Property Type

Continental Realty Corp. Acquires Two Addison Place Apartments Near Savannah

by Julia Sanders June 10, 2021

POOLER, GA. — Baltimore-based Continental Realty Corp. (CRC) has acquired Two Addison Place, a 325-unit multifamily community located at 2 Addison Place in Pooler, 10 miles from Savannah. The property was purchased via Continental Realty Fund V L.P., a $210.8 million private equity fund focused on acquiring retail and multifamily properties in the Mid-Atlantic and Southeast regions. The sales price and seller were not disclosed. Delivered in 2014, Two Addison Place offers one-, two- and three-bedroom floorplans ranging from 723 to 1,737 square feet. Thirty seven custom floor plans are available, with open space units featuring nine- to 14-foot ceiling heights, granite kitchen and bathroom countertops, ceiling fans throughout, wood-style and stained concrete flooring, washers and dryers, walk-in closets and balconies or porches. The garden-style community, which also features some cottage homes with attached garages, was 97 percent occupied at the time of the off-market sale. Community amenities include a clubhouse with conference center, cybercafé, fitness center, yoga room and a resort-style saltwater swimming pool with private cabanas, as well as two outdoor courtyards with fireplaces and grilling areas, a dog park, dog wash area and a car care center. With this acquisition, CRC now owns three properties in Georgia, …

June 10, 2021

Acquisitions Arizona Multifamily Western

Taylor Street Advisors Arranges Sales of Three Multifamily Properties in Tucson

by Amy Works June 10, 2021

TUCSON, ARIZ. — Taylor Street Advisors has arranged the sales of three apartment communities located in Tucson. In the first transaction, an out-of-state investor acquired Fort Lowell Casitas, a 13-unit low-rise apartment building, for $1.5 million, or $116,153 per unit. The property features one- and two-bedroom units. Evan Plonis of Taylor Street Advisors represented the undisclosed seller. In the second deal, The 7th Ave Apartments sold for $990,000, or $66,000 per unit. The 15-unit property was recently remodeled and units feature modern kitchens and bathrooms and tile floors throughout. Andy Burnett of Taylor Street Advisors represented the undisclosed buyer in the deal. In the third transaction, the eight-unit Eagle Ridge Apartment complex sold for $700,000, or $87,500 per unit. Austen Oakley of Taylor Street Advisors represented the undisclosed seller and undisclosed buyer in the deal.

June 10, 2021

Development Midwest Mixed-Use Ohio

Trinitas Receives Approval for $500M Mixed-Use Project Near University of Cincinnati

by Kristin Harlow June 10, 2021

CINCINNATI — Trinitas Ventures and its partner Crawford Hoying have received approval from the Cincinnati City Council for the development of The District at Clifton Heights, a $500 million mixed-use project near the University of Cincinnati campus. The development will be completed in two phases. Phase I of the project will include The Deacon, an existing 1,029-bed student housing community; The Hub at Cincinnati, a 1,112-bed student housing development featuring 2,300 square feet of commercial space; a 175-room hotel with 22,000 square feet of retail space; a new Delta Delta Delta sorority house; and a 169-space public parking garage. The first phase of the project is scheduled for completion in October 2024 and is estimated at $315 million in development costs. Phase II, set to total $185 million in development costs, will consist of 45,000 square feet of commercial space; 170 seniors housing units with a private parking garage; 350 multifamily units; and a public parking garage. The second phase of development is scheduled for completion by the end of 2025. The project will also include the addition of public infrastructure, utility improvements and streetscape enhancements funded through $80 million of tax-increment financing. In total, the development will house over …

June 10, 2021

Midwest Ohio Retail

Kroger to Hire 10,000 Associates Across Store Brands

by Kristin Harlow June 10, 2021

CINCINNATI — The Kroger Co. (NYSE: KR) is holding a nationwide hiring event today across its store brands. The Cincinnati-based grocer says the goal of the event is to hire 10,000 associates supporting retail, e-commerce, pharmacy, manufacturing and logistics operations. Interviews will be conducted both virtually and in-store. Across its family of companies, Kroger employs nearly half a million associates who serve over 9 million customers daily through both digital shopping experiences and 2,800 retail food stores. Kroger’s stock price opened at $38.48 per share Thursday, June 10, up from $32.57 per share one year ago.

June 10, 2021

Illinois Loans Midwest Multifamily Retail

Associated Bank Provides $12.9M Loan for Acquisition, Redevelopment of Shopping Center in Chicago’s Uptown Neighborhood

by Kristin Harlow June 10, 2021

CHICAGO — Associated Bank has provided a $12.9 million loan for the acquisition and renovation of a shopping center and surface parking lot located at 4501 N. Sheridan Road in Chicago’s Uptown neighborhood. The buyer, a joint venture between Mavrek Development and GW Properties, plans to demolish the center and build a new five-story property consisting of 59 apartment units and 7,035 square feet of retail space. Plans call for larger units than what can currently be found in the Uptown area as well as built-in workstations, in-unit laundry and private balconies. The second floor will feature an outdoor amenity space. Mavrek will also serve as general contractor. Daniel Barrins of Associated Bank handled the loan closing.

