Array Report: Increasing Office Sublet Space Could Add Challenges to Upcoming Maturities National + Weekender | June 8, 2023 Mall Visits Remain Sluggish, But Could Gain Steam National + Weekender | June 8, 2023 JLL CEO Ulbrich Sees Brighter Days for Office Leasing National + Office | June 8, 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 CRE debt maturities: How much trouble are we really in? A 4-part deep dive into debt maturities and their impact on CRE Anticipating the Debt Maturity Onslaught Read Article Debt Maturity: What's Actually in Trouble? Read Article Solutions to Debt Maturities: What Are They? Read Article CRE Debt Maturities and Investor Preparation Read Article Hone your competitive edge today with Connect Classroom, an accredited online Continuing Education provider offering CRE focused courses you can take on demand. 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The experts integrated into our team at Connect Creative span every marketing and communications discipline and channel, encompassing skilled graphic designers, public relations leaders, copy writers, content producers, digital wizards, and website developers. 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 Northpond Partners Buys Chadbourn Mill for $12.5M Atlanta & Southeast + Carolinas + Office | June 8, 2023 Northpond Partners has purchased Chadbourn, an adaptive reuse development in a historic 1930s textile mill located in Charlotte‘s booming Mill District. Northpond Partners purchased the North Brevard Street property from FCP for $12.5 million. White Point remains a partner on the development. Northpond Partners hired Southwick architecture + interiors to maintain the historical integrity while … PCCP Refis Charlotte Multifamily Community for $57M Atlanta & Southeast + Carolinas + Apartments | June 8, 2023 PCCP, LLC has provided a $57 million loan for the cash neutral refinance of Metro University City. The 309-unit mid-rise multifamily community comprises four buildings at 404 Gallop Lane in Charlotte. Meridian Capital Group, with a team led by Seth Grossman, secured the loan. The asset features top-of-market interior finishes including stainless steel appliances, in-unit … Latest Boston & New England Stories Cambridge Doubles Down on ‘Net Zero’ Mandate Boston & New England + Boston + Office | June 8, 2023 The Cambridge City Council has taken a step closer to implementing a law that would require large commercial property owners to achieve “net zero” carbon emissions by 2035, 15 years earlier than the deadline set in Boston, Boston Business Journal reported. The council voted in favor of advancing amendments to the city’s Building Energy Use Disclosure Ordinance, … Tom Sullivan Joins JLL’s Boston Capital Markets Team Boston & New England + Boston + Finance | June 8, 2023 JLL Capital Markets has appointed Tom Sullivan as a senior managing director in its Boston office. By joining the Capital Markets group, Sullivan will specialize in debt and equity advisory transactions across the Northeast region. Sullivan brings extensive experience, having spent the last six years establishing and leading the structured finance advisory group for … Connect TeamDaniel CenicerosCEOSarah QuinnVice PresidentJosh OrensteinVice President, News & MediaView 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 Medical Equipment Maker Relocates to Calabasas California + Los Angeles + Industrial | June 8, 2023 Lee & Associates LA/North Ventura arranged a 15-year lease at a freestanding, 128,700-square-foot SF R&D industrial building located at 26801 Agoura Road in Calabasas. Located just off the 101 Freeway, the site will house the manufacturing facility for ResMed Motor Technologies, a medical equipment manufacturer relocating from Chatsworth. The transaction, with an estimated value of … Aries Capital Closes Bridge Loan for Pomona Industrial Acquisition California + Los Angeles + Finance | June 8, 2023 Aries Capital closed on a $50-million bridge loan for the $65.5-million acquisition of a 290,195-square-foot industrial property in Pomona. Closed on behalf of buyer Hawkeye Holdings, LLC in 17 days, the three-year interest-only loan was arranged by director of capital markets Brandon Perdeck, director of acquisitions Matt Carney and assistant VP Steve Adams through a … Latest Chicago & Midwest Stories Todd Hendricks Joins Lee & Associates’ Industrial Team Chicago & Midwest + Greater Chicagoland + Industrial | June 8, 2023 Lee & Associates, one of the largest national commercial real estate providers in North America, announced Todd Hendricks joined the company’s Illinois Industrial Services Group as a Senior Vice President. Hendricks will leverage Lee & Associates’ decades-long presence in the Chicago market with his 20-year career in transportation, 3PL brokerage, and industrial real estate. He … The Herrick Company Acquires $150M HQ Building In Downtown Detroit Chicago & Midwest + Midwest + Office | June 8, 2023 Norton Herrick, Chairman