NAPERVILLE, ILL. — iCode, an after-school program for kids focused on coding activities and STEM education, has signed a 2,262-square-foot retail lease at 632 Amersale Drive in the Chicago suburb of Naperville. Chad Littleton of Morrow Hill represented the tenant, while Michael Petrik and Rick Scardino of Lee & Associates represented the landlord, Jones Family Naperville LLC. STEM stands for science, technology, engineering and mathematics.
NEW YORK CITY — SCALE Lending, the debt financing arm of Slate Property Group, has provided a $150 million construction loan for a 450-unit multifamily project that will be located at 120 E. 144th St. in the Mott Haven area of The Bronx. The 13-story building will offer studio, one- and two-bedroom units and amenities such as an outdoor courtyard and garden, a fitness center with yoga studio, business lounge, conference room, music room, coworking space and a rooftop lounge. Leah Paskus of Landstone Capital Group arranged the debt on behalf of the borrower, Beitel Group, which purchased the site in 2022 and demolished the original structure. Construction is slated for a mid-2025 completion.
BELLEVILLE, N.J. — Cushman & Wakefield has arranged a $53.5 million construction loan for a 204,407-square-foot industrial project in the Northern New Jersey community of Belleville. The site at 681 Main St. spans 15.3 acres, and the building will feature a clear height of 36 feet, 33 loading docks, four drive-in doors and parking for 160 cars and 43 trailers. John Alascio, Chuck Kohaut, T.J. Sullivan and Jason Blankfein of Cushman & Wakefield arranged the loan through Los Angeles-based PCCP on behalf of the borrower, Lincoln Equities Group.
POUGHKEEPSIE, N.Y. — A developer doing business as Built Parcel Six LLC is nearing completion of 44 Springside, a 28-unit multifamily project in Poughkeepsie, about 80 miles north of Manhattan. Designed by Tinkelman Architecture, the five-story building is located within the Arlington area and will house amenities such as an indoor pool, community room, fitness center, rooftop terrace and flexible space for social events or work functions. The development will also feature 7,000 square feet of commercial space. Delivery is slated for this summer. Rents start at $2,500 per month.
NEW YORK CITY — ESKW/Architects, which specializes in the design of civic projects, has signed an 8,447-square-foot office lease at 52 Duane St. in downtown Manhattan. The firm is relocating from 100 Lafayette St. to the fifth floor of the 10-story, 100,000-square-foot building, which was originally constructed in 1935. Brad Gerla, Jonathan Cope and Masha Dudelzak of CBRE represented the landlord, an entity doing business as 52 Duane Associates, in the lease negotiations. Elizabeth Martin of E.L. Martin Partners represented the tenant.
NEW YORK CITY — YETI, an Austin-based retailer of coolers and drinkware and other outdoor products, has opened a 6,614-square-foot store at Midtown Manhattan. The two-story space, which is located within the 860,000-square-foot, 115-year-old building at 200 Fifth Ave., will be YETI’s flagship store in New York City and 20th nationwide. Ian Rice of SCG Retail and Jordan Cohn of Ripco Real Estate represented the tenant in the lease negotiations. Alan Schmerzler and Steven Soutendijk of Cushman & Wakefield represented the landlord, Boston Properties (NYSE: BXP).
At first blush, 2023 looks like a bad year for seniors housing property sales. Total transaction volume fell 23 percent to $10.6 billion, the sector’s lowest mark in over a decade, according to data from MSCI Real Assets. “I’m not surprised to see transaction volume down from 2022,” says Kelly Sheehy, senior managing director of Artemis Real Estate Partners. “The combined impact of declining asset values, scarcity of financing for new acquisitions and lender extensions for underperforming assets has kept sellers from listing assets and have prevented levered buyers from acquiring.” MSCI’s data is based on independent reports of property and portfolio sales of $2.5 million and above. The numbers include both private-pay seniors housing and skilled nursing care, but not active adult properties. The factors limiting seniors housing transaction volume have affected all real estate asset classes. As far as property acquisitions go, seniors housing was one of the most consistent property sectors in the United States in 2023. Commercial real estate sales across the country were down 51 percent last year, and the two hardest hit sectors were office (sales fell 56 percent) and multifamily (sales fell 61 percent), according to MSCI. What’s more, seniors housing was the …
PHOENIX — Taiwan Semiconductor Manufacturing Co. Ltd. (TSMC) has announced plans to build a third semiconductor plant on its TSMC Arizona campus in North Phoenix. In connection with the announcement, the U.S. Department of Commerce has entered into a preliminary memorandum of terms (PMT) with the Taiwanese company to provide $6.6 billion in direct funding through the CHIPS and Science Act. The PMT also allows for the federal government to provide TSMC with up to $5 billion in loans. The company plans to apply for U.S. Treasury Department Investment Tax Credits of up to 25 percent of the qualified capital expenditure at TSMC Arizona. Additionally, $50 million of the CHIPS funding at TSMC Arizona will be used in the training and development of the local workforce, according to a statement issued by President Joe Biden. The third factory will increase TSMC’s investment at the Arizona manufacturing site to more than $65 billion. TSMC is making the site the largest foreign direct investment in Arizona history and the largest foreign direct investments in a greenfield project in U.S. history. The company estimates that the three facilities will employ roughly 6,000 direct high-tech jobs, 20,000 construction jobs and tens of thousands of …
— By Benjamin Galles, senior vice president, CBRE — The outlook for the Reno multifamily market in 2024 is similar to how the year panned out in 2023. There is significant interest in Reno from investors across asset types, earning us a ranking on Business Insider’s list of the top 15 hottest real estate markets for the next decade. Northern Nevada’s continued job growth has piqued investors’ interest in owning multifamily properties within the state. This growth will continue as existing companies expand their presence in the market, proving their commitment to the city and people of Northern Nevada. The current elevated construction costs and construction loan costs could pose a roadblock to developers meeting the anticipated demand in the next 12 to 24 months. That being said, there are currently 4,700 apartment units under construction in the market. This will likely be absorbed by people moving into Reno from outside the region. Unlike other markets we’ve seen across the country, very few loans in our region have maturities over the next 12 months. This means seller motivation in Reno remains low to moderate when it comes to offloading properties. The lack of debt events where owners will be pressed into a …
HOUSTON — Versal, a self-storage brokerage firm with offices in Austin and Los Angeles, has arranged the sale of A&B Boat & RV Storage, a 279-unit facility located approximately 14 miles southeast of downtown Houston. The facility spans 121,328 net rentable square feet. Bill Bellomy, Michael Johnson, Logan Foster and Hugh Horne of Versal represented the seller, California-based Sunbelt Storage II, in the transaction. The team also procured the buyer, Dallas-based RecNation.