Property Type

GoldOller Real Estate to Develop 157,000 SF Self-Storage Facility in Philadelphia

by Taylor Williams May 4, 2021

PHILADELPHIA — GoldOller Real Estate Investments, a locally based multifamily owner-operator, will develop a $20 million, 157,000-square-foot self-storage facility in Philadelphia. The site of the new five-story, climate-controlled facility is located at 3145 Greys Ferry Road, adjacent to the Schuylkill Expressway in the University City area. The facility will be GoldOller’s second following the development of an 80,000-square-foot property in Philadelphia’s Fishtown neighborhood. CubeSmart operates that facility. GoldOller plans to break ground on the project in the coming weeks. A tentative completion date was not disclosed.

May 4, 2021

Monogram-Food-Solutions-Haverhill-Massachusetts

Development Industrial Massachusetts Northeast

Monogram Food Solutions to Open 135,000 SF Production Facility in Haverhill, Massachusetts

by Taylor Williams May 4, 2021

HAVERHILL, MASS. — Monogram Food Solutions, a manufacturer of prepared foods based in Memphis, will open a 135,000-square-foot production facility within Cedar Brook Park in Haverhill, a northern suburb of Boston. Paradigm Properties is developing the facility as a build-to-suit for Monogram that will consist of 109,000 square feet of multi-temperature warehouse space and a 26,000-square-foot sandwich assembly area. Massachusetts-based design-build firm Dacon Corp. is the design-build firm. Construction is underway and scheduled for completion in mid-2022.

May 4, 2021

Connecticut Loans Northeast Office

Axiom Capital Arranges $10.3M Loan for Refinancing of Office Building in Westport, Connecticut

by Taylor Williams May 4, 2021

WESTPORT, CONN. — Finance and advisory firm Axiom Capital Corp. has arranged a $10.3 million loan for the refinancing of an office building in Westport, located in the southern coastal part of the state. The building features proximity to Interstate 95 and U.S. Route 1 and is leased to tenants such as Northwestern Mutual Life Insurance, Charter Oak Equity and Lime Rock Partners. The nonrecourse loan was structured with a five-year term and a fixed interest rate. The borrower and direct lender were not disclosed.

May 4, 2021

Acquisitions Georgia Healthcare Southeast Top Stories

Piedmont Healthcare to Purchase Georgia Hospital Portfolio from HCA for $950M

by John Nelson May 4, 2021

ATLANTA AND NASHVILLE, TENN. — Piedmont Healthcare has signed a purchase agreement with HCA Healthcare Inc. (NYSE: HCA) for the acquisition of four Georgia hospitals and one clinic for a purchase price of $950 million. The two parties are targeting a closing date of July 31. Pending regulatory approval, Piedmont will acquire the 310-bed Eastside Medical Center in Snellville and the 119-bed Cartersville Medical Center in Cartersville, which are both located in metro Atlanta. The acquisition will also include three facilities in Macon: the 310-bed Coliseum Medical Center, the 103-bed Coliseum Northside and the 40-bed Coliseum Center for Behavioral Health. With the acquisition, Piedmont Healthcare is continuing to expand its footprint in metro Atlanta as well as strengthen its portfolio of best-in-class hospitals. Nonprofit watchdog organization Leapfrog Group rated HCA’s Coliseum Medical Centers, Coliseum Northside and Cartersville Medical Center as “A” hospitals in its spring 2021 Leapfrog Hospital Safety Grades report released last week. “HCA Healthcare has instilled a high standard of care into these facilities, and we are proud that they have trusted Piedmont to continue this legacy,” says Kevin Brown, president and CEO of Piedmont Healthcare. For HCA, the transaction increases the Nashville-based company’s financial flexibility for investments …

May 4, 2021

Market Reports Multifamily New Jersey Northeast Northeast Market Reports

Multifamily Is A Force Multiplier in Northern New Jersey’s Economic Recovery

by Taylor Williams May 4, 2021

By Ken Uranowitz, president, Gebroe-Hammer Associates When it comes to investment in multifamily properties, as in life, change is constant. Between evolving tenant demographics and political climates to recessionary economies and a once-in-a-century pandemic, multifamily assets are continuing to prove their centuries-old knack for pivoting in times of change. Unlike any other commercial asset class, multifamily possesses an unrivaled level of agility rooted in its most-important attribute: People always need a safe place to call home. In good times and turbulent periods, apartment living offers a tremendous level of flexibility based on point-in-time needs. While past recessionary times may have had red-flag indicators of things to come, nothing prepared us for the rippling effects of COVID-19. This virus tested us in ways never seen before. Collectively, we found ourselves in uncharted waters due to the sudden and abrupt measures imposed to slow the spread of COVID-19. While these challenges are being addressed, with the passage of time, health and wellbeing remain paramount. In this regard, multifamily properties have played an integral role in providing tenants and communities with the most basic needs of shelter, a place to live and a place from which to telecommute for work or education. A …