of The Herrick Company, Inc., a leading national real estate investment firm, announced that the company purchased a new 421,481-square-foot corporate headquarters building in downtown Detroit, Michigan, for $150 million. The property is located just one block from all four major league sports teams and leased to investment-grade tenant Huntington National Bank … Latest Florida & Gulf Coast Stories PCCP Provides $68M Loan for 309-Unit Multifamily in Kissimmee Florida & Gulf Coast + Central Florida + Apartments | June 8, 2023 PCCP, LLC has provided a $67.8 million loan to Fore Property Company for the ground-up development of Parkway Crossings. The Class-A, 309-unit multifamily community will sit on six acres in Kissimmee, 20 miles south of downtown Orlando. Construction is underway with completion anticipated for 2025. Parkway Crossings will be a four-story elevatored community with an … SRS Real Estate Partners Acquires Meridian Retail Group Florida & Gulf Coast + South Florida + CRE Insider | June 8, 2023 SRS Real Estate Partners has acquired Tampa-based full service commercial real estate firm Meridian Retail Group. This expands SRS’ footprint in Florida with five new team members. Meridian co-founders John Fahey and Tyler McRae are joining SRS as senior vice presidents and market leaders. They will lead the Tampa office along with SRS Executive Vice … Latest Global Stories CREW Launches New Survey Focused on CRE Women’s Global Market Perspectives National + Global + Finance | April 13, 2023 Just 23% of women in the industry are optimistic about the direction of the global economy in the first quarter of 2023, with a slightly larger percentage expressing pessimism. That’s among the highlights of the first installment in a new series from CREW Network. Drawing on responses from more than 1,100 commercial real estate … Blackstone Closes Global Real Estate Fund at $30.4B National + Global + Finance | April 11, 2023 Blackstone said Tuesday it had closed its latest global real estate fund, Blackstone Real Estate Partners X (BREP X), at $30.4 billion. Reportedly it’s the largest real estate or private equity drawdown fund ever raised. In total, Blackstone’s three opportunistic strategies (Global, Asia, Europe) now have $50 billion of capital commitments. Anticipating changing macrotrends, Blackstone … Latest Lenders Stories Latest National Stories JLL CEO Ulbrich Sees Brighter Days for Office Leasing National + Office | June 8, 2023 Notwithstanding a newly released global occupier survey which found that 50% of large multinationals plan to decrease their office space, JLL CEO and president Christian Ulbrich said “the worst is behind us” for office vacancies and space utilization. Speaking on CNBC’s Last Call, Ulbrich turned the widely reported 50% figure from Knight Frank on its … Report: Increasing Office Sublet Space Could Add Challenges to Upcoming Maturities National + Weekender | June 8, 2023 The office sector continues to take a beating, as indicated by higher vacancies and flight to quality. Then there is the increase in sublet office space. According to a recent article published by Moody’s Analytics CRE, that increase in subleased office space, combined with the $8.9 billion of fixed-rate CMBS office loans scheduled to mature … Latest New York & Tri-State Stories Bayport Funding Provides $4M for Ground-Up East Hampton Property New York & Tri-State + Long Island + Apartments | June 8, 2023 Bayport Funding, a direct portfolio lender, has provided a $3.6 million loan for the acquisition and construction of 8 Barnes Avenue in East Hampton. Located in Northwest Harbor, the property spans over one acre and will be developed into a 6,000-square-foot for-sale home with a pool and pool house. “The East Hampton housing market … Gov. Hochul Rejects 421a Construction Extension, Good Cause Eviction Legislation New York & Tri-State + New York + Apartments | June 8, 2023 Lawmakers in New York were close to reaching an agreement on extending the 421a construction deadline and passing good cause eviction legislation, but Governor Kathy Hochul did not approve the deal. Senate Majority Leader Andrea Stewart-Cousins and Assembly Speaker Carl Heastie stated that they had worked towards an agreement that included these policies, along … Latest Phoenix & Southwest Stories JLL Secures $38M in Debt/Equity for Casa Grande Business Park Phoenix & Southwest + Arizona + Industrial | June 8, 2023 JLL Capital Markets arranged $15 million in joint venture equity and $23 million in financing for the development of KV Casa Grande, an industrial development totaling 314,453 square feet in Casa Grande, Arizona. JLL worked on behalf of the borrower, Kentwood Ventures, to secure the loan through CrossFirst Bank and equity through Blue Vista Capital Management. … Rockefeller Group Ushers in Another Phoenix BTR Community Phoenix & Southwest + Phoenix + Texas + Apartments | June 8, 2023 Rockefeller Group has acquired two sites for the development of 152 