ANN ARBOR, MICH. — Bernard Financial Group has arranged a $21.3 million bridge loan for the acquisition of One North Main, a 114,870-square-foot office property in Ann Arbor. Constructed in 1987, the building rises 11 stories, according to LoopNet. Dennis Bernard and Joshua Bernard of the firm arranged the loan with Ladder Capital Finance LLC. The borrower was an entity doing business as One North Main Owner LLC.
CHICAGO — Echo Real Estate Capital has sold a 94,000-square-foot office building in Chicago for $16.2 million. AT&T fully leases the property, which is located at 2401 W. Grace St. AT&T uses the building as a national call center and training facility. Echo acquired the asset in 2018 and signed a lease extension with AT&T earlier this year. Quantum Real Estate Advisors Inc. represented both the buyer and seller. Quantum’s Chad Firsel represented Echo, while Dan Waszak represented the buyer, an international investment fund.
AURORA, ILL. — Marcus & Millichap has brokered the sale of a 98,765-square-foot retail center in Aurora for $5 million. Located at 1901 W. Galena Blvd., the property features a mix of retail and medical tenants. Rush-Copley Medical Center, which specializes in family medicine, imaging and obstetrics and gynecology, anchors the center. There is 23,751 square feet available for lease. Sean Sharko and Austin Weisenbeck of Marcus & Millichap represented the seller, a local fund manager. The duo also secured the buyer, an Iowa-based limited liability company.
AcquisitionsBuild-to-RentContent PartnerFeaturesLeasing ActivityMidwestMultifamilySingle-Family RentalSoutheastTexasWalker & DunlopWestern
Multifamily Investment Sales Strong in Southern States; Gaining More Interest in Midwest
Multifamily investment benefitted from the uncertainties of the past year, but will the transaction volumes of 2021 be used to gauge the likely outcomes for 2022? Managing directors Todd Stofflet and Jason Stevens of Walker & Dunlop’s Chicago office review 2021 and what the trends of this year indicate for the direction of the industry. REBusiness: What have you seen regarding multifamily investment activity this year? Stofflet: Early in the pandemic, we saw a lot of investment pull away from retail and office, focusing more on industrial and multifamily. In 2021, the multifamily sector has fared very well and a lot of new investors have entered the multifamily market. If you talk to some of our colleagues in the Southeast and the “smile states,” they will tell you that transaction volume has never been higher and the amount of capital chasing these opportunities has never been bigger. Across the country, it has been a very strong year for the sector. REBusiness: Do you think 2021 will be a record year in terms of sales? Stevens: If our pipeline is any barometer for that, the answer is “absolutely,” but it will be market dependent. What you’ll find is that sales in …
By Devin Ogden, Partner, Colliers Idaho has been overlooked by investors and developers in the past due to its smaller size and geographic isolation. This is not the narrative anymore. Tenants and users are currently looking to expand their operations into Idaho to serve the surging population and take advantage of a business-friendly environment with minimal regulation. Expensive land costs and significant cap rate compression in primary markets are causing developers and investors to shift their focus to secondary and tertiary markets to chase yield and opportunity. With the positive trend of people and businesses moving or expanding to Idaho, Boise is now near the top of the list for many national and regional investors and developers. The Boise industrial market has been underdeveloped in the past with only a handful of local developers that never got out ahead of themselves. The population of the Boise MSA is more than 750,000. Total industrial inventory is more than 42 million square feet with an additional 5 million-plus square feet being flex product. The market has had nearly 3 million square feet of positive absorption over the past two years and, as such, the current vacancy rate is 1.9 percent. Most new warehouse being constructed …
RIVERDALE AND LITHONIA, GA. — Berkadia has arranged the $108.5 million in combined sales of Legacy at Riverdale and The Quarry, two garden-style multifamily properties located in Riverdale and Lithonia, respectively. Matt White, Paul Vetter, Andrew Mays and Judy MacManus of Berkadia completed the sale of Legacy at Riverdale on behalf of the West Coast-based seller. The buyer was based in the Midwest. The same Berkadia team also completed the sale of The Quarry on behalf of the Midwest-based seller. The buyer was based on the West Coast. Located at 6603 Church St. in Riverdale, Legacy at Riverdale offers studio, one-, two- and three-bedroom floorplans. The property is situated 2.1 miles from Southern Regional Medical Center and 14.3 miles from downtown Atlanta. Located at 421 Meadowood Drive in Lithonia, The Quarry offers two- and three-bedroom floor plans that average nearly 1,250 square feet in size. Community amenities include a swimming pool, fitness center, business center, clubhouse, laundry facilities and a playground. The property is situated 2.1 miles from Emory Hillandale Hospital and nearby retailers such as The Home Depot and Publix.
BUFORD, GA. — JLL Income Property Trust has acquired Friendship Distribution Center, a newly constructed, four-building industrial portfolio in Buford totaling nearly 650,000 square feet. The sales price was $95 million. The seller was not disclosed. The four buildings at Friendship Distribution Center are located at 4651, 4627, 4630 and 4646 Distribution Parkway, and are situated about 1.7 miles from Interstate 985. The portfolio is located about 40.7 miles north of downtown Atlanta in Gwinnett County. Friendship Distribution Center was 96 percent leased at the time of sale to five tenants, with a weighted average lease term of approximately six years. The five tenants were not disclosed.
TULSA, OKLA. — Stan Johnson Co., a retail net-leased brokerage firm based in Tulsa, has arranged the sale of a trio of national single-tenant portfolios for $75.5 million. The portfolios consist of 40 properties across seven states that are leased to tenants such as Tractor Supply Co., Dollar General and Advance Auto Parts, among others. Ryan Butler of Stan Johnson Co. represented the undisclosed seller in the off-market transactions. The buyers were also not disclosed.
ATLANTA — The Housing Authority of the City of Atlanta (Atlanta Housing) has secured financing for Madison Reynoldstown, a $43.6 million multifamily development with 116 rental units that are 100 percent affordable — meaning that rental rates will be equal to or less than 30 percent of tenants’ monthly income compared to the area median income (AMI). Atlanta BeltLine Inc., the governing authority overseeing the planning and development of the Atlanta BeltLine, sold the 1.2-acre site to Atlanta Housing and Rea Ventures, an Atlanta-based multifamily development firm, for the development. Construction is expected to start soon, with the project slated for completion within 18 months. Madison Reynoldstown will include a mixture of 71 one-bed/one-bath, 36 two-bed/two-bath and nine three-bed/two-bath units in two midrise elevator buildings atop 162 structured parking spaces. The development will also include approximately 2,700 square feet of commercial space. Community amenities will include a roof deck overlooking the Atlanta BeltLine’s Eastside Trail, business center, common community rooms, fitness center, central laundry facility and public transportation access. The affordable housing development will house working families earning up to 80 percent of AMI. Located at the northeast corner of Memorial Drive and Chester Avenue, Madison Reynoldstown is situated near …
DALLAS — Bellevue Living, a division of Dallas-based Nicholas Residential, has sold a quintet of multifamily properties located throughout North Texas that total 1,319 units. The 242-unit Bellevue Terrace is located in Dallas, and the 286-unit Bellevue Heights is located in the eastern Dallas suburb of Mesquite. The other three properties — the 263-unit Reserve at Bellevue, the 264-unit Bellevue Chase and the 264-unit Park at Bellevue — are all located in Fort Worth. The garden-style communities were all built between 1982 and 1986. Locally based investment firm WindMass Capital purchased the properties for an undisclosed price.