May 4, 2021

Acquisitions Alabama Florida Georgia Multifamily North Carolina Single-Family Rental Southeast Tennessee

Transcendent Electra Acquires 1,889 New Single-Family Rental Homes in Sun Belt Markets

by Julia Sanders May 3, 2021

MIAMI — Transcendent Electra, a joint venture between single-family rental (SFR) platform Transcendent Investment Management (TIM) and multifamily owner/operator Electra America, has purchased 1,889 new single-family homes. The company has $496 million in contract process and closing and another $1 billion in the pipeline. This acquisition marks Transcendent Electra’s first significant acquisition since launching in February. The properties are new single-family homes and townhomes that are purchased directly from homebuilders throughout the following markets: Birmingham and Huntsville, Ala.; Florida; Savannah and Atlanta, Ga.; North Carolina; South Carolina; Nashville, Tenn.; and Dallas, Houston, San Antonio and Austin in Texas. Transcendent Electra aims to acquire or develop approximately $3 billion in SFR housing over the next three years, with a focus on new-build homes in the $175,000 to $300,000 price range, where average rent will be $1,500 to $2,800 per month.

May 3, 2021

Development Loans North Carolina Office Southeast

Avison Young Secures $40M Financing for Midtown Exchange Project in Raleigh

by Julia Sanders May 3, 2021

RALEIGH, N.C. — Avison Young has secured a $40 million senior loan to fund the pre-development activities and horizontal infrastructure construction for Midtown Exchange, a $1 billion mixed-use development underway in Raleigh. The developer of Midtown Exchange, Dewitt Carolinas, received the funding for the 353,000-square-foot office tower. Wes Boatwright, Mike Yavinsky and Jon Goldstein of Avison Young led the financing transaction through an undisclosed lender. At full buildout, Midtown Exchange will include 790,000 square feet of Class A office space, 1,275 residential units, 300 seniors housing units, 300 hotel rooms, 125,000 square feet of retail and dining space, a convention center and more than seven acres of green space and park amenities. Raleigh-based Dewitt Carolinas is active in development, ownership, management and acquisition of real estate throughout the Carolinas. The firm has completed more than 600 developments and over $2 billion of construction.

May 3, 2021

Development Georgia Industrial Self-Storage Southeast

Joint Venture Breaks Ground on 93,000 SF Self-Storage Facility in Canton, Georgia

by Julia Sanders May 3, 2021

CANTON, GA. — A joint venture between Lumpkin Development, MacArthur Holdings and Live Oak Capital Partners has broken ground on a 93,000-square-foot self-storage facility located at 7222 Cumming Highway in Canton, close to the Northside Hospital Cherokee campus. The property is slated to be open to the public in the spring of 2022. The self-storage facility will be located on 9.2 acres and will comprise of drive-up, climate-controlled units. JM Williams Contractors will construct the facility, and Renasant Bank is providing the debt financing for the project. Max Design Group is the project’s architect, and Travis Pruitt & Associates is serving as the civil engineering. The facility is Lumpkin Development’s first Class A storage property in the area. Lumpkin Development builds and operates self-storage, retail and industrial real estate throughout the Southeast. MacArthur Holdings is a New York City-based real estate business, and Live Oak Capital Partners is a real estate developer based in Atlanta.

May 3, 2021

Development Industrial Michigan Midwest

Ford Unveils Plans for Battery Testing Center Near Detroit Named Ford Ion Park

by Kristin Harlow May 3, 2021

ALLEN PARK, MICH. — Ford Motor Co. has unveiled plans for a new battery testing center named Ford Ion Park in the Detroit-area town of Allen Park in effort to accelerate research and development of battery and battery cell technology. A team of 150 experts in battery technology development, research, manufacturing, planning, purchasing, quality and finance will assist Ford in more quickly developing and manufacturing battery cells and batteries. Plans call for a $185 million, 200,000-square-foot collaborative learning lab in Southeast Michigan that is dedicated to developing, testing and building vehicle battery cells opens late next year. Ford’s Battery Benchmarking and Test Laboratory, which spans 185,000 square feet, opened late last year in Allen Park.

May 3, 2021

Acquisitions Illinois Indiana Michigan Midwest Multifamily

RHP Properties Acquires 29 Manufactured Home Communities in Midwest for $184M

by Kristin Harlow May 3, 2021

ILLINOIS, INDIANA AND MICHIGAN — RHP Properties has acquired a portfolio of 29 manufactured home communities across Illinois, Indiana and Michigan for $184 million. The communities contain more than 4,200 sites. RHP plans to add new or enhanced amenities, playgrounds and roads. The company also plans to add new homes at affordable prices, where residents can enjoy the privacy of a single-family home with the energy-efficient features and design of a manufactured home. The seller was undisclosed. With these acquisitions, RHP now owns and operates 297 manufactured home communities totaling 71,184 sites.

May 3, 2021

Newer Posts

Older Posts