MILWAUKEE — Cushman & Wakefield | Boerke has brokered the sale of a 95,500-square-foot industrial building in Milwaukee for $4.8 million. The property is located at 11225 W. Heather Ave. Terry McMahon and Cody Ziegler of Cushman & Wakefield | Boerke represented the buyer, Rebel Converting. Brennan Investment Group was the seller. Rebel is a contract manufacturer of disinfectant wipes. The company began to look for a larger space well before coronavirus and demand for sanitizing wipes began dominating headlines. Rebel will relocate from its current space in Saukville once tenant improvements are completed. The move will nearly double Rebel’s footprint.
ROYAL OAK, MICH. — Bernard Financial Group has arranged a $1 million loan for the refinancing of a 17,300-square-foot office and retail building in Royal Oak, a northern suburb of Detroit. Dan Duggan of Bernard arranged the loan on behalf of the borrower, 320-322 S. Main Holdings LLC. Ohio National Life Insurance Co. provided the loan, terms of which were undisclosed.
INGLEWOOD, CALIF. — CAPSS LLC, a new company formed by Los Angeles Clippers’ chairman Steve Ballmer and vice chairman Dennis Wong, has agreed to acquire The Forum in Inglewood for $400 million in cash. By reaching an agreement with The Madison Square Garden Co. (NYSE: MSG), the litigation battle between the team and seller over the proximity of the basketball team’s new arena to the older events venue will end. MSG, which also owns the New York Knicks, argued that the Clippers’ proposed NBA arena was too close to The Forum and would compete as an events venue. CAPSS says the 17,500-seat Forum will continue to operate as a music venue and the new ownership will extend employment offers to current employees. The parties expect to close the sale in the second quarter of this year. The new Clippers arena will be situated on West Century Boulevard between South Prairie Avenue and South Yukon Avenue, one mile south of The Forum. The proposed stadium will offer 18,000 seats and will include the team’s headquarters and a community center. The stadium will be privately funded and is currently undergoing an environmental review by the City of Inglewood, which the Los Angeles …
The coronavirus (COVID-19) is having a widespread impact on the off-campus student housing industry. Many off-campus owners and operators are grappling with a growing number of universities canceling in-person classes, and in some instances, ordering students to vacate their campuses and residence halls altogether. On Wednesday, March 25, Student Housing Business (SHB) held a complimentary webinar on the impact of COVID-19 on the off-campus student housing industry. The webinar had nearly 2,000 attendees. During the panel discussion, six owners and operators weighed in on best practices and operations advice for employees at both the corporate- and property-level, as well as the potential impact of the pandemic on turn — the student housing industry’s intense summer period when units are cleaned, refurbished and rehabbed — and leasing for fall 2020. Randy Shearin, editor of SHB, led the discussion. Speakers included Casey Petersen, COO of Peak Campus; Chris Richards, executive director of real estate operations at Greystar; Adam Byrley, COO of The Preiss Co.; Grant Collard, CEO of Redstone Residential; Alex O’Brien, COO of Cardinal Group; and Miles Orth, EVP and COO of Campus Apartments. Click here to listen to the full webinar: COVID-19 and the Impact on Student Housing Residents, Employees, Operations, …
The Twin Cities of Minneapolis and St. Paul continue to be a very attractive marketplace for multifamily investing due to an average vacancy across the metro of 3.1 percent, as well as average 2019 rent growth of 5.8 percent, according to a recent report issued by Marquette Advisors. The Twin Cities currently has nearly 30,000 multifamily units in the development pipeline that are expected to be delivered between 2020 and 2022. With all of this development activity and an abundance of local and regional banks in the area, the Twin Cities continues to be a very well-banked market, particularly with regard to apartment construction. Local and regional banks are all very active. In addition, national banks are eager to invest in the healthy, consistent Twin Cities multifamily market. But despite capital being relatively plentiful and accessible, local, regional and national developers are exploring more efficient ways to capitalize on the abundance of development activity. They also pursue ways to stretch their own equity through a variety of financing alternatives. Developers may be tapped out with their current banking relationships, or as projects get larger and more expensive, desired loan sizes may drift higher than their banks’ lending limits. Lenders and …
SANTA ANA, CALIF. — Orange County, Calif.-based Adroit Worldwide Media (AWM) opened QuickEats at Nineteen01, an autonomous micromarket in Santa Ana, on Tuesday. The store is located on the ground floor of Nineteen01, an apartment community at 1901 E. First St. Greenwood & McKenzie owns the property. QuickEats utilizes Frictionless, AWM’s proprietary shopping solution of a low-contact, cashierless marketplace. The store will offer a variety of products, including sodas, water, specialty items, fresh grab-and-go foods and household items ranging from cleaning products and toilet paper to dog food. “When we planned the launch of QuickEats many months ago, we never could have imagined the circumstance our community now faces, as Orange County practices social distancing due to the coronavirus,” said Kevin Howard, CEO of AWM. “We made the decision to open our doors because QuickEats can provide vital, food, drink and personal care items to Nineteen01’s residents in a completely frictionless environment that adheres to the current protocols being requested by Orange County’s health officer.” Customers enter the market through an entry gate using a personalized QR code downloaded from the QuickEats app. Cameras placed throughout the store track traffic, and customers are assigned a random, anonymous ID when they …
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JLL Arranges $991.8M in Financing for 17-Property National Portfolio
SAN FRANCISCO — JLL Capital Markets has secured $991.8 million in financing for a 17-property portfolio totaling more than 7 million square feet across seven states, including California, Arizona, Texas, Tennessee, Georgia, Virginia and Massachusetts. The portfolio’s five office assets comprise the majority of the asset’s value, with the remaining properties consisting of nine industrial facilities and three multifamily communities. The commercial property portfolio is leased to a diverse mix of tenants from a variety of industries, including financial services, media, software, government, food, law, internet, e-commerce and healthcare. Further details on the assets were not disclosed. The JLL team worked on behalf of CalSTRS and its advisor, PCCP, to arrange the 10-year, fixed-rate loan with New York Life Insurance Co. Kevin MacKenzie, Bruce Ganong, Brian Torp, Spencer Bergthold, Sam Godfrey, Bercut Smith and Andie Fezell of JLL represented the borrower in the financing.
DALLAS — A joint venture between locally based investment firm Realty Capital Partners LLC and multifamily operator BKE Capital LLC has acquired Oak Lawn Heights, a 137-unit apartment community in Oak Lawn area of Dallas. The property offers one- and two-bedroom units and amenities such as a pool, dog park and a resident clubhouse. The new ownership will implement a multimillion-dollar renovation of the unit interiors, adding new appliances, countertops and washers and dryers, as well upgrading exterior spaces. The joint venture, which expects to complete the renovation project within two years, will also rebrand the community as The Maverick at Oak Lawn. The seller was Houston-based investment firm Barvin.
FORT WORTH, TEXAS — Dallas-based retail investment brokerage firm STRIVE has arranged the sale of Fossil Creek Plaza, a 68,500-square-foot shopping center located at the intersection of Western Center Boulevard and North Beach Street in Fort Worth. The property was built in 1990. STRIVE represented the Los Angeles-based seller in the transaction, with the firm’s Sam House procuring a Dallas-based investor as the buyer.
DALLAS — Stream Realty Partners has brokered the sale of a 42,420-square-foot industrial warehouse located at 8400 Ambassador Row in northwest Dallas. The property was fully leased to two tenants at the time of sale. Jamie Jennings, Jason Moser and Andre Rabinovich of Stream Realty Partners represented the seller, a Dallas-based private partnership, in the transaction. The buyer was locally based investment firm PrattCo Creekway.