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Candlelight-Park-Apartments-Duncanville
AcquisitionsMultifamilyNorthmarqTexas

Northmarq Brokers Sale of 128-Unit Apartment Complex in Duncanville, Texas

by Taylor Williams

DUNCANVILLE, TEXAS — Northmarq has brokered the sale of Candlelight Park, a 128-unit apartment complex in Duncanville, a southwestern suburb of Dallas. Built in 1980, the property offers one-, two- and three-bedroom units ranging in size from 688 to 1,078 square feet. Amenities include a playground and onsite laundry facilities. Taylor Snoddy, Eric Stockley, Philip Wiegand and Charles Hubbard of Northmarq represented the undisclosed seller in the transaction. Kevin Leamy, also with Northmarq, arranged fixed-rate Freddie Mac acquisition financing on behalf of the buyer, which was also not disclosed.

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AlabamaCivicDevelopmentRestaurantSoutheastStudent Housing

RISE, Jacksonville State University Break Ground on 513-Bed Residence Hall Project in Alabama

by John Nelson

JACKSONVILLE, ALA. — public-private partnership between RISE: A Real Estate Co. and Jacksonville State University has broken ground on North Village Residence Hall. Located on the university’s campus in Alabama, the 513-bed community will offer suites that include two double-occupancy bedrooms and two bathrooms. The development team for the project includes architect Niles Bolton & Associates and general contractor Choate Construction. Jacksonville State is also currently developing a new dining hall, which will replace the current main cafeteria on campus, and the Loring and Debbie White Football Complex. The Jax State Dining Hall will be operated by Sodexo and will feature a traditional food line with several concept stations and seating. The dining hall’s development team includes general contractor Brasfield & Gorrie, Williams Blackstock Architects and Kemp Management Services. The football complex will replace the existing field house at the university’s stadium and will offer modern art training facilities for student athletes; coaching offices and meeting rooms; a hall of fame honoring the history of the university’s football program; and new suites to enhance the game day experience for fans. The general contractor for that project is also Brasfield & Gorrie, the architect is Goodwyn Mills Cawood and the program manager …

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IllinoisLoansMidwestMultifamilySeniors Housing

Greystone Provides $13.7M HUD-Insured Loan for Refinancing of Supportive Living Facility in Crestwood, Illinois

by Kristin Harlow

CRESTWOOD, ILL. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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LoansNew JerseyNortheastRetailTop Stories

JLL Arranges $290M Refinancing for 1 MSF Bergen Town Center Retail Property in Paramus, New Jersey

by Kristin Harlow

PARAMUS, N.J. — JLL Capital Markets has arranged a $290 million loan for the refinancing of Bergen Town Center, a 1 million-square-foot shopping center in the Northern New Jersey city of Paramus. Whole Foods Market and Target anchor the property, which was originally built in 1957. Currently, Bergen Town Center is 97 percent leased by more than 70 retail tenants. Notable retailers include Ulta Beauty, Chase Bank, Kohl’s, Marshalls, HomeGoods, Burlington, Nike, H&M, CVS and Ruth’s Chris Steak House. The weighted average remaining lease term is 6.8 years, and the weighted average lease tenure is 9.6 years. Bergen Town Center includes 4,500 parking spaces and welcomes more than 11 million annual customers. The shopping center is situated in a submarket that features annual retail sales that are higher than any other zip code in the U.S., according to JLL. The average Bergen County household income is $167,050. Scott Aiese, Claudia Steeb, Jon Mikula and Alex Staikos of JLL arranged the loan on behalf of the borrower, Urban Edge Properties (NYSE: UE). New York Life Insurance Co. and MetLife Investment Management provided the loan, terms of which were undisclosed. Urban Edge is a REIT focused on managing, acquiring, developing and redeveloping …

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Company NewsNew JerseyNortheastRetailTop Stories

Bed Bath & Beyond Files for Chapter 11 Bankruptcy, Will Close All Stores

by Taylor Williams

UNION, N.J. — Bed Bath & Beyond Inc. (NASDAQ: BBBY) has filed for Chapter 11 protection in the U.S Bankruptcy Court for the District of New Jersey and will close all remaining stores nationwide. At the time of the filing, the company operated 360 stores across the country under its Bed Bath & Beyond brand and 120 stores under its children-centric buybuy Baby brand. All of those locations, as well as their accompanying e-commerce platforms, will remain open temporarily as the company gradually winds down operations and conducts limited marketing campaigns for some of its assets. To facilitate this process, Bed Bath & Beyond has secured $240 million in debtor-in-possession financing from Dallas-based global investment firm Sixth Street Specialty Lending. The financing will provide liquidity for operational obligations, such as paying employee wages and benefits, maintaining customer programs and honoring commitments to critical vendors. The Union-based home goods retailer announced plans in August 2022 to shutter 150 of its “lower-producing” stores, laying off about 20 percent of its corporate staff in the process. At that time, Bed Bath & Beyond was focused on restructuring its existing debt and had received more than $500 million in new financing to bring that …

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Affordable HousingArizonaDevelopmentMultifamilyWestern

Blackstone, Dominium Plan 196-Unit Casa Azure Affordable Community in Phoenix

by Jeff Shaw

PHOENIX — Blackstone and Dominium have expanded their partnership to develop Casa Azure, which will bring 196 new affordable housing units to Phoenix.  Blackstone will provide $31 million of tax credit equity to support the development. This increases Blackstone’s commitment to expand the affordable housing stock in Maricopa County to a total of 568 new LIHTC units through $79 million of investments.  Casa Azure will be an age-restricted property available to those earning at or below 60 percent of the area median income.

