Property Type

Walton Street Capital, Stoneweg Acquire New Tampa Bay Multifamily Community

by Julia Sanders January 6, 2022

ST. PETERSBURG, FLA. — An affiliate of Walton Street Capital LLC in partnership with St. Petersburg-based Stoneweg US LLC has acquired Waterview Echelon, a 226-unit, Class A multifamily property located in St. Petersburg. The sales price and seller were not disclosed. Built in 2021, the Waterview Echelon features a mix of one-, two- and three-bedroom apartments that were 99 percent occupied at the time of sale. Unit features include quartz countertops, stainless steel appliances, full-size washers and dryers in-unit and floor to ceiling windows with views of Tampa Bay. Community amenities feature an infinity pool with cabanas, gas grills and fire pits, fitness center, club lounge, single-use workspaces, covered parking and a private conference room. Located at 100 Main St. N., the property is situated adjacent to a Publix-anchored shopping center, 14.3 miles from downtown Tampa and 10.9 miles from downtown St. Petersburg. The property is also located within one mile of Carillon Office Park, which houses over 3 million square feet of office space.

January 6, 2022

Acquisitions Industrial Midwest Missouri

Newmark Zimmer Negotiates Sale of Five-Building Industrial Park in Kansas City

by Kristin Harlow January 6, 2022

KANSAS CITY, MO. — Newmark Zimmer has negotiated the sale of Stadium Business Park in Kansas City for an undisclosed price. The Class A industrial park spans five buildings and 276,000 square feet. Tenants include Amazon, UPS, JB Hunt and Aramark. Mark Long and John Hassler of Newmark Zimmer represented the buyer, Sealy & Co. Mark Fountain of True North Industrial Realty represented the undisclosed seller.

January 6, 2022

Indiana Loans Midwest Multifamily

Marcus & Millichap Arranges $17.4M Loan for Refinancing of Indianapolis Apartment Property

by Kristin Harlow January 6, 2022

INDIANAPOLIS — Marcus & Millichap Capital Corp. (MMCC) has arranged a $17.4 million loan for the refinancing of Nine+Eighteen Apartments in Indianapolis. Located at 918 Fort Wayne Ave. and built in 2020, the five-story property consists of 80 apartment units and 2,500 square feet of ground-floor retail space. Robert Bhat of MMCC arranged the nonrecourse loan, which features a 10-year term and a loan-to-value ratio of 70 percent. The lender was not disclosed.

January 6, 2022

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $10M Sale of Apartment Building in Chicago

by Kristin Harlow January 6, 2022

CHICAGO — Interra Realty has brokered the sale of 1650 W. Roscoe St. in Chicago’s Lakeview neighborhood for $10 million. Originally built in 1930, the building consists of 54 apartment units and four street-level retail spaces totaling 31,500 square feet. The apartment units were 22 percent occupied at the time of sale, while the retail spaces were fully leased to Verizon, Shearstyle, Vital Nail Salon and Boutique Cleaners. Craig Martin of Interra represented both the undisclosed buyer and the seller, Buol Properties.

January 6, 2022

Acquisitions Illinois Midwest Multifamily

Becovic Purchases Historic Howard Theater Building in Chicago for $7.5M

by Kristin Harlow January 6, 2022

CHICAGO — Becovic, a Chicago-based multifamily owner and operator, has purchased The Howard Theater Building in Chicago’s Rogers Park neighborhood for $7.5 million. The property, located on West Howard Street, was originally built in 1918 and has a history of hosting movies and live productions. In 1999, Cornerstone Investment Group repurposed the building. Today, it is home to 40 apartment units, 15,000 square feet of ground-floor retail space and 60 surface parking spaces. The commercial spaces are home to Sol Café, Factory Theater and P & J Footwear. Becovic Realty brokered the sale.

January 6, 2022

Acquisitions Georgia Industrial Southeast

Foxfield Industrial Sells Distribution Facility in Metro Atlanta for $27.4M

by Julia Sanders January 6, 2022

BRASELTON, GA. — Foxfield Industrial has sold a 455,602-square-foot bulk distribution facility at 1001 Cherry Drive in Braselton, about 49.3 miles from downtown Atlanta. Dennis Mitchell, Matt Wirth, Mitchell Townsend and Britton Burdette of JLL Capital Markets represented the seller. Birmingham-based Growth Capital Partners acquired the property for $27.4 million. Completed in 1985 and expanded in 1996, the property is fully triple-net leased to two tenants: YearOne Inc. and TransSouth Logistics. The building’s amenities include clear heights ranging from 22 to 28 feet, 45 dock-high doors, eight drive-in doors and 486 auto spaces. The 30.5-acre site provides excess land for potential building expansion and/or additional outdoor and trailer storage. The property is situated adjacent to Interstate 85 and is 56 miles from Hartsfield-Jackson Atlanta International Airport.

