AURORA, ILL. — The Pizzuti Companies, and its partner Molto Properties, has unveiled plans to develop a 274,000-square-foot speculative industrial building in Aurora. The property will be situated on 16 acres on Mitchell Road. The project will feature a clear height of 32 feet, 52 loading docks, 49 trailer spaces, 238 car parking spaces and LED lighting. Construction is scheduled to begin this spring, with completion slated for the third quarter. David Prell and Jeff Kapcheck of CBRE will handle leasing for the property.
WEST OMAHA, NEB. — Darland Construction Co. is underway on Pacific Springs Center II, a 40,000-square-foot office complex in West Omaha. Located on the northwest corner of 168th and Pacific streets, the two-story property features an underground parking garage. Completion is slated for this fall. Investors Realty is handling management and leasing for the project. Avant Architects is the architect and Century Development is the developer.
ROCHESTER HILLS, MICH. — Signature Associates has arranged the sale of a 28,817-square-foot industrial building located at 1837 Enterprise Drive in Rochester Hills. Kris Pawlowski and Paul Hoge of Signature Associates represented the buyer, 1837 Enterprise LLC. This is the third location for the buyer, which sells small prosthetics and medical compression socks. The seller was not disclosed.
Fueled by low interest rates, an abundance of available debt capital, and superb fundamentals, the demand for multifamily assets in the U.S. has exploded over the past few years. This increased demand has led to fierce competition between capital in the multifamily sector, and consequently, a dramatic compression of going-in cash yields. With rents in “top-tier” cities at peak levels, these markets look prohibitively expensive. As a result, foreign capital is beginning to explore new markets to find more attractive yields. Long considered a second-tier U.S. city by global capital, Philadelphia has historically been overlooked in favor of cities such as New York City, Washington D.C., Boston, Chicago, San Francisco, and Los Angeles. When evaluating Philadelphia in comparison to other major metropolitan regions, the slow and steady growth of the Philadelphia MSA did not differentiate it enough to attract the foreign investor. Instead, those capital sources targeted cities with higher population growth, job growth, and rent growth. In good times, that calculation paid off with higher yields and greater appreciation. However, today most investors conclude that we are in the late stages of this real estate bull market. Yet, they still have capital which needs to be deployed. Those divergent factors …
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Vie Management, Middle Eastern Investor Acquire 2,059-Bed Student Housing Portfolio in Six States for $134.6M
MIAMI— A joint venture between Miami-based Vie Management and a Middle Eastern asset manager have acquired a six-property student housing portfolio totaling 911 units and 2,059 beds. The purchase price was $134.6 million. The properties are located in six states and include: University Downs Apartments and Condos, a 222-unit property serving the University of Alabama in Tuscaloosa, Alabama. University View, a 55-unit property serving Florida Atlantic University in Boca Raton, Florida. Hillcrest Oakwood Apartments, a 224-unit property serving Ferris State University in Big Rapids, Michigan. Colonie Apartments, a 184-unit property serving the University at Buffalo in Amherst, New York. Southgate Apartments, a 151-unit property serving Penn State University in State College, Pennsylvania. Ella Lofts, a 75-unit property serving Texas State University in San Marcos, Texas. “These acquisitions are new canvases to us,” says Ari Rosenblum, CEO of Vie. “[The are] places to create experiential living environments where students can watch live music, study at a coffee shop, or work out at the best gym in town all within the confines of the community in which they live.” Claudio Sgobba of HFF represented the buyers in securing a $75.3 million loan in connection with the acquisition. The financing features a 10-year term, …
NEW YORK STATE — Jacobson Properties has brokered the $45 million sale of the New York State Medical Office Portfolio, five properties located in the Capital Region and Hudson Valley of New York State. The 209,382-square-foot portfolio is anchored by St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network. Lisa Menin of Jacobson Properties and Leo Jones of Cushman & Wakefield/Pyramid Brokerage Co. represented the undisclosed seller in the transaction. The buyer was a national private equity healthcare investor.
NEW YORK CITY — CapStack Partners has arranged a $19 million loan to refinance The Ravel Hotel in Long Island City. Located at 8-08 Queens Plaza, the 113-room hotel also includes 17,000 square feet of event space, a redesigned rooftop restaurant, pool club and outdoor beer garden. CapStack’s investment banking group worked on behalf of the undisclosed borrower to secure the 10-year, fixed-rate loan through an undisclosed lender. Loan proceeds were used to refinance construction costs
YONKERS, N.Y. — Marcus & Millichap has negotiated the $2.7 million sale of a 9,500-square-foot retail property in Yonkers. Located at 896 McLean Ave., the property is currently net leased to Dollar Tree. Alan Cafiero, Ben Sgambati and Matt Leszyk of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was a personal trust.
NEW HAVEN, CONN. — Connecticut Conference of Municipalities (CCM) has signed a 30,000-square-foot lease at 545 Long Wharf Drive in New Haven. CCM, an organization of municipal leaders, will relocate its corporate offices from 900 Chapel St. to 545 Long Wharf Drive. O,R&L Commercial represented CCM in the transaction. The landlord, 545 Long Wharf Holdings, was represented by David Hansen of CBRE New England.
MIAMI BEACH, FLA. — A joint venture between SHVO, Bilgili Holding and Deutsche Finance America has purchased the Raleigh Hotel in Miami for $103 million. The 83-room hotel is situated in South Beach, about 10 miles east of downtown Miami, and is known for its beachside swimming pool that Life Magazine called “the most beautiful pool in America” in 1947. Designer Tommy Hilfiger and Dogus Group, a Turkish conglomerate, sold the asset, which it has owned since 2014. The joint venture bought the asset in all cash in partnership with a number of Germany’s largest institutions, including Bayerische Versorgungskammer (BVK), Germany’s largest manager of public pension schemes.