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AcquisitionsNew YorkNortheastOfficeTop Stories

SL Green Agrees to Buy Former Pepsi Headquarters Building in Manhattan for $130M

by Taylor Williams

NEW YORK CITY — Local real estate giant SL Green Realty Corp. (NYSE: SLG) has entered into an agreement to purchase the former PepsiCo. headquarters building in Manhattan for $130 million. A timeline for closing was not disclosed, nor was the name of the seller, although multiple news outlets report that the latter was Morgan Stanley. Designed by Skidmore, Owings & Merrill, the 11-story, 201,000-square-foot building is located at 500 Park Ave. at the corner of 59th Street. The property was originally constructed in 1960 as the beverage maker’s headquarters and has been institutionally owned and managed ever since. Tenants at 500 Park Ave. include Vera Wang, The Georgetown Co. and Friedland Properties. In addition, the building’s corner retail space is home to high-end furniture provider FRATO as its flagship New York City store and showroom. “Park Avenue is the best performing office market in New York City with historic low vacancy, and 500 Park Avenue will continue to benefit from opportunities in this fortress corridor that attracts top tier tenants and triple-digit rents,” says Harrison Sitomer, SL Green’s chief investment officer. Adam Spies, Doug Harmon, Adam Doneger, Joshua King and Marcella Fasulo of Newmark acted as advisors on the …

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DevelopmentMichiganMidwestMixed-UseOfficeTop Stories

Bedrock, GM Unveil Redevelopment Proposal for Renaissance Center in Downtown Detroit

by Kristin Harlow

DETROIT — Developer Bedrock and General Motors Co. (NYSE: GM) have unveiled a conceptual plan to redevelop the Renaissance Center (RenCen) and 27 acres along the Detroit riverfront. According to the companies, the plan preserves the essence of Detroit’s skyline, right-sizes the RenCen’s footprint and connects the site to the heart of downtown. A surrounding entertainment district would feature restaurants, hospitality, residential and market space and complement Detroit’s Riverwalk, which draws more than 3.5 million annual visitors to the city. The project has an estimated price tag of $1.6 billion, according to Crain’s Detroit Business. First opened in 1976, RenCen is widely considered Michigan’s most iconic and recognizable property and serves as the headquarters of GM. The automaker purchased the asset in 1996 and has invested more than $1 billion in improvements to date. Earlier this year, GM unveiled its plans to leave RenCen for Hudson’s Detroit, the redevelopment of the former J.L. Hudson’s department store currently underway by Bedrock. GM plans to take occupancy in 2025. GM and Bedrock established a partnership earlier this year to study redevelopment opportunities for the RenCen site along with the City of Detroit and Wayne County. A team of urban planners, architects and …

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AcquisitionsIndustrialSouth CarolinaSoutheast

JLL Arranges Sale of New 1.1 MSF Industrial Building Near Charleston

by John Nelson

RIDGEVILLE, S.C. — JLL has arranged the sale of Building D within Camp Hall Commerce Center, a 6,800-acre industrial park in the Charleston industrial market. The 1.1 million-square-foot facility is located at 2274 Volvo Car Drive in Ridgeville and was fully leased to an unnamed global car manufacturer at the time of sale. Completed in 2023, the cross-dock building features 40-foot clear heights, 208 dock-high doors, four drive-in doors, 84 dock levelers, 847 auto parking spaces and 804 trailer storage spaces. Rockpoint, a Boston-based real estate private equity firm, and Portman Industrial sold the property to Stockbridge for an undisclosed price. JLL represented the sellers in the transaction.

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AcquisitionsIllinoisMidwestSeniors HousingTop Stories

JLL Brokers Sale of 20-Property National Seniors Housing Portfolio for $725M

by John Nelson

CHICAGO — Chicago-based JLL has brokered the $725 million sale of a seniors housing portfolio comprising 20 communities located primarily in the Sun Belt, Northeast and Midwest markets. Chicago Pacific Founders sold the portfolio to Ventas Inc. (NYSE: VTR) in an all-cash transaction. Roughly two-thirds of the properties are independent living communities, with the remainder of the assets falling into the categories of assisted living and memory care. The communities are spread across 14 states including Alabama, Arizona, Florida, Illinois, Kansas, Maine, Michigan, Nevada, New York, Ohio, Oklahoma, South Carolina, Tennessee and Texas. Chicago Pacific Founders owned the portfolio properties within an investment vehicle titled CPF Living Fund I. Jay Wagner, Rick Swartz, Jim Dooley and Sean Kirk of JLL’s Seniors Housing Capital Markets team, as well as Ted Flagg of Jones Lang LaSalle Securities (an affiliate of JLL), represented the sellers in the transaction. “As one of the largest seniors housing transactions closed year-to-date, this is a meaningful indicator that appetite for scaled seniors housing portfolios is back,” says Wagner. “The significant supply-demand imbalance, precipitated by tepid recent development levels, is setting up the markets for an incredible run on occupancy and margin growth over the medium term.” Grace …

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DevelopmentLeasing ActivityMixed-UseRetailSoutheastTennessee

Crunch Fitness Opens at Hamilton Place Mall in Chattanooga

by John Nelson

CHATTANOOGA, TENN. — Crunch Fitness has opened a new location at Hamilton Place, a shopping mall and mixed-use campus in Chattanooga. The property is owned by locally based and publicly traded CBL Properties. The new fitness venue is one of the final components of the mall’s Sears redevelopment project, which commenced in 2019. Other tenants that have backfilled the former Sears department store include The Cheesecake Factory, Mean Mug Coffeehouse, Malone’s, Dave & Buster’s, Dick’s Sporting Goods and an Aloft by Marriott hotel. Since March, CBL Properties has welcomed eight new concepts at Hamilton Place, including Taco Mamacita, Texas Roadhouse, Mr. Cow, Malone’s, Miniso, Vintage Stock, Dry Goods, Shoe Station, as well as a newly remodeled and expanded Buckle store. Additional openings are expected in 2025.

