Property Type

Somerset Development to Launch 72,000 SF Coworking Concept at Bell Works New Jersey

by Taylor Williams August 2, 2021

HOLMDEL, N.J. — Somerset Development will open Campus, a 72,000-square-foot coworking space, at its Bell Works mixed-use development in Holmdel, located in the eastern coastal part of the state. G3 Architects and NPZ Style & Décor designed the space, which will offer a variety of workspaces, from breakout rooms to private suites to conference facilities. Members will also have access to the property’s retail and restaurant offerings. The opening is slated for the fourth quarter. Bell Works is a redevelopment of the former Bell Labs research and development facility.

August 2, 2021

Indiana Loans Lument Midwest Multifamily

Lument Provides $50.4M Acquisition Loan for Apartment Community in Carmel, Indiana

by Kristin Harlow August 2, 2021

CARMEL, IND. — Lument has provided a $50.4 million Freddie Mac loan for the acquisition of Gramercy Apartments, a 436-unit apartment community in the Indianapolis suburb of Carmel. The seller purchased the property in 2004 and completed a $19.7 million renovation in 2016. The new owner plans to complete more than $5 million in additional renovations. Gramercy was originally built in 1967 and consists of 34 two-story buildings. Amenities include a fitness center, pool, sports court, dog parks and playgrounds. Occupancy has averaged 94 percent since March 2020. Xavier Salinas of Lument originated the 10-year loan, which features three years of interest-only payments, an adjustable interest rate and a 30-year amortization schedule. The buyer and seller were not disclosed.

August 2, 2021

Acquisitions Illinois Industrial Midwest

NAI Hiffman Brokers $13.2M Sale of Two Manufacturing Facilities in Itasca, Illinois

by Kristin Harlow August 2, 2021

ITASCA, ILL. — NAI Hiffman has brokered the sale of two light manufacturing and warehousing facilities in Itasca for $13.2 million. Located at 1500 Bryn Mawr Ave. and 1251 Ardmore Ave., the properties total 108,357 square feet and were built in 1969. Phoenix Converting Inc., a producer of specialty pouches for flexible packaging, occupies both buildings. Patrick Sullivan, Ryan Chambers and Jeff Janda of NAI Hiffman represented the seller, Oak Brook-based TradeLane Properties LLC. A national industrial REIT was the buyer.

August 2, 2021

Acquisitions Industrial Michigan Midwest Northmarq

NorthMarq Arranges $10.3M Acquisition Loan for Industrial Property in Taylor, Michigan

by Kristin Harlow August 2, 2021

TAYLOR, MICH. — NorthMarq has arranged a $10.3 million bridge loan for the acquisition of a 243,894-square-foot industrial property in Taylor, about 18 miles southwest of Detroit. The building is located on Trolley Industrial Drive. Reina Abboud of NorthMarq arranged the four-year loan, which features three years of interest-only payments. A bridge and mezzanine lender provided the loan on behalf of the undisclosed borrower.

August 2, 2021

Development Healthcare Iowa Midwest

NexCore Breaks Ground on 23,000 SF Medical Office Build-to-Suit in Council Bluffs, Iowa

by Kristin Harlow August 2, 2021

COUNCIL BLUFFS, IOWA — National healthcare real estate developer NexCore Group has broken ground on a 23,000-square-foot, build-to-suit medical office building for OrthoNebraska in Council Bluffs near Omaha. The orthopedic specialty clinic is located at 1260 Valley View Drive near I-80. NexCore will own the project in a joint venture with real estate investment management firm Harrison Street. OrthoNebraska will be the sole tenant. The project team includes general contractor McCarthy Building Cos. and architecture firm Leo A. Daly. Completion is slated for the second quarter of 2022.

August 2, 2021

Leasing Activity New York Northeast Office

Carlyle Group Signs 33,924 SF Office Lease Expansion at One Vanderbilt in Manhattan

by Taylor Williams August 2, 2021

NEW YORK CITY — The Carlyle Group, a global private equity and asset management firm, has signed a 33,924-square-foot office lease expansion at One Vanderbilt, SL Green’s 1.7 million-square-foot tower in Midtown Manhattan. The tenant is expanding from 160,778 square feet to 194,702 square feet and will now occupy six of the building’s 77 floors. Joe Messina, Steven Rotter, Jessica Berkey, Andrew Lutzer, Gregory Lubar and Steve Spartin Jr. of JLL represented the tenant in the lease negotiations.

