Property Type

Cannabis Facility Construction Breaks Ground on Dispensary in Northbrook, Illinois

by Kristin Harlow June 17, 2020

NORTHBROOK, ILL. — Cannabis Facility Construction (CFC) has broken ground on a new recreational and medical cannabis dispensary for Greenhouse in Northbrook. Located at 755 Skokie Blvd., the nearly 10,000-square-foot dispensary will serve as a flagship location for the brand. The design ensures all points of sale are six feet apart in order to accommodate social distancing. In addition to the retail space up front, there will be back office space and a vault for inventory storage. A timeline for completion was not disclosed. Greenhouse currently operates four dispensaries in Illinois. CFC, a division of Mosaic Construction, is a cannabis design-build firm based in Northbrook.

June 17, 2020

Acquisitions Industrial Michigan Midwest

Cushman & Wakefield Brokers Sales of Two Industrial Buildings in Suburban Detroit

by Kristin Harlow June 17, 2020

LIVONIA, MICH. — Cushman & Wakefield has brokered the sales of two industrial buildings totaling nearly 250,000 square feet in Livonia, a western suburb of Detroit. Sales prices were undisclosed. In the first transaction, Anthony Avendt of Cushman & Wakefield represented Country Fresh in the sale of 31770 Enterprise Drive to Caresoft Global LLC. The 148,000-square-foot property, partially renovated in 2004, will be upgraded to meet the needs of the global technology and solutions company. In the second transaction, Avendt and colleague Evan Miller represented Livonia East Corporate Center in the disposition of 12622-645 Inkster Road, a 101,089-square-foot building. MobilityTRANS acquired the asset for its assembly and manufacturing operations. The property underwent renovations beginning last year.

June 17, 2020

Healthcare Indiana Leasing Activity Midwest

Indiana Physical Therapy Opens 4,200 SF Facility in Huntington

by Kristin Harlow June 17, 2020

HUNTINGTON, IND. — Indiana Physical Therapy Inc. has signed a retail lease for 4,200 square feet at the Huntington Forum Shops in Huntington, about 25 miles southwest of Fort Wayne. The shopping center is located at 2880 Walmart Drive. Stanley Phillips and Dave Horacek of Bradley Co. represented the landlord, SHIV Huntington LLC, in the lease negotiations. Indiana Physical Therapy now operates 19 locations across the state.

June 17, 2020

Development Mixed-Use Texas Top Stories

Marketplace Real Estate, Presidium Unveil Plans for 7 MSF Mixed-Use Project in Southeast Austin

by Kristin Harlow June 17, 2020

AUSTIN, TEXAS — Marketplace Real Estate Group and joint venture partner Presidium Group have unveiled the full plans for Velocity, a 314-acre, 7 million-square-foot, mixed-use project in southeast Austin. The co-developers expect to break ground in early 2021. Velocity will be built in phases over 10 to 15 years. Ultimately it will feature an H-E-B grocery store; a total of 2,683 multifamily units; 2.9 million square feet of office space comprising two corporate campuses, along with traditional office properties; 585,000 square feet of flex industrial and creative office space; 310,000 square feet of retail, restaurants and a movie theater; and three hotels. The various assets will surround a seven-acre central park. Financing is in place to move forward with the project’s roads and the first apartment complex, Presidium Velocity, which will take approximately 18 months to build. Formerly branded Velocity Crossing, the property will be situated at the southwest corner of State Highways 71 and 130 within an opportunity zone. The site is also within the city of Austin’s Desired Development Zone and a Triple Freeport Zone, meaning businesses operating within the site can be exempt from paying taxes on inventory that leaves the state of Texas within 175 days. …

June 17, 2020

Features Office Retail

U.S. Economy Slowly Recovering from COVID-19 Impact, Says AEW Researcher

by Alex Patton June 17, 2020

As pandemic-driven restrictions steadily ease across the country, all 50 states have now entered some form of gradual economic reopening. Customers are returning to retailers and office workers returning to their cubicles, but businesses are still struggling to recover from the impacts of COVID-19. In a webinar titled “The Future of Real Estate,” Michael Acton, head of research at AEW Capital Management, addressed key reopening data, demographic trends and his real estate outlook for the remainder of 2020 on into 2021. Natixis Investment Managers, a French-based global asset management company, hosted the event on Thursday, June 11. AEW is one of the largest real estate investment managers of all property types in the world, and both companies are headquartered in Boston. One piece of surprisingly good news came early this month when the Department of Labor reported that the U.S. economy added 2.5 million jobs in May. On the downside, slightly over 1.5 million Americans filed for unemployment for the week ending June 6. Approximately 44 million Americans — about one-quarter of the nation’s workforce — have filed for unemployment benefits since mid-March when huge swaths of the American economy went into a lockdown mode to prevent the spread of …

