Saturday, December 21, 2024
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Leasing ActivityMidwestMinnesotaOffice

St. Croix Hospice Leases Full Building at Mendota Tech Office Park in Minnesota

by Kristin Harlow

MENDOTA HEIGHTS, MINN. — St. Croix Hospice has signed a long-term lease at Mendota Tech – Workplace 3 in Mendota Heights, a southern suburb of the Twin Cities. The end-of-life care provider will occupy the 30,586-square-foot office building in its entirety. St. Croix Hospice, which is relocating from Oakdale, plans to take occupancy in the first quarter of 2025. With over 70 locations throughout the Midwest, the agency provides care to more than 5,200 patients. Tim Olsen of Carlson Partners represented the tenant. Mike Honsa and Eric Rapp of Transwestern Real Estate Services represented ownership, Capital Partners. Mendota Tech Office Park comprises eight buildings.

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DevelopmentIndustrialMidwestOhio

Impact Beverage Expands Production Facility, Doubles Workforce in Cincinnati

by Kristin Harlow

CINCINNATI — Impact Beverage has unveiled plans to add 10,000 square feet to its production facility in Cincinnati. The expansion includes substantial investment in new machinery and equipment, creating 65 new jobs and adding $4.6 million in annual payroll to its existing workforce of 60 employees. Impact Beverage handles each step of the beverage manufacturing process in its facilities, creating a variety of ready-to-drink cocktails and nonalcoholic beverages with carbonated or still packaging options. The capital investment will support the installation of a new pasteurization line, enhancements to canning capabilities, increased automation and further development of innovative packaging solutions. The City of Cincinnati is working closely with Impact Beverage on a local incentive package. In addition, the State of Ohio approved a Job Creation Tax Credit. JobsOhio plans to offer assistance, which will be made public after a final agreement is executed.

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AcquisitionsIllinoisMidwestRetail

Quantum Brokers $2.7M Sale of Retail Center in Elgin, Illinois

by Kristin Harlow

ELGIN, ILL. — Quantum Real Estate Advisors Inc. has brokered the sale of a 15,233-square-foot retail center in Elgin for $2.7 million. The property was fully occupied at the time of sale by tenants such as Jimmy John’s, H&R Block, Oberweis and Accelerated Physical Therapy. Dan Waszak and Brett Berlin of Quantum represented the seller, a private investment group based in Texas. The buyer was a private group based in Chicago.

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FeaturesHealthcareSoutheastSoutheast Feature ArchiveTennessee

Creative Capital, Partnerships Loom Large in Healthcare Real Estate, Says InterFace Panel

by John Nelson

NASHVILLE, TENN. — Healthcare real estate investment is at a pivotal point of this current cycle. On one hand, the investment sales market is expected to rebound heartily following a few subdued quarters. According to data from Maryland-based research firm Revista, investment sales volume for medical office buildings (MOBs) was $2.1 billion in third-quarter 2024, in line with the first two quarters of the year but down from more robust quarters in 2021 and 2022. On the other hand, funding this expected uptick in acquisitions will be more layered than ever before, even with the recent cuts to the federal funds rate by the Federal Reserve. Ben Appel, executive managing director of Newmark’s healthcare capital markets team, said that the competition level is increasing as deals come to market, but what’s more notable is the capital stack behind those bids. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “Today those bids have two to three different sleeves of capital behind them,” said Appel, who is based out of Newmark’s Philadelphia office. “We are seeing some of …

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The-Hamilton_Miami
AcquisitionsFloridaLoansMultifamilySoutheastTop Stories

