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Avalon-Wesmont-Station-Wood-Ridge-New-Jersey
AcquisitionsLoansMultifamilyNew JerseyNortheastTop Stories

JLL Brokers $161.5M Sale of Northern New Jersey Apartment Community

by Taylor Williams

WOOD-RIDGE, N.J. — JLL has brokered the $161.5 million sale of Avalon at Wesmont Station, a 406-unit apartment community located at 100 Rosie Square in Wood-Ridge, about 15 miles west of Manhattan. Avalon at Wesmont Station was built in 2012-2013 and offers one-, two- and three-bedroom units with an average size of 959 square feet. Amenities include a pool, outdoor grilling and dining stations, resident clubroom with workstations and a fitness center. The property also houses 18,000 square feet of ground-floor retail space that is fully leased. Jose Cruz, Steve Simonelli, Michael Oliver, Elizabeth DeVesty and Austin Pierce of JLL represented the seller, Virginia-based REIT AvalonBay Communities Inc. (NYSE: AVB), in the transaction. The buyer was New York-based Cammeby’s International Group. Ryan Koehler of NewPoint Real Estate Capital originated a $112 million Freddie Mac acquisition loan, which carried a 10-year term and six years of interest-only payments, for the deal. “The sale of Avalon at Wesmont Station demonstrates the continued investor appetite for well-located, institutional-quality multi-housing assets in strong suburban markets near New York City,” says Cruz. “This property’s strategic location, coupled with its value-add potential through unit renovations, made it an attractive investment opportunity in today’s market.” The apartment …

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AcquisitionsIllinoisLoansMidwestMultifamily

Greystone Provides $120M Acquisition Loan for Chicago Apartment Tower

by Kristin Harlow

CHICAGO — Greystone has provided a $120 million Fannie Mae loan for the acquisition of Fulbrix Apartments in Chicago’s Fulton Market. The 27-story apartment tower features 375 units at 160 N. Elizabeth St. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Normandy Real Estate. The loan features a 10-year term with seven years of interest-only payments. The $170 million purchase marked Chicago’s largest multifamily sales transaction since 2023, according to Greystone.

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DevelopmentIndustrialTexasTop Stories

NVIDIA to Develop Two AI Supercomputer Manufacturing Plants in Texas As Part of $500B U.S. Investment

by John Nelson

SANTA CLARA, CALIF. — NVIDIA Corp. (NASDAQ: NVDA), a Santa Clara-based tech firm that primarily designs and manufactures graphics processing units (GPUs) for artificial intelligence (AI) use, plans to develop two new AI supercomputer manufacturing plants in Texas. The new projects will include a plant in Houston that NVIDIA is co-developing with Foxconn and a factory in Dallas that NVIDIA is building with Wistron. Further real estate specifics for the new facilities were not shared, but NVIDIA plans to create “digital twins” to design and operate the factories, which will be reliant on automation and robotics. Mass production of NVIDIA AI supercomputers at both plants is expected to ramp up in the next 12 to 15 months, according to NVIDIA. Additionally, NVIDIA announced that it has started production of NVIDIA Blackwell chips at the TSMC Arizona campus in Phoenix. NVIDIA is partnering with Amkor and SPIL for packaging and testing operations in Arizona. The new Texas plants and the production of NVIDIA Blackwell chips in Arizona are part of the company’s $500 billion push to mass produce NVIDIA AI supercomputers on U.S. soil, which would represent the first time that the company’s supercomputers were made entirely domestically. Together, the announcements …

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DevelopmentRetailTexas

D-BAT to Open 15,000 SF Baseball, Softball Training Facility at Valley Ranch in Porter, Texas

by Taylor Williams

PORTER, TEXAS — Baseball and softball training operator D-BAT will open a 15,000-square-foot facility at the Valley Ranch, Signorelli Co.’s master-planned development located northeast of Houston. The facility, which will be constructed on a 1.3-acre site that D-Bat purchased, will offer lessons, camps, workshops, event space, batting cage rentals, a fully stocked pro shop and monthly memberships. The facility will be D-Bat’s 10th in the Houston area and is scheduled to open this summer.

