Property Type

Bayview PACE Provides $20.5M Loan for Construction of $72M Headquarters for Master’s Transportation in Kansas City

by Kristin Harlow July 31, 2024

KANSAS CITY, MO. — Bayview PACE has provided a $20.5 million C-PACE loan for the construction of a $72 million headquarters facility for Master’s Transportation in Kansas City. Bayview says the C-PACE financing provided a complementary role in the capital stack of the development, which is now under construction and slated to open in 2025. Other financing includes a $31 million construction loan and $20 million in sponsor equity. Master’s is a bus and transportation fleet operator serving 26 states. The 324,000-square-foot facility will consolidate eight other area locations. C-PACE financing offers favorable and cost-effective terms for qualified improvements in energy, lighting, water systems, building envelope and other resiliency components. It can be applied to new construction or renovations. In this transaction, PACE financing was used in place of a participant bank. Kansas City-based Miller Stauch Construction Co. is the general contractor, and Eskie & Associates is the owner’s representative. Kansas City-based Finkle + Williams Architecture is the project architect.

July 31, 2024

Acquisitions Indiana Industrial Midwest

JLL Brokers Sale of 639,829 SF Industrial Portfolio in Portage, Indiana

by Kristin Harlow July 31, 2024

PORTAGE, IND. — JLL Capital Markets has brokered the sale of Northwest Indiana Logistics Portfolio, a two-building industrial portfolio totaling 639,829 square feet in Portage. The sales price was undisclosed. The distribution centers were built in the early 2000s and are 97 percent leased to eight tenants. Building 1, located at 6525 Daniel Burnham Drive, totals 122,829 square feet and features a clear height of 25 feet, 13 dock-high doors and six drive-in doors. Building 2, situated at 6750 Daniel Burnham Drive, totals 517,000 square feet and features a clear height of 30 feet, 60 dock-high doors and four drive-in doors. The buildings are part of AmeriPlex at the Port, a 385-acre industrial park. John Huguenard, Ed Halaburt and Kurt Sarbaugh of JLL represented the confidential seller in the sale to Sperry Equities. Brian Walsh of JLL arranged a five-year, fixed-rate acquisition loan through New York Life Real Estate Investors.

July 31, 2024

Leasing Activity New Hampshire Northeast Retail

PickUp USA Fitness Signs 25,188 SF Retail Lease in Manchester, New Hampshire

by Taylor Williams July 31, 2024

MANCHESTER, N.H. — PickUp USA Fitness, a basketball-focused concept, has signed a 25,188-square-foot retail lease in Manchester, located near the New Hampshire-Massachusetts border. The space is located within the 166,000-square-foot former Union Leader building and will house an NBA-sized court, multiple half courts, event space, locker rooms and cardio and weight training areas. Andrew Robbins and Alex Blecksmith of Colliers represented PickUp USA in the lease negotiations. An opening date has not yet been determined.

July 31, 2024

Affordable Housing Development Michigan Midwest Multifamily

The Community Builders Breaks Ground on 69-Unit Mixed-Income Housing Development in Detroit

by Kristin Harlow July 31, 2024

DETROIT — The Community Builders has broken ground on Phase I of Preserve on Ash, which will consist of a 69-unit mixed-income housing development in Detroit. The new development marks the first groundbreaking for what will ultimately comprise nearly 600 new and preserved units of affordable housing in the greater Corktown area made possible thanks to a $30 million Choice Neighborhoods grant that the U.S. Department of Housing & Urban Development awarded to the city in 2021. The city had sought the grant anticipating the rising rents that would be coming to Corktown as a result of Ford’s revitalization of Michigan Central Station. Preserve on Ash Phase I will include five buildings and more than 5,800 square feet of retail space. Of the 69 units, 48 will be reserved for those who earn up to 60 percent of the area median income. Phases II and III of Preserve on Ash are expected to begin construction next year.

July 31, 2024

Leasing Activity Maine Northeast Retail

Simon Welcomes New Retailers to Kittery Premium Outlets in Southern Maine

by Taylor Williams July 31, 2024

KITTERY, MAINE — Simon Property Group has welcomed a host of new retailers to Kittery Premium Outlets in southern Maine. Claire’s, Carter’s, OshKosh B’Gosh, Mélange Home, Perfume Palace, Limited Hype and Jack’s Country Store have all recently opened stores, and Vineyard Vines will open next spring. Simon acquired Kittery Premium Outlets, which is home to more than 50 retailers across five centers, over the course of the 2000s.