January 6, 2022

Acquisitions Industrial Midwest Minnesota

MDH Partners Acquires 81,000 SF Cold Storage Facility in Minneapolis

by Kristin Harlow January 6, 2022

MINNEAPOLIS — MDH Partners has acquired an 81,000-square-foot cold storage facility located at 740 Kasota Circle in Minneapolis. The purchase price was undisclosed. Constructed in 1977, the property features a clear height of 24 feet. Approximately 80 percent of the building is temperature-controlled. Wholesale Produce Supply, a distributor of produce in the upper Midwest and Canada, fully leases the facility. Houston Hawley served as the acquisition lead for MDH. Judd Welliver and Bentley Smith of CBRE represented the undisclosed seller.

January 6, 2022

Development Life Sciences North Carolina Southeast Top Stories

Joint Venture to Break Ground on $1B Life Sciences Campus in North Carolina’s Research Triangle

by Katie Sloan January 6, 2022

MORRISVILLE, N.C. — A joint venture between Starwood Capital Group and Trinity Capital Advisors has announced plans to develop Spark LS, a $1 billion life sciences campus located within North Carolina’s Research Triangle in Morrisville. The 109-acre development will be located at the intersection of McCrimmon Parkway and Airport Boulevard, four miles from Raleigh-Durham Airport and five miles from Apple’s new $1 billion office campus. The 1.5 million-square-foot project is set to include 12 to 15 buildings with lab and bio-manufacturing space, green spaces, restaurants, retail, a STEM education and amenity center, and several multi-use outdoor recreation areas. “We’re excited to continue investing in the Raleigh life sciences market, one of the top clusters in the country,” says Mark Keatley, managing director at Starwood Capital. “The Raleigh life sciences market benefits from record levels of public- and private-sector funding, which is driving increasing demand for high-quality lab and bio-manufacturing space.” Architectural firm Hanbury has been tapped to design the campus, with Doug Cook and Suzanna Nichols of Cushman & Wakefield heading up leasing efforts for the project. A timeline for the development was not announced. Starwood and Trinity have acquired or developed 5.1 million square feet of office and life …

January 6, 2022

Conference Coverage Features Student Housing

InterFace Panel Names What’s Hot for Social Media Marketing in the Student Housing Sector

by Katie Sloan January 6, 2022

DALLAS — It comes as no surprise that digital marketing — and chiefly, marketing via social media — is one of the best ways to reach potential new renters in the student housing space. Students spend a massive amount of their downtime scrolling through various social media platforms, from TikTok to Instagram. And while a focus on digital marketing within the sector has been seen for some time, the COVID-19 pandemic brought an even greater emphasis on the space by eradicating opportunities for traditional marketing methods such as in-person events and tours. In December, a panel of marketing specialists discussed what’s hot and what’s not for social media marketing at InterFace Conference Group’s third annual LeaseCon/TurnCon conference in Dallas. According to a 2021 survey noted by panel moderator Alison Slager, national business development executive for LeaseLabs by RealPage, 79 percent of marketers used paid ads across social media platforms. With marketing budgets tightening, it’s important to know what resonates with today’s students to ensure all marketing dollars are well spent. Instagram Panelists agreed that the most dominant social media marketing platform is currently Instagram, particularly with its recent addition of Reels, a tool which allows users to post short-form videos. “Instagram …

January 6, 2022

Market Reports Midwest Midwest Market Reports Missouri Retail

Kansas City Retail Market Continues to Evolve During COVID-19

by Kristin Harlow January 6, 2022

To the surprise of many in the Kansas City retail sector, the end of 2021 looked much different than most anticipated when 2021 began. As uncertainty buzzed through the retail world, the flurry of 2021’s real estate activity was a welcome surprise. Retailers who embraced technology and adapted to the changing circumstances of today’s world were able to reap the benefits 2021 offered. As consumers took advantage of post-lockdown freedoms, brick-and-mortar retailers experienced a surge in sales volume. Throughout 2021, many national retailers and local Kansas City owners reported volumes exceeding 2019 pre-COVID levels. It’s comforting to report that retail leasing and sales continue to be strong, and overall Kansas City remains consistent in attracting retail business during these uncertain times. One of the most recognizable transformations in retail is the way in which technology seamlessly connects e-commerce and brick-and-mortar stores. Consumers can now use technology to satisfy their desire for the contactless fulfillment of their order, browse local inventory at grocery and retail stores for immediate pickup and grocery shop without entering the store. This list will continue to grow as acceptance of the technology accelerates. Another noticeable retail alteration is the addition of drive-thrus as well as …

January 6, 2022

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