build-to-rent townhomes. The two sites, approximately 1.75 miles apart, total 16.5 acres and are located in Phoenix’s booming South Mountain corridor. Groundbreaking on both sites is expected this summer with first occupancies projected for first quarter 2025. The first site, located at 8181 S. … Latest Seattle & Northwest Stories Seattle City Council Advances $970M Property Tax for Affordable Housing Seattle & Northwest + Seattle + Apartments | June 8, 2023 The Seattle City Council is one step closer to sending voters a $970 million property tax levy to build affordable housing, increase pay for human services workers, and fund homeownership programs. The measure would renew and triple the existing Seattle Housing Levy, set to expire this year. Mayor Bruce Harrell, backed by affordable housing advocates … Intracorp Acquires Adaptive-Reuse Office in Bellevue’s Eastgate for $18M Seattle & Northwest + Washington + Office | June 8, 2023 Cushman & Wakefield announced the firm arranged the sale of a 60,423-square-foot office building on a ±3.66-acre parcel in Bellevue, Washington. Located at 3190 160th Avenue SE, adjacent to Interstate 90 on and off ramps, the property is the city’s Eastgate neighborhood. It was constructed in 1982 and previously leased to the Washington Department of … Latest Texas Stories Street Realty Appoints Brokerage Services Executive Texas + Dallas-Fort Worth + Office | June 8, 2023 Fort Worth-based Street Realty appointed Amber Calhoun as a Vice President in its Brokerage Services Division. As Vice President, Calhoun will play a key role within Street Realty’s brokerage production team, guide clients through the purchase, sale, and leasing process, oversee day-to-day commercial real estate transactions, and help optimize and grow the company’s property portfolio. … Shuttered River Walk Hotel to Rebrand, Reopen Next Year Texas + San Antonio + Hospitality | June 8, 2023 The renovation of the onetime Wyndham San Antonio River Walk is still on. The owners, Scarlett Hotel Group (SHG) and Trailbreak Partners, have taken a little more time than they first thought. they’d need. The San Antonio Business Journal says a lot of that has to do with the fact that instead of spending $50 … Latest Washington DC Stories Reeves CMC Venture to Redevelop Reeves Center of Municipal Affairs Site Washington DC + DC + Office | June 8, 2023 The Reeves CMC Venture team has been selected by Mayor Muriel Bowser and the Office of the Deputy Mayor for Planning and Economic Development to redevelop the Frank D. Reeves Center of Municipal Affairs site in Washington, DC. The project aims to honor the community’s history as Black Broadway and the center of African … JLL: Twice as Many DC Retail Opened vs. Closed Since 2022 Washington DC + DC Metro + Retail | June 8, 2023 Washington, DC’s retail sector is experiencing a robust rebound, with a surge of new establishments revitalizing the city, according to recent research published by JLL. Since 2022, 259 retailers have opened their doors, while only 118 have closed. The city’s retail sales are outpacing the national average, with a year-over-year growth of 7%, exceeding the … Latest Stories FromHealthcare-Focused Martis Capital Closes Largest Fund Ever at $779M Alternative Assets | June 8, 2023Martis Capital Management, LLC, a San Francisco, CA and Washington, DC-based healthcare-focused private equity firm, closed its fourth fund and largest to date, Martis Partners IV, LP, at $779 million. The firm launched the fund in 2022 targeting $700 million with a hard cap of $750 million. With the new fund, the firm has raised more ...NJ Names Johns Head of Private Equity at Treasury Investment Division Alternative Assets | June 8, 2023The $88 billion New Jersey Department of the Treasury’s Division of Investment has hired Dana Johns as head of private equity, effective immediately. She replaces Jared Speicher, who left last year for MetLife Investment Management. Before joining the pension fund, Johns was a member of the private equity team at the Maryland State Retirement and ...Proptech Startup EliseAI Bags $35M for AI Platform Alternative Assets | June 8, 2023Point72 Private Investments led a $35 million Series C funding round for New York-based conversational AI real estate platform EliseAI. Point72 also appointed one of its growth-stage managers Eddie Kang to the board. Koch Real Estate Investments and existing investors Golden Seeds, Navitas Capital, JLL Spark, and DivcoWest also participated in the fundraise. Founded in ...Nexa Equity Hauls $330M for Fintech, Software Fund Alternative Assets | June 8, 2023San Francisco-based fintech and software-focused private equity firm Nexa Equity has raised more than $330 million across its debut fund and co-investment vehicles. The firm collected over $180 million for Nexa Equity Fund I, and another $150 million across deal-specific co-investment vehicles. Founded in 2021 by Vlad Besprozvany, a software and fintech investor who previously ...