June 10, 2021

Acquisitions Illinois Industrial Midwest

Avison Young Brokers Sale of Three-Building Industrial Portfolio in Chicago

by Kristin Harlow June 10, 2021

CHICAGO — Avison Young has brokered the sale of a three-building industrial portfolio spanning 100,000 square feet in Chicago. The contiguous buildings are located at 4006 W. Belden Ave., 2311 N. Keystone Ave. and 2321 N. Keystone Ave. Steven Kohn and Patrick Richwine of Avison Young represented the seller, Eazypower Corp., which is relocating to a new property in a northern suburb of Chicago. The buyer, a Chicago-based industrial investor, plans to complete an extensive renovation of the buildings.

June 10, 2021

Kansas Leasing Activity Midwest Office

TTEC Holdings Joins Tenant Lineup at Aspiria Office Campus in Overland Park

by Kristin Harlow June 10, 2021

OVERLAND PARK, KAN. — Global technology company TTEC Holdings is the newest tenant at the Aspiria corporate campus in Overland Park. With over 50,000 employees across the globe, TTEC is looking to bring more than 400 jobs to metro Kansas City. The company will occupy nearly 20,000 square feet at Aspiria, the former Sprint world headquarters campus that is now owned by Occidental Management. TTEC worked with the Kansas City Area Development Council, Overland Park Chamber of Commerce, Kansas Department of Commerce and CBRE prior to securing its lease.

June 10, 2021

Maryland Multifamily Southeast Top Stories

TPG Real Estate, Bainbridge Acquire Waterfront Multifamily Community in Annapolis for $154M

by Katie Sloan June 10, 2021

ANNAPOLIS, MD. — A joint venture between TPG Real Estate and The Bainbridge Cos. has acquired Watergate Pointe, a 608-unit waterfront multifamily community located at 655 Americana Drive in Annapolis, for $154 million or $253,290 per unit. Dean Sigmon, Robin Williams, Justin Shay and Michael D’Amelio of Transwestern Real Estate Services represented the seller, Castle Lanterra Properties, in the disposition of the community. The 31.2-acre property sits on a peninsula connected to the Chesapeake Bay and was recently rebranded Nautilus Point. The community offers studio, one-, two- and three-bedroom units in seven mid-rise and 13 garden-style buildings. Shared amenities include a 160-slip income-producing marina; paddleboards and kayaks; a swimming pool and sundeck; dog park; renovated clubhouse; business center; dock access for crabbing; an outdoor lounge space; a state-of-the-art fitness center; playground; tennis court; laundry facilities; a bike share program; and recycling center. “The property is well-positioned to capture significant upside through rent increases, which can be achieved by continuing to implement an interior renovation program, and through improved management of the marina to maximize its value,” says Williams of Transwestern. According to Transwestern’s research affiliate Delta Associates, the Annapolis apartment market is one of the best performers in the region …

June 10, 2021

Colorado Industrial Market Reports Western Western Market Reports

Industrial Leasing Activity Outpaces New Construction in Denver

by Jeff Shaw June 10, 2021

By Tyler Smith, Managing Director, Cushman & Wakefield While the office and retail sectors in Denver continue to grapple with pandemic-related disruptions, the industrial sector remained the dominant performer within the commercial real estate market through the early part of 2021. The Denver industrial market recorded more than 718,000 square feet of positive net absorption, and nearly 3.8 million square feet of leasing activity during the first quarter of 2021. However, with metro-wide vacancy trending above the five-year average and 1.8 million square feet of speculative development delivering vacant during the first quarter of 2021, the discussion in the Denver market remains focused on whether industrial supply has begun to outstrip demand. The maturation of Denver’s industrial market has closely mirrored the city’s population growth over the past decade. Denver experienced a population boom of nearly 20 percent from 2010 to 2020. Fueled by the resulting uptick in consumer demand and increased economic diversification, Denver’s industrial inventory skyrocketed as well, growing by 19.4 percent during the same period. Since 2017 alone, over 22 million square feet of new development has delivered in the market. Despite robust leasing activity and nearly 10 years of uninterrupted positive net absorption, industrial vacancy in Denver has been …

June 10, 2021

Features Retail

Green Rush: Cannabis Creates Opportunities for Retail Architects, Contractors

by Taylor Williams June 10, 2021

By Kristin Hiller The design and construction of cannabis dispensaries and cultivation facilities are generating lucrative business opportunities for architects and contractors as more states legalize recreational marijuana. Recreational use is now permissible in 17 states plus Washington, D.C. About 55 million, or 16.9 percent, of Americans currently use marijuana, according to the National Center for Drug Abuse Statistics. One contractor, Northbrook, Illinois-based Mosaic Construction, has created an entire division devoted to cannabis design-build services named Cannabis Facility Construction (CFC). “We continue to see the impact of the Green Rush in our pipeline,” states Andy Poticha, principal of CFC, which builds dispensaries, cultivation facilities and processing centers. “As the cannabis industry expands nationwide, it is headed toward a legal market worth $41.5 billion annually by 2025.” Cannabis accounts for approximately 65 percent of CFC’s total revenue and 47 percent of its project pipeline, according to Poticha. Virginia Maggiore, vice president of store planning for architecture firm RDC, says she has noticed an uptick in cannabis projects in the last two years, as a growing number of municipalities have begun awarding licenses or raising their number of licenses available. Long Beach, California-based RDC currently works with eight cannabis brands, each with …

June 10, 2021

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