Property Type

Marcus & Millichap Negotiates Sale of 42-Unit Apartment Building in Mount Prospect, Illinois

by Kristin Harlow July 11, 2017

MOUNT PROSPECT, ILL. — Marcus & Millichap has negotiated the sale of Rand Park Apartments in Mount Prospect, about 22 miles northwest of Chicago. The sales price was not disclosed. The 42-unit apartment building is located at 1050-1110 N. Wheeling Road. The unit mix is comprised of 18 one-bedroom units and 24 two-bedroom units measuring approximately 650 and 850 square feet, respectively. Ryan D. Engle and Andrean Angelov of Marcus & Millichap marketed the property on behalf of the seller, a private investor. The team also procured the buyer, a limited liability company.

July 11, 2017

Mixed-Use Multifamily New York Northeast Retail Top Stories

Madison Realty Provides $270M Construction Financing for 1 MSF Mixed-Use Development in Brooklyn

by Katie Sloan July 11, 2017

NEW YORK CITY — Madison Realty Capital (MRC) has provided $270 million in construction financing for the development of a 1 million-square-foot mixed-use project at the former Rheingold Brewery site in Brooklyn’s Bushwick neighborhood. The developer, Brooklyn-based All Year Management, previously received a bridge loan for site acquisition and pre-development on the project from MRC. Construction is currently underway. The Rheingold Brewery opened in 1883, and was the eighth largest brewery in the nation in 1965, according to reports by the New York Daily News. The brewery closed in 1976, and was torn down in 1981. The site has been largely vacant since then, with the exception of 300 rental and privately owned apartments that were built on the southwest corner of the site in 2003. The two-building redevelopment is located at 123 Melrose St. and 54 Noll St., and will feature 911 residential units, 20,650 square feet of retail space and 533 parking spaces. Residential space will occupy floors one through nine in both buildings, offering studio, one-bedroom and two-bedroom units. Community amenities will include multiple fitness rooms including a boxing center, yoga studio, cycling room and exercise room; libraries; spas with saunas, steam and massage rooms; locker rooms; …

July 11, 2017

Market Reports Retail Washington Western Western Market Reports

The Changing Face Of Puget Sound Retail

by Camren Skelton July 11, 2017

The Puget Sound region is one of the fastest growing areas in the U.S. We are seeing that reflected in the retail landscape, with innovation and expansion throughout the area. We are at the forefront of retail evolution, thanks to having some of the best-known retail innovators in our back yard who have turned the world of retail upside down by giving every consumer access to virtually every product available via home delivery. And yet, they are also innovating into brick and mortar experiences. Retailers are continually looking for ways to improve the consumer experience, not only through product offerings, but in forward-thinking store concepts that focus on experience and social community. REI’s focus is providing quality outdoor products at approachable price points in an interactive environment. While the most active/desirable retail areas (based on sales per square foot potential and residential and daytime populations) are the CBD, South Lake Union, Capitol Hill, University Village and downtown Bellevue, the demand for quality/value, experience, fitness and food remain consistent trends in the market. Nordstrom Rack has been expanding throughout the U.S. and will soon be opening a new store in Bellevue’s Phase II at Lincoln Square to meet this desire for …

July 11, 2017

Features Multifamily Top Stories

Robust Apartment Demand Leads to Healthy Occupancy, Stabilizing Rent Growth, Says RealPage

by Kristin Harlow July 11, 2017

RICHARDSON, TEXAS — Apartment demand surged to a near-record volume during second quarter of 2017, according to real estate technology and analytics firm RealPage Inc. With demand topping completions by a wide margin in the quarter, occupancy is essentially full and the annual pace of rent growth has stabilized. Richardson, Texas-based RealPage tracks the 100 markets with the most existing apartment units. Santa Rosa/Petaluma, California is the smallest market RealPage tracks, with 25,144 apartments units. New York City, spanning nearly 2 million units, is the largest market. In order for an apartment building to be tracked, it must consist of at least five units, but the average property size is approximately 200 units. RealPage reports that renters absorbed 175,645 apartments across the United States in the second quarter, up one-third from the performance level seen at the same time a year ago. “Today’s strong demand for apartments reflects the combination of solid job formation, continued limited loss of renters to home purchase and widespread availability of appealing new apartments,” says Greg Willett, chief economist for RealPage. Demand in the second quarter exceeded the 86,431 units completed in the same period, according to RealPage. However, the market is still working through the surplus …

July 11, 2017

Loans Mixed-Use New York Northeast

Ceruzzi Holdings, SMI USA Receive $200M in Financing for Manhattan Mixed-Use Development

by Amy Works July 10, 2017

NEW YORK CITY — Ceruzzi Holdings and SMI USA have received $200 million in pre-development financing for 520 Fifth Avenue, a to-be-built, mixed-use property in Manhattan. Christopher Peck and David Nackoul of HFF arranged the floating-rate loan through Mack Real Estate Credit Strategies for the joint venture borrowers. Proceeds of the loan will be used to repay existing debt, conclude design and move forward with pre-development work. Situated at the corner of 43rd Street and Fifth Avenue, the development will comprise approximately 425,000 square feet, including luxury condominiums, a five-star hotel and more than 33,000 square feet of Fifth Avenue retail space.

