PORTLAND, ORE. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged $27.7 million in refinancing for a multifamily property in The five-story property features 110 apartments. Anita Paryani of IPA arranged the financing for the undisclosed borrower.
KENT, WASH. — Marcus & Millichap has arranged the sale of Riviera I & II, a multifamily community located at 10718 SR 238th St. in Kent. A limited liability company sold the asset to a limited liability company for $5.2 million. Riviera I & II consists of three residential buildings offering a total of 26 apartments. The property features one 14-unit building, which was built in 1978, and two six-unit buildings that were built in 1968. The property offers a mix of one-bedroom/one-bath, two-bedroom/one-bath and two-bedroom/one-and-a-half baths. Kellan Moll and Scott Morasch of Marcus & Millichap’s Seattle office represented the seller and the buyer in the deal.
SUMMERVILLE, S.C. — SRS Real Estate Partners’ National Net Lease Group has brokered the sale of a single-tenant retail property in Summerville leased to Walmart Neighborhood Market. Richard Dorfman of SRS represented the 1031 exchange buyer, a private investor from California. The seller, an undisclosed investor based in Florida, sold the property for $14.5 million. Cushman & Wakefield represented the seller in the transaction. Built in 2016 on nearly seven acres at 1616 Central Ave., the store is situated at the signalized intersection of Orangeburg Road and Central Avenue. The property is located 22.6 miles from North Charleston and 26.7 miles from Charleston.
LAKE ZURICH, ILL. — Factor, a ready-to-eat meal delivery service, has opened a new fulfillment and distribution center in Lake Zurich, a northwest suburb of Chicago. The nearly 100,000-square-foot facility is located at 1325 Ensell Road. Factor already occupies production facilities in Aurora and Burr Ridge, as well as a distribution center in Lyons and corporate offices in Batavia. Factor was founded in 2013 and acquired by HelloFresh in 2020. Dan McGillicuddy, Charlie Kenning and Charlie Mintz of JLL represented HelloFresh in the Lake Zurich deal.
CINCINNATI — Ready Capital has closed a $24.8 million loan for the acquisition, renovation and stabilization of a 234-unit multifamily property in the Forest Park submarket of Cincinnati. The undisclosed borrower plans to implement a capital improvement program for the Class B property with plans to renovate unit interiors, property exteriors and common areas. The nonrecourse loan features a three-month term, floating rate and interest-only payments.
SEYMOUR, IND. — Developer TWG is underway on construction of Seymour Lofts, a $10.8 million affordable housing community in Seymour, about 50 miles north of Louisville, Ky. The property’s 50 units will be targeted for families who make an annual salary between $30,000 and $40,000. Project partners include Midwest Support Foundation, Indiana Housing and Community Development Authority, The Federal Home Loan Bank of Indianapolis and the City of Seymour. Amenities will include a playground and clubhouse. Construction began in December, but a timeline for completion was not released.
AURORA, ILL. — Thales Defense & Security Inc. has signed a 24,673-square-foot office lease at 750 Commons Drive in Aurora, located about 40 miles west of Chicago. Thales will move from 1444 N. Farnsworth Ave. in Aurora once tenant improvements are completed and the new lease commences in mid-2022. The 205,000-square-foot, two-building property, which supports both office and industrial users, is now fully leased. Stanton Road Capital purchased the asset in 2018 and added amenities such as a fitness center, tenant lounge, conference center and training center. Francis Prock and Dave Florent of Colliers are the leasing agents for the property. Kellen Monti and Chris Bynum of JLL represented Thales.
MATTESON, ILL. — Marcus & Millichap has arranged the $5.1 million sale of a 10,502-square-foot retail building in Matteson, a southern suburb of Chicago. The property, located at 4801 211th St., has been fully occupied by the same four tenants since its construction in 2011. Tenants include Verizon, Chipotle, Five Guys and Vitamin Shoppe. Austin Weisenbeck and Sean Sharko of Marcus & Millichap represented the seller, a local developer. Carlos Cain of Marcus & Millichap secured and represented the buyer, a Mexico-based limited liability company. The deal was part of a multi-property purchase with debt structured by Anita Paryani-Rice of Marcus & Millichap Capital Corp.
Job losses, shortages of qualified labor in the workforce and the imminent impact of rising interest rates are all real-time threats to the economy, with the first rate increase expected in March. Marcus & Millichap hosted a webcast on Jan. 27 titled “2022 Outlook: The Economy — Inflation — Fed Policy — Real Estate” to discuss how upcoming Fed action and inflation might affect the real estate market. The event’s speakers included Marcus & Millichap President and CEO Hessam Nadji; TruAmerica Multifamily President and CEO Robert Hart; ICSC President and CEO Tom McGee; and Henry Paulson, 74th Secretary of the United States Treasury and former chairman and CEO of Goldman Sachs. Without sugarcoating the challenges ahead, Paulson says if history is any predictor, the next year or so is not going to be easy. “I’m not really optimistic about the core economic recovery,” he said. “I’m pleased with how the business community has responded, but here’s where I’m going to get more somber: Inflation is really serious, and I don’t think any of us can find an example in recent economic history where the Fed has been able to contain inflation like this and have a soft landing.” On a …
The end of 2021 in Raleigh-Durham was marked by robust retail leasing and an increased level of investment sales in our suburbs and infill trade areas. Downtown Raleigh, Durham and Chapel Hill have lagged in activity, although each urban environment started to see a resurgence by mid-year, and notably Downtown Raleigh ended 2021 with record retail leasing activity. Population growth and major economic development announcements are driving these positive trends. Apple, Google, FujiFilm, several life sciences companies and most recently Toyota (just east of the Raleigh-Durham region) have highlighted economic expansion. Strong demand and a healthy retail construction pipeline have held retail vacancy to 7.1 percent despite headwinds from the COVID-19 pandemic. The healthy retail development pipeline includes several new mixed-use projects. Cary will see one of the largest active mixed-use projects in the Southeast deliver this year when Fenton opens in the spring. Hines and Columbia Development are currently finalizing the first phases of the project. Spread over 92 acres, Fenton will initially include retailers such as Pottery Barn, Williams-Sonoma and Superica, as well as apartments and office space. Over in Research Triangle Park (RTP), the Research Triangle Foundation and White Point Partners have announced Horseshoe at Hub RTP. …
