Property Type

Westmount Realty Capital Acquires 1.4 MSF Industrial Portfolio in Chicago, Ohio

by Kristin Harlow December 13, 2018

CHICAGO, CINCINNATI AND COLUMBUS, OHIO — Westmount Realty Capital LLC has acquired a 1.4 million-square-foot industrial portfolio in Chicago, Cincinnati and Columbus. The portfolio consists of 12 buildings constructed between 1970 and 1994 with clear heights ranging from 20 to 26 feet and an average office finish of 7 percent. Some of the larger tenants within the portfolio include Pactiv, Sonoco Products, Graham Packaging, SAF-Holland USA and FedEx. In the Chicago area, the portfolio consists of a 123,986-square-foot single asset in Alsip that is currently fully leased to four tenants. The Cincinnati portion of the portfolio includes a collection of seven assets. Five of the buildings are in the West Chester submarket on the north side of the Cincinnati metro area. The remaining two buildings are located off I-71 just east of the Cincinnati/Northern Kentucky International Airport. The Columbus portion consists of three infill properties in the West submarket and one 289,491-square-foot asset located south in the Rickenbacker submarket. This portion of the portfolio is currently 78 percent leased. The seller was not disclosed.

December 13, 2018

Development Midwest Minnesota Multifamily

Opus Breaks Ground on 218-Unit Apartment Building in Minneapolis

by Kristin Harlow December 13, 2018

MINNEAPOLIS — The Opus Group has broken ground on a six-story, 218-unit apartment building in the North Loop neighborhood of Minneapolis. Located at the intersection of West River Parkway and Plymouth Avenue, the development will include a mix of studios, alcoves, one- and two-bedroom units and penthouses. Completion is slated for summer 2020. This project is the third in the North Loop for Opus.

December 13, 2018

Acquisitions Illinois Midwest Retail

Jameson Brokers $4.7M Sale of Retail Center in Montgomery, Illinois

by Kristin Harlow December 13, 2018

MONTGOMERY, ILL. — Jameson Commercial has brokered the $4.7 million sale of Season’s Ridge Plaza in Montgomery, a western suburb of Chicago. The retail center sits on 3.8 acres at 1779-1799 Douglas Road and includes a freestanding Walgreens and Pet Supplies Plus. Esther Berman and Mark Jones of Jameson represented the seller, a local retail developer. A California-based buyer purchased the asset.

December 13, 2018

Acquisitions Illinois Midwest Multifamily

Marcus & Millichap Arranges $2.8M Sale of Apartment Property in Northern Illinois

by Kristin Harlow December 13, 2018

HARVARD, ILL. — Marcus & Millichap has arranged the sale of Harvard Park Apartments in northern Illinois for $2.8 million. Built in 1975, the 40-unit apartment property is located at 108-124 W. Brink St. The five-building property features two-bedroom units with private patios. David Tarnoff of Marcus & Millichap brokered the transaction on behalf of the undisclosed parties.

December 13, 2018

Iowa Leasing Activity Midwest Retail

Forever 21 to Open at Outlets of Des Moines

by Kristin Harlow December 13, 2018

DES MOINES, IOWA — Forever 21 is scheduled to open on Saturday, Dec. 15 at the Outlets of Des Moines in Iowa. The store will feature a section for men, women, girls, plus-size apparel and accessories. This is the eighth store to open at the outlet center this year. Developed by New England Development, Outlets of Des Moines features stores such as Old Navy Outlet, Nike Factory Store, Tommy Hilfiger, Under Armour and Express Factory Outlet. The 300,000-square-foot property opened in October 2017.

December 13, 2018

Conference Coverage Features Georgia Multifamily Southeast

Lower Returns is a Fact of Life for Multifamily Stakeholders, Say InterFace Speakers

by John Nelson December 13, 2018

There is no shortage of capital available to seasoned multifamily developers and investors because the property sector’s underlying real estate fundamentals remain so strong. That was one of the key takeaways of the ninth annual InterFace Multifamily Southeast, a real estate conference hosted by InterFace Conference Group and Southeast Real Estate Business. The event drew more than 400 multifamily professionals to The Whitley hotel in Atlanta on Nov. 27. Speakers during the development panel said that multifamily real estate has plenty options on both the debt and equity sides, but underwriting financing for new construction can still be a strenuous process because they aren’t seeing as high of returns as years past. “Our return thresholds are lower, that’s a fact,” said Chad DuBeau, senior managing director of Mill Creek Residential Trust. “Construction costs are high and land prices are high. The cost of capital is very reasonable, but when you put all those factors together, underwriting is just difficult.” Panel moderator Ron Cameron, senior vice president and principal of Colliers International, asked his fellow panelists a pointed question about the state of the industry. If the multifamily cycle were a game of golf, what hole is the sector currently on? …

December 13, 2018

Acquisitions Development Maryland Multifamily Southeast

Joint Venture Purchases Multifamily Community, Adjacent Land in Metro D.C. for $100M Development

by Alex Tostado December 12, 2018

GLENMONT, MD. — Elion Partners and Buchanan Partners have entered a joint venture to acquire a 164-unit multifamily community and adjacent 3.5-acre parcel in Glenmont for $34 million. The joint venture plans to renovate the existing asset and develop 254 additional units, bringing the project total to $100 million. Construction at the property, located about 12 miles north of Washington, D.C., is set to begin early next year. This is the third joint venture between Elion and Buchanan.

December 12, 2018

Development Mixed-Use North Carolina Southeast

Lincoln Harris Begins Phase II of Legacy Union in Uptown Charlotte, Signs Deloitte as Anchor

by Alex Tostado December 12, 2018

CHARLOTTE, N.C. — Lincoln Harris, a real estate development, investment and property management company, has entered Phase II of Legacy Union, a mixed-use development in Uptown Charlotte. Construction of the 362,000-square-foot 650 South Tryon, an 18-story glass building, has begun, and London-based Deloitte, a multinational professional services network and one of the Big Four accounting firms, will occupy the top four floors. Legacy Union spans two city blocks and will feature offices, retail shops, restaurants, hotels, residences, a parking garage, public green space and a pedestrian promenade.

December 12, 2018

Acquisitions Industrial South Carolina Southeast

Foam Manufacturer Buys 676,548 SF Industrial Facility Near Columbia, South Carolina

by Alex Tostado December 12, 2018

WINNSBORO, S.C. — Healthcare US Co., a Chinese foam manufacturer, has bought a 676,548-square-foot industrial facility that sits on 150.5 acres in Winnsboro. The company plans to create 250 jobs and use the facility to produce memory foam for bedding and other products. The property is located at 1 Guardian Way, about 30 miles north of Columbia. Shaun Kirchin and Doug Faris of Philadelphia-based Binswanger represented the seller, Knauf Insulation, in the transaction. The sales price was not disclosed.

December 12, 2018

Acquisitions Multifamily New York Northeast

HFF Negotiates $259.4M Sale of Apartment Tower in New Rochelle, New York

by David Cohen December 12, 2018

NEW ROCHELLE, N.Y. — HFF has negotiated the $259.4 million sale of Halstead New Rochelle Metro North, a 40-story apartment tower in New Rochelle. Completed in 2007, the 588-unit property consists of a mix of market-rate studio through three-bedroom units. Jose Cruz, Stephen Simonelli, Kevin O’Hearn, Michael Oliver, JB Bruno and Andrew Scandalios of HFF represented the seller, The DSF Group, in the transaction. The buyers were Azure Partners and Harbor Group International.

December 12, 2018

Newer Posts

Older Posts