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Wildlife-Commerce-Park_Dallas
AcquisitionsIndustrialTexasTop Stories

Blackstone to Acquire Majority Stake in 6 MSF Texas Industrial Portfolio for $718M

by Hayden Spiess

DALLAS AND HOUSTON — Blackstone Real Estate (NYSE: BX), the largest owner of commercial real estate globally, has agreed for its Core+ funds business affiliate to acquire a 95 percent stake in an industrial portfolio in Texas totaling 6 million square feet. The purchase price is $718 million.  Crow Holdings, the Dallas-based real estate and development firm that developed the properties, is the seller and will retain a 5 percent ownership stake.  The transaction is expected to close in the second quarter of 2025.  The portfolio comprises 25 Class A buildings located predominantly in submarkets of Dallas and Houston. According to Blackstone, the metros are two of the top-performing logistics markets in the country.  “We are thrilled to acquire this high-quality portfolio located in some of the best performing U.S. industrial markets,” says David Levine, co-head of Americas acquisitions for Blackstone. “With limited vacancy and new construction starts down over 80 percent from the 2022 peak, logistics remains a high conviction theme for us; we are proud owners of more than $90 billion of warehouses in North America and nearly $170 billion in total around the world.” Founded in 1991, Blackstone currently has $315 billion of investor capital under management …

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FeaturesKentuckyRestaurantSoutheastSoutheast Feature Archive

Quick-Service Restaurants Embrace Digital Transformation, AI Revolution

by John Nelson

By Casey Smallwood of SRS Real Estate Partners In today’s fiercely competitive quick-service restaurant (QSR) market, digital transformation and artificial intelligence (AI) are reshaping how brands operate, engage with customers and create value. An industry once defined by speed and consistency is now being reshaped by data, automation and intelligent personalization. Across the country, QSRs are embracing cutting-edge technologies to improve operations, enhance the customer experience and maximize profitability. From mobile ordering apps to AI-powered drive-thru automation and predictive inventory management, these innovations are redefining the QSR business model. To stay competitive and relevant in today’s fast-changing market, franchise operators, developers and commercial real estate investors must understand and adapt to these technology-driven shifts. At the heart of this evolution is digital transformation — the integration of digital technology across all aspects of the business. In the QSR landscape, this includes everything from mobile ordering apps, digital menu boards to contactless payment systems, smart kitchen equipment and sophisticated customer relationship management (CRM) tools. Unlike full-service restaurants that emphasize ambiance and table service, QSRs succeed by offering speed, convenience and consistency. Digital transformation amplifies these core strengths, allowing operators to serve more customers faster and more accurately while also collecting and …

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IllinoisMarket ReportsMidwestMidwest Market ReportsMixed-Use

Urban Revitalization Is Chicago’s Legacy — and its Future

by Kristin Harlow

By Trina Sandschafer, AIA, Project Management Advisors Adaptation and reinvention are core parts of what makes American cities great, and Chicago is a prime example. Whether rebuilding, reimagining space for modern usage or creating new neighborhoods from formerly empty lots, the city has become known for its unique ability to bring new energy and life to formerly underutilized areas. Chicago knows how to reimagine the built environment and is leading the way with several transformative development strategies.  Adaptive reuse: A well-tested Chicago tactic Chicago’s long history of adaptive reuse began with the pioneering residential loft developers. In the wake of nationwide manufacturing declines, these enterprising developers saw opportunity in the city’s largely vacant warehouses and manufacturing buildings. The success of these early loft conversions encouraged further reimagining of Chicago’s aging industrial and office stock into condominiums, apartments, offices, entertainment venues and hospitality spaces, which continue to this day.  Now, adaptive reuse strategies are helping to increase the supply of housing and restore economic viability to communities dealing with the lingering impact of the pandemic on local businesses. Converting legacy structures to new and better uses is more environmentally sustainable and can be more cost-effective than demolishing older buildings and starting …

