Property Type

Kraus-Anderson Breaks Ground on 341-Unit Apartment Building With Wells Fargo Bank Branch in Minneapolis

by Kristin Harlow July 15, 2019

MINNEAPOLIS — Kraus-Anderson has broken ground on a 16-story, 341-unit apartment building in Minneapolis that will house a new Wells Fargo bank branch. The existing bank branch will remain in operation throughout construction, but will eventually be demolished in order to make way for the apartment project, known as The Larking. The new bank, slated for completion in spring 2020, will span 3,500 square feet. The apartments are expected to open in early 2022. Amenities at The Larking will include a fitness center, golf simulator, sauna, game room, rooftop pool, outdoor courtyard, package lockers and work-from-home suites. Plans also call for 12,900 square feet of street-level retail space. Saturday Properties will manage the apartments. ESG Architects designed the project.

July 15, 2019

Affordable Housing Illinois Midwest Multifamily

Habitat Co. Assumes Management of 18 Affordable Housing Communities in Chicago

by Kristin Harlow July 15, 2019

CHICAGO — The Habitat Co. has assumed management of 18 affordable housing communities owned by the Chicago Housing Authority (CHA). The properties total 4,479 units and are scattered throughout Chicago’s West and South sides. Habitat Affordable Group, the company’s affordable housing division, now operates more than 12,000 units across three states. Of those, 8,215 units are owned by the CHA.

July 15, 2019

Acquisitions Indiana Midwest Multifamily

Cushman & Wakefield Brokers Sale of 184-Unit Multifamily Property Near Indianapolis

by Kristin Harlow July 15, 2019

WARREN TOWNSHIP, IND. — Cushman & Wakefield has brokered the sale of Pheasant Run Apartments in Warren Township, just east of Indianapolis. George Tikijian, Hannah Ott and John Baker of Cushman & Wakefield represented the seller, Birge & Held. Connecticut-based Hamilton Point Investments was the buyer. The firm plans to make common area and exterior improvements, including new LED lighting, landscaping and an updated clubhouse. Units will receive new appliances, flooring, counters and plumbing.

July 15, 2019

Affordable Housing Development Indiana Midwest Multifamily

32-Unit Affordable Housing Project Under Development in Lafayette, Indiana

by Kristin Harlow July 15, 2019

LAFAYETTE, IND. — RealAmerica Development LLC is developing H38 East Apartments, a 32-unit affordable housing project in Lafayette. The new development leverages the Indiana Housing and Community Development Authority program Moving Forward 2.0. This program is aimed at providing affordable, energy-efficient housing and transportation. All of the units will be priced affordably for low- to moderate-income individuals, with 30 units priced at 60 percent of the area median income (AMI) and two units priced at 50 percent AMI. The project will include solar power and geothermal features that use 35 percent less energy than a typical apartment development. Development partner Area IV Agency will provide an onsite life skills coach mentoring program that will assist families in education and career development. The community will include a classroom and technology center as well as a playground, fitness center and recreation area. Mortgage banking firm Merchants Capital secured an undisclosed amount of funding for the project. The city of Lafayette and Lafayette Housing Authority provided HOME funds and a tax abatement. Project costs are estimated at $7.4 million, according to the Lafayette Journal & Courier. A timeline for completion was not disclosed.

July 15, 2019

California Development Hospitality Top Stories Western

Pebblebrook, Margaritaville to Open 462-Room Resort in San Diego

by Taylor Williams July 15, 2019

SAN DIEGO — A partnership between Pebblebrook Hotel Trust (NYSE: PEB) and Margaritaville Holdings will open a 462-room beachfront hotel and resort in San Diego. The Margartitaville Island Resort San Diego will be located on the 44-acre Vacation Island in the city’s Mission Bay area. The site is the current home of Paradise Point Resort & Spa, which will be renovated and converted to the Margaritaville hotel. Project costs are estimated at $35 million. The hotel will feature a mile of beachfront with views overlooking the marina and bay, as well Margaritaville food and beverage concepts. Other amenities will include five pools, tennis courts, a spa, fitness center and 80,000 square feet of meeting space. “Our island resort offers a unique San Diego beach experience in a secluded, yet centrally situated location to nearby downtown San Diego, SeaWorld, Balboa Park, Seaport Village and other top attractions,” says Jon Bortz, president and CEO of Pebblebrook. “The Margaritaville lifestyle brand is synonymous with fun and escapism and we expect a dramatic improvement in financial performance of Paradise Point upon reflagging.” Maryland-based Pebblebrook acquired Paradise Point Resort & Spa in 2018. The new Margaritaville hotel, which will be the brand’s first on the West …

