Array St. Louis, Other Metro Areas Rank High as Multifamily Markets to Watch—for Distress National + Distressed Assets | January 30, 2023 The Make-Up Counter is a Magnet for Foot Traffic National + Retail | January 31, 2023 Office Occupancy Climbs Above 50% for the First Time Since Pandemic Began National + Office | January 31, 2023 FEATURED STORY National CRE News In Your Inbox. Sign up for Connect emails to stay informed with CRE stories that are 150 words or less. More National Stories More Stories Hone your competitive edge today with Connect Classroom, an accredited online Continuing Education provider offering CRE focused courses you can take on demand. Earn the credit you need with engaging, thoughtfully designed courses for commercial real estate brokers, appraisers, lenders, architects, and lawyers from a news source you already know and trust. 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A collaborative approach brings out your company’s stories that are shaped and crafted with the perfect visual, the right words and in the most dynamic way. Connect with Creative Latest Atlanta & Southeast Stories JLL’s Corporate Banking Advisory Group in Charlotte Arranges $250M Credit Facility of United Hampshire US REIT Atlanta & Southeast + Carolinas + Finance | January 31, 2023 JLL Capital Markets has arranged a $250-million credit facility for United Hampshire US REIT, a Singapore REIT with 23 properties located across the East Coast. Anthony Fertitta and Jonathan Koletic with JLL’s Charlotte, NC-based corporate banking advisory group represented the corporate borrowers, United Hampshire US Parent REIT, Inc. and United Hampshire US Holdings LLC, both … Piedmont Office Realty Trust, Accel-KKR Ink 24K-SF Deal at Galleria 300 in Atlanta Atlanta & Southeast + Atlanta + Office | January 31, 2023 Atlanta, GA-based real estate investment trust Piedmont Office Realty Trust and Silicon Valley technology private equity firm Accel-KKR have agreed the latter will take a 23,999-square-foot office lease at Galleria 300 in Atlanta, GA. Andrew Walker with Colliers represented Accel-KKR in the lease negotiations with landlord Piedmont Office Realty Trust, which resulted in a sole … Latest Boston & New England Stories Tishman Speyer Pays $135M to Acquire Its First Boston Multifamily Boston & New England + Boston + Apartments | January 31, 2023 Tishman Speyer has acquired The Eddy, a recently constructed, high-rise apartment tower located on the waterfront in Boston, MA, for $135 million. Walker and Dunlop arranged the transaction on behalf of real estate investment management firm Green Cities Company. The Eddy was built in 2016 and features 259 market rate rental apartments that include a … Maine Arts Academy Acquires Maine Veterans’ Homes Augusta Property for $3M Boston & New England + New England + Office | January 31, 2023 The Maine Arts Academy has purchased the former location of the Maine Veterans’ Homes located at 310 Cony Road in Augusta, ME for $3.3 million. Chris Paszyc of commercial real estate firm The Boulos Company represented Maine Veterans’ Homes, a nonprofit organization that provides care to veterans, their spouses and Gold Star parents at six … Connect TeamEmily LettieriVice PresidentKasi OrcuttDirector, Connect ClassroomDennis KaiserVice President, Public Relations & CommunicationsView AllOur ValuesWe understand that we have different backgrounds, ethnicities, experiences, and geographies, and these differences are what make us unique and bring a variety of perspectives that will shine through.Minority SplitGender SplitLearn More Latest California Stories Inland Empire Groups Urge Gov. Newsom to Impose Warehouse Moratorium California + Inland Empire + Industrial | January 31, 2023 A letter to California Governor Gavin Newsom urges him to impose a one- or two-year moratorium on new Inland Empire industrial facilities, saying the region’s ongoing logistics boom threatens public health. The statement, issued by over five dozen groups, says the massive expansion of the IE logistics industry, is “one of the most critical environment … CBRE Brokers Sale of Planned Wine Country Resort California + Bay Area + Hospitality | January 31, 2023 Weller Development Partners has purchased Aetna Springs, a planned 2,870-acre wine country resort in Pope Valley, CA. The property, located in Northern Napa County with producing vineyards, a nine-hole golf course and a swimming hole, traded for a reported $35 million. CBRE’s Henry Bose, Alex Lee-Bull, Elena Quach, Jeff Woolson, Tom Berry and Morgan Abbott … Latest Chicago & Midwest Stories Streeterville Mixed-Use Sets Highest-Dollar Record for Sales Office Chicago & Midwest + Downtown + Office | January 31, 2023 Baird & Warner has brokered the $6.2-million sale of a mixed-use property in downtown Chicago’s Streeterville neighborhood. Located at 212 E. Ohio St., one block east of the Magnificent Mile, the five-story building contains nearly 29,000 square feet of rentable retail and office space. It is 100% leased by tenant, including @properties Christie’s International Real … Essex Realty Lists East Albany Park Multifamily Chicago & Midwest + North Side + Apartments | January 31, 2023 Essex Realty Group, Inc. has been selected to market 3055 W. Eastwood Ave., a 13-unit multifamily property located in Chicago’s East Albany Park neighborhood. The property is currently listed at $2,130,000, a sale price that reflects a 5.52% cap rate and 10.34 GRM. The property’s 13 units consist of one- and two-bedroom apartments, all of … Latest Florida & Gulf Coast Stories Transcendent Electra Becomes ARK Homes for Rent, Aims for $3B in New SFR Development Florida & Gulf Coast + South Florida + Apartments | January 31, 2023 Bay Harbor Islands, FL-based Transcendent Electra has rebranded itself as ARK Homes for Rent and aims to acquire and develop approximately $3 billion in new single-family-rental properties over the next five years. The company has developed $2 billion since its 2021 inception. Jordan Kavana, founder and CEO of Transcendent Electra, will hold the same title … Partnership Drops $31M on 350K-SF Office Complex near Downtown Tampa Florida & Gulf Coast + Central Florida + Office | January 31, 2023 Torose 6302 LLC, a joint venture between Torose Equities, Merrimac Ventures and Linkvest Capital, have acquired the Interstate Corporate Center located in Tampa, FL for $31 million. The 350,000 square-foot office complex sits on nearly 80 acres at 6302 E. Dr. Martin Luther King Jr. Boulevard, six miles from Downtown Tampa central business district. Linkvest … Latest Global Stories Bloomberg: Global CRE Faces $175B of Distressed Debt National + Global + Distressed Assets | January 30, 2023 The slump in the world’s biggest asset class has spread from the housing market to commercial real estate, Bloomberg News reported. This in turn threatens to unleash waves of credit turmoil across the economy. Globally, nearly $175 billion of real estate credit is already distressed, according to data compiled by Bloomberg. That’s about four times … Berkadia, Knight Frank Forge Global Alliance National + Global + Finance | January 24, 2023 Berkadia has formed an alliance with global property consultancy Knight Frank, a partnership that will offer the firms’ clients access to domestic and internationally based capital. London-based Knight Frank and New York-based Berkadia offer a combined global network comprising more than 22,750 people across 558 offices in 57 territories, spanning all key capital hubs. “This … Latest Lenders Stories Latest National Stories Office Occupancy Climbs Above 50% for the First Time Since Pandemic Began National + Office | January 31, 2023 Office occupancy rates for the week ended Jan. 25 in the 10 metro areas tracked by Kastle Systems passed 50% for the first time since the pandemic began. The 10-city Back to Work Barometer rose nearly a point to 50.4% occupancy, reaching a new record high. Nearly all tracked cities held steady or saw … The Make-Up Counter is a Magnet for Foot Traffic National + Retail | January 31, 2023 A year into the pandemic, the beauty supply industry began to rally and visits to the make-up counter began to rebound. That was great news for the industry, which saw more than 80% of sales derive from in-store purchases. That upward trajectory has continued since then, according to analytics firm Placer.ai. Compared to both 2019 … Latest New York & Tri-State Stories Italian Design Group Inks Showroom Lease at 99 Madison Ave. New York & Tri-State + Downtown New York + Retail | January 31, 2023 Cushman & Wakefield recently arranged a 19,694-square-foot lease for Boffi|DePadova, a globally renowned Italian design group, at 99 Madison Ave. The tenant will occupy the entire ground floor, mezzanine, second floor and lower level for its flagship showroom. Cushman & Wakefield’s Andrew Kahn, Fanny Fan and Adrienne Gallus arranged the transaction on behalf of the landlord, … Lever House Restaurant Signs Long-Term Renewal with Plans for Refurbishment New York & Tri-State + Midtown New York + Hospitality | January 31, 2023 Brookfield Properties and WatermanClark, LLC have signed Casa Lever, a Milanese fine dining destination located on the ground floor of Park Avenue’s landmark office tower, Lever House, to a long-term lease renewal for its space. The lease extension comes as Casa Lever embarks on a full refurbishment of its interior dining room and the creation … Latest Phoenix & Southwest Stories Denver Apartment Developer Secures Financing for 124-Unit Project Phoenix & Southwest + Southwest + Apartments | January 31, 2023 Trailbreak Partners has secured $24.3 million in construction financing for 32nd and Eliot, a 124-unit luxury multifamily development in Denver. JLL arranged the loan through FirstBank on behalf of the borrower. JLL Director Rob Bova lead the team that arranged the financing. Trailbreak acquired the site from Habitat for Humanity for $6 million. Twelve units will be designated as affordable, targeting individuals … Tower Capital Brings on Debt and Equity Specialist for Rocky Mt. Region Phoenix & Southwest + Southwest + Apartments | January 31, 2023 Tower Capital is continuing to expand into the Rocky Mountain Region with the addition of Matt Hiltner, who will serve as Vice