Property Type

Standard, TCC Sell 217,000 SF Industrial Facility in Woodridge, Illinois

by Kristin Harlow November 26, 2024

WOODRIDGE, ILL. — Standard Real Estate Investments LP and Trammell Crow Co. (TCC) have sold Woodridge Industrial Center in the Chicago suburb of Woodridge for an undisclosed price. Standard made an equity investment through its $150 million investment vehicle last year, and construction was completed in July of this year. The transaction marks the first sale in the investment vehicle. Located at 8110 Lemont Road, Woodridge Industrial Center totals 217,000 square feet on 17 acres. The development is situated two miles north of the I-55/I-355 interchange and features 22 dock doors with 130-foot truck courts and 270 parking spaces. The project team included Harris Architects, general contractor FCL and civil engineer SpaceCo.

November 26, 2024

Leasing Activity Midwest Ohio Retail

Ten Retail Tenants Open at Easton Town Center in Columbus, Ohio

by Kristin Harlow November 26, 2024

COLUMBUS, OHIO — Ten tenants have opened new locations at Easton Town Center in Columbus. CHANEL Fragrance and Beauty Boutique, David Yurman, Louis Vuitton, Hollister, Mugsy, Bluemercury, Tecovas, Rowan, BoxLunch and Mikey’s Late Night Slice are now open. Coming soon to the shopping destination are gorjana, Faherty, Bar Italia, Diamond Cellar and Altar’d State. Easton Town Center is home to more than 250 shops, restaurants and entertainment venues. Steiner + Associates handles leasing and management for the property.

November 26, 2024

Development Midwest Multifamily Seniors Housing Wisconsin

McShane to Build 72-Unit Senior Living Community in Mukwonago, Wisconsin

by Kristin Harlow November 26, 2024

MUKWONAGO, WIS. — McShane Construction Co. will build Azura Mukwonago, a three-building senior living community with 72 units in Mukwonago, about 30 miles southwest of Milwaukee. Azura Living is developing the assisted living and memory care property. In addition to dining rooms, kitchens, community rooms and sunrooms, residents will have access to a fitness area, spa and salon. Outside, residents will be able to enjoy a community garden, walking paths, putting greens, bocce ball courts and courtyard amenities. Completion is slated for December 2025. EUA is the architect.

November 26, 2024

Acquisitions Healthcare Indiana Midwest

SPHERE Investments Acquires 66,143 SF PAM Health Rehabilitation Hospital of Greater Indiana

by Kristin Harlow November 26, 2024

NEW ALBANY, IND. — SPHERE Investments has acquired the PAM Health Rehabilitation Hospital of Greater Indiana — South Campus, a 66,143-square-foot inpatient rehabilitation facility in New Albany, just north of Louisville. The purchase price was undisclosed. Previously operating under Southern Indiana Rehabilitation Hospital, the asset sits on nearly seven acres at 3104 Blackiston Blvd. and features 40 inpatient beds. Under PAM Health’s management, the hospital will offer comprehensive recovery services for patients with serious injuries, surgeries and chronic conditions as well as interdisciplinary care such as physical, occupational and speech therapy. The seller had purchased the property in 2018 for $23.4 million. SPHERE stands for Strategic Public Health Equities and Real Estate. The company is based in Miami with a European presence. The acquisition marks SPHERE’s first investment in Indiana.

November 26, 2024

Georgia Market Reports Retail Southeast Market Reports

Atlanta’s Retail Market Experiences Rising Rents, Strong Demand Amid Tight Supply

by John Nelson November 26, 2024

The Atlanta retail market continues to thrive with significant growth driven by a combination of strong demand, minimal new construction and low inventory levels. Long regarded as a key hub for commerce in the Southeast, metro Atlanta has seen its population increase rapidly over the years, which has, in turn, bolstered retail demand. As a result, Atlanta’s retail availability has hit record lows and has created a competitive market for tenants looking to secure high-quality spaces. Rental rates have increased, and investment sales volume has continued at a healthy pace as tenants vie for a limited amount of inventory. Rising rents, investment sales One of the standout trends in Atlanta’s retail market is the consistent increase in rental rates. Retail rents in the metro area have grown steadily over the past few years, with average rents rising from $21.07 per square foot in first-quarter 2023 to $22.83 per square foot by third-quarter 2024. This represents an impressive 5.2 percent year-over-year growth, significantly outpacing the national average of 2.4 percent. The city’s growing population and economic development have spurred greater demand for retail spaces, especially in high-traffic areas. Retailers are willing to pay premium rates to secure space in desirable locations, …

