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SLC-KarlsFarm-Northglenn-CO
ColoradoDevelopmentMultifamilyWestern

Southern Land Co. Breaks Ground on 385-Unit Multifamily Component of Karl’s Farm Development in Northglenn, Colorado

by Amy Works

NORTHGLENN, COLO. — Southern Land Co. has broken ground on a residential portion at the Karl’s Farm development in Northglenn. Located at 1801 E. 120th Ave., the $90 million project will feature a mix of townhome, studio, one-, two- and three-bedroom apartments. Situated on 13.8 acres, the 385 residences will be split between three-story townhomes and four-story, elevator-served apartment buildings. The units will feature a boutique, modern industrial style. Community amenities will include a pool, private outdoor spaces, dog spa, bike shop and shared workspaces. The 66-acre Karl’s Farm development will include apartments, single-family homes, commercial space, parks, open spaces and trails. The project team for the residential portion includes Denver-based KTGY Group, Southern Land Co.’s in-house construction division, Denver-based Kimley-Horn and Houston-based Integrity Structural Group.

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AcquisitionsIllinoisIndustrialMidwest

TriStar Sells 2 MSF Industrial Campus in Edwardsville, Illinois

by Kristin Harlow

EDWARDSVILLE, ILL. — A joint venture led by developer TriStar Properties has sold a 2 million-square-foot industrial campus occupied by World Wide Technology (WWT) in Edwardsville near St. Louis. The sales price was undisclosed. TriStar developed the property as a build-to-suit for WWT in 2019. The campus includes two equally sized buildings with clear heights of 36 feet. One building is devoted to production and assembly of technology equipment while the other is utilized for storage and distribution of products. The facility is located within TriStar’s Gateway Commerce Center, a 2,300-acre logistics park. An undisclosed institutional buyer purchased the asset.

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DevelopmentIndianaMidwestMultifamily

Birge & Held Opens Five-Story Apartment Community in Indianapolis

by Kristin Harlow

INDIANAPOLIS — Birge & Held has opened The E’Laan Apartments, a five-story apartment community located at 515 E. Market St. in downtown Indianapolis. The 71-unit property features studio, one- and two-bedroom floor plans. Amenities include a rooftop pool, lounge area, dog park and parking garage. Residents can now receive two months of free rent if they sign a 13-month lease prior to June 30. Monthly rents start at $1,276. Indianapolis-based Birge & Held, which served as the developer and contractor, has more than $1.6 billion in projects under management and has acquired over 14,000 units throughout the central United States.

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CaliforniaLoansMultifamilyWestern

BridgeCore Funds $2.1M Loan for Los Angeles Multifamily Property

by Amy Works

LOS ANGELES — BridgeCore has provided a $2.1 million loan for a nine-unit apartment building located in Los Angeles’ Mar Vista neighborhood. The loan features a 6.5 percent pay-rate during the entire loan term, with the remaining interest accruing to loan pay-off without compounding interest. The 18-month term, including one six-month extension option with interest and capital improvement reserves, provides the undisclosed borrower with time and capital to renovate and lease the three vacant units at market rate, retrofit the building and position the property for an eventual exit with conventional financing.

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LoansMidwestMissouriMultifamily

KeyBank Provides $22.5M Loan for Refinancing of Multifamily Property Near Kansas City

by Kristin Harlow

INDEPENDENCE, MO. — KeyBank Real Estate Capital (KBREC) has provided a $22.5 million Freddie Mac loan for the refinancing of Larkspur Pointe in Independence, about 10 miles east of Kansas City. Built in 1971 and renovated in 2015 and 2020, the 280-unit multifamily property consists of 12 buildings on 15 acres. Amenities at the garden-style complex include a fitness center, business center, pool, sauna, sundeck, clubhouse and playground. John Ward of KBREC’s Commercial Mortgage Group and Alan Isenstadt of KBREC’s Income Property Group originated the 10-year loan, which features a 30-year amortization schedule. Jeff Seidenfeld of Seven Stone arranged the financing. The undisclosed borrower invested about $1.2 million in renovating the property.

