Property Type

Kroenke Sports, Revesco Receive $124.6M Refinancing for Elitch Gardens Theme Park in Denver

by John Nelson March 17, 2020

DENVER — Kroenke Sports and Entertainment (KSE) and Revesco Properties have received a $124.6 million loan to refinance Elitch Gardens Theme and Water Park in downtown Denver. The 130-year-old property is Colorado’s only combination amusement park and water park. The park is set to open for its 2020 season in April, but no word has come out if the outbreak of COVID-19 has changed that plan. Eric Tupler and Tyler Dumon of JLL arranged the five-year, floating-rate loan through Pacific Western Bank. KSE and Revesco, both based in Denver, plan to use the loan to retire existing debt and fund predevelopment work for the future River Mile project. Expected to take 25 years to fully come to fruition, River Mile is Revesco’s planned mixed-use district that will span 62 acres along a one-mile stretch of the South Platte River. KSE is a partner on the project. River Mile will eventually replace the amusement park, according to local media outlets. The redevelopment is expected to span 14 million square feet of residential and commercial mixed-use space, as well as public space along the riverfront. The River Mile project will include Meow Wolf, a 90,000-square-foot art installation attraction that is expected to …

March 17, 2020

Industrial Market Reports Texas Texas Market Reports

As Industrial Booms in Metroplex, Fort Worth Carves Out A Distinct Niche

by Taylor Williams March 17, 2020

Dallas-Fort Worth (DFW) has been among the top metros for industrial development and investment alike, with net absorption and leasing rates holding strong for the past several years. With the bulk of industrial development in DFW being big box product over 100,000 square feet, there’s been minimal development of smaller assets. So far in 2020, roughly 4.3 million industrial square feet has gone under construction in the metroplex. Approximately 10 percent (362,000 square feet) of that total centers on industrial projects under 100,000 square feet — the result of higher construction costs for smaller assets that don’t justify market rents. Current market rents do not satisfy yield requirements for developers to construct smaller assets. However, the general investment outlook for existing smaller industrial product is much more secure due to minimal new competing properties. Roughly 15 million square feet, or 40 percent of North Texas’s industrial pipeline, sits within five miles of DFW International Airport or Fort Worth Alliance Airport, according to CoStar. Approximately 3.3 million square feet of new product is expected to come on line by the second quarter in the DFW Airport region. Over half of the 30.9 million square feet of product under construction in DFW …

March 17, 2020

Baltimore Multifamily Rent and Occupancy Forecast March 2020

Content Partner Lument Market Reports Maryland Multifamily RED Capital Group Southeast Southeast Market Reports

Underappreciated Multifamily Markets: Maryland Edition

by Jaime Lackey March 17, 2020

Although attractive multifamily investment opportunities may still be available in gateway cities, investors increasingly are sourcing deals in secondary markets where land and asset prices are lower, cap rates a bit more generous and an unpicked gem of value-add fruit can still be found on the vine by intrepid late-cycle buyers. Parties looking to replicate past successes may not have to look too far afield as Maryland markets — overshadowed of late by Washington and Philadelphia — offer much of what they seek with perhaps a lower degree of risk. In the last decade and particularly the last three years, the catalyst for economic growth in the Capital Area has shifted from government to high-tech services. As the tide turned, the focus of commercial real estate activity moved south toward Washington’s central core and Northern Virginia. In the process, the Maryland suburbs lost some of their star power. The diminished status of Montgomery and Prince George’s counties wasn’t entirely a matter of perception. Suburban Maryland apartment performance materially underperformed national averages in 2017 and 2018, and the spread widened between cap rates applied to Maryland properties on one hand and District and Northern Virginia assets on the other. Same-store property …

March 17, 2020

Development Illinois Midwest Mixed-Use

Sheba Medical Center to Anchor Health, Wellness Innovation Hub at Former Michael Reese Hospital Site in Chicago

by Kristin Harlow March 16, 2020

CHICAGO — Sheba Medical Center will anchor a global health and wellness innovation hub in Phase I of a 100-acre mixed-use project to be developed on the former Michael Reese Hospital site in Chicago’s Bronzeville neighborhood. GRIT, a joint venture comprised of Farpoint Development, Bronzeville Community Development Partnership, Chicago Neighborhood Initiatives, Draper and Kramer, Loop Capital and McLaurin Development, is developing the project in partnership with Kaleidoscope Health Ventures. Known as the ARC Innovation Center, the building will include wet labs, incubators and other life sciences offices and commercial facilities. The entire project will include multifamily, affordable housing, retail, senior living, community space and a proposed new Metra station. Construction on Phase I is expected to begin in 2021.

March 16, 2020

Acquisitions Michigan Midwest Office

L. Mason Capitani Arranges Sale of 128,829 SF Office Building in Farmington Hills, Michigan

by Kristin Harlow March 16, 2020

FARMINGTON HILLS, MICH. — L. Mason Capitani CORFAC International has arranged the sale of a 128,829-square-foot office building in Farmington Hills for an undisclosed price. Built in 2001, the Class A property is located at 37101 Corporate Drive. It is fully leased to Panasonic Automotive Systems. Mason L. Capitani represented the buyer, LREH Michigan LLC. The seller was undisclosed. Capitani’s affiliate company, Liberty Property & Asset Management, will manage the asset.

