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Affordable HousingDevelopmentIowaMidwestMultifamily

Woda Cooper Breaks Ground on 40-Unit Affordable Housing Community in Des Moines

by Kristin Harlow

DES MOINES, IOWA — Woda Cooper Cos. Inc. has broken ground on Alley Landing, a 40-unit affordable housing community in Des Moines. The property at 2701 Douglas Ave. will feature one-, two- and three-bedroom units for residents earning up 60 percent of the area median income. Eight units will be set aside as Permanent Supportive Housing (PSH), with rental assistance for households experiencing homelessness, with a veteran priority. Amenities will include a multipurpose room with kitchenette, manager’s office, supportive services office, dog park and playground. The City of Des Moines provided a HOME loan, an American Rescue Plan Act loan and housing vouchers to provide rental assistance for the PSH units. The Iowa Finance Authority provided a second HOME loan and allocated housing tax credits. Bank of America is providing a construction loan and an equity investment in exchange for the tax credits. Cedar Rapids Bank & Trust is providing the first permanent mortgage. Families Forward will provide supportive services for the PSH units. Amvets Post #2 and the local VA Community Resource & Referral Center will provide housing referrals for veterans experiencing homelessness. Hooker DeJong Inc. is the project architect, and Woda Construction Inc. is the general contractor. Woda …

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AcquisitionsHealthcareMidwestOhio

Flagship Healthcare Acquires 14,416 SF Ambulatory Surgery Center in New Albany, Ohio

by Kristin Harlow

NEW ALBANY, OHIO — Flagship Healthcare Properties has acquired a 14,416-square-foot ambulatory surgery center (ASC) in New Albany, about 15 miles northeast of Columbus. The purchase price was undisclosed. Built in 2003, the property at 6520 W. Campus Oval is fully leased to Central Ohio Surgical Institute, which is majority owned by nonprofit healthcare system OhioHealth. The ASC features five operating rooms and offers multiple surgical specialties, including ENT, plastics, orthopedics, gynecology, dentistry and gastroenterology. The property is situated within the 9,000-acre New Albany International Business Park. Flagship utilized its private real estate investment trust, Flagship Healthcare Trust, for the acquisition. Flagship will provide property management and asset management services for the ASC. Fifth Third Bank provided acquisition financing. Nick Myeres of Zeustra represented the undisclosed sellers.

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DevelopmentHealthcareSoutheastVirginia

Capital Growth Medvest Breaks Ground on $105M Healthcare Project in Lynchburg, Virginia

by John Nelson

LYNCHBURG, VA. — Capital Growth Medvest has broken ground on a $105 million healthcare project in Lynchburg, a city in central Virginia at the foothills of the Blue Ridge Mountains. The project comprises two adjacent outpatient hospitals: Centra Rehabilitation Hospital (50 beds, 62,500 square feet) and Centra Behavioral Health Hospital (72 beds, 61,000 square feet). JE Dunn Capital Partners and Sila Realty Trust are capital partners on the project, and Carter Bank is providing senior construction financing. Operating partners on the project include Centra Health, LifePoint Rehabilitation and Lifepoint Behavioral Health, both of which are affiliates of LifePoint Health. The two Lynchburg projects represent Capital Growth Medvest’s sixth and seventh development partnerships with Lifepoint across six states. JE Dunn is serving as the general contractor for both hospitals, and Earl Swensson Associates and Stengel Hill Associates are the architects for the rehabilitation and behavioral health hospitals, respectively. Both facilities are slated for completion in late 2025.

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AcquisitionsGeorgiaLoansMultifamilySoutheast

CBRE Arranges $30.2M Acquisition Loan for Aqua at Sandy Springs Apartments in Metro Atlanta

by John Nelson

SANDY SPRINGS, GA. — CBRE Capital Markets’ Debt & Structured Finance team has arranged a $30.2 million acquisition loan for Aqua at Sandy Springs, a 219-unit apartment community located at 100 Greyfield Lane in Sandy Springs, a northern suburb of Atlanta. The borrower and buyer is New York-based T30 Capital. Blake Cohen and Reed McGarity of CBRE’s Atlanta office arranged the loan through Equitrust. Aqua at Sandy Springs was built in two phases in 1985 and 2000 and features one-, two- and three-bedroom apartments, as well as an outdoor pool.

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AcquisitionsFloridaIndustrialLoansSoutheast

Redfearn Capital Secures $18.7M Acquisition Loan for Industrial Facility in South Jacksonville

by John Nelson

JACKSONVILLE, FLA. — Redfearn Capital has secured an $18.7 million acquisition loan for a 363,000-square-foot industrial facility located at 12751 Gran Bay Parkway in south Jacksonville. South Point Capital Management provided the loan. Redfearn Capital acquired the property from Brookfield for $27.2 million. The property was fully leased at the time of financing to Saddle Creek Logistics, an omnichannel supply chain provider. Constructed in 1997, the facility features 24-foot clear heights and 30 dock doors.

