams July 14, 2021

DALLAS — A partnership between Velocis and Sumitomo Corp. of America, the New York City-based subsidiary of Tokyo-based Sumitomo Corp., will develop two industrial projects totaling 850,000 square feet in Dallas. The partnership acquired development sites in the South Dallas and Great Southwest submarkets. Construction timelines have not yet been established. Velocis is a private equity real estate fund manager based in Dallas.

July 14, 2021

Acquisitions Florida Office Southeast

CBRE Arranges $96M Sale of Doral Concourse Office Building in South Florida

by Julia Sanders July 14, 2021

DORAL, FLA. — CBRE has arranged the $96 million sale of Doral Concourse, a Class A, 240,669-square-foot office property in South Florida located adjacent to the new mixed-use lifestyle center, CityPlace Doral. MG3 REIT acquired the property from a fund managed by DRA Advisors LLC. Christian Lee, Jose Lobon, Amy Julian and Andrew Chilgren of CBRE represented the seller in the transaction. The property’s leasing broker, Gordon Messinger of CBRE, also assisted with the sale. Doral Concourse was 95 percent leased at the time of sale with more than six years of weighted average lease term remaining and no lease expirations over the next two years. The property has undergone capital improvements over the past five years, including a renovated lobby and common areas, restroom upgrades, cooling tower replacement and roof replacement. The six-story building features a five to 1,000 square feet parking ratio via a five-story parking deck.

July 14, 2021

Acquisitions Hospitality Texas

MCR Acquires Two Marriott-Branded Hotels Totaling 261 Rooms in Metro Dallas

by Taylor Williams July 14, 2021

RICHARDSON, TEXAS — MCR, a New York City-based hospitality owner-operator, has acquired the Courtyard by Marriott Dallas Plano/Richardson and the Residence Inn by Marriott Dallas Plano/Richardson. The two hotels total 261 rooms and are located on the northeastern outskirts of Dallas. Both hotels offer pools, fitness centers and convenience stores. MCR acquired the properties as part of a five-hotel portfolio deal that carried a price tag of $94 million.

July 14, 2021

Acquisitions Multifamily Texas

IPA Negotiates Sale of 224-Unit Summit at Landry Way Apartments in Fort Worth

by Taylor Williams July 14, 2021

FORT WORTH, TEXAS — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has negotiated the sale of Summit at Landry Way, a 224-unit apartment community in Fort Worth. Built in 1978, the property sits on a 12-acre tract just off Interstate 30 near the downtown area. According to Apartments.com, the property features studio, one-, two- and three-bedroom units and amenities such as a pool, tennis court, picnic area and onsite laundry facilities. Drew Kile, Joey Tumminello, Will Balthrope and Asher Hall of IPA collaborated with Marcus & Millichap’s Tommy Lovell III, Nick Fluellen and Bard Hoover to represent the seller, Miami-based One Real Estate Investment, in the transaction. The team also procured the buyer, Aspen Capital Group Inc., a private equity firm based in southwest Florida, which will implement a value-add program.

July 14, 2021

Newer Posts

Older Posts