BUFFALO, N.Y. — San Francisco-based mortgage banking firm Gantry has arranged a trio of loans totaling $31.9 million for the refinancing of three multifamily properties totaling 426 units in Upstate New York. In the first deal, a correspondent agency lender provided a 10-year loan that carried a fixed interest rate, five years of interest-only payments and a 30-year amortization schedule for a 181-unit property in Central New York. In the second transaction, a life insurance company funded a 20-year loan that was also structured with a fixed rate and multiple years of interest-only payments for a 176-unit asset in Buffalo. A Wall Street-based lender provided the final loan with similar terms for a 69-unit property in Rochester. Tom Grzebinski and Jack Stelianou of Gantry placed all three loans on behalf of undisclosed borrowers.
STERLING, MASS. — Oklahoma-based Stan Johnson Co. has brokered the sale of a 60,000-square-foot industrial building in Sterling, located north of Worcester in the central part of the state. The property, which was built on 4.8 acres in 2006, was fully leased to Utz Quality Foods at the time of sale. Erik Lundberg of Stan Johnson Co. brokered the deal on behalf of the seller, a Massachusetts-based private investor. A Massachusetts-based institutional investor purchased the asset for $4.2 million.
Historically, Lincoln, Nebraska, has been a resilient Midwestern city. Home to state and county governments and the University of Nebraska-Lincoln, it has weathered past economic ups and downs and provided steady growth close to 2 percent each year. As COVID-19 restrictions ease, people are gradually returning to shop and find entertainment downtown, and new construction continues to rise above Lincoln’s skyline. Interestingly, the last time this many cranes were visible downtown was during the last economic downturn. It has been remarked that during that time, Lincoln “built its way out of the recession.” Now, many building projects are helping to maintain the resiliency of our economy during these challenging times. Prominent projects, proposed or initiated prior to the pandemic, continue to move forward. Examples include a proposed 15-story, 300,000-square-foot mixed-use building by Chicago-based Argent Group housing 200 residential units. Omaha-based White Lotus Development plans a $54 million redevelopment of the Pershing Auditorium block, a vacant city-owned venue. White Lotus would bring 100 affordable housing units with a wellness center, childcare center, retail, community green space and potentially a new city library. Other notable projects include a $21 million renovation of a 100-year-old, seven-story Atrium Building by new local owners. Pushing …
Company NewsFeaturesHeartland Feature ArchiveHospitalityIndustrialMixed-UseMultifamilyNortheast Feature ArchiveOfficeRetailSoutheast Feature ArchiveTexas & Oklahoma Feature ArchiveWestern Feature Archive
Forecast Survey: What’s Your Take on Commercial Real Estate in 2022?
The editors of REBusinessOnline.com are conducting a brief online survey to gauge market conditions in 2022, and we welcome your participation. The survey should only take a few minutes to complete. Questions range from property sectors that you are most bullish on heading into 2022 to trends in deal volume to your outlook for interest rates. The results of our 11th annual survey will be collated and published in the January issues of our regional magazines. Conducting these surveys is part of our mission at France Media to provide readers with indispensable information, and we couldn’t do it without your help. To participate in our broker/agent survey, click here. To participate in our developer/owner/manager survey, click here. To participate in our lender/financial intermediary survey, click here. (Note: Please remember to click on “done” to properly submit the survey.)
MIAMI BEACH, FLA. — JLL’s Hotels & Hospitality Group has secured $180 million in financing for the Miami Beach Edition hotel, a 294-room hotel located at 2901 Collins Ave. on the beach. Kevin Davis and Barnett Wu of JLL Hotels & Hospitality arranged the financing on behalf of the undisclosed borrower. Redesigned in 2014, Miami Beach Edition offers traditional guest rooms and suites, including 28 private bungalows and a rooftop penthouse, and has direct access to 380 linear feet of beachfront. Hotel amenities include two outdoor pools, a fitness facility, spa and a basement, which includes an underground nightclub with a bowling alley and ice skating rink. The property also offers three food and beverage outlets, including Matador Room/Bar, Market at Edition and Tropicale and Lobby Bar. The resort offers a private oceanfront beach club with approximately 300 active members. Located on a 3.5-acre site, the hotel is situated 8.7 miles from downtown Miami, one mile from Miami Beach Convention Center and 11.8 miles from Miami International Airport.
