NORTH KINGSTOWN, R.I. — Cold-Link Logistics, a South Florida-based operator of cold storage facilities, is underway on construction of a 65,000-square-foot expansion project at its facility in North Kingstown, located south of Providence. The expansion will add freezer space and will increase the building’s total footprint to 129,000 square feet. In addition, the project will add 13,500 pallet positions, three new loading docks and a new fire protection system. Completion is scheduled for early 2027.
ELMSFORD, N.Y. — Helpsy, a regional collector of recyclable clothing, has signed a 30,500-square-foot industrial lease in Elmsford, located north of New York City in Westchester County. The lease term is 10 years, and the space is located within the newly renovated building at 700 Executive Blvd. Michael Rao of New York Commercial Realty Group represented the tenant in the lease negotiations. Brendan Hickey internally represented the landlord, GHP Office Realty.
By Kevin Stratman, Investors Realty The Omaha industrial market is essentially at full occupancy. Since 2016, the approximately 115 million-square-foot industrial market in Omaha has grown by an average of 3 to 4 million square feet per year. Yet, for a number of reasons, vacancy has consistently hovered around 3 percent. Activity to start 2026 has created a real problem. In just the first quarter of the year, the market transacted over 1.3 million square feet across six properties. As a result, an already constrained vacancy rate is now approaching a critical point. The roots of this issue trace back to 2024. That year, only four speculative construction projects over 100,000 square feet broke ground. For years, Omaha has faced ongoing sewer infrastructure challenges that have limited development in key areas. At the same time, construction costs approached peak levels, and land prices escalated rapidly. This was driven in part by major build-to-suit activity from users such as FedEx and Amazon, as well as large-scale data center developments from Meta and Google, which collectively absorbed thousands of acres of land. Given these conditions, developers made a logical decision to pause after what had been a historic run of construction. That …
ARLINGTON, VA. AND CHICAGO — Multifamily owners and operators AvalonBay Communities (NYSE: AVB) and Equity Residential (NYSE: EQR) have announced a definitive, all-stock merger agreement. The new combined company will have a total enterprise value of $69 billion, with a market capitalization of $52 billion. Following the merger, the combined company’s portfolio will comprise more than 180,000 apartments. Together, AvalonBay and Equity Residential currently have 10,800 apartments under construction, totaling $4.4 billion in estimated value. Annual cash flow for the new company is estimated at $2 billion. The merger has been unanimously approved by the AvalonBay board of directors and Equity Residential board of trustees. Under the agreement, AvalonBay shareholders will receive roughly 2.8 shares of Equity Residential common stock for each owned share of AvalonBay common stock. Equity Residential shares closed at $66.28 on May 20, up from $65.97 a year prior. AvalonBay shares closed at $186.69 on May 20, down from $194.17 a year prior. According to the companies, the merger will enhance resident experience and expand margins across the multifamily portfolio by scaling operations. “This combination creates a new and fundamentally stronger company with differentiated capabilities that will drive structurally superior cash flow generation, earnings and dividend …
HOUSTON — Walker & Dunlop has arranged a $128.5 million acquisition loan for The Arno, a 168-unit apartment complex located in Houston’s River Oaks neighborhood. Information on floor plans and amenities at The Arno was not disclosed. Reimer, Aaron Appel, Jonathan Schwartz, Keith Kurland, Adam Schwartz, Dustin Stolly and Sean Bastian of Walker & Dunlop originated the financing through Hudson Bay Capital on behalf of the borrower, Sade Real Estate.
AUSTIN, TEXAS — Mesa West Capital has provided a $47 million loan for the refinancing of Bishop Momo, a 274-unit apartment complex in South Austin. Bishop Momo is located within the St. Elmo District, a 275-acre mixed-use redevelopment of a former industrial site. Delivered in 2024, Bishop Momo offers studio, one- and two-bedroom units and amenities such as a pool, lounge, fitness center and a courtyard, as well as 5,835 square feet of ground-floor retail space. Chris McColpin of Newmark arranged the debt. The borrower is United Properties.
HOUSTON — Local developer PAGEWOOD has broken ground on Phase I of East Blocks, an adaptive reuse project in Houston’s East Downtown neighborhood. Designed by Gensler and developed in partnership with Wile Interests, the project will transform a 10-block stretch of mid-20th century warehouses into a district of walkable restaurants, shops, offices and green spaces. Phase I involves the conversion of two 15,000-square-foot warehouses at 1107 Hutchins St. and 2202 Dallas St. Delivery of Phase I is slated for August.Phase I
HOUSTON — Locally based brokerage firm Finial Group has negotiated the sale of three industrial buildings totaling 19,500 square feet in West Houston. According to LoopNet Inc., the buildings at 5727 Glenmont Drive were constructed in 1978. Jason Gibbons and Andrew Bischoff of Finial Group represented the undisclosed seller in the transaction. The buyer and sales price were also not disclosed.
ARDMORE, PA. — An affiliate of Piazza Auto Group has broken ground on a 270-unit multifamily project in Ardmore, a northwestern suburb of Philadelphia. The Plaza at Ardmore will offer studio, one-, two- and three-bedroom floor plans. Amenities will include a pool, outdoor grilling and dining stations, a fitness center and dedicated coworking and private study spaces. The development will also feature 30,000 square feet of ground-floor retail space and 19,000 square feet of outdoor courtyard space. Piazza is partnering with Radnor Property Group on the project, which is being financed by Bank OZK (senior lender) and Affinius Capital (mezzanine lender). Completion is slated for early 2028.
NEW YORK CITY — Merchants Capital has provided $26.3 million in financing for the rehabilitation and conversion (to affordable seniors housing) of Three Arts Club, a 62-unit historic multifamily property on Manhattan’s Upper West Side. Three Arts Club was originally built in the 1920s as dormitory-style housing for aspiring female artists. Upon completion of the rehabilitation and conversion, the property will offer housing for residents age 62 and above who earn 50 percent or less of the area median income. In addition, 25 units will be set aside for formerly homeless individuals. The financing consists of an $18.4 million Freddie Mac Unfunded Forward permanent loan and a $7.9 million construction loan from Merchants Bank. The owner is nonprofit organization West Side Federation for Senior & Supportive Housing Inc.