Property Type

Opus Breaks Ground on 137,178 SF Spec Industrial Building in Blaine, Minnesota

by Kristin Harlow October 14, 2021

BLAINE, MINN. — The Opus Group has broken ground on a 137,178-square-foot speculative industrial building known as Sanctuary Business Center in Blaine, a northern suburb of Minneapolis. The property will feature two drive-in doors, 32 dock positions, parking for 160 vehicles, trailer parking and LED lighting. Completion is slated for July 2022. Opus is the developer, design-builder, interior designer, architect and structural engineer. Stantec is the civil engineer. Danny McNamara of Cushman & Wakefield is the listing broker for the property.

October 14, 2021

Alabama Arizona District of Columbia Florida Georgia Healthcare Kansas Midwest Southeast Tennessee Texas Top Stories Western

Easterly Government Properties to Acquire 10-Property VA Portfolio for $635.6M

by Katie Sloan October 14, 2021

WASHINGTON, D.C. — Easterly Government Properties Inc. (NYSE: DEA) has entered into an agreement to acquire a 1.2 million-square-foot, 10-property portfolio of facilities leased to the Department of Veterans Affairs (VA) for $635.6 million. The properties will be purchased in a joint venture with an undisclosed global investor, with Easterly retaining a 53 percent stake in the portfolio. Two of the properties are open, while the other eight are currently under construction. Acquisitions include: VA Chattanooga, a 94,566-square-foot Class A facility in Tennessee that was completed in November 2020. The property offers audiology, imaging, pathology, lab, dental and mental health services. VA Lubbock, a 120,916-square-foot facility in Texas completed in December 2020. The facility is located on the Texas Tech medical campus and features an ambulatory surgery center as well as general health, dental, audiology, ophthalmology, MRI, radiology, pharmacy, lab, physical therapy and mental health services. VA Lenexa, a 31,062-square-foot facility in Lenexa, Kan., that was delivered in May 2021. The property offers primary and specialty care, including audiology, dental, pathology and lab services, as well as radiology. VA San Antonio, a 226,148-square-foot development currently underway in Texas. The three-story facility will feature six patient aligned care team (PACT) modules …

October 14, 2021

Development Hospitality New York Northeast

Omnibuild Delivers 510-Room Hyatt Place New York Chelsea Hotel in Manhattan

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based construction firm Omnibuild has delivered the Hyatt Place New York Chelsea Hotel, a 510-room property located at 140 W. 24th St. in Manhattan. Developed by Magna Hospitality Group and designed by Gene Kaufman Architects, the hotel rises 45 stories and spans 173,000 square feet. The hotel also features a glass staircase to the hotel’s mezzanine space, a second-floor terrace bar area and a guest breakfast pantry. The second-floor terrace area includes a wall opening/glass hanger door leading to the bar, which includes a retractable enclosure system to ensure year-round use.

October 14, 2021

Industrial Market Reports Midwest Midwest Market Reports Minnesota

Institutional Capital Targets Minneapolis Industrial Market

by Kristin Harlow October 14, 2021

By Peter Loehrer, Colliers MSP Minneapolis has secured its position as the darling market of the Midwest industrial investment community. Minneapolis was the quintessential Midwest city: cautious real estate development, durable rents with stately growth and moderate but unwavering absorption growth year to year. This, however, is no longer the case. A combination of repeated institutional capital injections, a highly constrained land market and exponential growth in tenants looking for new space has transformed Minneapolis into an institutional and foreign capital target market. Institutional capital By far the most transformational event in recent history for the Minneapolis industrial market was Link Industrial’s entrance into the market. Beginning in 2018 with the Gramercy acquisition, and continuing in 2019 with the Space Center acquisition — both of which have bits and pieces of the national portfolio located throughout Minneapolis — Link made its first real foray into Minneapolis in May of 2019 with the acquisition of the 2.2 million-square-foot Industrial Equities portfolio. Link quickly followed this up with pieces of the GLP and Colony Capital acquisitions, as well as the largest real estate purchase in Minneapolis history, the 7.2 million-square-foot CSM Corp. industrial portfolio, and most recently the 2.5 million-square-foot Prologis portfolio. …

October 14, 2021

Development New York Northeast Office

SL Green Completes Redevelopment of 640,000 SF Manhattan Office Building

by Taylor Williams October 14, 2021

NEW YORK CITY — Locally based landlord SL Green Realty Corp. (NYSE: SLG) has completed the redevelopment of 410 10th Avenue, a 640,000-square-foot office building in Midtown Manhattan. The 20-story building was originally constructed in 1927 as the Master Printer’s Building, named for its ability to support printing presses. New York-based MdeAS led the design of the redevelopment, including a lobby relocation, addition of an adjacent garden and new windows, updating of retail storefronts, a full façade restoration and a refresh of office space. During construction, the building was purchased by The 601W Cos., but SL Green continued to oversee the redevelopment.

