Property Type

Chesterfield, Stonemont Financial Sign Bicycle Manufacturer to 1.1 MSF Industrial Lease Near Port of Savannah

by Alex Tostado October 22, 2020

RINCON, GA. — Chesterfield and development partner Stonemont Financial have signed Pacific Cycle Inc. to a 1.1 million-square-foot industrial lease within Georgia International Trade Center in Rincon. Pacific Cycle is the parent company of bicycle brands including Schwinn, Mongoose and Kid Trax. The tenant fully occupies Building 2B of the property, which is situated at 2004 Trade Center Parkway, 16 miles from the Port of Savannah. Chesterfield and Stonemont recently delivered Phase I of Georgia International Trade Center, which comprises four buildings totaling 2.4 million square feet. Building 2B is the largest facility in Phase I. The developers are underway on Phase II, which will comprise three buildings spanning nearly 2 million square feet.

October 22, 2020

Acquisitions Georgia Multifamily Southeast

Atlantic | Pacific Purchases 312-Unit Multifamily Complex in Metro Atlanta

by Alex Tostado October 22, 2020

DUNWOODY, GA. — Atlantic | Pacific Cos. (A|P) has purchased The Parc at Dunwoody Apartments, a 312-unit complex in Dunwoody. The property offers one-, two- and three-bedroom floor plans ranging from 718 to 1,346 square feet. Communal amenities include a pavilion, fitness center, playground and two pools. The asset is situated at 1067 Pitts Road, 17 miles north of downtown Atlanta. The Miami-based buyer purchased the community via its equity fund, Blue Atlantic Partners Fund III. A|P affiliate Atlantic | Pacific Management will manage the property and handle the leasing efforts. A|P plans to implement a multimillion-dollar renovation to upgrade unit interiors with quartz countertops, enhance amenity spaces and improve the exterior of the community. The sales price and seller were not disclosed.

October 22, 2020

Acquisitions Maryland Retail Southeast

Neuman Commercial Group Arranges $13.2M Sale of Retail Center in Hagerstown, Maryland

by Alex Tostado October 22, 2020

HAGERSTOWN, MD. — Neuman Commercial Group LLC has arranged the $13.2 million sale of Hagerstown Shopping Center, a 124,000-square-foot shopping center in Hagerstown. The property was fully leased at the time of sale to 16 tenants including Aldi, Family Dollar, Mr. Tire, AutoZone, McCormick Paints, Super Shoe and Papa John’s. Hagerstown Shopping Center is situated at 503 Dual Highway, less than one mile from downtown Hagerstown and eight miles south of the Maryland-Pennsylvania state border. Gil Neuman of Neuman Commercial Group represented the seller, Bon Aviv Investments, in the sale. Neuman also procured the buyer, an undisclosed private family management office.

October 22, 2020

3419-Ritner-Highway-Newville-Pennsylvania

Acquisitions Industrial Northeast Pennsylvania

Exeter Property Group Buys Distribution Center in Newville, Pennsylvania, for $85M

by Taylor Williams October 22, 2020

NEWVILLE, PA. — Metro Philadelphia-based investment and development firm Exeter Property Group has purchased a 1.2 million-square-foot warehouse and distribution center located at 3419 Ritner Highway in Newville, located west of Harrisburg, for $85 million. The property is situated on 85.3 acres just off Interstate 81 and features a 60-foot loading bay, a 200-foot truck court, 249 automobile parking spaces and 243 trailer parking spaces. Gerry Blinebury, Gary Gabriel and Adam Campbell of Cushman & Wakefield represented the seller, Artemis Real Estate Property, in the transaction. The asset was constructed on a speculative basis and is currently vacant.

October 22, 2020

Development Multifamily New York Northeast

Strategic Capital, Cape Advisors, Forum Absolute Open 170-Unit Multifamily Project in Manhattan

by Taylor Williams October 22, 2020

NEW YORK CITY — A partnership between Strategic Capital, Cape Advisors and Forum Absolute Capital Partners has opened Greenwich West, a 170-unit multifamily condominium project located at 110 Charlton St. in the West Soho neighborhood of Manhattan. Designed by Parisian architecture firm Loca Anima and interior designer Sebastien Segers, Greenwich West features studio, one-, two- and three-bedroom floor plans, with prices ranging from $1.1 million to $7.9 million. Amenities include a 24-hour attended lobby, a rooftop terrace with multiple outdoor seating areas, a fitness center with a yoga studio and a children’s play area. Plaza Construction served as the general contractor for the 30-story building.