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AcquisitionsCompany NewsHealthcareLife SciencesMassachusettsNortheastOfficeSeniors HousingTop Stories

Office Properties Income Trust Agrees to Acquire Diversified Healthcare Trust in All-Share Transaction

by John Nelson

NEWTON, MASS. — Office Properties Income Trust (NASDAQ: OPI) has entered into a definitive merger agreement whereby the office REIT will acquire all the outstanding common shares of Diversified Healthcare Trust (NASDAQ: DHC), a REIT that owns properties in the medical office, life sciences and seniors housing sectors. The combined company will have approximately $12.4 billion of total gross assets under management, representing 539 properties across 40 states and Washington, D.C. The portfolio comprises about 264 seniors housing communities, 10 triple-net-leased wellness centers and 265 medical office, traditional office and life sciences buildings. About 42 percent of the portfolio is located in the Sun Belt. The RMR Group (NASDAQ: RMR), an alternative asset management firm based in Newton, manages both REITs and acquires properties on behalf of the entities. RMR also makes acquisitions on behalf of Service Properties Trust and Industrial Logistics Properties Trust. RMR Group will continue to manage the new company, which will be rebranded as Diversified Properties Trust and trade publicly on the Nasdaq Stock Market exchange. OPI’s executive team will lead the new company and will keep the firm’s corporate headquarters in Newton. The boards of trustees for both REITs unanimously approved the merger, which is …

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FeaturesIndustrial

Stashing Success: The Growth of Industrial Outdoor Storage

by Taylor Williams

By Deborah Smith, co-founder and CEO, The CenterCap Group Industrial outdoor storage (IOS) may have once been an obscure abbreviation, but this subcategory of industrial real estate has now emerged as an intriguing and evolving niche product. Much like single-family rentals (SFR) and self-storage, the asset class still has some way to go before becoming fully institutionalized, but its increasing importance in last-mile distribution makes it a topic worth discussing and placing on investors’ radars. At a high level, IOS properties serve as essential storage facilities for large equipment, vehicles and materials and are often located near transportation hubs, highway corridors and ports of entry. Among other things, these facilities exist to provide secondary storage capacity for logistics operators. So What Is IOS?IOS properties are not the kinds of glamorous properties that commercial investors typically pay much attention to, as they are outdoors and not always aesthetically pleasing to look at. At a basic level, these sites are low-coverage industrial land, generally in the three- to 20-acre range. Buildings typically comprise zero to 20 percent of the site. The property type’s primary value comes from the outside storage capabilities of the excess yard. IOS facilities feature a significantly lower floor …

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Grand-Seasons-Apartment-Homes-Dallas
AcquisitionsMultifamilyNorthmarqTexas

Northmarq Arranges Sale of 144-Unit Grand Seasons Apartments in North Dallas

by Taylor Williams

DALLAS — Northmarq has arranged the sale of Grand Seasons Apartment Homes, a 144-unit multifamily complex in North Dallas. The property was built in 1978 and offers one- and two-bedroom units. Amenities include a pool, fitness center, outdoor grilling and dining areas and a dog park. Taylor Snoddy, Charles Hubbard and Eric Stockley of Northmarq brokered the deal. The buyer and seller were not disclosed. The new ownership plans to implement a value-add program.

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DevelopmentMassachusettsMixed-UseNortheastTop Stories

Skanska USA Receives Zoning Approval for 1.7 MSF Longwood Place Mixed-Use Redevelopment in Boston 

by John Nelson

BOSTON — Skanska USA has received approval from the Boston Zoning Commission for the redevelopment of a 5.8-acre site in Boston that currently houses Simmons University’s residential campus into a 1.7 million-square-foot mixed-use destination. The Boston Planning and Development Agency approved Skanska’s plans for the overall development, named Longwood Place, earlier this year. Global architecture firm Sasaki designed the transit-served development, which is slated to feature five buildings that will house life sciences, office, apartments, retail and restaurant space. In addition, Longwood Place will feature 2.6 acres of open green space and 15,000 square feet of indoor community space. Located at 305 Brookline Ave. in Boston’s Longwood neighborhood, Longwood Place will be situated a half-mile from Fenway Park, home ballpark of the Boston Red Sox. Nearby institutions include Simmons University, Emmanuel College, Northeastern University, Boston Children’s Hospital, Beth Israel Deaconess Medical Center, Harvard Medical School and the Museum of Fine Arts, Boston. “A focus on delivering diverse spaces inside and out that surround high-performing life sciences buildings and a vital residential program make Longwood Place a vibrant addition to one of Boston’s most innovative neighborhoods,” says Meredith McCarthy, senior associate architect at Sasaki. As part of the master plan of …

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