July 31, 2024

Affordable Housing Development Illinois Midwest Multifamily

McShane Completes 47-Unit Affordable Housing Adaptive Reuse Project in Aurora, Illinois

by Kristin Harlow July 31, 2024

AURORA, ILL. — McShane Construction Co. has completed Fox Valley Apartments in Aurora on behalf of Housing For All LLC in collaboration with Visionary Ventures, Cordogan Clark & Associates and JTE Real Estate Services. The project includes one new building and two renovated historic school buildings to offer a total of 47 affordable housing units. McShane remodeled Lincoln Elementary School, a 39,000-square-foot building originally constructed in 1893, to accommodate 14 units. The school closed in 2007 due to low enrollment and remained vacant until construction of the apartments began. Also on that site, McShane constructed a new, two-story building to offer 22 units. Originally an elementary school, Mary A. Todd School was transformed into 11 apartment units and a healthcare clinic for uninsured or underinsured families. The building was originally constructed in the early 1900s and most recently housed West Aurora School District’s early childhood programs until the programs were moved to a new facility in 2019. During the remodeling process, McShane kept historical features of the schools, including trim, flooring, chalkboards, lockers, windows and doors. Cordogan Clark & Associates designed the units, which are offered in one- to three-bedroom floor plans. Amenities include a laundry room, community room, computer …

July 31, 2024

Affordable Housing Development Georgia Multifamily Retail Southeast Top Stories

City of Atlanta Unveils Plans for Three Affordable Housing Projects, Including Mall West End Redevelopment

by Kristin Harlow July 31, 2024

ATLANTA — The City of Atlanta, through Atlanta Urban Development (AUD), has unveiled plans for three new affordable housing projects, including the redevelopment of the Mall West End. Together, the projects will add nearly 350 affordable housing units for residents earning up to 80 percent of the area median income (AMI). At least one community is scheduled to begin lease-up by the second quarter of 2025, with the others beginning construction this fall and summer 2025. The Mall West End would be the largest of the redevelopments, transforming the 12-acre mall into a 1.7 million-square-foot mixed-use development. BRP Cos. is the developer. Key elements of the Mall West End redevelopment plan include: approximately 120,000 square feet of retail space, including a grocery store, fitness center, food and beverage, and local boutiques; 893 mixed-income rental units; 152 beds of student housing; a 150-key hotel; 12,000 square feet of medical office space; and community amenities. The project site is located steps from four Historically Black Colleges and Universities (HBCUs) that make up the Atlanta University Center — Clark Atlanta University, Morehouse College, Morehouse School of Medicine and Spelman College. According to a news release from the city, the Mall West End redevelopment …

July 31, 2024

Market Reports Multifamily Texas Texas Market Reports

Texas Multifamily Brokers Grapple With Declining Deal Volume, New Market Realities

by Taylor Williams July 31, 2024

Newton’s second law of physics holds that what goes up must come down, but unlike objects in freefall, retractions in real estate cycles tend to unfold with varying degrees of pace and severity. In the case of multifamily investment sales in Texas, it’s been clear for some time that the market is in a much different place than it was in late 2021 and early 2022, the latter period being when rate hikes began. In that golden era of multifamily investment sales, owners routinely achieved record highs of rent growth and brokers closed deals at legendarily high prices and low cap rates. What isn’t so clear is whether the market has bottomed out yet with regard to those metrics. Attaining clarity on that subject will remain difficult until deal volume rebounds and gives owners and brokers enough data to accurately establish trendlines. Like everything else in commercial real estate, the question of when deal volume will rebound is tied to movement in interest rates — unless maybe it isn’t. For as the world has seen over the past six months, what the Federal Reserve implies it will do and what it actually does aren’t always in sync. Some brokers …

July 31, 2024

Acquisitions Industrial Self-Storage Texas

LandPark Advisors Buys 350-Unit Self-Storage Facility in Tomball, Texas

by Taylor Williams July 30, 2024

TOMBALL, TEXAS — Locally based investment and management firm LandPark Advisors has purchased Sentinel Self Storage, a 350-unit facility located on a 4.7-acre site in the northwestern Houston suburb of Tomball. The facility, which opened in April, spans 80,195 net rentable square feet and features an automated security gate with key code access, roll-up doors, a manager’s office and video surveillance throughout the property. The seller and sales price were not disclosed.

July 30, 2024

Leasing Activity Office Texas

Bechtel Signs 108,724 SF Office Lease Expansion in West Houston

by Taylor Williams July 30, 2024

HOUSTON — Bechtel has signed a 108,724-square-foot office lease expansion in West Houston. The engineering and construction management firm is taking an additional four floors of space at Building 4 at CityWestPlace, with occupancy slated for the third quarter. Kevin Kushner and William Padon of CBRE represented the tenant in the lease negotiations. J.P. Hutcheson and Rima Soroka represented the owner, a partnership between Parkway and Midway, on an internal basis.

July 30, 2024

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