Property Type

Chicago Industrial Predictions: Absorption May Slow in Second Half of 2019

by Kristin Harlow February 21, 2019

As we begin 2019, there are several opposing market forces at work that are sure to influence each of us, and our respective firms and clients. These market dynamics will ultimately dictate who has a great year and why — or why not. This year, it seems the signals are more mixed than in the past several years, so making predictions about the local industrial real estate market is somewhat daunting. Nonetheless, here is what to look for in 2019. A tale of two halves Listen carefully: skip vacations, stay in town, hunker down and make as many deals as you can in 2019. Based on current supply and demand dynamics with several significant users already in play (build-to-suits, new leases, renewals, etc.), plus a recent wave of speculative deliveries, look for the first and second quarters to be fairly robust in terms of gross absorption. This should extend the growing record of 35 straight quarters of positive net absorption, dating back to the second quarter of 2009, with at least two to three more such quarters. But, like in sports, what happens in the first half can be overshadowed by a shift in momentum or other significant change in …

February 21, 2019

Finance Insight Loans Midwest Multifamily Northeast Southeast Texas Western

Hunt: Evolution is the Solution to Today’s Lending Success

by Jaime Lackey February 21, 2019

Chad Thomas Hagwood, senior managing director and Southeast regional manager at Hunt Real Estate Capital, believes times are changing. Hagwood asserts a change in perception is what originally made multifamily such a popular investment years ago. He believes another change is necessary to address our nation’s housing and affordability crises. Hagwood sees manufactured housing as being a partial solution to these challenges. Like the broader multifamily market, this specialty product has suffered from an image problem in the past. While lenders have been willing, borrowers haven’t always been sold on the product. Hagwood is confident that the industry will come around, however, as increased competition leads to creativity — and an opportunity may be staring investors right in the face. Watch the video to hear more about Hagwood’s predictions for 2019.

February 21, 2019

Leasing Activity Massachusetts Northeast Office

Google Signs 362,000 SF Lease in Cambridge

by David Cohen February 20, 2019

CAMBRIDGE, MASS. — Google has signed a 15-year lease for 362,000 square feet at 325 Main St. in the Kendall Square neighborhood of Cambridge. The lease agreement brings Google’s total footprint in Cambridge to more than 800,000 square feet. The new, 16-story building at 325 Main St. will include approximately 400,000 rentable square feet. The property will replace the existing 115,000-square-foot building currently on site. Construction is expected to commence later this year and be completed in 2022. Boston Properties is developing the new, 16-story building at 325 Main St.

February 20, 2019

Alabama Loans Office Southeast

Arbor Realty Trust Provides $61.2M Bridge Loan for Office Tower in Birmingham

by Alex Tostado February 20, 2019

BIRMINGHAM, ALA. — Arbor Realty Trust Inc. has provided a $61.2 million bridge loan for AT&T City Center, a 30-story office building in Birmingham. Joseph Charneski of Arbor Realty Trust originated the loan for VCP City Center, which bought the building in November 2018 for $31 million. The borrower plans to use the funds to convert the 617,453-square-foot building into a mixed-use building, offering residential, retail and office space. The loan also covered acquisition costs for the borrower.

February 20, 2019

Development District of Columbia Office Southeast

Akridge, Stars REI Deliver 102,000 SF Office Building Near White House

by Alex Tostado February 20, 2019

WASHINGTON, D.C. — Akridge and Stars REI have delivered a 102,000-square-foot office complex at the corner of 16th and L streets in Washington, D.C. The site at 1101 Sixteenth St. was formerly two obsolete office buildings that housed the American Association of University Women and the American Beverage Association. HOK was the architect on the project, Clark Construction Group was the general contractor and EagleBank provided construction financing. Amenities include a fitness facility, penthouse lounge and a rooftop terrace with White House views.