October 22, 2020

Loans Massachusetts Multifamily Northeast

MassHousing Provides $67.4M in Acquisition Financing for Boston Apartments

by Taylor Williams October 22, 2020

BOSTON — MassHousing has provided $67.4 million in acquisition financing for Blue Mountain Apartments, a 217-unit historic affordable housing property located in the Roxbury neighborhood of Boston. The borrower, NHP Foundation, will use a portion of the proceeds to rehabilitate the property and preserve its affordability through 2045. Blue Mountain Apartments consists of 105 one-bedroom apartments, 73 two-bedroom apartments, 18 three-bedroom apartments, 16 four-bedroom apartments and five five-bedroom apartments. Among the improvements planned for the property are concrete and masonry repairs, roof repairs, fire system upgrades, exterior door and window replacements, kitchen and bathroom upgrades and upgrades to the buildings’ HVAC, plumbing and electrical systems.

October 22, 2020

Acquisitions Multifamily New York Northeast

Rosewood Realty Brokers $11.5M Sale of Apartment Building in The Bronx

by Taylor Williams October 22, 2020

NEW YORK CITY — Locally based firm Rosewood Realty Group has brokered the $11.5 million sale of an 80-unit apartment building located at 2055 Anthony Ave. in the Fordham Heights area of The Bronx. The property was built in 1920 and spans 74,580 square feet. Aaron Jungreis of Rosewood Realty represented the seller, Morgan Group, and the buyer, locally based investment firm Parkash Group, in the transaction.

October 22, 2020

Development Illinois Loans Midwest Multifamily Top Stories

JLL Arranges More Than $100M in Financing for Multifamily Tower Under Construction in Chicago

by Alex Tostado October 22, 2020

CHICAGO — JLL has arranged more than $100 million in financing for a 278-unit multifamily community in Chicago’s West Loop neighborhood. The developer broke ground on the community in late September and expects to deliver it in spring 2022. JLL worked on behalf of developer Marquette Cos. to secure a $65 million construction loan through Bank OZK. Further details of the financing were not disclosed. Power Construction is the general contractor and Chicago-based Brininstool + Lynch is the architect. The 25-story property, located at 1400 Randolph St., will feature coworking spaces, a fitness center, club room and a pool on the 18th floor. Amenities in the surrounding neighborhood include the 13-acre Union Park; the L Train Ashland Station; and “Restaurant Row,” which features restaurants such as Au Cheval, Bad Hunter, Bandit, Girl & the Goat, Haymarket Tavern, La Josie, Lena Brava and Rooh. Matthew Schoenfeldt of JLL represented the Naperville-based developer in securing the construction financing. “Marquette, their institutional partner and Bank OZK have been steadfast in their commitment to 1400 Randolph, which is a testament to the fundamentally compelling concept,” says Schoenfeldt. According to research from CBRE, there were 2,500 multifamily units delivered in the Chicago area in the …

October 22, 2020

Conference Coverage Features Multifamily Student Housing

NMHC/InterFace Panel: Why an Aggressive Approach to Student Housing Development is Warranted

by Taylor Williams October 22, 2020

By Taylor Williams Student housing developers say now is a favorable time to aggressively pursue new projects as their customers voice a strong desire to resume on-campus learning, and they are using lessons learned over the past six months to bring debt and equity partners to the table in order to jump-start deals. Whereas demand drivers for new development in the traditional multifamily space typically center on job and population growth, the student housing sector often responds to different economic and social factors. In the COVID-19 era, these fundamentals are manifesting themselves in unusual ways, such as with empirical data suggesting students overwhelmingly want to return to campus. A survey of 800 college students conducted earlier this year by Axios and College Reaction found that 75 percent would prefer to return to campus, even if it meant giving up parties and sporting events. Developers also point to several positive indicators, including moves by prominent universities to reduce density on campus without compromising enrollment, the inclusion of parental co-signors on new leases and the simple fact that occupancy in the space is not linked to unemployment. With regard to concerns over diminished enrollment, developers are encouraged by the fact that some …

October 22, 2020

Industrial Market Reports Midwest Midwest Market Reports Missouri

Kansas City Is Key Location for Warehousing, Distribution

by Kristin Harlow October 22, 2020

By Ora Reynolds and Mike Bell, Hunt Midwest Kansas City industrial real estate is trending upward with no shortage of leasing activity. The city’s location in the heart of America, with 30 percent more interstate miles per capita running through it than any other city, offers efficiency and redundancy for global e-commerce and distribution operations. With over 270 million square feet of existing industrial space in both surface and underground business parks, ample land for new buildings, a skilled logistics workforce and robust power and fiber infrastructure, Kansas City is one of the preferred geographic locations for distribution centers and is poised for continued growth based on these strong fundamentals. The nation’s transition to online purchasing at an unprecedented pace has created ripples of change. The increase in e-commerce is driving demand for more distribution space at a rate of 1.25 million square feet for each $1 billion increase in online sales, and this demand puts an increasing pressure on the supply chain for resiliency. Americans are purchasing everything online, from food and essential supplies to clothing and gifts. In the second quarter of 2020, Americans increased their online purchasing by $211.5 billion, according to the U.S. Department of Commerce. …

October 22, 2020

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