Property Type

Affordable Housing Investment Brokerage Arranges $8.1M Sale of Levy House in Chicago

by Kristin Harlow January 21, 2021

CHICAGO — Affordable Housing Investment Brokerage (AHIB) has arranged the sale of Levy House in Chicago’s East Rogers Park neighborhood for $8.1 million. AHIB partnered on the listing with Kiser Group. Kyle Shoemaker of AHIB represented the buyer, Preservation of Affordable Housing (POAH), as well as the seller, a nonprofit entity. Levy House is a 57-unit, seven-story apartment building that offers one-bedroom floor plans. POAH plans to preserve the property’s affordability status. POAH will work with the City of Chicago and Chicago Housing Authority to execute a modernization plan. POAH now owns roughly 2,000 apartment units in Chicago.

January 21, 2021

Acquisitions Illinois Midwest Multifamily

Interra Realty Brokers $5.5M Sale of Two-Building Apartment Portfolio in Chicago’s South Shore

by Kristin Harlow January 21, 2021

CHICAGO — Interra Realty has brokered the $5.5 million sale of a two-building apartment portfolio in Chicago’s South Shore neighborhood. The properties include the 30-unit 7646 S. Essex Ave. and the 33-unit 7800 S. Phillips Ave. The price per unit was $86,667. Both buildings were constructed in 1926 and offer a mix of one-, two- and three-bedroom floor plans. The properties were renovated to include in-unit HVAC, onsite laundry, key fob entry and security systems. They were 88 percent occupied at the time of sale. Ted Stratman and Jeremy Morton of Interra represented the seller, Iron Bridge Lending, as well as the buyer, a local multifamily owner and operator.

January 21, 2021

Acquisitions Illinois Industrial Midwest

Venture One Acquires 17,900 SF Industrial Building in Waukegan, Illinois

by Kristin Harlow January 21, 2021

WAUKEGAN, ILL. — Venture One Real Estate has acquired a 17,900-square-foot industrial building located at 1161 S. Northpoint Blvd. in Waukegan for an undisclosed price. Constructed in 2000, the property was vacant at the time of acquisition. It features two exterior docks, one drive-in door, 2,476 square feet of office space and parking for 31 cars. Ralph Huszagh of JC Forney Realty Inc. represented the undisclosed seller and will be retained by Venture One to market the building for lease. Venture One acquired the asset via its acquisition fund VK Industrial V LP, which is a partnership between Venture One and Kovitz Investment Group.

January 21, 2021

Loans Multifamily New Jersey Northeast

JLL Arranges $89.5M Construction Loan for Harrison Yards Multifamily Project Near Newark

by Taylor Williams January 21, 2021

HARRISON, N.J. — JLL has arranged an $89.5 million construction loan to fund completion of Phase I and predevelopment of Phase II of Harrison Yards, a mixed-use project by Eastone Equities located outside of Newark. Phase I, which is nearly complete, features a 205-unit multifamily community with 7,670 square feet of retail space. Phase II will consist of 898 apartment units, 204,709 square feet of commercial space, a 200-key hotel and 1,350 parking spaces. Scott Aiese, Peter Rotchford, Alex Staikos and Brendan Collins of JLL arranged the loan through Invictus Real Estate Partners.

January 21, 2021

Acquisitions Connecticut Multifamily Northeast

Chozick Realty Negotiates Sale of 139-Unit Apartment Building in Hartford

by Taylor Williams January 21, 2021

HARTFORD, PA. — Locally based brokerage firm Chozick Realty has negotiated the $9.6 million sale of Lafayette Arms Apartments, a 139-unit multifamily building in Hartford. Built in 1968, the four-story building predominantly features one-bedroom units. Tom Boyle of Chozick Realty marketed the property on behalf of the seller, Lafayette Arms LLC, and procured the buyer, a regional investment firm.

January 21, 2021

Acquisitions Northeast Office Pennsylvania Retail

Colliers Brokers Sale of 74,452 SF Bicentennial Building in Wilkes-Barre, Pennsylvania

by Taylor Williams January 21, 2021

WILKES-BARRE, PA. — Colliers International has brokered the sale of the Bicentennial Building, a 74,452-square-foot office and retail property in Wilkes-Barre, located near Scranton in the northeastern part of the state. The six-story building was 83 percent occupied at the time of sale. Bicentennial Building Associates sold the asset to a private investment group based in the New York metro area. Jeff Algatt and John Susanin of Colliers brokered the deal.