Kushner Cos. Acquires The Hamilton Apartments in Miami for $190M

by Hayden Spiess

MIAMI — Kushner Cos. has acquired The Hamilton, a 276-unit apartment community located in the Edgewater neighborhood of Miami. Apartment Investment and Management Co. (Aimco) sold the multifamily property for $190 million.  Located at 555 N.E. 34th St. along Biscayne Bay, the community is situated with proximity to downtown Miami and the city’s Brickell financial district.  Originally developed in 1984, The Hamilton features one-, two-, three-, four- and five-bedroom units averaging 1,373 square feet in size. Each apartment also features a terrace — the terraces average 326 square feet, with some larger than 2,300 square feet.  Aimco purchased The Hamilton in 2020 and executed a complete renovation of the property, which was completed in 2022. Still Hunter, Kaya Suarez, Leigh Gerke, Bennett Hopkins and Luke Duffack of Walker & Dunlop arranged the transaction on behalf of Aimco.  Additionally, Aaron Appel, Keith Kurland, Jonathan Schwartz, Adam Schwartz, Michael Stepniewski, Mo Beler, Michael Ianno and Christopher de Raet of Walker & Dunlop arranged a $157 million acquisition financing package on behalf of Kushner Cos. Apollo Global Management and Macquarie Group provided the financing.  According to a press release issued by Walker & Dunlop, The Hamilton marks one of only two institutional-quality, direct …

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The-Trailhead-at-Chisholm-Trail
DevelopmentMultifamilyTexas

Titan Development, Aberg Property Complete $63M Multifamily Project in Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — A partnership between Titan Development and Dallas-based investment firm Aberg Property Co. has completed The Trailhead at Chisholm Trail, a $63 million multifamily project in South Fort Worth. The 284-unit development is situated within the 625-acre Chisholm Trail Ranch master-planned community. Units are spread across seven buildings and come in studio, one-, two- and three-bedroom formats. Amenities include a pool, dog park and a pickleball court. HEDK Architects designed the project, and Cerris Builders served as the general contractor. Construction began in summer 2022 and topped out in winter 2023. Rents start at roughly $1,200 per month for a studio apartment.

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Far-West-Apartments-Austin
DevelopmentLoansMultifamilyTexas

JLL Arranges Construction Loan for 321-Unit Multifamily Project in Austin

by Taylor Williams

AUSTIN, TEXAS — JLL has arranged a construction loan of an undisclosed amount for Far West Apartments, a 321-unit multifamily project in Austin. The site is located within the Northwest Hills submarket, and the development will offer one-, two- and three-bedroom units with an average size of 800 square feet. Amenities will include a pool, fitness center, clubhouse, pet spa and a conference room. Doug Opalka, C.W. Sheehan and Samantha Jay of JLL arranged the 10-year, floating-rate loan through Poppy Bank on behalf of the borrower, Central Southwest Texas Development. Completion is slated for spring 2027.

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AcquisitionsIndustrialTexas

Bradford Arranges Sale of 137,083 SF Industrial Complex in North Fort Worth

by Taylor Williams

FORT WORTH, TEXAS — Bradford Commercial Real Estate Services has arranged the sale of McMillan Center, a three-building, 137,083-square-foot industrial complex in North Fort Worth. The property formerly served as a Coors distribution center and comprises a 115,078-square-foot main building, 12,544-square-foot office building and a 9,362-square-foot maintenance facility. Shane Benner of Bradford represented the buyer, Ron Sturgeon Real Estate, which will relocate from Haltom City and occupy the property, in the off-market deal. Todd Hawpe of Transwestern represented the seller.  

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IndustrialLeasing ActivityTexas

Colliers Negotiates 31,760 SF Industrial Lease in San Marcos, Texas

by Taylor Williams

SAN MARCOS, TEXAS — Colliers has negotiated a 31,760-square-foot industrial lease in San Marcos, located roughly midway between Austin and San Antonio. The tenant, Ohio-based supplier OTC Industrial Technologies, is taking space at Clovis Crossing, a newly constructed development that comprises two buildings totaling 213,125 square feet. Shane Woloshan, Nolan Babb, Travis Hicks, Chase Clancy and Michael Modesett of Colliers represented the tenant in the lease negotiations. Carter Thurmond, Nash Frisbie and Bailey Sousa of Transwestern represented the landlord, New Jersey-based Denholtz Properties.

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Leasing ActivityOfficeTexas

Chicago School of Psychology Signs 18,566 SF Office Lease in Plano

by Taylor Williams

PLANO, TEXAS — The Chicago School of Psychology has signed an 18,566-square-foot office lease in Plano. The space is located within the five-story building at 6275 W. Plano Parkway that offers amenities such as a fitness center, conference facilities and onsite café. Trevor Franke and Gini Rounsaville of JLL represented the landlord, Billingsley Co., in the lease negotiations. Dean Collins of Cushman & Wakefield represented the tenant.

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