March 16, 2020

Acquisitions Illinois Industrial Midwest

NAI Hiffman Brokers $5.4M Sale of Warehouse in Elmhurst, Illinois

by Kristin Harlow March 16, 2020

ELMHURST, ILL. — NAI Hiffman has brokered the $5.4 million sale of a 75,000-square-foot warehouse in Elmhurst, a western suburb of Chicago. The property is located at 776 N. Oaklawn Ave. and features a ceiling height of 18 feet along with 10,000 square feet of office space with conference rooms and a kitchenette area. Built in 1983, the building features two exterior docks, two drive-in doors and 100 car parking spaces. Joe Bronson, Josh Will and Aimee Goudas of NAI Hiffman represented the buyer, Elk Grove Village-based Haskris Co. Vickie Soupos of Colovos/Soupos Group at Re/Max Destiny represented the seller, Dorothy Stojka. Haskris is a manufacturer of refrigeration and heating equipment.

March 16, 2020

Illinois Leasing Activity Midwest Restaurant Retail

PaPPo’s Pizzeria & Pub to Open at Quincy Mall in Peoria, Illinois

by Kristin Harlow March 16, 2020

PEORIA, ILL. — PaPPo’s Pizzeria & Pub will open at Quincy Mall in Peoria this summer. The restaurant specializes in stone-hearth, oven-baked pizza and craft beer. Quincy Mall is the company’s first Illinois location, but it currently operates in Lake of the Ozarks, Columbia and Springfield, Missouri. PaPPo’s also serves calzones, sandwiches, salads, wings, breadsticks and its famous Pizookie, a brown butter chocolate chip cookie. PaPPo’s will occupy the current Que Town Bar-B-Que space. Que Town plans to relocate within the mall. Cullinan Properties Ltd. owns the property.

March 16, 2020

Leasing Activity Michigan Midwest Restaurant Retail

Beztak Properties Secures First Retail Tenant at Uptown Ann Arbor Project

by Kristin Harlow March 16, 2020

ANN ARBOR, MICH. — Beyond Juice Juicery + Eatery will open its 15th Southeast Michigan location at the new Uptown Ann Arbor project in Ann Arbor. Beztak Properties is the project developer. Beyond Juice will occupy 1,600 square feet. Billy Gershensen of the Gershenson Group represented Beyond Juice in the lease transaction. Michael Murphy, Vicki Gutowski and Larry Siedell of Gerdom Realty & Investment represented Beztak. Upon completion, Uptown will be home to 250 townhomes and luxury lofts as well as 17,220 square feet of ground-floor retail space.

March 16, 2020

Acquisitions Retail Southeast Virginia

Armada Hoffler Agrees to Sell Seven Southeastern Retail Properties for $106.5M

by Alex Tostado March 16, 2020

VIRGINIA BEACH, VA. — Armada Hoffler has agreed to sell seven grocery-anchored retail properties in North Carolina, Virginia and Maryland for a combined $106.5 million. The assets comprise 630,780 square feet. The three Virginia centers include Bermuda Crossroads, a 122,566-square-foot, Food Lion-anchored property in Chester; Gainsborough Square, an 88,862-square-foot, Food Lion-anchored property in Chesapeake; and Indian Lakes Crossing, a 64,973-square-foot, Harris Teeter-anchored property in Virginia Beach. In North Carolina, the company will sell three Harris Teeter-anchored centers, including Alexander Pointe, a 64,724-square-foot property in Salisbury; Harper Hill Commons, a 64,973-square-foot asset in Winston-Salem; and Renaissance Square, an 80,467-square-foot property in Davidson. Armada Hoffler will also sell Stone House Square, a 112,274-square-foot, Weis Markets-anchored center in Hagerstown, Md. The institutional buyer was not disclosed. Virginia Beach-based Armada Hoffler expects the sale to close in the second quarter.

March 16, 2020

Acquisitions Multifamily Southeast Tennessee

Hamilton Zanze Acquires Multifamily Community in Chattanooga for $63.2M

by Alex Tostado March 16, 2020

CHATTANOOGA, TENN. — Hamilton Zanze Properties has acquired Bluebird Row Apartments, a 283-unit multifamily community in Chattanooga. The sales price was not disclosed, but the Chattanooga Times Free Press reports the San Francisco-based buyer paid $63.2 million, or $223,145 per unit, for the complex. The local newspaper also reports the seller was the development firm that delivered the property in 2019, Birmingham, Ala.-based Choo Choo Residences LLC, a subsidiary of LIV Development LLC. The property comprises four buildings and offers studio, one-, two- and three-bedroom floor plans averaging 935 square feet. Communal amenities include a pool, rooftop lounge, 24-hour self-serve market, outdoor grilling stations, rock climbing wall, bocce ball court, pet spa and a yoga studio. Mission Rock Residential will manage the community.

March 16, 2020

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