MILWAUKEE — Michels Corp., a utility and civil engineering firm based in Wisconsin, is planning to develop a $100 million mixed-use project on six acres of riverfront property in Milwaukee’s Harbor District. Dubbed RIVER 1, the development will include about 220,000 square feet of office space, 19,000 square feet of retail and restaurant space, 67 multifamily residences, a 103-room hotel, 1,000 underground parking spaces and riverwalk space. “What the Michels Family proposes on the banks of the Kinnickinnic River adds economic activity, public access to the water and a transformative new investment in the Harbor District,” says Milwaukee Mayor Tom Barrett. The project is situated at the corner of Becher and 1st streets and is bordered on two sides by a bend in the Kinnickinnic River. The site serves as the gateway into the Walker’s Point and Bay View neighborhoods and was the former home of Horny Goat Brew Pub, according to local media outlets. Michels will anchor an eight-story office building as part of the project’s first phase. Slated to break ground this fall, Phase I will also include buildings fronting 1st Street that will feature apartments, retail and a 103-room hotel. The first phase will also include a …
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The average monthly rent for multifamily communities in the United States rose $3 to an all-time high of $1,409 in July, according to a recent report by Yardi Matrix. The increase is thanks in part to strong second-quarter economic growth and healthy demand. Year-over-year, rents are up 2.8 percent. Yardi is a California-based software company serving the commercial real estate industry. The company’s Yardi Matrix data branch researches and compiles data through a combination of original research studies and references to secondary sources. Numbers are representative of 127 U.S. markets, though the 30 largest metros are highlighted specifically. Average rents have risen $41, or 3 percent, year-to-date. This is in line with growth figures during the same period in recent years. This statistic is encouraging, according to Yardi, because it exemplifies the fact that the expansion of multifamily has not run out of steam, despite headwinds of increased supply and affordability issues. Rent increases are healthy across the board, led by growing secondary markets. At the top of the list is Orlando, which saw year-over-year rent increase of 6.9 percent, followed by Las Vegas, which saw a growth of 5.8 percent. On the West Coast, the Inland Empire saw an increase …
FRISCO, TEXAS — Frisco, Texas-based Jamba Juice, which as of 2016 had about 875 locations across the country, has entered into an agreement to be acquired by Atlanta-based Focus Brands Inc. (FBI) for approximately $200 million. The terms of the agreement call for FBI to acquire Jamba Juice for $13 per share in cash. The deal is expected to close during the third quarter. Jamba Juice relocated to Texas from Emeryville, Calif., in May 2016. Focus Brands owns other restaurant chains, such as Schlotzsky’s, Moe’s Southwest Grill, Cinnabon and McAlister’s Deli.
DALLAS — Florida-based investment firm Michaelson Real Estate Group LLC has purchased four multifamily properties totaling 692 units in Dallas for approximately $52.6 million. Included in the sold portfolio was Corey Place, a 276-unit asset that sold for $21.4 million; Brittney Place, which totals 169 units and traded for $12.3 million; Spanish Square, a 168-unit community that drew a winning offer of $13.2 million; and The Heights, which spans 79 units and commanded a price of $5.7 million. With these acquisitions, Michaelson’s multifamily portfolio now includes more than 15,000 units.
ALLENDALE, N.J.— Cushman & Wakefield has brokered the $50.5 million sale of the Allendale Industrial Park, a seven-building, 368,863-square-foot industrial property in Allendale. The 35-acre industrial park, which includes 985 parking spaces, is currently occupied by a tenant roster that includes Volkswagen Group of America and Stryker Spine, a global medical company. Cushman & Wakefield represented the seller, High Street Realty Co., in the transaction. A joint venture between Camber Real Estate Partners, Advance Realty and AIG purchased the property.
GRAPEVINE, TEXAS — Southlake, Texas-based TS Asset Encore LLC has acquired The Encore on Mustang, a 218-unit apartment property in Grapevine, a northern suburb of Fort Worth. The community features one-, two- and three-bedroom units and amenities such as a pool, outdoor picnic areas, playground, business center and onsite laundry facilities. Dougherty Mortgage LLC arranged a 12-year acquisition loan, which includes a 30-year amortization schedule, on behalf of TS Asset Encore.
CROSBY AND DENTON, TEXAS — Columbus, Ohio-based RED Capital Group LLC has provided two acquisition loans totaling approximately $13.1 million for a pair of multifamily assets in Texas. In the first transaction, RED Capital originated a $9.7 million loan through HUD’s 221(d)(4) program for Crosby Plaza, an 86-unit affordable housing property located in the northeastern Houston suburb of Crosby. In the second transaction, the company provided a $3.4 million through Freddie Mac’s small balance loan program for Autumn Ridge Apartments, a 64-unit property in Denton.
DALLAS — CBRE has negotiated the sale of Haskell Flats, a 62-unit multifamily property in Dallas. The property was built in 2017 and includes a fitness center and a package locker system. Chris Deuillet, Chandler Sims, Nita Stewart and Jeremy Faltys of CBRE represented the seller, Haskell Flats LLC, in the transaction. The buyer was California-based Fisch Properties LP.
ALLENTOWN, PA. — HREC Investment Advisors has negotiated the sale of the Wingate by Wyndham, a 105-room hotel in Allentown. The sales price was undisclosed. Ketan Patel and Mark von Dwingelo of HREC represented the seller, JPMCC 2007-LDP12 Spring Street Limited Partnership, in the transaction. The buyer was Humboldt Hotel LLC. The property is located directly off the Pennsylvania Turnpike, approximately 60 miles north of Philadelphia and 71 miles south of Scranton.
Meridian Capital Secures $19.2M Refinancing for Industrial, Mixed-Use Portfolio in Long Island
by David Cohen
LONG ISLAND, N.Y. — Meridian Capital Group has secured a $19.2 million refinancing for a portfolio comprised of industrial, mixed-use, and retail properties in Long Island. Bryan Kallenberg of Meridian arranged the seven-year loan, provided by a balance sheet lender to the borrower, Sanders Equities. The loan terms included a fixed interest rate of four percent and a 30-year amortization schedule. Located in Long Island’s Nassau County, the portfolio consists of six industrial, one mixed-use, and one retail property. Tenants include Wine.com, Sprint, Cintas, and Nassau Candy.