July 15, 2019

Georgia Market Reports Office Southeast Southeast Market Reports

From Perimeter to Peachtree, Atlanta’s Office Market is Gaining Momentum

by Alex Tostado July 15, 2019

8West. Star Metals. Coda. These are the some of the names of Atlanta’s biggest office developments and the city’s largest undertakings. Measuring more than 1 million square feet of Class A office space between them, Midtown Atlanta’s skyscraper scene is about to be drastically altered. The gravity of these major mixed-use properties, along with the allure of top talent at nearby universities like Georgia Tech, gives the Midtown submarket an increase in both developer activity and price-per-square-foot rates. The Midtown/Perishing Point Class A office space average is $35 per square foot, higher than the Atlanta-area average of $29.79 per square foot. However, buildings like Star Metals and Coda are not designed with just any tenant in mind. Speculative developments in the Atlanta market have come to a standing halt as most offices in the region are now built to fit a specific company’s needs, rather than spaces built with the hope the right tenant will come along. Most larger new developments are either a build-to-suit for a specific tenant or are anchored by a tenant that is taking up the majority of the space. Additionally, with lower required returns from REITs and the private sector, finding capital is not nearly …

July 15, 2019

California Market Reports Office Western Western Market Reports

Los Angeles’ Office Craving Shows No Sign of Satiation

by Taylor Williams July 13, 2019

The Los Angeles office market ended the first quarter with the average asking rent steady over the prior quarter. However, at $3.20 per square foot, the average asking rent remains the highest level on record, up 4.2 percent over the first quarter of 2018 and 15 percent above the prior peak reached in 2008. While the vacancy rate this quarter increased 30 basis points over the prior quarter, it is down 10 basis points from Q1 2018 at 10.6 percent. This is about where it was pre-recession in 2004. This rise in vacancy was the result of several large move-outs, including about 200,000 square feet in the South Bay and 50,000 square feet in the Central office markets. Leasing volume fell to 5.8 million square feet, down 19.6 percent from the prior quarter and 7.9 percent from Q1 2018. The rate of job growth is having some impact on the office market. Los Angeles County remains near full employment with the unemployment rate at 4.6 percent, one of the lowest rates on record. The Los Angeles County Economic Development Corporation (LAEDC) notes the county added 59,000 jobs in 2018. The latest LAEDC jobs forecast points to a strong and steady …

July 13, 2019

Development Industrial Northeast Pennsylvania

CRG to Develop 311,920 SF Speculative Warehouse in York, Pennsylvania

by Alex Patton July 12, 2019

YORK, PA. — National real estate development and investment firm CRG will develop The Cubes at York, a 311,920-square-foot speculative distribution warehouse in York. The location is near the I-81/I-78 Industrial Corridor, just south of Harrisburg, and will be one of seven North American industrial properties in “The Cubes” brand that is owned and developed by CRG. Construction is expected to begin during fourth-quarter 2019. Clayco will be the design-builder on the project and its subsidiary, the Lamar Johnson Collective, is the architect.

July 12, 2019

Development Georgia Industrial Southeast

Seefried Industrial to Build 700,000 SF Amazon Fulfillment Center in Metro Atlanta

by Alex Tostado July 12, 2019

STONE MOUNTAIN, GA. — Seefried Industrial Properties will develop a 700,000-square-foot Amazon fulfillment center in Stone Mountain on the Gwinnett-DeKalb county line. Previously dubbed “Project Rocket,” the center will house 1,000 Amazon employees, who will pick, pack and ship customer orders. Jobs will include human resources, operations management, safety, security, finance and information technology. According to the Atlanta Journal-Constitution, Amazon could spend up to $200 million on the project. A timeline for completion was not disclosed.

July 12, 2019

150-South-Harrison-Street-East-Orange-New-Jersey

Loans Multifamily New Jersey Northeast

CBRE Arranges $57M Recapitalization of New Jersey Commercial, Residential Portfolio

by Alex Patton July 12, 2019

ORANGE, EAST ORANGE AND JERSEY CITY, N.J. — CBRE has arranged $57 million in loans through Freddie Mac’s Small Balance Loan Program for the recapitalization of a portfolio of 13 mixed-use properties in Northern New Jersey. Part of the proceeds will be used to fund upgrades to the assets, which are located in the cities of Orange, East Orange and Jersey City. CBRE arranged the 13 loans on behalf of the borrower, Newark-based One Wall Partners, which acquired the portfolio in 2017 for $63 million. Mixed-use buildings qualify for Freddie Mac’s small balance loan program if less than 40 percent of a property’s income is generated from commercial leases. In this particular case, the mixed-use buildings were multifamily over ground-floor retail.

July 12, 2019

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