October 14, 2021

Acquisitions Industrial NAI New Jersey Northeast

NAI Hanson Brokers $26.3M Sale of Industrial Development Site in Kearny, New Jersey

by Taylor Williams October 14, 2021

KEARNY, N.J. — NAI James E. Hanson has brokered the $26.3 million sale of a 5.4-acre industrial development site in the Northern New Jersey community of Kearny. The site is located within five miles of Port Newark, just off Exit 15E of the New Jersey Turnpike. Kenneth Lundberg, Patrick Lennon and Lorenzo Lambiase of NAI Hanson represented the buyer, San Francisco-based REIT Terreno Realty Corp., in the acquisition of the land. The new ownership did not disclose specific development plans.

October 14, 2021

Affordable Housing Development Loans Multifamily New York Northeast

KeyBank Provides $18.7M in Financing for Affordable Housing Project in Cohoes, New York

by Taylor Williams October 14, 2021

COHOES, N.Y. — KeyBank has provided $18.7 million in financing for Erie Point, a 40-unit affordable housing project in Cohoes, a suburb of Albany. The financing consists of $8.3 million in Low-Income Housing Tax Credit (LIHTC) equity and a $10.4 million construction loan. Half the units will be supported by an Empire State Supportive Housing Initiative to provide supportive housing for households earning 50 percent or less of the area median income (AMI). Eight units will be rented to households earning 30 percent or less of AMI, and the remaining units will be restricted to renters who make 60 percent or less of AMI. The borrower and developer of the eight-building project is The Community Builders. Kelly Frank and Ryan Olman of KeyBank structured the financing. The capital stack also includes a $2.3 million permanent loan from Community Preservation Corp.

October 14, 2021

Acquisitions Connecticut Northeast Office

CBRE Negotiates $15M Sale of Office Building in Westport, Connecticut

by Taylor Williams October 14, 2021

WESTPORT, CONN. — CBRE has negotiated the $15 million sale of a 35,777-square-foot office building in Westport, located in the southern coastal part of the state. Jeffrey Dunne, Steven Bardsley, Jeremy Neuer, David Gavin and Travis Langer of CBRE represented the seller, EWKAI Post Road Properties LLC, in the transaction. The team also procured the buyer, an affiliate of Waterway Capital LLC. The property was fully leased, primarily to Wells Fargo, at the time of sale.

October 14, 2021

Acquisitions Florida Multifamily Southeast

Shoma Group Sells Sanctuary Doral Apartments in South Florida for $102.5M

by Julia Sanders October 13, 2021

DORAL, FLA. — Shoma Group has sold Sanctuary Doral Apartments, a 226-unit, six-story apartment building in Doral. The buyer, Avanti Group, purchased the property for $102.5 million, or $453,539 per unit. Still Hunter of Walker & Dunlop represented the seller in the transaction. Built in 2020, Sanctuary Doral includes one-, two- and three-bedroom floorplans. Rental rates average $2,210 to $3,660 for a 12-month lease and $2,410 to $3,860 with a seven-month lease. Other community amenities include a gym with steam room and sauna, pet spa, pool, bike path, mini soccer field, yoga lawn and a two-story clubhouse. The apartment property was fully occupied at the time of sale. Located at 9400 NW 41st St., Sanctuary Doral is situated close to retailers and restaurants such as McDonald’s, Walgreens, Starbucks and Publix. The apartment community is also about 13.3 miles from downtown Miami and 17.7 miles from Miami Beach.

October 13, 2021

Development Georgia Loans Mixed-Use Southeast

JLL Secures Construction Financing for $2B High Street Project in Atlanta’s Central Perimeter

by Julia Sanders October 13, 2021

ATLANTA — JLL Capital Markets has arranged a construction loan for the development of Phase I of High Street, a $2 billion, 36-acre mixed-use development along Perimeter Center Parkway in Atlanta’s Central Perimeter submarket. Ed Coco and Matt Casey of JLL arranged the loan through Bank OZK on behalf of the developer, owner and operator of the project, GID Development Group. The loan amount was not disclosed. High Street will feature approximately 150,000 square feet of retail and restaurants, 600 luxury apartments, 90,000 square feet of loft offices and 222,000 square feet of existing office space. In September, Puttshack, an entertainment-driven mini golf retailer, signed a 26,000-square-foot lease at High Street to be the first anchor tenant at the development. High Street is situated across from the Dunwoody MARTA station and is close to Ga. Highway 400 and the Interstate 285 perimeter loop. GID will break ground on the first phase of High Street this year, with completion slated for 2024. Molly Morgan, Allie Spangler, Jeff Bellamy and Claire Ross of JLL represents GID in the retail and office leasing at High Street.

October 13, 2021

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