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AcquisitionsIndustrialMidwestOhio

IRG Acquires Former Teledyne Manufacturing Plant in Toledo, Ohio

by Kristin Harlow

TOLEDO, OHIO — Industrial Realty Group LLC (IRG) has acquired a former Teledyne manufacturing plant in Toledo for an undisclosed price. The 373,000-square-foot facility sits on 30 acres. The seller, Toledo-Lucas County Port Authority, sold the building as well as an additional 40 acres to the north. The additional acreage is designed to accommodate up to 700,000 square feet of industrial space, according to IRG. Hometown Food Co., a division of Smuckers, will continue to lease a portion of the building. IRG has begun pursuing additional tenants as well as planning for new construction.

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12129-W-Bell-Rd-Surprise-AZ
AcquisitionsArizonaNet LeaseOfficeWestern

Marcus & Millichap Brokers $2M Sale of Net-Leased Office Property in Surprise, Arizona

by Amy Works

SURPRISE, ARIZ. — Marcus & Millichap has arranged the sale of a net-leased office building located at 12129 W. Bell Road in Surprise. A limited liability company sold the asset to an undisclosed buyer for $2 million. RISE Services Inc. occupies the 8,936-square-foot building, which was built in 2003. Chris Lund and Mark Ruble of Marcus & Millichap’s Phoenix office represented the seller in the deal.

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DevelopmentIllinoisIndustrialMidwest

Summit Design + Build Begins Warehouse Expansion Project for TLC Ingredients in Crest Hill, Illinois

by Kristin Harlow

CREST HILL, ILL. — General contractor Summit Design + Build LLC has begun construction of a warehouse expansion project for TLC Ingredients in Crest Hill, just north of Joliet. Summit will add 55,012 square feet to the tenant’s existing 40,000-square-foot warehouse. Summit will also build a new break room, loading dock, bathroom and parking stalls. TLC Ingredients is a distributor of food additives including chemicals and phenolic resins. Harris Architects Inc. is the project architect. Completion is slated for this fall.  

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99-119-Cherry-Hill-Parsippany
Market ReportsNew JerseyNortheastNortheast Market ReportsOffice

Tenant-Focused Approaches Fuel Leasing Growth Within New Jersey’s Suburban Office Markets

by Taylor Williams

By Mark Meisner, president and founder, The Birch Group For many years, corporations have been rethinking their office space utilization, both in terms of square footage per employee and various configurations that allow employees to collaborate and thrive within office settings. As we look ahead to the return to the office, we are already hearing that corporate culture, the sharing of ideas and training of new hires have become driving forces in getting people back into the workplace. At the same time, an increasing number of companies are also considering the hub-and-spoke model as part of their overarching corporate strategic planning. The openings of these satellite offices allow companies to tap into larger talent pools, reduce employee commute times and in some cases, avoid mass transit altogether. Over the past several years, we’ve seen companies like Ross Dress for Less take space on both sides of “The River,” opening offices on Long Island and in The Meadowlands to supplement its New York City headquarters. Now more than ever, with the suburban office market showing signs of a resurgence, there is an onus to go back to the basics and leverage a tenant-focused approach to bolster leasing and differentiate properties. At …

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FeaturesRestaurantRetail

Now that the Dust is Settling – The Future of Retail in a Post-Pandemic World

by Jeff Shaw

By Carlos Lopez, Executive Vice President, Hanley Investment Group Real Estate Advisors The fears from the COVID-19 pandemic and the accompanying government-mandated shutdowns and social distancing measures transformed the way Americans, lived, worked, shopped, ate, exercised and watched movies. In many ways, the habits formed during the shutdowns have opened up opportunities to radically change many aspects of life. For the retail industry, the impact of COVID-19 in 2020 was profoundly devastating. For small businesses and restaurants forced to shut down for extended periods of time or quickly modify their business model to accommodate the mandated closures, they were unable to operate and many were forced to close permanently. On the chain retail front, already struggling from the changing consumer preferences and the forces of e-commerce, the lockdowns and mandated closures by governmental agencies was the final nail in the coffin for many. In 2020 alone, an unprecedented number of retailers declared bankruptcy and by November of 2020, nearly 49 chain and national retailers had declared bankruptcy. The amount was greater than retail bankruptcies occurring in 2009 during the financial crisis. Some of the popular retailers and household names of these retailers included: JC Penney, Neiman Marcus, GNC, Brooks Brothers, Sur la …

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