CLEVELAND — Cleveland-based BWE has arranged $150 million in financing through a Freddie Mac transitional line of credit (TLOC) for a collection of over 2,500 manufactured housing community sites in the Midwest, Southeast and Rocky Mountain regions. MJ Vukovich, Ghazy Grijalva and Andrew Capra of BWE arranged the TLOC through Freddie Mac’s Optigo channel on behalf of a long-term client. The team also sourced a $14 million traditional bank loan for the borrower from a lender specializing in manufactured housing. The TLOC provides a convenient solution for manufactured housing communities that require more repairs and renovations before securing permanent financing terms or more flexibility in their hold period, according to BWE. By only initially using $100 million of the $150 million TLOC, the borrower has the ability to shape its portfolio more thoroughly by adding new properties in the future. BWE structured the TLOC as a floating-rate loan with interest-only payments for the full term. Additionally, the terms included interest rate caps to hedge against the risk of increasing rates, while also positioning the client to take advantage of a declining rate environment later this year and provide flexibility for asset exit.
GROVEPORT, OHIO — Green Jobs Properties LLC has acquired a 640,640-square-foot industrial facility located at 3755 Hayes Road in Groveport, a southern suburb of Columbus. The purchase price was $56 million. The seller was Groveport Venture LLC.
WEST CHICAGO, ILL. — Brown Commercial Group has brokered the sale of a 31,379-square-foot industrial building in West Chicago for an undisclosed price. Matt Hanson of Brown represented the buyer, Krishiv Foods, a distributor of Indian food products. The buyer is more than tripling its space and will be relocating from Elk Grove Village. Mike Antonelli of Brown represented the seller, Spare Tire Enterprises LLC, which purchased the building in 2018.
FREEPORT, MAINE — Boston-based retail owner-operator Wilder Cos. has acquired Freeport Village Station, a 122,121-square-foot shopping center located near Portland, Maine. The center is situated across from L.L. Bean’s flagship campus, and the outdoor equipment and apparel retailer’s outlet store anchors the 3.6-acre property. Other tenants include Brooks Brothers, Old Navy, Coach, Famous Footwear, Lindt, Oakley, OshKosh B’gosh and Carter’s, Sunglasses Hut, Talbots, Sketchers and Francesca’s. The seller and sales price were not disclosed.
ALBANY, N.Y. — KeyBank has provided an $11.1 million Freddie Mac loan for the refinancing of Astro Apartments, a student housing complex located across the street from the primary campus of State University of New York in Albany. Built in 1998, Astro Apartments consists of two three-story buildings on a 2.4-acre site. According to Apartments.com, the property totals 100 units and offers amenities such as a fitness center, business center, package handling service and onsite laundry facilities. Residences come in studio, one- and two-bedroom floor plans. Dirk Falardeau and Mark Flanders of KeyBank structured the financing on behalf of the borrower, Redburn Development Partners.
BALDWINSVILLE, N.Y. — The Boulder Group has arranged the $4.3 million sale of a 13,625-square-foot retail property in Baldwinsville, located just outside Syracuse, that is net leased to Caliber Collision. The building sits on a 3.8-acre site, and the tenant operates under a 15-year, corporate-guaranteed lease. Randy Blankstein and Jimmy Goodman of The Boulder Group represented the buyer, a Midwest-based investor that acquired the asset via a 1031 exchange, in the transaction. The seller was a Southeast-based developer. Both parties requested anonymity.
By Matt Valley DALLAS — The success or failure of an active adult community hinges on whether the operator can deliver on its valuation proposition, and tenants are willing to pay a premium if their lifestyle expectations are met. That’s one of the key takeaways from an active adult panel discussion that took place March 6 during the 2024 NIC Spring Conference at the Omni Dallas Hotel. Prospective tenants in this real estate niche are experienced, sophisticated consumers who know when they are being sold a bill of goods. They know if leasing people aren’t being sincere, said Robert May, managing director of Avenida Partners, a national real estate development firm with offices in Newport Beach, California, and Nashville, Tennessee. “They come to our communities for the first time knowing a whole lot more about us than we do about them because of the internet, because of social media, because of that senior network that’s out there,” explained May. “The brand is everything. It’s what they see, it’s what they hear, and they’ve got to feel it. They’ve got to feel that you’re really there to deliver that value proposition, that lifestyle that they are looking for.” For traditional multifamily …
By Louis Suarez, Misty Bowe and Brian Bruggeman, Colliers The Twin Cities medical real estate market has experienced many different phases over the last few years, reflecting the region’s journey toward post-pandemic recovery. Currently, this sector is experiencing a notable shift that is fueled by rising vacancy rates for on-campus hospital properties contrasted with a low vacancy rate of 4.9 percent for off-campus medical buildings. This shift is significantly influenced by the push to outpatient surgery centers, ongoing financial pressures and consolidation trends. Additionally, experts in this region are predicting a scarcity of new medical building supply in 2024, which is expected to exert ongoing pressure on rental rates for existing medical office space, despite the stabilization of interest rates that is anticipated to come later this year. As of the fourth quarter of 2023, the current construction pipeline consists of a mere 84,000 square feet, all of which is spoken for with no additional supply projected to come to market in the next year, which is a nearly 80 percent decrease year-over-year. The dramatic increase in interest rates, rising construction costs and capital constraints have pushed asking rents for new proposed projects to well above $30 per square foot …
WOODBRIDGE, VA. — The IDI Group Cos. (IDI) and its development partners have broken ground on Belmont Logistics, a $110 million industrial campus located in Woodbridge, roughly 25 miles southwest of Washington, D.C. According to the developer, the project marks the only new industrial project along Northern Virginia’s I-95 corridor so far this year. Upon completion, the development will feature three tilt-up concrete buildings totaling 416,000 square feet situated on 36.6 acres. Additionally, the development will include 540 car parking spaces, 40 trailer parking spaces and 55,000 square feet of additional storage space. Belmont Logistics will be developed in two phases, with the first phase comprising a 110,000-square-foot warehouse on 9.5 acres. Completion of the first phase is scheduled for the end of this year. Delivery of the campus in its entirety is scheduled for 2026. Offering connectivity to I-95, the location is situated roughly 30 miles from Dulles International Airport and 20 miles from Reagan National Airport. In addition to IDI, the joint venture developing the campus includes landowners ACD Precast LLC and the Carosi family. RW Murray is the general contractor for the project, which MGMA designed. Keystone National Group is providing an undisclosed amount of financing for …
IRVING, TEXAS — Locally based developer KDC has topped out the 850,000-square-foot office campus in Irving’s Las Colinas district that will serve as the new regional headquarters for Wells Fargo. The campus will consist of two 10-story, 400,000-square-foot buildings and a connecting parking garage, as well as various open green spaces, all on a 22-acre site. The San Francisco-based bank is consolidating its regional real estate footprint and expects to employ about 3,000 people at the campus, inclusive of the hiring of 650 new staffers. Completion is slated for late 2025. Project partners include architect Corgan, civil and landscape engineer Kimley-Horn and general contractor Austin Commercial.