July 10, 2017

Industrial Northeast Pennsylvania

Dermody Properties Breaks Ground for 1.1 MSF LogistiCenter at Midway in Pennsylvania

by Amy Works July 10, 2017

BETHEL TOWNSHIP, PA. — Dermody Properties has broken ground for the development of LogistiCenter at Midway, a distribution building located at 270 Midway Road in Bethel Township. The park will feature 1.1 million square feet of warehouse, distribution and e-commerce business space. Situated on 136 acres, the building will feature 36-foot clear ceiling heights, 60-foot loading bays, 207 car stalls (expandable to 309), 368 trailer stalls (expandable to 438), 212 dock doors, four drive-in doors and a 185-foot truck court. Ware Malcomb is serving as building architect and Blue Rock Construction is the general contractor for the project, which is slated for completion in spring 2018. Joseph McDermott, Vincent Ranalli and Jake Terkanian of CBRE are marketing the property for lease.

July 10, 2017

Northeast Office Pennsylvania

CBRE Arranges $15.4M Sale of Office Building in Suburban Philadelphia

by Amy Works July 10, 2017

CONSHOHOCKEN, PA. — CBRE has brokered the sale of Three Tower Bridge, a single-tenant office building located at 2 Ash St. in Conshohocken, a suburb of Philadelphia. Gladstone Commercial Corp. acquired the property for $15.4 million. Jacobs Engineering Group occupies the 60,016-square-foot building. Robert Fahey, Jerry Kranzel and Erin Hannan of CBRE represented the seller, an affiliate of Oliver Tyrone Pulver Corp., in the transaction.

July 10, 2017

Industrial New Jersey Northeast

Peykar Family Properties to Develop 459,822 SF Spec Industrial in Wayne, New Jersey

by Amy Works July 10, 2017

WAYNE, N.J. — Peykar Family Properties is developing a speculative industrial facility at 150 Totowa Road in Wayne. The project includes the demolition of a long-vacant office building and the construction of a 418,500-square-foot industrial facility and more than 40,000 square feet of mezzanine office space, totaling a 459,822-square-foot facility on the 32-acre site. The warehouse space will feature 40-foot clear ceiling heights, 42 tailgates, two drive-in doors and parking for 70 trailers and 224 cars. The facility is designed with office space on each end of the building to allow for multiple users. Completion is scheduled for the first half of 2018. Stan Danzig and Stephen Elman of Cushman & Wakefield are marketing the facility for the developer, which also owns Nourison Industries, a large carpet manufacturing company.

July 10, 2017

Industrial New Jersey Northeast

Colliers Brokers $2.5M Sale of Industrial Building in Burlington, New Jersey

by Amy Works July 10, 2017

BURLINGTON, N.J. — Colliers International has arranged the sale of an industrial building located at 105 Connecticut Drive in Burlington. Crossroads Industrial acquired the building for $2.5 million, or $63.50 per square foot. The 40,500-square-foot building features 18,000 square feet of office space, 20-foot clear heights in the warehouse, four tailgate doors and one van-height door. The buyer plans to use the site as a warehouse for NYB Distributors. Financing for the acquisition was provided by Morgan Stanley Bank. Marc Isdaner of Colliers represented the undisclosed seller, while NAI Mertz represented the buyer in the deal.

July 10, 2017

Florida Industrial Southeast

Amazon to Open 850,000 SF Fulfillment Center in Orlando’s Lake Nona Development

by Camren Skelton July 10, 2017

ORLANDO, FLA. — Amazon has unveiled plans to open an 850,000-square-foot fulfillment center at Lake Nona, Orlando’s 17-square-mile master-planned development. Slated to open in 2018, the new site will create 1,500 full-time jobs. The project is being developed in a partnership between Seefried Industrial Partners and an affiliate of USAA Real Estate Co. Tavistock Development Co., master developer of Lake Nona, sold the site and will develop the infrastructure for the project. The property will utilize automated processes supported by Amazon Robotics, a Massachusetts-based manufacturer of robotic fulfillment systems. The new fulfillment center will bring Amazon’s workforce in Florida to more than 9,000.

July 10, 2017

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