President in the firm’s Denver office. Hiltner specializes in debt and equity placement for ground-up and existing multifamily, single-family build-for-rent, and residential communities in the western U.S. and Mountain states. Tower Capital expanded … Latest Seattle & Northwest Stories Tiger Cool Express Plans Tri-Cities Intermodal Development Seattle & Northwest + Washington + Industrial | January 31, 2023 Tiger Cool Express has signed a lease-purchase agreement with Union Pacific Railroad to acquire the former Cold Connect property in Wallula, WA. The intermodal services company plans to develop the property as an intermodal ramp, saying the region has land, labor, water and electricity that could make it a global logistics hub. The envisioned Tri-Cities … MMCC Names Michael Coffee as Director in Portland Seattle & Northwest + Portland + Finance | January 31, 2023 Commercial real estate finance solutions company, Marcus & Millichap Capital Corporation (MMCC), has named Michael Coffee as Director, Capital Markets in its Portland, OR office. In his new role, Coffee will be responsible for originating and securing commercial debt and equity for a variety of property types. “I am thrilled to join the growing capital … Latest Texas Stories JV Teams Up for Second Rental Community In DFW Texas + Dallas-Fort Worth + Apartments | January 31, 2023 Anthem Development is ready to get to work on Lofts iThirty, a 340-unit rental community in Garland Texas. Anthem and advisory firm Nova Capital successfully closed on $63 million of joint venture equity and debt for the acquisition and development of the project. It’s located on 10.4 acres at the Northwest corner of Broadway and Interstate 30 in Garland, … Toll Brothers Building Third Frisco Multifamily Community Texas + Dallas-Fort Worth + Apartments | January 31, 2023 Toll Brothers and Pondmoon Capital are teaming up to develop Mirra, a five-story, 285-unit multifamily rental community in Frisco, Texas. The project, which begins construction next month, is being financed through a $49.5 million construction loan facility from Santander Bank N.A. The equity and debt were arranged by Toll Brothers’ in-house Finance Department. Mirra is … Latest Washington DC Stories Capital Square Continues to Find Southern Opportunities with $116M Community in Knoxville Washington DC + DC Metro + Finance | January 31, 2023 Glen Allen, VA-based Capital Square has launched CSRA Opportunity Zone Fund VIII, LLC to raise capital for Livano Knoxville, an approximately 348-unit Class A multifamily community located near the University of Tennessee in Knoxville, TN. The project-specific opportunity zone fund seeks to raise $46.7 million in equity from accredited investors. Capital Square — sponsor of … Transwestern Real Estate Services Acquires Second DC Tenant-Representation Firm Washington DC + DC + Office | January 31, 2023 Houston, TX-based Transwestern Real Estate Services has completed the acquisition of West, Lane & Schlager, a 26-year-old commercial real estate firm exclusively representing tenants in the greater Washington, DC market. The transaction, which adds 10 team members to the firm’s tenant advisory and workplace solutions platform in the Mid-Atlantic region, comes on the heels of … Latest Stories Froma16Z-Backed Medical Technology Company Pearl Health Secures $75M Series B FundingAlternative Assets | January 31, 2023Pearl Health, a technology company that helps independent physician practices participate in value-based care models, banked $75mn in its oversubscribed Series B funding round led by Andreessen Horowitz’s Growth Fund and Viking Global Investors, with participation from AlleyCorp and SV Angel. The fresh capital is a combination of $55 million in equity and an anticipated ...Candriam Boss Naïm Abou-Jaoudé Named CEO of $371B New York Life Investment ManagementAlternative Assets | January 31, 2023New York Life named Naïm Abou-Jaoudé as CEO of its investment arm, New York Life Investment Management. Abou-Jaoudé will leave his current position at Candriam, a global money manager and New York Life affiliate with $149 billion in assets. He is expected to start his new role on May 1. Vincent Hamelink, Candriam CIO, will ...Tritium Partners Closes Third Private Equity Fund at $684MAlternative Assets | January 31, 2023Lower middle market growth-focused private equity firm Tritium Partners closed its third fund – Tritium III – with $684 million, surpassing the firm’s second fund from 2019 by nearly 50%. The Austin, TX-based firm, which manages nearly $1.5 billion in assets, has made three investments from the fund, which targets growing tech-related companies, among others. ...Vestmark Launches 6 Direct Index SMA StrategiesFinancial Advisory | January 31, 2023Vestmark Inc. is launching six direct-index, separately managed account (SMA) strategies called Focused Index Portfolios in collaboration with S&P Dow Jones Indices, and licensing select equity benchmarks from the index provider. The wealth management software and services provider will make the SMAs available through its Vestmark Manager Marketplace. Three SMA strategies are based on new, ...