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AcquisitionsAlabamaRetailSoutheast

Matthews Brokers Sale of 57,441 SF Shopping Center in Montgomery

by John Nelson

MONTGOMERY, ALA. — Matthews Real Estate Investment Services has brokered the sale of Promenade North Shopping Center, a 57,441-square-foot retail center located at 2423 Eastern Blvd. in Montgomery. Pierce Mayson and Kyle Stonis of Matthews represented the seller, an affiliate of Hackney Real Estate Partners, in the transaction. The buyer and sales price were not disclosed. Promenade North was 97.3 percent leased at the time of sale to tenants such as Harbor Freight Tools, AutoZone and ArchWell Health. The Home Depot shadow-anchors the center.

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AcquisitionsNorth CarolinaRetailSoutheast

CenterSquare Acquires 18,550 SF Retail Strip Center in Charlotte

by John Nelson

CHARLOTTE, N.C. — CenterSquare has acquired Riverbend Village Shops, an 18,550-square-foot retail center located in Charlotte. Comprising four buildings, the development marks the final phase of Riverbend Village, a master-planned community totaling 62,000 square feet. Tenants at the property include First Watch, Jeremiah’s Italian Ice, GoHealth Urgent Care, Vitamin Shoppe, Nana Morrison’s Soul Food and Nothing Bundt Cake. The seller and sales price were not disclosed.

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Bahia-Mar-Pool
DevelopmentFloridaMixed-UseSoutheastTop Stories

Joint Venture Unveils Plans for $2B Waterfront Mixed-Use Development in Fort Lauderdale, Florida

by Katie Sloan

FORT LAUDERDALE, FLA. — A joint venture between Related Group, Tate Capital and Rok Acquisitions has unveiled plans for Bahia Mar, a $2 billion waterfront mixed-use development located in Fort Lauderdale. The joint venture is developing the 40-acre project in collaboration with Marriott International. Bahia Mar will be anchored by two 23-story condominium towers and a 197-room luxury hotel, all operating under the St. Regis brand.   Condominiums will be offered in three- and four-bedroom configurations ranging from 2,600 to 3,550 square feet, in addition to penthouse residences across both the condominium towers and a portion of the hotel. Units will feature a private elevator foyer and sweeping views of the Atlantic Ocean.  Shared amenities in the condo towers will include a spa with steam rooms, saunas, hot and cold plunges, treatment rooms and a wellness terrace; a salon offering beauty services; an indoor/outdoor fitness center; a children’s entertainment room; library/media room; private dining and billiards rooms; and outdoor terraces with summer kitchens, a private outdoor pool, pickleball court and a multisport simulator.  The resort will also feature amenities including two pools, a fitness center, spa, outdoor amenity spaces and a signature restaurant, all of which will be available to condo …

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IndustrialMarket ReportsMidwestMidwest Market ReportsNebraska

Omaha Industrial Continues to Be a Top-Performing CRE Sector

by Kristin Harlow

By John Dickerson, OMNE Partners Omaha continues to be strong economically. The Omaha-area population is nearing the 1 million mark, and Omaha has been rated in the top 10 of cities to move to. Unemployment is less than 3 percent compared with about 4 percent nationally, and employment growth is about 2 percent per year.  In commercial real estate, business news generally says that Omaha is doing better than larger cities in the U.S. Of the key sectors, industrial has performed very well. Leasing pace Per CoStar information, Omaha’s vacancy rate is 3 percent. The total industrial square footage is 108 million square feet, and there is approximately 4 million square feet under construction. A large share of construction is due to Google, Facebook and other large users adding facilities. About 1.7 million square feet has been absorbed in the last year. Currently, per market information gathered from Crexi listings, there is approximately 2.6 million square feet available for lease in Douglas and Sarpy counties. (See chart for a breakdown by property types.) One other thing to note is that in the 139 properties with space for lease, there appears to be only 20 spaces for lease with 2,000 square …

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FeaturesHeartland Feature ArchiveIllinoisMidwestNortheastNortheast Feature ArchiveOhioPennsylvaniaSeniors Housing

Dual Appraisal Methods Improve Opportunities to Get Fair Taxation for Seniors Housing Properties

by John Nelson

By Phil Brusk and Caleb Vahcic of Siegel Jennings Co. L.P.A. The seniors housing sector can’t seem to catch a break. Owners grappling with staffing shortages and other operational hardships lingering from the pandemic are facing new challenges related to debt and spiraling costs. High interest rates and loan maturations loom over the industry, with $19 billion in loans coming due within the next 24 months, according to Cushman & Wakefield’s “H1 2024 Market Trends and Investor Survey” on senior living and care. Factors driving high costs include wage pressures, inflation and — incredibly — rising property taxes. Despite operational challenges and declining occupancy at many facilities during the COVID-19 pandemic, property tax relief for seniors housing was mixed. Many assessors resisted downward adjustments to taxable values, maintaining that recovery was around the corner. Now, seniors housing operators face property tax assessments that equal or exceed pre-pandemic levels. As in the hospitality sector, most seniors housing owners understand that their operating properties include more value components than real property alone. In evaluating whether a tax assessment is reasonable and fair, however, owners need to realize that how an assessor addresses their real estate, personal property and intangible assets can drastically …

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