June 17, 2020

Loans Seniors Housing Southeast Tennessee

Ziegler Arranges $45.2M Refinancing for Seniors Housing Community Near Memphis

by John Nelson June 17, 2020

GERMANTOWN, TENN. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a 12-year term, 27-year amortization and a LIBOR-based interest rate. The Village will realize annual cash flow savings of $443,000 as a result of the transaction, according to Ziegler. The Ziegler Investment Banking team members involved in the transaction were Brandon Powell, Genia Weeks and Caroline Robertson.

June 17, 2020

Development Multifamily New Jersey Northeast

Woodmont Begins Development of 433-Unit Multifamily Community in Princeton, New Jersey

by Alex Patton June 16, 2020

PRINCETON, N.J. — Woodmont Properties has begun development of Woodmont Way, a 433-unit multifamily community in Princeton, a northeastern suburb of Trenton. Located at 200 Emmons Drive, the property will offer a mix of one-, two- and three-bedroom units. Amenities will include a clubhouse, fitness center, swimming pool and a barbecue and fire pit area. The property offers convenient access to Interstate 1, the Princeton Junction train station and multiple retail destinations. Construction is underway and slated to be complete in fall 2020.

June 16, 2020

Development Multifamily Northeast Pennsylvania

GMH Capital, AEW Capital Plan to Develop 225-Unit Multifamily Property in Malvern, Pennsylvania

by Alex Patton June 16, 2020

MALVERN, PA. — A joint venture between GMH Capital Partners LP and AEW Capital Management LP plans to develop The Pendleton at Malvern, a 225-unit multifamily property in Malvern, a northwestern suburb of Philadelphia. The community will offer studio, one- and two-bedroom units. Amenities will include a fitness studio, conference rooms and resident lounge. The property will offer convenient access to State Route 202, Interstate 76 and The Pennsylvania Turnpike. The community is slated to open in summer 2021.

June 16, 2020

Loans New York Northeast Office

Houlihan-Parnes Arranges $29M Loan for Refinancing of Office Condominium in The Bronx

by Alex Patton June 16, 2020

NEW YORK CITY — Houlihan-Parnes has arranged a $29 million loan for the refinancing of a 222,637-square-foot office condominium in The Bronx. The condominium is in an office building located at 1775 Grand Concourse. A local bank provided the 10-year, nonrecourse loan at a fixed rate of 2.9 percent. Verizon Wireless is the anchor tenant of the building with two floors. The borrower has converted the remaining six floors into an ancillary indoor parking garage on the first floor, and retail and professional office space on floors four through eight. JJ Operating Inc. owns the building.

June 16, 2020

District of Columbia Restaurant Retail Southeast

US Retail Sales Surge 17.7 Percent in May, Says Commerce Department

by Alex Tostado June 16, 2020

WASHINGTON, D.C. — The advance estimate for U.S. retail and food services sales, including e-commerce, in May is 17.7 percent higher than in April, the U.S. Commerce Department reported this morning. May is the first month since the COVID-19 outbreak halted the U.S. economy that has shown positive month-over-month growth. April was down 14.7 percent from March, and March decreased nearly 10 percent from February. Spending in May was at $485.5 billion, still lower than pre-pandemic levels. February’s total spending came in at $527.3 billion. “These sales numbers do not reflect the same strength we had going into the pandemic, but they certainly reflect the trajectory we need coming out of it,” National Retail Federation (NRF) president and CEO Matthew Shay said in an interview on CNBC’s “Squawk Box.” “The most important thing now is to keep these retail stores open for business and not penalize them by closing their doors in the event of a coronavirus surge. “As those stores that remained open have shown, retailers have developed solutions that protect the safety of their customers and associates, and they are sharing those lessons to the benefit of store owners large and small in communities across the country.”

June 16, 2020

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