February 20, 2019

Loans Multifamily North Carolina Southeast

Hunt Real Estate Capital Provides $21M Acquisition, Renovation Loan for Apartment Complex in Greensboro

by Alex Tostado February 20, 2019

GREENSBORO, N.C. — Hunt Real Estate Capital has provided a total of $21 million in acquisition and renovation financing for Village 1373, a 332-unit apartment complex in Greensboro. The asset consists of 17 two-story buildings that were built in 1987 and 1996. RJ Guttroff of Hunt Real Estate Capital said the undisclosed borrow plans to rebrand the property and implement more than $4 million worth of upgrades. Interior upgrades will include granite countertops, new cabinets, stainless steel appliances, wood-vinyl plank flooring, painting and new fixtures. Exterior improvements will include new signage, security gate, landscaping, replacing and painting exterior siding, replacing sliding glass doors and windows, asphalt repairs, roof access repairs and amenity upgrades to the fitness center, clubhouse and pool area, including the addition of a dining area with grills. The property was 90 percent occupied at the time of sale.

February 20, 2019

Acquisitions Hospitality New Jersey Northeast Uncategorized

Marcus & Millichap Negotiates $13.5M Sale of Crowne Plaza Hotel in Englewood, New Jersey

by David Cohen February 20, 2019

ENGLEWOOD, N.J. — Marcus & Millichap has negotiated the $13.5 million sale of the Crowne Plaza Hotel in Englewood. Located at 401 South Van Brunt St., the 113,202-square-foot hotel is set on more than five acres. Alan Cafiero, Ben Sgambati and Michael DeVita of Marcus & Millichap’s New Jersey office represented the seller, a private investor, in the transaction. The buyer was also a private investor.

February 20, 2019

Acquisitions Alabama Multifamily Southeast

Castle Lanterra Sells Multifamily Property in Tuscaloosa for $20.7M

by Alex Tostado February 20, 2019

TUSCALOOSA, FLA. — Castle Lanterra Properties has sold Heights at Skyland, a 304-unit apartment property in Tuscaloosa, for $20.7 million to an undisclosed buyer. The property was developed in two phases in 1975 and 1991. The asset offers one- and two-bedroom floor plans and amenities such as a dog park, breakfast bar, coffee bar, picnic area, fitness center, swimming pool, playground, clubhouse, tennis court and a volleyball court. Heights at Skyland is situated about four miles south of the University of Alabama and about six miles south of downtown Tuscaloosa.

February 20, 2019

Georgia Leasing Activity Office Southeast

Emory Healthcare Signs 28,000 SF Office Lease in Midtown Atlanta

by Alex Tostado February 20, 2019

ATLANTA — Emory Healthcare has signed a 28,000-square-foot lease at Baltimore Block across from Emory University Hospital Midtown in Midtown Atlanta. Emory Healthcare will move its finance and materials management operation to the newly leased space. Baltimore Block is a recently renovated historic office development that was originally built in 1885. Gamma Real Estate and Meltzer Properties acquired the asset in 2015 and completed a $4.5 million renovation. The 104,000-square-foot building is now 91 percent leased. Claire Ross and Mike Werner of JLL represented the landlord, in the lease transaction. Bruce Propst of Cushman & Wakefield represented the tenant.

February 20, 2019

Loans Massachusetts Mixed-Use Northeast

EagleBridge Capital Secures $17.8M Construction Loan for Mixed-Use Development in Massachusetts

by David Cohen February 20, 2019

DEDHAM, MASS. — EagleBridge Capital has secured a $17.8 million construction loan for Dior, a four-story, mixed-use development in Dedham. Located at 910-928 Providence Highway, the 46,525-square-foot property consists of 48 one- and two-bedroom residential units as well as 9,700 square feet of street-level retail space. The apartments will feature Energy Star rated stainless steel appliances, drawer microwaves, custom cabinetry and quartz counters. Brian Sheehan and Ted Sidel of EagleBridge secured the financing on behalf of the undisclosed borrower through an undisclosed Massachusetts financial institution. Terms of the financing were not disclosed.

February 20, 2019

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