August 2, 2021

Acquisitions Illinois Midwest Restaurant Retail

Adelphia Properties Negotiates $3.6M Sale of Panera Bread-Occupied Building in Suburban Chicago

by Kristin Harlow August 2, 2021

BRIDGEVIEW, ILL. — Adelphia Properties has negotiated the $3.6 million sale of a single-tenant retail building occupied by Panera Bread in Bridgeview, about 15 miles southwest of Chicago. The newly constructed, 4,380-square-foot property is located at 8115 S. Harlem Ave. Simeon Spirrison and George Spirrison of Adelphia represented the buyer, a Chicago-based private investor. A Chicago-based developer was the seller. There are 15 years remaining on Panera Bread’s lease.

August 2, 2021

Loans Multifamily Top Stories Washington Western

Cushman & Wakefield Arranges $113M Construction Loan for Skyglass Tower Multifamily Project in Seattle

by Taylor Williams August 2, 2021

SEATTLE — Cushman & Wakefield has arranged a $113 million construction loan for Skyglass Tower, a 29-story multifamily project located at 222 Dexter Ave. N. in Seattle’s South Lake Union submarket. The total project cost is $196 million, according to the borrower and developer, Gemdale USA Corp. The location puts the building within close proximity of several of Seattle’s largest employers, including tech giants Amazon, Google and Facebook. South Lake Union is also located in the heart of the city’s life sciences hub, according to Cushman & Wakefield. Skyglass Tower will consist of 338 apartments in various floor plans, 2,260 square feet of ground-floor retail space and 128 underground parking spaces. The building will also feature an expansive amenity package and unobstructed water views. Hewitt Architects is designing the project, with completion slated for October 2023. Insurance giant AIG provided the loan to Gemdale, a national development firm based in the Los Angeles area. Dave Karson, Chris Moyer and Keith Padien of Cushman & Wakefield arranged the debt. “Seattle is benefiting greatly from regional job creation, and South Lake Union is still a prime location for new developments,” says Karson. “Strong developers like Gemdale are getting great attention from debt …

August 2, 2021

Florida Market Reports Retail Southeast Southeast Market Reports

Miami’s Restaurants are Back on Track, Entertainment and Big Box Users are Still Healing

by John Nelson August 2, 2021

What a difference a year makes! Retail real estate in Miami is not dead nor in the depths of huge vacancy rates and declining rents; current vacancy rate is 4.3 percent and rental rates have slipped by 0.1 percent over the past year. Let’s explore several indicators of the value and use of the current state of the shopping center industry, restaurant space, entertainment space and big-box retailers. South Florida restaurant space, due to COVID-19 restrictions, was not open to customers over the last 18 months. Many anticipated only a few restaurants to survive with lots of second-generation restaurant space expected to be given back to landlords. Due to the U.S. Small Business Administration’s Paycheck Protection Program and restaurateurs flocking to Miami from across the country — mainly the Northeast, especially New York City — the glut of restaurant space vacancy never occurred. When there is available second-generation restaurant space, it gets leased quickly. South Florida has seen national chain quick-service restaurants (QSR) looking for ghost kitchens which restricts customers to pick-up and delivery. Restaurant sales are back to pre-COVID-19 levels beginning the second quarter this year. The restaurant market appears to be healthy, again. News is not so great …

August 2, 2021

Acquisitions Florida Loans Multifamily Southeast

Berkadia Secures $43.2M in Acquisition Financing for Apartment Community in Metro Orlando

by John Nelson July 30, 2021

DAVENPORT, FLA. — Berkadia has secured $43.2 million in acquisition financing for Legends at ChampionsGate, a 252-unit multifamily community located outside of Orlando. Mitch Sinberg and Matthew Robbins of Berkadia secured the financing on behalf of Taurus Investment Holdings, which acquired the property for $53.8 million from an undisclosed seller. The three-year, floating-rate, interest-only loan was underwritten at a 75 percent loan-to-cost ratio and inclues additional funds to finance capital improvements. Located at 8101 Champions Circle, Legends at ChampionsGate was built in 2002 and includes one-, two- and three-bedroom floor plans. The units include built-in shelving, digital thermostats, hardwood style flooring, walk-in closets and private balconies. Community amenities include a swimming pool, fitness center, playground, business center and yoga room. Situated 26.5 miles south of downtown Orlando, the community is approximately 7.2 miles from Interstate 4.

July 30, 2021

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