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Sweetwater Springs
Build-to-RentDevelopmentGeorgiaLeasing ActivityMultifamilySoutheast

Parkland Residential Breaks Ground on Build-for-Rent Townhome Property in Lawrenceville, Georgia

by Julia Sanders

LAWRENCEVILLE, GA. — Atlanta-based Parkland Residential has broken ground on Sweetwater Springs, the company’s first build-for-rent (BFR) community. The property is located at 1510 Duluth Highway in Lawrenceville, about 28 miles northeast of downtown Atlanta. The development will be completed by December 2021. Managed by Lincoln Property Group, Sweetwater Springs will be one of the first BFR communities in Gwinnett County and the first stacked townhome property within the county. Parkland Residential has begun leasing the townhomes at rents ranging from $1,950 to $2,300 per month. The three-bedroom units total 1,950 square feet and offer two-and-a-half baths plus a loft. Two-bedroom units offer 1,630 square feet of total living space. The rear-entry stacked townhomes in Sweetwater Springs will offer one-car garages and two- or three-bedroom units, including private owner’s suites with walk-in closets and baths featuring dual vanities. The open floor plans will feature kitchens that open into family rooms with covered outdoor living spaces. NorthMarq arranged $12 million of construction financing through Trez Capital on behalf of Parkland Residential. The developer says it plans to build several more BFR communities over the next several years as it provides an attractive housing alternative for the middle class.

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DevelopmentIllinoisMidwestOffice

LJC Completes Renovation of Horizon Therapeutics U.S. Headquarters Office in Deerfield, Illinois

by Kristin Harlow

DEERFIELD, ILL. — Lamar Johnson Collaborative (LJC) has completed a full renovation of the office campus for Horizon Therapeutics in Deerfield, a northern suburb of Chicago. The U.S. headquarters for the Ireland-based biopharmaceutical company spans more than 650,000 square feet on 70 acres. Horizon purchased it in early 2020. LJC completed the renovation project in 10 months. Horizon tasked LJC with creating a space that reflected its refreshed brand. The company also sought out amenities for employee retention and recruiting, as well as flexible space for collaboration. New amenities include a coffee shop, full-service cafeteria, tech pub, multipurpose training center, fitness center, game lounge, outdoor terrace and pantries on each floor.

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LoansMidwestMultifamilySeniors HousingWisconsin

Greystone Provides $35M in HUD-Insured Financing for Skilled Nursing Portfolio in Wisconsin

by Kristin Harlow

ANTIGO, BURLINGTON, MANITOWOC AND KENOSHA, WIS. — Greystone has provided $35 million in HUD-insured loans for the refinancing of a five-property, 558-bed skilled nursing portfolio across Southeast Wisconsin. The facilities are located in Antigo, Burlington, Manitowoc and Kenosha. Each of the nonrecourse loans features a fixed interest rate and is fully amortized over 30 years. The loans refinance the existing debt on the properties, which were purchased in 2017. The undisclosed borrower plans to continue ongoing property improvements. Fred Levine of Greystone originated the loans.

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Affordable HousingDevelopmentMichiganMidwestMultifamily

HUD Selects Detroit for $30M Grant to Help Bring 500 Affordable Housing Units to Corktown Area

by Kristin Harlow

DETROIT — The U.S. Department of Housing & Urban Development (HUD) has selected Detroit as a winner of its Choice Neighborhoods grant program, which will enable the city to bring more than 500 new units of affordable housing to the Corktown area. Detroit, which was one of five cities selected nationally, will receive a $30 million HUD grant, the largest amount offered under the Choice program. The grant is supported by $1 billion in leverage commitments from grant partners, including Ford’s new $740 million mobility campus and other economic development initiatives in Corktown. The Corktown neighborhood, which is experiencing escalating rents as a result of new development, is now on track to receive $200 million invested in 840 units over the next six years. At least 60 percent, or 504 units, will be set aside as “deeply affordable housing,” according to the city. Of the units, 40 percent will serve households earning between 30 and 80 percent of area median income (AMI); 20 percent will serve households making up to 30 percent of AMI; and 20 percent will serve households earning 80 to 120 percent of AMI. The remaining 20 percent of the units will be rented at market rate.