January 21, 2021

Affordable Housing Development Multifamily New Jersey Northeast

Walters Nears Completion of 68-Unit Affordable Housing Project in Marlton, New Jersey

by Taylor Williams January 21, 2021

MARLTON, N.J. — Walters, a New Jersey-based developer of affordable housing, is nearing completion of Cornerstone at Greentree, a 68-unit income-restricted community for residents age 55 and above in the Southern New Jersey city of Marlton. Units feature full-size washers and dryers, fully equipped kitchens, secure keyless entry and energy-efficient appliances. Communal amenities include a fitness center, Wi-Fi in common areas and onsite management and maintenance. A staffed social services coordinator will also be available upon request. Full completion is expected to occur in the first quarter.

January 21, 2021

Acquisitions Arizona Development Multifamily Top Stories Western

Zom Living to Invest More than $500M to Develop Five Multifamily Communities in Phoenix, Scottsdale

by Alex Tostado January 21, 2021

PHOENIX AND SCOTTSDALE, ARIZ. — Zom Living has released plans to develop five multifamily communities in Phoenix and Scottsdale. The Orlando, Florida-based company expects to invest more than $500 million in the properties. Zom Living has acquired four parcels totaling 32.7 acres through an auction in the U.S. Bankruptcy Court. The developer expects to break ground on all five communities — which are yet to be named — in the fourth quarter of this year. Zom Living acquired two parcels totaling 26 acres in the Desert Ridge/North Phoenix submarket of Phoenix. The two communities Zom plans to build will feature a combined 600 units along the Loop 101 Highway on 56th Street. The assets will be situated within walking distance of Desert Ridge Marketplace. In downtown Scottsdale, the developer plans to build 749 units across two communities. The assets will span 3.8 acres at the intersection of Scottsdale and Camelback roads. The property is located adjacent to the Scottsdale Fashion Square and the Scottsdale Entertainment District. In Phoenix’s Biltmore District, Zom Living plans to develop 300 units on 2.9 acres. The property is located at the intersection of Highland Avenue and 24th Street, two blocks from the Biltmore Fashion Park …

January 21, 2021

California Industrial Market Reports Western Western Market Reports

Soaring Demand for Inland Empire Warehouse Space Brings Opportunities for Developers

by Jeff Shaw January 21, 2021

By Richard Lee and J.C. Casillas, NAI Capital Commercial In the fourth quarter of 2020, the Inland Empire industrial market continued to battle the effects of an economy that has so far spent three-fourths of the year under a COVID-19 shutdown. After dipping for several quarters, the average asking rent held steady at $0.72 triple net, down 6.5 percent from the fourth quarter of 2019. The vacancy rate nudged up 10 basis points from the previous quarter’s record low, down 90 basis points from the fourth quarter of 2019 to 3.9 percent. Pointing to the market’s resilience this time around, vacancy remains 8.4 percentage points lower than the prior peak, which hit in the third quarter of 2009 during the Great Recession. There has been exponential growth in demand for ecommerce due to COVID-19 and related industries, such as packaging and third party logistics. This has resulted in a fast recovery for the Inland Empire industrial market. Soaring demand for warehouse and distribution space has created opportunities for developers. The vacancy rate has increased, due to the 1.9 million square feet of completed construction added to the market in the fourth quarter of 2020. Since the first quarter of this …

January 21, 2021

Development Florida Industrial Southeast

Sansone Group, Argos Capital Partners to Develop 245,000 SF Distribution Center in Port St. Lucie, Florida

by Alex Tostado January 20, 2021

PORT ST. LUCIE, FLA. — Sansone Group and Argos Capital Partners will develop Legacy Park at Tradition in Port St. Lucie. The distribution park will comprise 375 acres that will house eight industrial buildings and span 3.2 million square feet upon full buildout, which is slated for 2023. In December, the developers acquired the first piece of land for the project. The first building in the park will be a 245,000-square-foot, build-to-suit distribution center for an undisclosed tenant. St. Louis-based Sansone Group expects to deliver the asset by the end of the year. Arco/Murray is the general contractor and architect for the park. Culpepper & Terpening Inc. is the civil engineer.

January 20, 2021

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