November 26, 2024

Features Leasing Activity Office

Savills: US Office Market Sees Post-Pandemic Record Levels of Leasing Activity

by John Nelson November 26, 2024

LONDON — The U.S. office market is in need of time and sustained levels of leasing activity to overcome the robust amount of space given back since the COVID-19 pandemic, concludes Savills’ third-quarter “State of the U.S. Office Market” report. If the third quarter is any indication, the U.S. office market is beginning its long road to recovery. According to Savills, the market recorded 57.7 million square feet of leasing activity this past quarter, which is a nearly 19 percent increase from 48.6 million square feet in second-quarter 2024 and a 25.4 percent increase from 46 million square feet in third-quarter 2023. The third-quarter 2024 total represents the largest quarterly leasing volume since the pandemic, according to Savills. The firm also projects that this year is on track to have the most office leasing activity since 2019, surpassing the previous post-pandemic high of 205.8 million square feet recorded in 2022. Additionally, the amount of available sublease space is on the decline. Sublease space on the market totaled 164.7 million square feet at the end of the third quarter, a 6.6 percent decrease from 176.4 million square feet in third-quarter 2023. Savills reports that sublease availability has declined for four consecutive quarters. …

November 26, 2024

Lakeshore-Mall-Redevelopment_Gainesville-Ga

Development Georgia Mixed-Use Retail Southeast Top Stories

Branch Properties Plans Mixed-Use Redevelopment of 492,798 SF Lakeshore Mall in Gainesville, Georgia

by Hayden Spiess November 26, 2024

GAINESVILLE, GA. — Branch Properties has announced plans for the redevelopment of Lakeshore Mall, a 492,798-square-foot retail property located in Gainesville, roughly 55 miles northeast of Atlanta. Plans for the mixed-use redevelopment include 305,444 square feet of retail space, as well as 652 multifamily units and 38,200 square feet of outdoor community greenspace. The property will also have the capacity for the future development of a hotel and townhomes. Current Lakeshore Mall anchors Dick’s Sporting Goods and Belk will remain open throughout the project, with the former relocating to a new space within the development. The Atlanta-based developer, which acquired the property in 2022, will soon initiate the development of regional impact (DRI) process with the Georgia Department of Community Affairs (DCA), with the groundbreaking scheduled for late 2026. Len Erickson of Franklin Street will handle retail leasing at the development in partnership with Branch Properties. Originally opened in 1970, Lakeshore Mall is located off Dawsonville Highway near Lake Lanier. According to the U.S. Census Bureau, Gainesville has seen a population increase of roughly 15 percent since 2020. “This reimagined mixed-use destination redefines Lakeshore as a dynamic, pedestrian-friendly community hub tailored to meet the needs of Gainesville, one of Georgia’s …

November 26, 2024

Development Loans Multifamily Texas

HALL Structured Finance Provides $58.9M Construction Loan for Metro Houston Multifamily Project

by Taylor Williams November 25, 2024

MAGNOLIA, TEXAS — HALL Structured Finance, a Dallas-based lender, has provided a $58.9 million construction loan for Rasha at Audubon, a 326-unit multifamily project in Magnolia, a northwestern suburb of Houston. The site is located within the 3,000-acre Audubon master-planned development, and the garden-style property will consist of five three-story buildings and two four-story buildings. Information on floor plans was not disclosed, but units will be furnished with stainless steel appliances, quartz countertops, walk-in closets and private balconies/patios/yards in select residences. Amenities will include a pool, fitness center, clubroom, lounge, outdoor grilling and dining stations and a dog park. Cullen Atchison of The Houston Group Realty Advisors arranged the loan on behalf of the borrower, locally based developer XAG Group.

November 25, 2024

Affordable Housing Development Multifamily Texas

Palladium USA Breaks Ground on $33M Affordable Housing Project in Metro Houston

by Taylor Williams November 25, 2024

KATY, TEXAS — Palladium USA has broken ground on Palladium Park Row Katy Living, a $33 million affordable housing project in the western Houston suburb of Katy. The property will feature 93 units in one-, two- and three-bedroom layouts. Amenities will include a pool, fitness center, conference center, dog park, business center, children’s playroom and clubhouse with a mini kitchen. Palladium expects to deliver the first units next December. Palladium is developing the property in a public-private partnership with the Harris County Housing Finance Corp. HEDK Architects designed the community, and Brownstone Group is serving as the general contractor. Financing for the project includes $15 million of 9 percent housing tax credits from the Texas Department of Housing & Community Affairs; $13.3 million of equity and $12 million of long-term debt from PNC Bank; and $5 million of ARPA funding from Harris County.

November 25, 2024

Acquisitions Georgia Industrial Southeast

JLL Arranges $100.6M Sale of New Bulk Industrial Building in Savannah

by John Nelson November 25, 2024

SAVANNAH, GA. — JLL has arranged the $100.6 million sale of Rockingham Farms Building 9, a 942,210-square-foot industrial facility located at 125 Feldspar Drive in Savannah. The seller, Scannell Properties, developed the bulk industrial building in 2023 within Rockingham Farms Logistics Park, a 5.8 million-square-foot industrial development approximately nine miles from Port of Savannah’s Garden City terminal. Goldman Sachs Alternatives purchased the facility, which was fully leased at the time of sale to four tenants. Britton Burdette, Matt Wirth, Dennis Mitchell and Jim Freeman of JLL represented the seller in the transaction. The cross-dock building features 40-foot clear heights, 185-foot truck court, 183 dock-high doors, 7,500 square feet of offices and ample automobile and trailer parking.

November 25, 2024

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