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DevelopmentMidwestMissouriRetail

Keystone Construction Breaks Ground on $60M CarShield Sportsplex Facility in Chesterfield, Missouri

by Kristin Harlow

CHESTERFIELD, MO. — Keystone Construction Co. has broken ground on the new $60 million CarShield Sportsplex AAA Hockey & Futbol facility in the St. Louis suburb of Chesterfield. Completion is slated for January 2026. The indoor and outdoor sports facility will accommodate the growing CarShield AAA Hockey & Futbol clubs, which serve more than 500 kids and 45 teams in metro St. Louis. The 325,000-square-foot project will be situated on 33 acres at 530 N. Eatherton Road. The development will include four indoor turf soccer fields, two indoor ice rinks, team locker rooms, a pro shop, training and fitness spaces, a restaurant, bar, concessions and classrooms. Outside, there will be three turf soccer fields, concessions, a dining patio and children’s playground. The project team includes civil engineer Stock & Associates and architect Gray Design Group.

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IllinoisIndustrialLoansMidwest

JLL Arranges $63M Loan for Refinancing of Industrial Portfolio in Metro Chicago

by Kristin Harlow

CHICAGO, BUFFALO GROVE AND MOKENA, ILL. — JLL Capital Markets has arranged a $63 million loan for the refinancing of a five-building industrial portfolio in metro Chicago. The portfolio comprises the following properties: Asbury Drive, a 157,000-square-foot building in Buffalo Grove; Rockwell Logistics Center, a 174,262-square-foot property in Chicago; Mokena Logistics I and II, two buildings totaling 268,226 square feet in Mokena; and Halsted Pershing Business Center, a 104,008-square-foot asset in the Stockyards submarket of Chicago. The properties total 703,996 square feet with suites ranging from 25,100 to 174,262 square feet. The portfolio is home to 10 tenants spanning industries such as IT, electronics manufacturing, healthcare, construction, food distribution and government agencies. Colby Mueck, Brian Walsh and Tara Hagerty of JLL arranged the five-year, fixed-rate loan on behalf of the owner, Stream Realty Partners.

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DevelopmentIllinoisIndustrialMidwest

DSI, Karis Cold Break Ground on 100,000 SF Cold Storage Facility in Chicago

by Kristin Harlow

CHICAGO — Development Solutions Inc. (DSI) and Karis Cold have broken ground on Stockyards Cold, a 100,000-square-foot cold storage facility in Chicago’s McKinley Park neighborhood. The project is situated on five acres at 3815 S. Ashland Ave. Completion is slated for the third quarter of 2025. Stockyards Cold will feature technology capable of maintaining temperatures as low as minus 10 degrees Fahrenheit. The project marks the first cold storage facility in Chicago to offer a clear height of 50 feet, according to the development team. Customizable features will include blast freezing, automated racking and advanced temperature monitoring systems. John Basile of NAI Hiffman is the leasing agent.  

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Pictured is an office interior in New York City.
Content PartnerDevelopmentFeaturesIndustrialLeasing ActivityLee & AssociatesMidwestMultifamilyNortheastOfficeRetailSoutheastTexasWestern

Lee & Associates: Absorption Is Positive Across All Property Types According to Third-Quarter Report

by Sarah Daniels

Perhaps the most salient information within Lee & Associates’ 2024 Q3 North America Market Report pertains to the office market. The third quarter of 2024 ended nine continuous quarters of negative net absorption in the office sector. However, additional occupancy losses may be on the horizon for the office market, even as supply pressures ease for this property type. Positive retail news has led to positive industrial news, as rising demand for retail goods has bolstered tenant demand for industrial space just as additional industrial inventory is coming on line. Steady economic growth and continuing impediments to home ownership have created strong absorption in the multifamily sector. Rent growth and vacancy rates have largely plateaued. Lee & Associates has made their complete third-quarter report available here (with more detailed information broken down according to property type). Below is an overview of the strengths and challenges in the industrial, office, retail and multifamily sectors. Industrial Overview: U.S. Demand Spikes Industrial demand across the United States dramatically improved in the third quarter. There were 52.8 million square feet of positive net absorption in the country in the third quarter, a 76 percent jump from the same period a year ago and more than double the …

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Market ReportsMidwestMidwest Market ReportsNebraska

Real Estate Development Thrives in Omaha, Driven by Strong Demographic Growth

by Kristin Harlow

By Tom D’Arcy and Brad Soderwall, Hines The Omaha market has experienced strong growth in recent years, with $8 billion in commercial real estate development currently underway driven by consistent migration of new residents and professionals to the area.  The city’s attractiveness is attributed in large part to its high quality of life and attractive cost of living, both of which present compelling opportunities for new development that further incentivizes in-migration, and cultivates and enhances the unique lifestyle that makes Omaha a desirable place for families and young professionals to put down roots. Shifting demographics drive growth in Omaha Omaha’s low unemployment rate (at 2.6 percent as of July 2024, per the Nebraska Department of Labor), quality of life, affordable cost of living and expanding cultural opportunities are driving migration into the area. The Omaha-Council Bluffs metropolitan area saw its strongest population growth since pre-pandemic (2019) in 2023, with an increase of 0.8 percent, substantially outpacing the national average of 0.5 percent, per the U.S. Census Bureau. 2023 also saw a net migration of over 3,400 residents to the area. This population growth is fueling demand in the multifamily market, where we saw a record-setting year for development in 2023 …

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