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AcquisitionsBuild-to-RentIndianaMidwestSingle-Family Rental

Thompson Thrift Sells 242-Unit Slate at Fishers District Build-to-Rent Community in Indiana

by Kristin Harlow

FISHERS, IND. — Thompson Thrift has sold Slate at Fishers District, a 242-unit luxury build-to-rent community in the Indianapolis suburb of Fishers. Bonaventure Holding Co. purchased the property for an undisclosed price. George Tikijian, Hannah Ott, Ted Abramson, Cam Benz, Claire Hassfurther, Ryan Stockamp and Sean Pingel of CBRE brokered the sale. Slate at Fishers District features one-, two- and three-bedroom villas as well as three- and four-bedroom townhomes. Amenities include a clubhouse, fitness center, pool, bark park and dog spa. Construction wrapped in May 2024, and the property’s occupancy now exceeds 90 percent. Slate at Fishers District is one of five developments within the larger Fishers District. Once completed, the $750 million project will span 123 acres and include multifamily, hotel, office, dining, shopping and entertainment options.

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DevelopmentLeasing ActivityOregonRestaurantRetailTop StoriesWestern

Dutch Bros Coffee Aims to Double Store Count to 2,029 Locations by 2029

by John Nelson

GRANTS PASS, ORE. — A little over a month after unveiling its 1,000th retail location, drive-thru coffee chain Dutch Bros Inc. (NYSE: BROS) is expanding its operations with goals to reach 2,029 shops by 2029. Originating in 1992 as a pushcart by the railroad tracks in downtown Grants Pass, Dutch Bros opened its first franchise in 2000. Dutch Bros Coffee now has a significant presence in the Pacific Northwest and is expanding with more locations across the United States, moving eastward to Florida, Texas, Oklahoma and Georgia. Looking further out, Dutch Bros sees potential for 7,000-plus locations nationwide, up from its original estimate of 4,000 shops. In 2025 alone, the company expects to open “at least” 160 new stores. The company recently hired former YUM! Brands executive Brian Cahoe as chief development officer to oversee the expansion strategy. The Dutch Bros management team recently provided updates on the business and its long-term growth goals at its Investor Day meeting last week. “We are pleased to deliver quarter-to-date first-quarter same-shop sales above our expectations, supported by positive traffic and strong business momentum,” says Christine Barone, CEO and president of Dutch Bros. Through March 24, same-store sales increased 4.6 percent in the …

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AlabamaIndustrialMarket ReportsSoutheastSoutheast Market Reports

‘Clouds Are Clearing’ for Next Step of Birmingham’s Industrial Market

by John Nelson

The Birmingham industrial market is poised for an increase in absorption as the apex of higher interest rates seem to be settling down, not to mention the post-election certainty that now favors business expansion. Corporate America is waking up and the clouds are clearing.   For the past 24 months, the competitive set of investor-controlled warehouse space has been sitting on about 2 million square feet of inventory. About 550,000 square feet of that is still unleased speculative space in three different projects delivered at the back-end of the post-COVID development wave that did see about 700,000 square feet of absorption of new spec space before the music metaphorically stopped.  Then came the 2023/2024 wave of the “new spec space,” a byproduct of the mentioned interest rates and COVID over-correction. Several second-generation spaces are now being marketed as companies vacated or downsized for various reasons. For example, discount retailer Dollar General is vacating an entire 307,000-square-foot warehouse.  Broader, there have been two major announcements in Central Alabama for the closure of distribution centers, both as a result of retailers’ bankruptcies. JoAnn Fabric’s 700,000-square-foot distribution facility in Opelika at I-85 is now on the market as is the 1.2 million-square-foot former …

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