BATON ROUGE AND ADDIS, LA. — Passco Cos., an Irvine, Calif.-based commercial real estate company, has purchased two multifamily communities in Baton Rouge totaling 552 units. The properties include Tapestry Long Farm and Sweetwater Apartments. The sales price was not disclosed. Arlington Properties will manage both properties moving forward. Passco acquired 276-unit Tapestry Long Farm from the property’s developer, Birmingham, Ala.-based Arlington Properties. Mike Kemether and Larry Schedler of Cushman & Wakefield represented Passco and the seller in the transaction. Tapestry Long Farm features a mix of one-, two- and three-bedroom floorplans. Community amenities include a fitness center, business center, auto car center, pet park and grooming station, sports pub, swimming pool and a yoga and spin studio. Located at 16333 Columns Way, Tapestry Long Farm is situated within Long Farm Village, a 235-acre master planned development with residential, retail and office space. Built in 2017, the property is situated 12.8 miles from Louisiana State University (LSU). Hammond, La.-based Stoa Group sold the 276-unit Sweetwater Apartment Homes. Jeffery Glassover and Matthew Raitz of Glassover & Raitz LLC represented the buyer and seller in the transaction. Sweetwater offers one-, two- and three-bedroom floorplans with interior features including stainless steel appliances, faux-wood …
BIRMINGHAM, ALA. — A partnership between Birmingham-based Fairway Investments LLC and Atlanta-based Pope & Land Enterprises Inc. has acquired Brookwood Office Center, an office building located in Birmingham spanning nearly 170,000 square feet. Atlanta-based Preferred Apartment Communities Inc. sold the property to the partnership for $55 million. Built in 2007, Brookwood Office Center is fully-occupied and is anchored by Kinder Morgan, a Houston-based energy infrastructure company. Other tenants include Surgical Care Affiliates, an outpatient surgery provider; Merrill Lynch, a financial services firm; and PricewaterhouseCooper (PwC), a financial consulting firm. The property also houses two storefronts including O’Henry’s Coffees and JoS.A.Bank. The property has 896 total parking spots. Colliers will retain property management and leasing under the new ownership. Located at 569 Brookwood Village, the office building is situated adjacent to the Brookwood Village Mall and Macy’s. The property is also located near retailers such as The Fresh Market grocery store, Verizon Wireless, Target, Dunkin’ and Five Guys. Fairway Investments and Pope & Land have worked together for more than 20 years on projects to develop and enhance commercial real estate throughout the Southeast.
FORT LAUDERDALE, FLA. — CBRE has arranged the $17.1 million sale of Galleria Plaza, a 24,807-square-foot, multi-tenant retail center in Fort Lauderdale. David Donnellan and Patricia Friend of CBRE represented the seller, Sunrise Investment Properties LLC, a Florida-based entity managed by Stiles Corp., in the transaction. The property sold for close to $700 per square foot. Paul Ahmed and Mackenzie Lampman of CBRE Capital Markets secured acquisition financing on behalf of the buyer, Shawnick Galleria LLC, an entity affiliated with a California-based private investor. The long-term, fixed-rate loan was placed through an undisclosed life insurance company. Galleria Plaza is home to tenants including GEICO, Primo Fine Wines and Downtown Bicycles. The property is shadow-anchored by a separately owned Publix that was not included in the sale. Located at 2414 E Sunrise Blvd., Galleria Plaza is situated about 2.6 miles from downtown Fort Lauderdale, 7 miles from Fort Lauderdale International Airport and 12.5 miles from Hollywood Beach.
BENTONVILLE, ARK. — Bentonville-based Walmart Inc. (NYSE:WMT) posted growth in earnings during its fiscal third quarter of 2021, which ended Oct. 31. Walmart’s total revenue was $140.5 billion, an increase of 4.3 percent from a year earlier when it was $134.7 billion. These numbers were also higher than Wall Street’s predictions of $135.6 billion, according to CNBC. According to Refinitiv, the discount retailer’s earnings per share were $1.45 adjusted versus $1.40 expected. Additionally, Walmart’s e-commerce sales increased 8 percent during the fiscal third quarter and 87 percent over a two-year period. Walmart raised its forecast for the rest of the year, believing it will continue to see growth. Based on full-year guidance, now the retailer expects its adjusted earnings per share will be approximately $6.40 versus its previous projection of between $6.20 and $6.35. To prepare for the upcoming holiday shopping season, Walmart boosted its inventory by 11.5 percent. More customers shopped at Walmart during the third quarter due to the retailer’s low prices and amid an inflationary period that is causing household items to rise in price, according to CNBC. Despite the growth in revenue, Walmart’s net income decreased to $3.11 billion, or $1.11 per share. A year prior, …
BARTLETT, ILL. — Conor Commercial Real Estate has completed the development of Brewster Creek Commerce Center, a 436,500-square-foot speculative industrial building in the Chicago suburb of Bartlett. The developer has leased the entire building to Chicago-based Colony Display, which will use the facility for light manufacturing and warehousing space. The project is situated within a 670-acre business park that is home to tenants such as McKesson, Grego & Sons and Cheese Merchants of America. The building features a clear height of 36 feet, 54 truck docks, four drive-in doors, 125 trailer stalls and 340 automobile spaces. Brad Simousek, Ryan Kehoe and Mike Plumb of Lee & Associates represented Conor in the lease transaction. Luke Molloy, Jack Brennan and Mike Sedjo of CBRE represented Colony Display. The project team included McShane Construction Co., V3 Cos. and Harris Architects Inc.