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MidwestMinnesotaRetail

Best Buy’s First-Quarter Revenue Rises 36 Percent, Driven by Demand for At-Home Tech Products

by Kristin Harlow

RICHFIELD, MINN. — Best Buy Co. Inc. (NYSE: BBY) reported that its revenue increased 36 percent in the first quarter compared with the same period a year ago. The Richfield-based electronics retailer’s first quarter ended May 1. Additionally, enterprise comparable sales increased 37.2 percent. “Customer demand for technology products and services during the quarter was extraordinarily high,” says Corie Barry, CEO. “This demand is being driven by a continued focus on the home, which encompasses many aspects of our lives including working, learning, cooking, entertainment, redecorating and remodeling. The demand was also bolstered by government stimulus programs and the strong housing environment.” As sales momentum is continuing into the second quarter, Best Buy is raising its annual comparable sales growth outlook to a range of 3 to 6 percent, according to CFO Matt Bilunas. In the first quarter, the company generated comparable sales growth across almost all of its categories, with the largest drivers being home theater, computing and appliances. Best Buy’s stock price opened at $121 per share Thursday, May 27, up from $79.08 one year ago. The retailer operates more than 900 stores nationwide.

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IndianaIndustrialLeasing ActivityMidwest

Lunar Distribution Signs 145,600 SF Industrial Lease in New Haven, Indiana

by Kristin Harlow

NEW HAVEN, IND. — Lunar Distribution LLC has signed a 145,600-square-foot industrial lease at 10785 Rose Ave. within the Cedar Oak Industrial Park in New Haven, just east of Fort Wayne. The distributor of comic books for publishers such as DC and Marvel will occupy the space beginning in June. The facility, which features a clear height of 30 feet, is located at the corner of I-469 and U.S. Highway 24. Bill Drinkall and Brook Steed of Bradley Co. represented the undisclosed landlord.

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The-Stack-Deep-Ellum-Dallas
DevelopmentOfficeTexas

Joint Venture Opens 16-Story Office Building in Dallas’ Deep Ellum District

by Taylor Williams

DALLAS — A joint venture between Westdale Real Estate Investment & Management, Ivanhoe Cambridge and Hines has opened The Stack, a 16-story office building in the Deep Ellum area of Dallas. Designed by 5G Studio Collaborative, the property consists of 200,000 square feet of office space and 15,000 square feet of retail space. Amenities include a terrace with views of the Dallas skyline, fitness center, coffee and cocktail lounge, electric car charging stations and private tenant balconies. Hines plans to relocate its Dallas office to an 11,000-square-foot space within The Stack later this year.

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Lincoln-Medical-Center-Apartments-Houston
AcquisitionsMultifamilyTexas

29th Street Capital Acquires 224-Unit Apartment Community in Houston

by Taylor Williams

HOUSTON — 29th Street Capital, a Chicago-based investment firm, has acquired Lincoln Medical Center Apartments, a 224-unit multifamily community located in the Med Center/Braes Bayou submarket of Houston. Built in 1990, the property offers one- and two-bedroom units and amenities such as a pool, fitness center and a coffee bar. The new ownership will implement a value-add program and rebrand the property as Helix at Med Center. The seller was not disclosed.

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IndustrialLeasing ActivityTexas

GCP Paper USA Signs 235,845 SF Industrial Lease in North Houston

by Taylor Williams

HOUSTON — GCP Paper USA has signed a 235,845-square-foot industrial lease to occupy the entirety of Building 2 at Interwood Distribution Center, a 341,692-square-foot development in North Houston. Craig Bean and John Kruse of Holt Lunsford Commercial, which owns the property in a joint venture with GID Real Estate Investments, represented building ownership in the lease negotiations. Eric Hughes of Centermark Commercial Real Estate represented the tenant.

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AcquisitionsIndustrialNAITexas

NAI Partners Brokers Sale of 30,194 SF Industrial Property in Northwest Houston

by Taylor Williams

HOUSTON — NAI Partners has brokered the sale of a 30,194-square-foot industrial property located on a five-acre site at 3815 Hollister St. in northwest Houston. According to LoopNet Inc., the property was built in 1972. Michael Keegan and Andrew Laycock of NAI Partners brokered the deal. The buyer, seller and sales price were not disclosed.

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